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Mar 31
Hamilton Lane Q4 2025 Earnings Report
Hamilton Lane reported strong Q4 2025 results with notable growth in earnings and incentive fees.
Key Takeaways
The company posted solid Q4 results, with revenue reaching $197,973,000 and net income of $50,499,000. Adjusted EPS stood at $1.21, supported by a sharp rise in incentive fees and strong fee-related earnings growth.
Total revenue in Q4 rose to nearly $198M, up 12% YoY.
Incentive fees jumped 32% compared to Q4 last year.
Net income attributable to Hamilton Lane increased to $50.5M.
Adjusted EBITDA reached $101.7M, up from $91.1M a year ago.
Hamilton Lane
Hamilton Lane
Hamilton Lane Revenue by Segment
Revenue by Segment
Mgmt & Advisory Fees Revenue
CapyFin.comIncentive Fees Revenue
CapyFin.com Forward Guidance
The company is well-positioned for continued growth, supported by a diversified client base and recurring fee streams, though market conditions may influence realization timing.
Positive Outlook
- Growth in fee-earning assets under management.
- Stable fee rates across product lines.
- Recurring management fees constitute majority of revenue.
- Large unrealized carried interest base with 3,000+ assets.
- Strong balance sheet and cash position.
Challenges Ahead
- Timing of incentive fee realizations remains unpredictable.
- Equity in income of investees declined 75% YoY in Q4.
- Volatility in FX and market value affected asset contributions.
- Interest expense increased by 37% YoY.
- Slight QoQ drop in customized separate account AUM.