Lincoln International Reports Third Quarter 2026 Financial Results

Adjusted operating margin reached 24.5%, compared with 13.5% a year earlier, despite lower GAAP operating income.

Rhea-AI Summary

Lincoln International (NYSE: LCLN) reported third-quarter 2026 revenue of $293.7 million, up 57% from the prior-year period.

Investment Banking Advisory revenue rose 70% to $239.9 million, while Valuations and Opinions revenue increased 18% to $53.8 million. GAAP net income attributable to Lincoln fell to $9.9 million from $50.6 million; diluted earnings per share were $0.25. Adjusted net income rose 150% to $50.2 million, with adjusted diluted earnings per share of $0.46. Operating income declined to $44.3 million from $51.3 million as expenses increased.

Nine-month revenue rose 45% to $677.1 million, while attributable net income fell to $10.4 million from $109.1 million. At September 30, cash totaled $363.1 million and long-term debt was $101.9 million. A $0.07 quarterly dividend is payable December 15, 2026, to holders of record December 1.

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Positive

• Moderate pointThird-quarter revenue increased 57% year over year to $293.7 million.
• Moderate pointInvestment Banking Advisory revenue increased 70% year over year to $239.9 million in the third quarter.
• Moderate pointNine-month revenue increased 45% year over year to $677.1 million.
• Moderate pointAdjusted net income rose 150% to $50.150 million for the quarter; nine-month income rose 76% to $95.799 million.
• Moderate pointAdjusted operating income increased 186% to $71.912 million quarterly and 112% to $144.611 million over nine months.
• Moderate pointLong-term debt decreased to $101.862 million at September 30, from $270.374 million at December 31, 2025.

10 minor points

• Minor pointValuations and Opinions revenue increased 18% year over year to $53.8 million in the third quarter.
• Minor pointNine-month Investment Banking Advisory revenue reached $527.492 million, versus $349.021 million a year earlier.
• Minor pointNine-month Valuations and Opinions revenue reached $149.653 million, versus $119.559 million a year earlier.
• Minor pointAdjusted diluted earnings per share were $0.46 for the quarter and $0.87 for nine months.
• Minor pointAdjusted operating margin rose to 24.5% from 13.5% quarterly and 21.4% from 14.6% over nine months.
• Minor pointAdjusted compensation ratio fell to 61.0% from 68.5% quarterly and 61.1% from 64.2% over nine months.
• Minor pointAdjusted non-compensation ratio fell to 14.6% from 18.0% quarterly and 17.6% from 21.2% over nine months.
• Minor pointCash and cash equivalents increased to $363.1 million at September 30, from $320.2 million at December 31, 2025.
• Minor pointThree managing directors joined through lateral hires during the third quarter, bringing the total to 163.
• Minor point. Forward-looking: it has not happened yet and may not happen.Continued investment in people, technology and the global platform remains the company's stated plan.

Negative

• Moderate pointNine-month attributable net income fell to $10.390 million from $109.067 million a year earlier.
• Moderate pointGAAP operating income fell to $44.280 million from $51.284 million quarterly; nine-month income fell to $34.347 million from $106.338 million.
• Moderate pointCompensation and benefits rose 94% year over year to $186.9 million in the third quarter.
• Moderate pointNon-compensation expenses rose 60% year over year to $62.4 million in the third quarter.
• Moderate pointTax receivable agreement obligation totaled $85.216 million at September 30, versus none at December 31, 2025.

8 minor points

• Minor pointThird-quarter attributable net income fell to $9.935 million from $50.640 million a year earlier.
• Minor pointNine-month compensation and benefits increased to $428.817 million from $237.424 million a year earlier.
• Minor pointNine-month non-compensation expenses increased to $213.981 million from $124.818 million a year earlier.
• Minor pointAdjusted compensation expenses rose 40% quarterly to $178.998 million and 37% over nine months to $413.635 million.
• Minor pointAdjusted non-compensation expenses rose 27% quarterly to $42.742 million and 20% over nine months to $118.899 million.
• Minor pointIncome tax provision increased to $7.205 million from $2.853 million quarterly and $8.790 million from $4.024 million over nine months.
• Minor pointAdjusted effective tax rate rose to 31.0% from 26.0% for both the quarter and nine months.
• Minor pointNine-month other income and expense shifted to an $8.733 million expense from $5.533 million income.

News Explained

Lincoln has reported third-quarter results; its $50.2 million adjusted net income assumes all outstanding Lincoln International, LP common units were exchanged for Class A shares and excludes noncontrolling interests, so it is not the reported income attributable to Lincoln International, Inc.

Key Figures

Third-quarter revenue: $293.7 million; +57% year over year Nine-month revenue: $677.1 million; +45% year over year Net income attributable to Lincoln International: $9.9 million +4 more

Third-quarter revenue

$293.7 million; +57% year over year

Three months ended September 30, 2026

Nine-month revenue

$677.1 million; +45% year over year

Nine months ended September 30, 2026

Net income attributable to Lincoln International

$9.9 million

Third quarter 2026; U.S. GAAP

Adjusted net income

$50.2 million; +150% year over year

Third quarter 2026

Adjusted diluted EPS

$0.46

Third quarter 2026

Net cash

$261.2 million

As of September 30, 2026

Quarterly dividend

$0.07 per share

Fourth quarter 2026; payable December 15, 2026

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   2Q26 earnings

   24h Move

   +12.8%

   Prior-quarter revenue grew 51% year over year; adjusted net income was $28.7 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap

1 terms

non-gaap financial

"See "Non-GAAP Financial Measures" for definitions and explanations"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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• Record third quarter and year-to-date revenues of $293.7 million and $677.1 million, representing increases of 57% and 45% year-over-year, respectively
• Strong performance across both Investment Banking Advisory and Valuations and Opinions with third quarter revenues increasing 70% and 18%, year-over-year, respectively
• Third quarter net income attributable to Lincoln International, Inc. of $9.9 million and adjusted net income of $50.2 million
• Declared dividend of $0.07 per share for fourth quarter 2026

CHICAGO, Nov. 5, 2026 /PRNewswire/ -- Lincoln International, Inc. (NYSE: LCLN) today reported financial results for the third quarter ended September 30, 2026. For the third quarter, net income attributable to Lincoln International, Inc. was $9.9 million, or $0.25 diluted earnings per share, and adjusted net income was $50.2 million, or adjusted diluted earnings per share of $0.46.

"Lincoln delivered a record third quarter, achieving new highs in both revenue and adjusted earnings, with strong growth across our Investment Banking Advisory and Valuations and Opinions businesses," said Rob Brown, Chief Executive Officer of Lincoln International. "We are entering the fourth quarter from a position of strength, supported by healthy pipeline activity and continued client engagement. Looking ahead, we remain focused on executing our long-term strategy through continued investment in our people, technology and global platform to further strengthen our competitive position and drive sustainable growth."

Selected Financial Data

In thousands, except share amounts
	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. GAAP				Adjusted(1)				U.S. GAAP				Adjusted(1)
	2026		2025(2)		2026		2025(2)		2026		2025(2)		2026		2025(2)
Revenues by segment
Investment Banking Advisory	$ 239,901		$ 141,303		$ 239,901		$ 141,303		$ 527,492		$ 349,021		$ 527,492		$ 349,021
Valuations and Opinions	53,751		45,411		53,751		45,411		149,653		119,559		149,653		119,559
Total revenues	$ 293,652		$ 186,714		$ 293,652		$ 186,714		$ 677,145		$ 468,580		$ 677,145		$ 468,580
Operating income	44,280		51,284		71,912		25,162		34,347		106,338		144,611		68,215
Net income attributable to Lincoln International, Inc.(3)	$    9,935		$   50,640		$   50,150		$   20,044		$   10,390		$ 109,067		$   95,799		$   54,574
Diluted earnings per share	$      0.25		—		$      0.46		—		$      0.26		—		$      0.87		—

(1)	See "Non-GAAP Financial Measures" for definitions and explanations of adjusted (non-GAAP) measures and reconciliations to the most directly comparable GAAP measures in the tables and the notes at the end of this release.
(2)	Prior to the Initial Public Offering (IPO), there were no authorized or outstanding Class A common shares.
(3)	Adjusted net income assumes all outstanding common units of Lincoln International, LP have been exchanged for Class A common stock and, accordingly, does not reflect net income attributable to noncontrolling interests. See "Non-GAAP Financial Measures."

Revenues

Total revenues were $293.7 million for the third quarter, compared to $186.7 million in the prior-year period, representing an increase of 57%, primarily attributable to increasing M&A activity, demand for private market valuations, and the impact of our acquisition of MarshBerry in October of 2025.

Investment Banking Advisory revenues were $239.9 million for the third quarter, a 70% increase from the prior-year period primarily due to a higher number of transactions completed, higher average fees and our acquisition of MarshBerry.

Valuations and Opinions revenues were $53.8 million for the third quarter, an 18% increase from the prior-year period primarily driven by increasing demand for portfolio valuations and transaction opinions.

Expenses

In thousands	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. GAAP				Adjusted(1)				U.S. GAAP				Adjusted(1)
	2026		2025		2026		2025		2026		2025		2026		2025
Compensation and benefits	$186,938		$96,297		$178,998		$127,949		$428,817		$237,424		$413,635		$301,031
% of revenues	63.7 %		51.6 %		61.0 %		68.5 %		63.3 %		50.7 %		61.1 %		64.2 %
Non-compensation	$62,434		$39,133		$42,742		$33,602		$213,981		$124,818		$118,899		$99,334
% of revenues	21.3 %		21.0 %		14.6 %		18.0 %		31.6 %		26.6 %		17.6 %		21.2 %

(1)	See "Non-GAAP Financial Measures" for definitions and explanations of adjusted (non-GAAP) measures and reconciliations to the most directly comparable GAAP measures in the tables and the notes at the end of this release.

Compensation and benefits were $186.9 million for the third quarter, compared to $96.3 million in the prior-year period, an increase of 94%. On an adjusted basis, compensation and benefits were $179.0 million for the third quarter compared to $127.9 million in the prior-year period, an increase of 40%. This resulted in an adjusted compensation ratio of 61% for the third quarter, compared to 69% in the prior-year period. The increase in compensation expenses was primarily a result of an increase in revenues, our acquisition of MarshBerry and the change in our corporate structure resulting from our IPO in May 2026.

Non-compensation expenses were $62.4 million for the third quarter, compared to $39.1 million in the prior-year period, an increase of 60%. On an adjusted basis, non-compensation expenses were $42.7 million for the third quarter compared to $33.6 million in the prior-year period, an increase of 27%. This resulted in an adjusted non-compensation ratio of 15% for the third quarter, compared to 18% in the prior-year period. The increase in non-compensation expenses was primarily a result of our acquisition of MarshBerry and focused investment in technology.

Provision for Income Taxes

The provision for income taxes was $7.2 million in the third quarter, representing an effective tax rate of 16%. On an adjusted basis, the provision for income taxes was $22.5 million in the third quarter, representing an adjusted effective tax rate of 31%.

Talent

We continue to make strategic investments in our business to strengthen our competitive advantages and deliver greater value to our clients. During the third quarter of 2026, we welcomed three Managing Directors through lateral hires, bringing the total number of Managing Directors to 163 firmwide.

We remain equally focused on developing the next generation of leaders, investing in high-performing talent and fostering career advancements through internal promotion.

Balance Sheet and Capital Allocation

As of September 30, 2026, the Company had cash and cash equivalents of $363.1 million and long-term debt of $101.9 million, resulting in net cash of $261.2 million. This compares to cash and cash equivalents of $320.2 million as of December 31, 2025.

The Board of Directors declared a quarterly cash dividend of $0.07 per share, payable on December 15, 2026, to stockholders of record as of December 1, 2026.

Conference Call and Webcast Details

Lincoln International will host a conference call beginning at 7:30 a.m. Central Time on November 5, 2026 to discuss third quarter results. To access the conference call, please call +1 (888) 660-6196 (toll-free domestic) or +1 (929) 203-1911 (international) using the following conference ID: LCLNQ326. The call will be webcast live on the Investor Relations section of the Company's website www.lcln.com, and accompanying materials will be posted prior to the conference call.  A replay of the webcast will be available for 30 days following the call.

About Lincoln International

Lincoln International, Inc. (NYSE: LCLN) is a trusted investment banking advisor to business owners, private equity firms and their portfolio companies, and public and private companies worldwide. Our services include mergers and acquisitions advisory, private funds and capital markets advisory, and valuations and opinions. With approximately 1,500 professionals in more than 30 offices across 14 countries, we combine perspective on the global private capital markets with deep industry expertise, market intelligence and strategic insights to deliver exceptional execution and build lasting client relationships.

We periodically provide other information for investors on the Investor Relations section of our website at www.lcln.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements often include words such as "may," "will," "would," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "commits," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements include all statements that are not historical facts, including but not limited to, statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, expected growth, future capital expenditures and debt service obligations. These statements are based on management's current expectations, beliefs and assumptions and are not guarantees of future performance. They are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks related to retaining and recruiting talent, acquisitions and integration (including MarshBerry), changing market, economic and geopolitical conditions, revenue volatility, competition, cybersecurity and operational risks, extensive regulation, and our organizational structure. A further description of these and other risks can be found under "Risk Factors" in our final prospectus dated May 19, 2026 as filed with the U.S. Securities and Exchange Commission ("SEC") on May 21, 2026, and as updated in our subsequent filings with the SEC. These factors should not be construed as exhaustive. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially and adversely affect our business or results of operations. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures

In addition to our financial results prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), we consider certain adjusted (non-GAAP) measures in assessing the performance of our business. We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations, we do not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. These non-GAAP measures should be used in addition to and in conjunction with the results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP measures. The non-GAAP measures we use are adjusted compensation and benefits and adjusted compensation ratio, adjusted non-compensation and adjusted non-compensation ratio, adjusted operating income and adjusted operating income margin, adjusted other income, adjusted provision for income taxes and adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and net cash.

Management believes that presenting these non-GAAP financial measures together with comparable GAAP measures provides useful information to investors to enhance their ability to analyze our performance from period to period, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. Internally, management uses these non-GAAP financial measures, along with GAAP financial measures, in evaluating our operating results and in making resource allocation and compensation decisions.

We adjust for certain non-cash and other items that management believes are not indicative of our ongoing operating performance. These adjustments include IPO-related items, such as equity award and partner conversion expenses, and transition-related amortization costs associated with debt repaid in connection with the IPO. These adjustments also include acquisition-related items, such as deferred retention and earnout expenses, and amortization of intangible assets recognized through purchase accounting.

Adjusted net income and adjusted diluted earnings per share are calculated assuming all outstanding common units of Lincoln International, LP and minority interests have been exchanged for Class A common stock, resulting in all of the Company's income becoming subject to corporate-level tax. The adjusted provision for income taxes reflects this assumption and applies the applicable statutory tax rates in the relevant jurisdictions to each non-GAAP adjustment.

For an explanation of the adjustments and a reconciliation of these non-GAAP measures with the most directly comparable GAAP measures, see the tables and the related notes at the end of this release.

Lincoln International, Inc. Condensed Consolidated Balance Sheets (Unaudited)
In thousands, except share amounts	September 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$           363,085		$           320,169
Restricted cash	4,769		4,658
Receivables:
Client accounts receivable, net of allowance	127,894		160,225
Related-party receivables	6,280		28,583
Total receivables	134,174		188,808
Prepaid expenses	19,895		17,458
Other assets	11,024		12,013
Property and equipment, net	53,175		57,597
Other intangible assets, net	65,687		115,903
Deferred tax assets	75,009		9,525
Goodwill	277,880		274,470
Right-of-use lease asset	125,549		117,537
Total assets	1,130,247		1,118,138
Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equity
Liabilities
Compensation payable	$           214,041		$           138,404
Accounts payable, accrued expenses, and other liabilities	88,138		112,139
Long-term debt	101,862		270,374
Amount due pursuant to tax receivable agreement	85,216		—
Income tax payable	13,362		9,770
Lease liability	156,322		148,845
Total liabilities	658,941		679,532
Commitments and contingencies
Redeemable noncontrolling interest	7,300		7,420
Stockholders' Equity
Partners' Equity	—		431,186
Class A common stock, par value $0.00001 per share (650,000,000 shares authorized, 36,372,399 issued and outstanding at September 30, 2026, none authorized, issued, or outstanding at December 31, 2025)	—		—
Class B common stock, par value $0.00001 per share (250,000,000 shares authorized, 28,596,847 issued and outstanding at September 30, 2026, none authorized, issued, or outstanding at December 31, 2025)	—		—
Class C common stock, par value $0.00001 per share (100,000,000 shares authorized, 38,866,382 issued and outstanding at September 30, 2026, none authorized, issued, or outstanding at December 31, 2025)	—		—
Additional paid-in-capital	141,521		—
Retained earnings	7,502		—
Accumulated other comprehensive income (loss)	(205)		—
Total equity attributable to Lincoln International, Inc.	148,818		—
Noncontrolling interest	315,188		—
Total stockholders' equity	464,006		431,186
Total liabilities, redeemable noncontrolling interest and stockholders' equity	$         1,130,247		$         1,118,138

 

Lincoln International, Inc. Condensed Consolidated Statements of Comprehensive Income  (Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands, except share amounts	2026		2025		2026		2025
Revenues:	$      293,652		$      186,714		$      677,145		$      468,580
Expenses:
Compensation and benefits	186,938		96,297		428,817		237,424
Travel and related expenses	10,344		6,815		28,114		19,744
Rent and occupancy	8,397		7,690		24,475		22,252
Technology and information services	6,564		4,132		16,515		13,320
Professional services and development	9,273		13,142		36,270		28,397
Depreciation and amortization	19,483		2,405		57,972		23,961
Other operating expenses, net	8,373		4,949		50,635		17,144
Total expenses	249,372		135,430		642,798		362,242
Total operating income	44,280		51,284		34,347		106,338
Other income (expense), net	775		1,924		(8,733)		5,533
Income before income taxes	45,055		53,208		25,614		111,871
Provision for income taxes	7,205		2,853		8,790		4,024
Net income	37,850		50,355		16,824		107,847
Less: Net income attributable to noncontrolling interests	27,915		(285)		6,434		(1,220)
Net income attributable to Lincoln International Inc.	$         9,935		$       50,640		$       10,390		$      109,067
Other comprehensive income:
Foreign currency translation adjustment	(523)		(993)		(4,398)		4,436
Comprehensive income	$       37,327		$       49,362		$       12,426		$      112,283
Net income per share attributable to holders of Class A common stock:
Basic	$          0.27		$             —		$          0.29		$             —
Diluted	$          0.25		$             —		$          0.26		$             —
Weighted average shares of Class A common stock outstanding:
Basic	36,348,387		—		36,327,234		—
Diluted	39,677,992		—		39,569,600		—

 

Lincoln International, Inc. Non-GAAP Financial Information  (Unaudited)
In thousands, except share amounts		Three Months Ended September 30,						Nine Months Ended September 30,
		2026		2025		Change		2026		2025		Change
Total revenues		$     293,652		$     186,714		57 %		$     677,145		$     468,580		45 %
Adjusted expenses:
Adjusted compensation and benefits		178,998		127,949		40 %		413,635		301,031		37 %
Adjusted non-compensation		42,742		33,602		27 %		118,899		99,334		20 %
Adjusted operating income		71,912		25,162		186 %		144,611		68,215		112 %
Adjusted income tax		22,537		7,042		220 %		43,040		19,175		124 %
Adjusted net income		$      50,150		$      20,044		150 %		$      95,799		$      54,574		76 %
Adjusted diluted earnings per share		$          0.46		$             —				$          0.87		$             —
Adjusted diluted share count		110,214,863		—				110,214,863		—
Adjusted ratios and margin
Adjusted compensation ratio		61.0 %		68.5 %				61.1 %		64.2 %
Adjusted non-compensation ratio		14.6 %		18.0 %				17.6 %		21.2 %
Adjusted operating margin		24.5 %		13.5 %				21.4 %		14.6 %
Adjusted effective tax rate		31.0 %		26.0 %				31.0 %		26.0 %

For an explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Notes to Reconcile GAAP to Adjusted (non-GAAP) Financial Information" at the end of this release.

 

Lincoln International, Inc. Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information  (Unaudited)
In thousands, except share amounts	Three Months Ended September 30, 2026								Three Months Ended September 30, 2025
	U.S. GAAP		Adjustments				Adjusted		U.S. GAAP		Adjustments			Adjusted
Total revenues	293,652		—				293,652		186,714		—			186,714
Expenses
Compensation and benefits	186,938		(7,940)		a, b		178,998		96,297		31,652	g		127,949
Non-compensation	62,434		(19,692)		c, d		42,742		39,133		(5,531)	c		33,602
Operating income	44,280		27,632				71,912		51,284		(26,122)			25,162
Other (expense) / income	775		—				775		1,924		—			1,924
Income before income taxes	45,055		27,632				72,687		53,208		(26,122)			27,086
Provision for income taxes	7,205		15,332		e		22,537		2,853		4,189	e		7,042
Net income	37,850		12,300				50,150		50,355		(30,311)			20,044
Net income attributable to noncontrolling interests	27,915		(27,915)		f		—		(285)		285	h		—
Net income attributable to Lincoln International Inc.	$     9,935		$  40,215				$    50,150		$  50,640		$ (30,596)			$      20,044
Net income attributable to holders of shares of Class A common stock per share:
Diluted	$       0.25						$       0.46		$       —					$           —
Weighted-average shares of Class A common stock outstanding
Diluted	39,677,992				f		110,214,863		—					—

Notes to Reconcile GAAP to Adjusted (non-GAAP) Financial Information:
a)	Reflects IPO Equity Awards expense of $4.8 million in 3Q26.
b)	Reflects acquisition-related deferred retention and earnout expenses of $3.2 million in 3Q26.
c)	Reflects acquisition-related costs and amortization of intangible assets from our acquisitions of $16.8 million in 3Q26 and $5.5 million in 3Q25.
d)	Reflects IPO legal, consulting and other expenses of $2.9 million in 3Q26.
e)	Reflects illustrative result as if 100% of the Company's income is being taxed at non-GAAP full-year estimated tax rate.
f)	Assumes all outstanding common units of Lincoln International, LP have been exchanged for Class A common stock and that all outstanding shares of Class B and Class C common stock have been canceled as a result of such exchange.
g)	Reflects IPO-related partner compensation expense conversion of $31.7 million in 3Q25. Prior to the IPO, certain partners received recurring and performance-based distributions that were not recognized as compensation expense under the former partnership structure. Following the IPO, those individuals became employees, and the related payments are recognized as compensation expense. The adjustment reflects the estimated impact of applying the current corporate structure to the comparable prior-year period to improve period-over-period comparability.
h)	Relates to a noncontrolling interest in a foreign subsidiary that was purchased in 4Q25 and is now wholly-owned.

 

Lincoln International, Inc. Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information  (Unaudited)
In thousands, except share amounts	Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2025
	U.S. GAAP		Adjustments				Adjusted		U.S. GAAP		Adjustments				Adjusted
Total revenues	$  677,145		—				$   677,145		$         468,580		—				$  468,580
Expenses
Compensation and benefits	428,817		(15,182)		a, b, i, k		413,635		237,424		63,607		b, i		301,031
Non-compensation	213,981		(95,082)		c, d, e		118,899		124,818		(25,484)		d, e		99,334
Operating income	34,347		110,264				144,611		106,338		(38,123)				68,215
Other (expense) / income	(8,733)		2,961		f		(5,772)		5,533		—				5,533
Income before income taxes	25,614		113,225				138,839		111,871		(38,123)				73,748
Provision for income taxes	8,790		34,250		g		43,040		4,024		15,151		g		19,175
Net income	16,824		78,975				95,799		107,847		(53,273)				54,574
Net income attributable to noncontrolling interests	6,434		(6,434)		h		—		(1,220)		1,220		j		—
Net income attributable to Lincoln International Inc.	$   10,390		$  85,409				$    95,799		$         109,067		$ (54,493)				$    54,574
Net income attributable to holders of shares of Class A common stock per share
Diluted	$      0.26						$      0.87		$      —						$        —
Weighted-average shares of Class A common stock outstanding
Diluted	39,569,600				h		110,214,863		—						—

Notes to Reconcile GAAP to Adjusted (non-GAAP) Financial Information:
a)	Reflects IPO Equity Awards expense of $6.5 million in YTD 3Q26.
b)	Reflects acquisition-related deferred retention and earnout expenses of $11.1 million in YTD 3Q26 and $4.2 million in YTD 3Q25.
c)	Reflects YTD 3Q26 expense of $28.7 million related to Liquidity Event Shares, which were issued following the IPO.
d)	Reflects acquisition-related costs and amortization of intangible assets recognized in purchase accounting from our acquisitions of $50.9 million in YTD 3Q26 and $22.6 million in YTD 3Q25.
e)	Reflects IPO-related legal, consulting and other expenses of $15.5 million in YTD 3Q26 and $2.9 million in YTD 3Q25.
f)	Reflects partial extinguishment of debt issuance costs at IPO of $3.0 million in YTD 3Q26.
g)	Reflects illustrative result as if 100% of the Company's income is being taxed at non-GAAP full-year estimated tax rate.
h)	Assumes all outstanding common units of Lincoln International, LP have been exchanged for Class A common stock and that all outstanding shares of Class B and Class C common stock have been canceled as a result of such exchange.
i)	Reflects IPO-related partner compensation expense conversion of $5.2 million in YTD 3Q26 and $67.9 million in YTD 3Q25. Prior to the IPO, certain partners received recurring and performance-based distributions that were not recognized as compensation expense under the former partnership structure. Following the IPO, those individuals became employees, and the related payments are recognized as compensation expense. The adjustment reflects the estimated impact of applying the current corporate structure to the comparable prior-year period to improve period-over-period comparability.
j)	Relates to a noncontrolling interest in a foreign subsidiary that was purchased in 4Q25 and is now wholly-owned.
k)	Reflects IPO-related adjustment to stock compensation expense of $2.9 million in YTD 3Q26. The adjustment reflects the estimated impact of changes to equity compensation and related deferrals resulting from the conversion to a corporate structure upon the IPO, improving comparability with  post-IPO periods.

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SOURCE Lincoln International

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Lincoln International's third-quarter 2026 earnings and revenue?

Lincoln International reported $293.7 million in revenue and $9.9 million in attributable net income for the third quarter of 2026. Revenue increased 57% year over year. Diluted earnings per share were $0.25, while adjusted diluted earnings per share were $0.46.

When will Lincoln International pay its fourth-quarter 2026 dividend?

The $0.07 per-share quarterly cash dividend is payable on December 15, 2026, to stockholders of record as of December 1, 2026.

What drove Lincoln International's third-quarter 2026 revenue growth?

Lincoln attributes revenue growth primarily to increasing merger-and-acquisition activity, demand for private-market valuations and its October 2025 acquisition of MarshBerry. Investment Banking Advisory also benefited from more completed transactions and higher average fees, while Valuations and Opinions benefited from demand for portfolio valuations and transaction opinions.

How does Lincoln International treat noncontrolling interests in adjusted net income?

Adjusted net income assumes all outstanding Lincoln International, LP common units have been exchanged for Class A common stock and therefore does not reflect net income attributable to noncontrolling interests. This differs from GAAP net income attributable to Lincoln International.

Why did Lincoln International's third-quarter 2026 expenses increase?

Lincoln attributes higher compensation expenses primarily to revenue growth, the MarshBerry acquisition and the corporate-structure change resulting from its May 2026 IPO. The company attributes higher non-compensation expenses primarily to MarshBerry and investment in technology.