Hamilton Lane (HLNE) Q2 2027 earnings summary

Executive summary

• Q2 FY27 revenue was $204.4M, up 7% YoY; H1 revenue reached $479.8M, up 31%.

• H1 Fee Related Earnings (FRE) rose 34% to $215.2M; adjusted net income increased 35% to $210.7M and Adjusted EBITDA rose 35% to $265.9M.

• At September 30, 2026, AUM was $150.8B, AUA was $929.1B and fee-earning AUM was $85.9B, up 12% YoY.

• Hartley Rogers became Co-CEO alongside Juan Delgado-Moreira, Erik Hirsch became Executive Co-Chair, and Mario Giannini is retiring effective March 31, 2027.

Financial highlights

• H1 management and advisory fees rose 18% to $325.4M; incentive fees increased 70% to $154.4M, led by evergreen-related performance fees.

• H1 GAAP net income was $273.8M; net income attributable to shareholders was $157.9M, up 27%. GAAP diluted EPS was $3.80 and non-GAAP EPS was $3.91.

• Q2 FRE was $90.8M, up 18%; adjusted net income was $106.1M, up 26%, and Adjusted EBITDA was $111.7M, up 11%.

• Q2 operating expenses were $118.1M versus $111.2M; H1 expenses were $267.0M versus $210.1M, reflecting higher compensation and administrative costs.

• Unrealized carried interest was $1.59B across 127 vehicles at September 30, 2026, up from $1.43B across 122 vehicles a year earlier.

Outlook and guidance

• Annual FRE margin is expected to remain in the low 50s; quarterly margins may fluctuate with fee-related performance revenue.

• FY27 dividend target is $2.40 per share, an 11% increase over FY26; the quarterly dividend declared was $0.60 per share.

• Several flagship funds are in market or expected to return near term; growth areas include real estate, expanded credit, secondaries and equity co-investments.

• Seeded vehicles are expected to be deconsolidated over the next several quarters as outside capital scales alongside seed capital.