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Jun 30, 2025
Hamilton Lane Q1 2026 Earnings Report
Hamilton Lane reported solid results for Q1 2026 with strong fee-related earnings and stable asset growth, despite a year-over-year revenue decline.
Key Takeaways
Hamilton Lane delivered a resilient Q1 2026, achieving $176 million in revenue and $1.28 in GAAP EPS. Fee-related earnings grew 31% year-over-year, and total AUM rose to $140.9 billion. Non-GAAP EPS improved sequentially.
Total revenue was $175.96 million, down 11% YoY primarily due to lower incentive fees:contentReference[oaicite:0]{index=0}.
GAAP EPS was $1.28, while non-GAAP EPS was $1.31 for the quarter:contentReference[oaicite:1]{index=1}.
Fee-related earnings rose 31% YoY to $83.71 million, with a margin of 51%:contentReference[oaicite:2]{index=2}.
AUM and fee-earning AUM increased to $140.9B and $74.4B respectively, with strong contributions from separate accounts and specialized funds:contentReference[oaicite:3]{index=3}.
Revenue by Segment
Forward Guidance
Hamilton Lane remains focused on disciplined AUM growth and delivering shareholder returns while navigating variability in incentive revenues.
Positive Outlook
- Strong YoY growth in fee-related earnings
- High recurring revenue mix (~80% of total)
- Stable management fee rates despite market volatility
- AUM reached $140.9B with 9% YoY growth
- Declared quarterly dividend of $0.54 per share
Challenges Ahead
- Total revenue declined 11% YoY due to lower incentive fees
- Incentive fees dropped 26% YoY
- Net income declined 9% YoY
- Operating cash flow declined from prior year
- High variability in realization timing for incentive-related revenue
Historical Earnings Impact
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Avg. Return Before/After Earnings
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