The firm maintains significant pricing power with gross margins consistently near 70%, peaking at 76.4% in 2025Q3 despite cyclical fee fluctuations.
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 530.36M | 504.74M | 387.45M | 379.44M | 259.52M | 205.32M | 188.28M | 153.18M | 161.16M | 107.7M | 88.73M | 95.23M |
| Gross Margin % | 69.88% | 70.79% | 69.96% | 71.76% | 70.54% | 60.1% | 68.71% | 60.74% | 66.04% | 59.9% | 49.08% | 61.29% |
| Gross Profit Growth % | 5.08% | 30.27% | 2.11% | 46.2% | 26.4% | 9.05% | 22.91% | -4.95% | 49.64% | 21.38% | -6.82% | - |
| Operating Expenses | 205.42M | 188.19M | 141.63M | 139.4M | 89.96M | 49.59M | 71.86M | 48.96M | 38.21M | 31.59M | 26.9M | 26.86M |
| OpEx % of Revenue | 27.06% | 26.4% | 25.57% | 26.36% | 24.45% | 14.51% | 26.22% | 19.41% | 15.66% | 17.57% | 14.88% | 17.29% |
| Selling, General & Admin | 205.42M | 188.19M | 141.63M | 139.4M | 89.96M | 49.59M | 71.86M | 48.96M | 38.21M | 31.59M | 26.9M | 26.86M |
| SG&A % of Revenue | 27.06% | 26.4% | 25.57% | 26.36% | 24.45% | 14.51% | 26.22% | 19.41% | 15.66% | 17.57% | 14.88% | 17.29% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 324.94M | 316.55M | 245.82M | 240.04M | 169.56M | 155.73M | 116.43M | 104.22M | 122.95M | 76.11M | 61.83M | 68.36M |
| Operating Margin % | 42.81% | 44.4% | 44.38% | 45.4% | 46.09% | 45.58% | 42.48% | 41.33% | 50.38% | 42.33% | 34.2% | 44% |
| Operating Income Growth % | 2.65% | 28.77% | 2.41% | 41.56% | 8.88% | 33.75% | 11.71% | -15.23% | 61.54% | 23.1% | -9.55% | - |
| EBITDA | 334.82M | 325.84M | 254M | 247.48M | 175.06M | 159.86M | 119.72M | 107.2M | 124.84M | 78.03M | 63.86M | 70.23M |
| EBITDA Margin % | 44.11% | 45.7% | 45.86% | 46.8% | 47.58% | 46.79% | 43.69% | 42.51% | 51.16% | 43.39% | 35.32% | 45.2% |
| EBITDA Growth % | 2.76% | 28.28% | 2.63% | 41.37% | 9.51% | 33.53% | 11.68% | -14.13% | 59.99% | 22.19% | -9.07% | - |
| D&A (Non-Cash Add-back) | 9.88M | 9.29M | 8.19M | 7.44M | 5.5M | 4.13M | 3.29M | 2.98M | 1.89M | 1.92M | 2.03M | 1.87M |
| EBIT | 477.88M | 375.61M | 292.84M | 251.23M | 318.31M | 155.73M | 143.56M | 132.6M | 145.62M | 89.32M | 69.36M | 77.87M |
| Net Interest Income | -1.67M | -5.25M | -1.17M | -3.5M | -4.14M | -827K | -2.11M | -2.78M | -5.46M | -14.24M | -12.45M | -5.8M |
| Interest Income | 13.28M | 8.08M | 10.01M | 5.11M | 500K | 1.68M | 709K | 255K | 528K | 320K | 194K | 87K |
| Interest Expense | 14.95M | 13.33M | 11.18M | 8.62M | 4.63M | 2.5M | 2.82M | 3.04M | 5.99M | 14.56M | 12.64M | 5.88M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 462.92M | 362.28M | 281.66M | 242.61M | 313.68M | 193.2M | 140.74M | 129.56M | 139.63M | 74.75M | 56.72M | 71.98M |
| Pretax Margin % | 60.99% | 50.81% | 50.86% | 45.88% | 85.26% | 56.55% | 51.36% | 51.38% | 57.22% | 41.57% | 31.37% | 46.33% |
| Income Tax | 75.2M | 48.51M | 54.45M | 55.42M | 66.42M | 24.42M | 13.97M | 30.56M | 33.33M | 316K | 869K | 483K |
| Effective Tax Rate % | 16.25% | 13.39% | 19.33% | 22.85% | 21.18% | 12.64% | 9.92% | 23.59% | 23.87% | 0.42% | 1.53% | 0.67% |
| Net Income | 249.18M | 217.42M | 140.86M | 109.12M | 145.99M | 98.02M | 60.83M | 33.57M | 17.34M | 612K | 0 | 0 |
| Net Margin % | 32.83% | 30.49% | 25.43% | 20.64% | 39.68% | 28.69% | 22.2% | 13.31% | 7.11% | 0.34% | - | - |
| Net Income Growth % | 14.61% | 54.35% | 29.09% | -25.25% | 48.93% | 61.15% | 81.17% | 93.6% | 2733.5% | - | - | - |
| Net Income (Continuing) | 387.72M | 313.77M | 227.21M | 187.19M | 247.25M | 168.78M | 126.78M | 99M | 106.3M | 74.44M | 55.85M | 71.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 551.31M | 206.61M | 150.81M | 158.75M | 390.61M | 352.07M | 82.61M | 59.5M | 57.65M | 26.59M | 11.37M | 17.45M |
| EPS (Diluted) | 5.92 | 5.41 | 3.69 | 3.01 | 3.98 | 2.81 | 2.14 | 1.38 | 0.91 | 0.03 | 3.35 | 4.19 |
| EPS Growth % | 9.43% | 46.61% | 22.59% | -24.37% | 41.64% | 31.31% | 55.07% | 51.65% | 2933.33% | -99.1% | -20.05% | - |
| EPS (Basic) | 5.99 | 5.45 | 3.72 | 3.05 | 4.02 | 2.82 | 2.17 | 1.41 | 0.94 | 0.03 | 3.35 | 4.19 |
| Diluted Shares Outstanding | 54.5M | 47.73M | 53.9M | 53.7M | 53.67M | 33.36M | 28.44M | 24.3M | 18.99M | 18.34M | 17.07M | 17.07M |
| Basic Shares Outstanding | 37.1M | 40.15M | 37.86M | 37.06M | 36.51M | 33.15M | 28.09M | 23.84M | 18.41M | 17.79M | 17.07M | 17.07M |
| Dividend Payout Ratio | 56.92% | 55.1% | 77.58% | 124.5% | 66.68% | 75.54% | 125.66% | 206.49% | 267.89% | 13146.57% | - | - |
Carried interest volatility
Based on the provided financial data, Hamilton Lane has maintained robust gross margins, consistently hovering near the 70% threshold, with a peak of 76.4% observed in 2025Q3, suggesting that the firm retains significant pricing power despite the inherent cyclicality of private market asset management fee structures.
The stability of these margins indicates that the firm's advisory and management fee model is largely insulated from direct variable cost pressures. Investors should monitor whether future expansion into retail channels forces a shift in this cost structure, as higher distribution expenses could potentially compress these historically high levels.
As reported in the quarterly income statements, Hamilton Lane has demonstrated effective control over its SG&A expenses, which have generally tracked below the growth of gross profit, allowing operating margins to remain consistently above 40% throughout the observed ten-quarter period, excluding minor seasonal variances.
This operational efficiency suggests that the firm's proprietary technology platform, Cobalt, is successfully enabling the scaling of assets under management without requiring a linear increase in headcount. The ability to maintain such margins while growing the business implies a high degree of scalability inherent in their data-driven advisory model.
According to recent SEC filings, Hamilton Lane's net income has experienced significant quarterly volatility, partly driven by fluctuating stock-based compensation expenses, which spiked to $25.4 million in 2026Q3, creating a notable divergence between operating income and the bottom-line earnings reported to shareholders during that specific period.
This volatility warrants caution, as the non-cash nature of these charges can mask the underlying cash-generating capability of the core advisory business. Analysts should focus on fee-related earnings to better gauge the true operational performance, as the current net income figures are heavily influenced by these periodic compensation adjustments.
While the firm's recurring fee base provides a foundation, the income statement reveals a sensitivity to episodic performance fees, as evidenced by the inconsistent EPS growth rates which ranged from a decline of 12.9% in 2026Q1 to an 81.5% surge in 2025Q1, highlighting potential earnings instability.
Short-sellers may focus on the reliance on carried interest, which is inherently tied to the exit environment and private market valuations. If the current slowdown in M&A and IPO activity persists, the firm may face a prolonged period of lower performance-based revenue, which could challenge the current valuation premium.
Quick answers to the most common questions about buying HLNE stock.
Hamilton Lane Incorporated (HLNE) is profitable, generating $249.2M in net income for the fiscal year ending 2026 with a net profit margin of 32.8%.
Hamilton Lane Incorporated (HLNE) reported an operating income of $324.9M, resulting in an operating profit margin of 42.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Hamilton Lane Incorporated (HLNE) generated $530.4M in gross profit for the year, representing a gross profit margin of 69.9%. This demonstrates the company's core pricing power and production efficiency.