Q1 FY2027
Filed Aug 4, 2026Hamilton Lane reported first quarter fiscal 2027 total revenues of $275,331 and GAAP net income attributable to Hamilton Lane Incorporated of $80,461, with incentive fees of $113,964 driving growth.
Total revenues increased 56% year over year and 42% quarter over quarter, while Fee Related Earnings increased 49% year over year and adjusted EBITDA increased 61%. Incentive fees increased 170% year over year, supporting substantial earnings growth despite higher compensation and other expenses.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Management and advisory feesGAAP | $161,367 | 4 % | 21 % |
| Incentive feesGAAP | $113,964 | 197 % | 170 % |
| Consolidated Funds and Partnerships: Incentive feesGAAP | — | N/A | N/A |
| Total revenuesGAAP | $275,331 | 42 % | 56 % |
| Compensation and benefitsGAAP | $107,664 | 43 % | 55 % |
| General, administrative and otherGAAP | $38,207 | 8 % | 32 % |
| Consolidated Funds and Partnerships: General, administrative and otherGAAP | $2,989 | 207 % | 518 % |
| Total expensesGAAP | $148,860 | 34 % | 50 % |
| Equity in income of investeesGAAP | $3,035 | (73) % | (68) % |
| Interest expenseGAAP | $(3,497) | (2) % | (9) % |
| Interest incomeGAAP | $3,180 | 6 % | 14 % |
| Non-operating gain (loss), netGAAP | $(595) | (5) % | (233) % |
| Consolidated Funds and Partnerships: Equity in income (loss) of investeesGAAP | $(369) | 7 % | (142) % |
| Net gain on investmentsGAAP | $20,812 | (45) % | 144 % |
| Consolidated Funds and Partnerships: Interest incomeGAAP | $930 | 108 % | 288 % |
| Total other income (expense)GAAP | $23,496 | (51) % | 27 % |
| Income before income taxesGAAP | $149,967 | 15 % | 57 % |
| Income tax expenseGAAP | $25,083 | 61 % | 36 % |
| Net incomeGAAP | $124,884 | 9 % | 62 % |
| Income attributable to non-controlling interests in Consolidated Funds and PartnershipsGAAP | $13,635 | (44) % | 750 % |
| Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C.GAAP | $30,788 | 29 % | 42 % |
| Net income attributable to Hamilton Lane IncorporatedGAAP | $80,461 | 22 % | 50 % |
| Basic earnings per share of Class A common stockGAAP | $1.94 | 23 % | 49 % |
| Diluted earnings per share of Class A Common stockGAAP | $1.93 | 23 % | 51 % |
| Weighted-average shares of Class A common stock outstanding - basicGAAP | 41,499,227 | – | – |
| Weighted-average shares of Class A common stock outstanding - dilutedGAAP | 54,023,617 | – | – |
| Net income attributable to Hamilton Lane Incorporated / total revenuesGAAP | 29 % | – | – |
| Fee related management and advisory feesnon-GAAP | $163,199 | 5 % | 22 % |
| Fee related performance revenuesnon-GAAP | $72,500 | 192 % | 146 % |
| Total fee related revenuesnon-GAAP | $235,699 | 31 % | 44 % |
| Fee related compensation and benefits expensesnon-GAAP | $73,039 | 33 % | 44 % |
| Fee related general, administrative and other expensesnon-GAAP | $38,207 | 8 % | 32 % |
| Fee related expensesnon-GAAP | $111,246 | 23 % | 40 % |
| Fee Related Earningsnon-GAAP | $124,453 | 38 % | 49 % |
| Fee Related Earnings Marginnon-GAAP | 53 % | – | – |
| Adjusted net incomenon-GAAP | $104,567 | 29 % | 46 % |
| Non-GAAP earnings per sharenon-GAAP | $1.94 | 30 % | 48 % |
| Adjusted EBITDAnon-GAAP | $154,165 | 49 % | 61 % |
| Assets under managementother | $146 billion | – | 4% |
| Fee-earning assets under managementother | $84 billion | – | 12% |
| Assets under management and supervisionother | $1.1 trillion | – | – |
| Discretionary assetsother | $146.3 billion | – | – |
| Non-discretionary assetsother | $914.1 billion | – | – |
Capital returns
- Declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on September 21, 2026 that will be paid on October 6, 2026.
- The target full-year dividend of $2.40 represents a 11% increase from the prior fiscal year dividend.
What drove it
- Management and advisory fees increased 21 % year over year and 4 % quarter over quarter to $161,367.
- Incentive fees increased 170 % year over year and 197 % quarter over quarter to $113,964.
- Fee related performance revenues increased 146 % year over year and 192 % quarter over quarter to $72,500.
- Assets under management and fee-earning assets under management increased 4% and 12%, respectively, compared to June 30, 2025.
Concerns
- Compensation and benefits increased 55 % year over year and 43 % quarter over quarter to $107,664.
- Consolidated Funds and Partnerships: General, administrative and other increased 518 % year over year and 207 % quarter over quarter to $2,989.
- Equity in income of investees decreased 68 % year over year and 73 % quarter over quarter to $3,035.
- Net gain on investments decreased 45 % quarter over quarter to $20,812.
What to watch
- The pace of management and advisory fee growth following the reported 21 % year-over-year increase.
- Whether incentive fees sustain the reported $113,964 level after a 170 % year-over-year increase.
- Trends in fee-earning assets under management, which were $84 billion as of June 30, 2026.
- The October 6, 2026 payment of the declared $0.60 per-share quarterly dividend.
Analysis
Hamilton Lane delivered a strong first quarter of fiscal 2027. Total revenues were $275,331, up 56 % year over year and 42 % quarter over quarter. Management and advisory fees increased 21 % year over year to $161,367, while incentive fees increased 170 % to $113,964. The resulting revenue mix was materially supported by performance-linked revenue, with fee related performance revenues of $72,500, up 146 % year over year.
Profitability expanded alongside revenue. Total expenses increased 50 % year over year to $148,860, led by a 55 % increase in compensation and benefits to $107,664. Even with that cost growth, GAAP net income increased 62 % to $124,884 and net income attributable to Hamilton Lane Incorporated increased 50 % to $80,461. Diluted GAAP earnings per share were $1.93, compared with $1.28 in the prior-year period.
Non-GAAP results also accelerated. Fee Related Earnings were $124,453, up 49 % year over year and 38 % quarter over quarter, and the Fee Related Earnings Margin increased to 53 % from 51 % in the prior-year period and 50 % in the preceding quarter. Adjusted EBITDA increased 61 % year over year to $154,165. The company also reported $146 billion in assets under management and $84 billion in fee-earning assets under management as of June 30, 2026, increases of 4% and 12%, respectively, compared with June 30, 2025.
Other income trends were less uniformly favorable. Equity in income of investees declined 68 % year over year to $3,035, and net gain on investments declined 45 % quarter over quarter to $20,812. The company declared a $0.60 quarterly dividend per Class A common share, payable October 6, 2026 to holders of record on September 21, 2026, and stated that its $2.40 target full-year dividend represents a 11% increase from the prior fiscal year dividend. The filing provided no forward financial guidance.
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses, tax rate, earnings, assets under management, or other metrics was not provided.
- Previous-release outlook was not provided.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Operating cash flow and free cash flow were not reported.
- Cash, cash equivalents, debt, and net debt were not reported.
- Share repurchases were not reported.
- Reportable segment revenue was not reported.
- Named executive quotes were not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.