Lincoln International (LCLN) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $293.7M, up 57% YoY; adjusted net income was $50.2M and adjusted diluted EPS was $0.46.

• Growth across Investment Banking Advisory and Valuations and Opinions reflected stronger M&A activity, valuation demand and MarshBerry’s contribution.

• Management cited healthy pipeline activity, constructive market conditions and continued investment in talent, technology and global capabilities.

Financial highlights

• Q3 revenue was $293.7M versus $186.7M; adjusted operating income was $71.9M, up 186%, while GAAP operating income was $44.3M versus $51.3M.

• Q3 GAAP net income was $37.9M and diluted EPS was $0.25; net income attributable to shareholders was $9.9M.

• 9M revenue was $677.1M, up 45%; adjusted operating income rose 112% to $144.6M and adjusted net income grew 76% to $95.8M.

• 9M adjusted diluted EPS was $0.87; GAAP net income was $16.8M.

• Prior-year comparisons are not pro forma for MarshBerry or IPO-related compensation-accounting changes.

Outlook and guidance

• Q4 investment banking revenue was expected within the historical 30%-40% of annual revenue range, toward the lower end; a large deal expected in Q4 closed in Q3.

• Full-year adjusted non-compensation expense growth was expected in the high single digits on a pro forma basis including MarshBerry; Q4 expenses are seasonally higher.

• Management expected non-M&A investment banking businesses to deliver outsized growth next year and expressed confidence in sustaining historical mid-teens platform growth.

• Near-record, quality-screened M&A backlog and strong September-October North American pitch activity supported confidence entering 2027.

• Priorities include talent development and hiring, technology investment, cross-selling and selective acquisitions; recent Managing Director hires and promotions were expected to support operating leverage.