CONSHOHOCKEN, PA — Hamilton Lane Incorporated (Nasdaq: HLNE) reported robust second-quarter fiscal 2026 results, highlighting solid fee growth, record earnings, and continued expansion of assets under management as the global private markets firm builds on its strong performance.
For the three months ended September 30, 2025, total revenue rose 27% year over year to $190.9 million, driven by higher management and advisory fees and a surge in incentive fees. Management and advisory fees grew 19% to $142.1 million, while incentive fees increased 47% to $44.6 million. Net income climbed 36% to $103.6 million, with net income attributable to Hamilton Lane reaching $70.9 million, up 29% from the prior year. Diluted earnings per share rose to $1.69 from $1.37.
On a non-GAAP basis, adjusted net income increased 44% to $84.1 million, and adjusted earnings per share rose to $1.54 from $1.07. Adjusted EBITDA grew 33% to $100.8 million, while fee-related earnings jumped 37% to $77.0 million, reflecting the firm’s continued efficiency and scale.
Assets under management and advisement reached $1.01 trillion as of September 30, 2025, marking a 6% increase from a year earlier. Total assets under management grew 11% year over year to $145.4 billion, while fee-earning assets under management rose 10% to $76.4 billion.
The company also announced a quarterly dividend of $0.54 per share of Class A common stock, payable January 7, 2026, to shareholders of record as of December 19, 2025. The full-year dividend target of $2.16 per share represents a 10% increase from the prior fiscal year.
Hamilton Lane’s fee-related earnings margin reached 49%, up from 47% a year ago, supported by higher recurring revenues. Management noted that recurring management and advisory fees have consistently accounted for more than 80% of total revenue over the past five years.
The firm’s business segments continued to perform strongly, with specialized funds generating $89.9 million in management and advisory fees—up 28% from last year—and customized separate accounts contributing $35.8 million, a 3% increase. Advisory and reporting-related services combined added roughly $14 million in fees.
Hamilton Lane ended the quarter with a solid balance sheet, including $240.8 million in cash and cash equivalents and $285.6 million in debt. Total equity rose to $1.16 billion from $923.9 million at the end of March 2025.
With record performance metrics, growing fee-based revenue, and consistent dividend increases, Hamilton Lane continues to strengthen its position as a global leader in private markets investing.
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