Filing Flows › Lincoln International (LCLN) › Q3 2026
Lincoln International (LCLN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Lincoln International (LCLN) reported revenue of $294M for the third quarter 2026 (Q3 2026), +57% from a year earlier and +30% from the quarter before. Operating margin was 15.1%, net earnings $9.9M (3.4% of revenue).
Lincoln International, Q3 2026: revenue $294M (+57% year over year), operating margin 15.1%, net earnings $9.9M, operating cash flow $122M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $294M | +30% | +57% |
| Operating profit | $44.3M | — | -14% |
| Net earnings | $9.9M | 22× | -80% |
| Operating cash flow | $122M | — | +41% |
| Free cash flow | $121M | — | +41% |
What changed
Revenue was $293.7M in Q3 2026, up 57% year over year and up 30% from the previous quarter. Investment Banking Advisory was the largest line at 82% of revenue. Investment Banking Advisory added $98.6M year over year (up 70%), 92% of the total change.
Operating profit was $44.3M, a 15.1% margin (down 12.4 points year over year). Operating profit fell $7.0M even though revenue rose $106.9M versus a year earlier, so costs grew faster than sales. Total costs grew 84% against revenue growth of 57%. Net earnings were $9.9M, down 80% year over year. The effective tax rate was 16.0%.
Operating cash flow was $122.0M (up 41% year over year), 322% of net income including minority interests. Non-cash charges added back $19.5M of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items added $59.2M. Capital expenditures of $1.2M left free cash flow of $120.8M.
Questions
What was Lincoln International's revenue in the third quarter 2026?
Lincoln International (LCLN) reported revenue of $294M for the third quarter 2026 (Q3 2026), +57% from a year earlier and +30% from the quarter before.
Was Lincoln International profitable in the third quarter 2026?
Operating profit was $44.3M (15.1% of revenue) and net earnings $9.9M.