Lincoln International (LCLN) posts record Q2 revenue and trims debt
Rhea-AI Filing Summary
Lincoln International, Inc. reported record second-quarter 2026 revenues of $225.7 million, up 51% year-over-year, and first-half revenues of $383.5 million, up 36%. Growth was broad-based, with Investment Banking Advisory revenue rising 56% to $177.7 million and Valuations and Opinions revenue rising 35% to $47.9 million, helped by higher M&A activity, stronger demand for private market valuations and the MarshBerry acquisition.
GAAP net income attributable to Lincoln International was $0.5 million, or $0.01 diluted EPS, while adjusted net income was $28.7 million, or adjusted diluted EPS of $0.26, as IPO- and acquisition-related costs weighed on GAAP results. Adjusted operating income increased 73% and the adjusted operating margin improved to 20.3%. As of June 30, 2026, the company held cash and cash equivalents of $250.6 million and long-term debt of $101.9 million, for net cash of $148.7 million, after using IPO proceeds to repay approximately $195.8 million of debt incurred primarily for the MarshBerry acquisition. The board declared a quarterly dividend of $0.07 per share of Class A common stock, payable September 15, 2026.
Positive
- Second-quarter revenues grew 51% year-over-year to a record $225.7 million, with Investment Banking Advisory and Valuations and Opinions revenues increasing 56% and 35%, respectively.
- Adjusted profitability strengthened: adjusted operating income rose 73% to $45,793 (in thousands), adjusted net income increased 38% to $28.7 million, and the adjusted operating margin expanded to 20.3%.
- The balance sheet improved as the company repaid approximately $195.8 million of acquisition-related debt, ended the quarter with net cash of $148.7 million, and declared a quarterly dividend of $0.07 per share.
Negative
- On a GAAP basis, the company reported an operating loss of $15.9 million and relied on substantial IPO- and acquisition-related adjustments to arrive at positive adjusted earnings.
- GAAP expenses rose sharply, with compensation and benefits up 106% and non-compensation expenses up 105% year-over-year in the quarter, significantly pressuring GAAP margins.
Filing Explained
Three common-stock classes are issued, while Liquidity Event Shares remain slated for post-IPO issuance and could reduce existing holders’ percentage ownership.
This Form 8-K furnishes the company’s second-quarter results under Item 2.02, and the release states that the information is not deemed “filed” under Section 18 of the Exchange Act.
As of
For adjusted earnings per share, the company assumes that all outstanding common units are exchanged for Class A common stock and that all Class B and Class C shares are canceled, producing an adjusted diluted share count of 110,813,720; this is an assumed presentation basis, not the current issued Class A share count.
The release records a
A subsequent filing’s Liquidity Event Shares line is the specific resolution point for their actual issuance status and share count.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 total revenues: $225.7 million
1H 2026 total revenues: $383.5 million
Q2 2026 GAAP net income attributable: $0.5 million
+5 more
8 metrics
Q2 2026 total revenues
$225.7 million
Record second-quarter 2026 revenues, up 51% year-over-year
1H 2026 total revenues
$383.5 million
Record first-half 2026 revenues, up 36% year-over-year
Q2 2026 GAAP net income attributable
$0.5 million
Second-quarter 2026 GAAP net income attributable to Lincoln International, Inc.
Q2 2026 adjusted net income
$28.7 million
Second-quarter 2026 adjusted net income after non-GAAP adjustments
Q2 2026 adjusted diluted EPS
$0.26
Second-quarter 2026 adjusted diluted earnings per share
Net cash at June 30, 2026
$148.7 million
Cash and cash equivalents minus long-term debt as of June 30, 2026
Debt repaid in Q2 2026
$195.8 million
Approximate debt repayment using IPO proceeds, largely from MarshBerry acquisition financing
Quarterly dividend per share
$0.07
Cash dividend on Class A common stock payable September 15, 2026
Key Terms
Adjusted net income, Adjusted operating margin, Liquidity Event Shares, Tax receivable agreement, +2 more
6 terms
Adjusted net income financial
"GAAP net income was $0.5 million... and adjusted net income was $28.7 million"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
Adjusted operating margin financial
"Adjusted operating margin | 20.3% | 17.7% | | | | | 19.0%"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
Tax receivable agreement financial
"Amount due pursuant to tax receivable agreement | 84,764"
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
Redeemable noncontrolling interest financial
"Redeemable noncontrolling interest | 7,266 | | | 7,420"
A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.
Non-GAAP financial measures financial
"we consider certain adjusted (non-GAAP) measures in assessing the performance"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Q2 2026 total revenues: $225.7 million
Three and six months ended June 30, 2026
Q2 2026 total revenues
$225.7 million
51% year-over-year increase
1H 2026 total revenues
$383.5 million
36% year-over-year increase
Q2 2026 adjusted net income
$28.7 million
38% year-over-year increase
1H 2026 adjusted net income
$45.6 million
32% year-over-year increase
Q2 2026 adjusted operating margin
20.3%
Expanded from 17.7% in prior-year quarter
Q2 2026 adjusted diluted EPS
$0.26
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Lincoln International (LCLN)'s Q2 2026 revenues and growth rates?
Lincoln International reported Q2 2026 revenues of $225.7 million, a 51% increase from the prior-year quarter. First-half 2026 revenues were $383.5 million, up 36% year-over-year, driven by higher M&A activity, demand for private valuations and the MarshBerry acquisition.
How profitable was Lincoln International (LCLN) in Q2 2026 on a GAAP and adjusted basis?
GAAP net income attributable to Lincoln International was $0.5 million, or $0.01 diluted EPS. On an adjusted basis, net income was $28.7 million, with adjusted diluted EPS of $0.26, reflecting exclusions for IPO- and acquisition-related costs and other specified non-GAAP adjustments.
How did Lincoln International (LCLN)'s business segments perform in Q2 2026?
Investment Banking Advisory revenues were $177.7 million, up 56% year-over-year, mainly from more transactions and higher fees plus MarshBerry. Valuations and Opinions revenues reached $47.9 million, a 35% increase, supported by stronger demand for portfolio valuations and transaction opinions.
What is Lincoln International (LCLN)'s balance sheet position and debt level after Q2 2026?
As of June 30, 2026, Lincoln International had $250.6 million of cash and cash equivalents and $101.9 million of long-term debt, resulting in net cash of $148.7 million. During Q2, it repaid approximately $195.8 million of debt using IPO proceeds.
Did Lincoln International (LCLN) declare a dividend based on its Q2 2026 results?
Yes. The board declared a quarterly cash dividend of $0.07 per share of Class A common stock. The dividend is payable on September 15, 2026, to Class A stockholders of record as of September 1, 2026, reflecting a capital-return component.
What role did the MarshBerry acquisition play in Lincoln International (LCLN)'s Q2 2026 performance?
Management cited the MarshBerry acquisition as a contributor to higher Investment Banking Advisory revenues and higher non-compensation expenses. IPO proceeds were used to repay about $195.8 million of debt incurred primarily to finance this acquisition, reducing leverage post-transaction.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (312 ) 580-8339
Former Name or Former Address, if Changed Since Last Report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, Lincoln International, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing its financial results for the second quarter ended June 30, 2026. A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K.
The information contained in this Item 2.02 of this current report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Release, dated August 6, 2026 (furnished pursuant to Item 2.02). | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LINCOLN INTERNATIONAL, INC. | |||||||||||
| Date: August 6, 2026 | By: | /s/ Theodore Heidloff | |||||||||
| Theodore Heidloff | |||||||||||
| Chief Financial Officer | |||||||||||
Lincoln International Reports Second Quarter 2026 Financial Results
•Record second quarter and first half revenues of $225.7 million and $383.5 million, up 51% and 36%, respectively, compared to the prior-year periods
•Robust performance in Investment Banking Advisory reflects improving market conditions and strong company fundamentals
•Increased activity in Valuations and Opinions reflects growing demand for private market valuations and transaction opinions
•Declared dividend of $0.07 per share for third quarter 2026
CHICAGO, August 6, 2026 -- Lincoln International, Inc. (NYSE: LCLN) today reported financial results for the second quarter ended June 30, 2026. For the second quarter, GAAP net income was $0.5 million, or $0.01 diluted earnings per share, and adjusted net income was $28.7 million, or adjusted diluted earnings per share of $0.26.
“Today marks an important milestone as we report our first quarterly results as a public company,” said Rob Brown, Chief Executive Officer of Lincoln International. “Our strong performance despite macroeconomic uncertainty reflects the depth of our differentiated private capital markets expertise, our intentionally diversified business model, and our distinctively collaborative culture. As we enter the second half of 2026 following record quarterly revenues, we are encouraged by increasing business activity across the firm and healthy company fundamentals. We remain focused on strengthening our position as a leading global investment banking advisory firm serving the private capital markets through disciplined execution of our growth strategies.”
Selected Financial Data
In thousands, except share amounts | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 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 | $ | 177,746 | $ | 114,152 | $ | 177,746 | $ | 114,152 | $ | 287,591 | $ | 207,718 | $ | 287,591 | $ | 207,718 | |||||||||||||||||||||||||||||||
| Valuations and Opinions | 47,947 | 35,506 | 47,947 | 35,506 | 95,902 | 74,148 | 95,902 | 74,148 | |||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 225,693 | $ | 149,658 | $ | 225,693 | $ | 149,658 | $ | 383,493 | $ | 281,866 | $ | 383,493 | $ | 281,866 | |||||||||||||||||||||||||||||||
| Operating income | (15,880) | 32,143 | 45,793 | 26,430 | (9,933) | 55,054 | 72,699 | 43,054 | |||||||||||||||||||||||||||||||||||||||
Net income(3) | $ | 455 | $ | 33,837 | $ | 28,664 | $ | 20,836 | $ | 455 | $ | 58,427 | $ | 45,645 | $ | 34,531 | |||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.01 | — | $ | 0.26 | — | $ | 0.01 | — | $ | 0.41 | — | |||||||||||||||||||||||||||||||||||
(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) | Attributable to Lincoln International, Inc. | ||||
Revenues
Total revenues were $225.7 million for the second quarter, compared to $149.7 million in the prior-year period, representing an increase of 51%, 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 $177.7 million for the second quarter, a 56% 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 $47.9 million for the second quarter, a 35% increase from the prior-year period primarily driven by increasing demand for portfolio valuations and transaction opinions.
1
Expenses
In thousands | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
| U.S. GAAP | Adjusted(1) | U.S. GAAP | Adjusted(1) | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | $145,782 | $70,798 | $137,674 | $87,365 | $241,879 | $141,127 | $234,637 | $173,081 | |||||||||||||||||||||||||||||||||||||||
| % of revenues | 64.6% | 47.3% | 61.0% | 58.4% | 63.1% | 50.1% | 61.2% | 61.4% | |||||||||||||||||||||||||||||||||||||||
| Non-compensation | $95,791 | $46,717 | $42,226 | $35,863 | $151,547 | $85,685 | $76,156 | $65,731 | |||||||||||||||||||||||||||||||||||||||
| % of revenues | 42.4% | 31.2% | 18.7% | 24.0% | 39.5% | 30.4% | 19.9% | 23.3% | |||||||||||||||||||||||||||||||||||||||
(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 $145.8 million for the second quarter, compared to $70.8 million in the prior-year period, an increase of 106%. On an adjusted basis, compensation and benefits were $137.7 million for the second quarter compared to $87.4 million in the prior-year period, an increase of 58%. This resulted in an adjusted compensation ratio of 61% for the second quarter, compared to 58% 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.
Non-compensation expenses were $95.8 million for the second quarter, compared to $46.7 million in the prior-year period, an increase of 105%. On an adjusted basis, non-compensation expenses were $42.2 million for the second quarter compared to $35.9 million in the prior-year period, an increase of 18%. This resulted in an adjusted non-compensation ratio of 19% for the second quarter, compared to 24% in the prior-year period. The increase in non-compensation expenses was primarily a result of IPO-related expenses and our acquisition of MarshBerry.
Provision for Income Taxes
The provision for income taxes was $1.5 million in the second quarter, representing an effective tax rate of (7%). On an adjusted basis, the provision for income taxes was $14.5 million in the second quarter, representing an adjusted effective tax rate of 34%.
Talent
We strategically invest in our business to build upon competitive advantages to drive value for our clients. In the first half of 2026, seven Managing Directors joined the Company as lateral hires in addition to the six Managing Directors promoted at the beginning of the year, bringing the total number of Managing Directors to 162 firmwide.
We continue to build and invest in the next generation of leaders through a deliberate focus on high-performing individuals and internal promotion.
Balance Sheet and Capital Allocation
As of June 30, 2026, the Company had cash and cash equivalents of $250.6 million and long-term debt of $101.9 million, resulting in net cash of $148.7 million. This compares to cash and cash equivalents of $320.2 million as of December 31, 2025.
During the second quarter, the Company used a portion of the net proceeds from its initial public offering to repay approximately $195.8 million of the debt incurred primarily to finance the MarshBerry acquisition, further strengthening its balance sheet and enhancing financial flexibility.
The Board of Directors declared a quarterly cash dividend of $0.07 per share of Class A common stock, payable on September 15, 2026, to Class A common stockholders of record as of September 1, 2026.
2
Conference Call and Webcast Details
Lincoln International will host a conference call beginning at 7:30 a.m. Central Time on August 6, 2026 to discuss second quarter results. To access the conference call, please call +1 (877) 270-2148 (toll-free domestic) or +1 (412) 317-6060 (international). 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 more than 1,400 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.
Contacts
Media | Investor Relations | ||||
Emily Yates | Alexandra Deignan | ||||
Strategic Communications Manager | Chief Marketing Officer & Head of IR | ||||
media@lcln.com | IR@lcln.com | ||||
1 (847) 814-7727 | 1 (312) 835-6963 | ||||
3
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.
4
Lincoln International, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
In thousands, except share amounts | June 30, 2026 | December 31, 2025 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 250,624 | $ | 320,169 | |||||||
Restricted cash | 4,790 | 4,658 | |||||||||
Receivables: | |||||||||||
Client accounts receivable, net of allowance | 105,820 | 160,225 | |||||||||
Related-party receivables | 6,815 | 28,583 | |||||||||
Total receivables | 112,635 | 188,808 | |||||||||
Prepaid expenses | 17,648 | 17,458 | |||||||||
Other assets | 12,083 | 12,013 | |||||||||
Property and equipment, net | 54,475 | 57,597 | |||||||||
Other intangible assets, net | 82,445 | 115,903 | |||||||||
Deferred tax assets | 74,737 | 9,525 | |||||||||
Goodwill | 277,966 | 274,470 | |||||||||
Right-of-use lease asset | 110,375 | 117,537 | |||||||||
Total assets | $ | 997,778 | $ | 1,118,138 | |||||||
Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Compensation payable | $ | 127,767 | $ | 138,404 | |||||||
Accounts payable, accrued expenses and other liabilities | 98,145 | 112,139 | |||||||||
Long-term debt | 101,929 | 270,374 | |||||||||
Amount due pursuant to tax receivable agreement | 84,764 | — | |||||||||
Income tax payable | 7,969 | 9,770 | |||||||||
Lease liability | 139,898 | 148,845 | |||||||||
Total liabilities | 560,472 | 679,532 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 7,266 | 7,420 | |||||||||
Stockholders' Equity | |||||||||||
Partners' Equity | — | 431,186 | |||||||||
Class A common stock, par value $0.00001 per share (650,000,000 shares authorized, 34,846,972 issued and outstanding at June 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, 28,478,208 issued and outstanding at June 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 June 30, 2026; none authorized, issued, or outstanding at December 31, 2025 | — | — | |||||||||
Additional paid-in-capital | 179,478 | — | |||||||||
Retained earnings (accumulated deficit) | 455 | — | |||||||||
Accumulated other comprehensive income (loss) | (439) | — | |||||||||
Total equity attributable to Lincoln International, Inc. | 179,494 | — | |||||||||
Noncontrolling interest | 250,546 | — | |||||||||
Total stockholders' equity | 430,040 | 431,186 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 997,778 | $ | 1,118,138 | |||||||
5
Lincoln International, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
In thousands, except share amounts | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Revenues | $ | 225,693 | $ | 149,658 | $ | 383,493 | $ | 281,866 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 145,782 | 70,798 | 241,879 | 141,127 | |||||||||||||||||||
Travel and related expenses | 9,696 | 7,287 | 17,770 | 12,929 | |||||||||||||||||||
Rent and occupancy | 8,139 | 7,553 | 16,078 | 14,562 | |||||||||||||||||||
Technology and information services | 4,974 | 4,894 | 9,951 | 9,188 | |||||||||||||||||||
Professional services and development | 18,383 | 9,187 | 26,997 | 15,255 | |||||||||||||||||||
Depreciation and amortization | 19,253 | 11,152 | 38,489 | 21,556 | |||||||||||||||||||
Other operating expenses, net | 35,346 | 6,644 | 42,262 | 12,195 | |||||||||||||||||||
Total expenses | 241,573 | 117,515 | 393,426 | 226,812 | |||||||||||||||||||
Total operating income (loss) | (15,880) | 32,143 | (9,933) | 55,054 | |||||||||||||||||||
Other income (expense), net | (5,549) | 1,727 | (9,508) | 3,609 | |||||||||||||||||||
Income (loss) before income taxes | (21,429) | 33,870 | (19,441) | 58,663 | |||||||||||||||||||
Provision for income taxes | 1,521 | 328 | 1,585 | 1,171 | |||||||||||||||||||
Net income (loss) | (22,950) | 33,542 | (21,026) | 57,492 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (23,405) | (295) | (21,481) | (935) | |||||||||||||||||||
Net income (loss) attributable to Lincoln International Inc. | $ | 455 | $ | 33,837 | $ | 455 | $ | 58,427 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment | (1,439) | 3,495 | (3,875) | 5,429 | |||||||||||||||||||
Comprehensive income (loss) | $ | (24,389) | $ | 37,037 | $ | (24,901) | $ | 62,921 | |||||||||||||||
Net income per share attributable to holders of Class A common stock: | |||||||||||||||||||||||
Basic | $ | 0.01 | — | $ | 0.01 | — | |||||||||||||||||
Diluted | $ | 0.01 | — | $ | 0.01 | — | |||||||||||||||||
Weighted average shares of Class A common stock outstanding: | |||||||||||||||||||||||
Basic | 36,280,899 | — | 36,280,899 | — | |||||||||||||||||||
Diluted | 40,017,177 | — | 40,017,177 | — | |||||||||||||||||||
6
Lincoln International, Inc.
Non-GAAP Financial Information
(Unaudited)
In thousands, except share amounts | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||||||
Total revenues | $ | 225,693 | $ | 149,658 | 51% | $ | 383,493 | $ | 281,866 | 36% | ||||||||||||||||||||||||||||
Adjusted expenses: | ||||||||||||||||||||||||||||||||||||||
Adjusted compensation and benefits | 137,674 | 87,365 | 58% | 234,637 | 173,081 | 36% | ||||||||||||||||||||||||||||||||
Adjusted non-compensation | 42,226 | 35,863 | 18% | 76,156 | 65,731 | 16% | ||||||||||||||||||||||||||||||||
Adjusted operating income | 45,793 | 26,430 | 73% | 72,700 | 43,054 | 69% | ||||||||||||||||||||||||||||||||
Adjusted income tax | 14,541 | 7,321 | 99% | 20,507 | 12,132 | 69% | ||||||||||||||||||||||||||||||||
Adjusted net income | $ | 28,664 | $ | 20,836 | 38% | $ | 45,645 | $ | 34,531 | 32% | ||||||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.26 | — | $ | 0.41 | — | ||||||||||||||||||||||||||||||||
Adjusted diluted share count | 110,813,720 | — | 110,813,720 | — | ||||||||||||||||||||||||||||||||||
Adjusted ratios and margin | ||||||||||||||||||||||||||||||||||||||
Adjusted compensation ratio | 61.0% | 58.4% | 61.2% | 61.4% | ||||||||||||||||||||||||||||||||||
Adjusted non-compensation ratio | 18.7% | 24.0% | 19.9% | 23.3% | ||||||||||||||||||||||||||||||||||
Adjusted operating margin | 20.3% | 17.7% | 19.0% | 15.3% | ||||||||||||||||||||||||||||||||||
Adjusted effective tax rate | 33.7% | 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.
7
Lincoln International, Inc.
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
(Unaudited)
In thousands, except share amounts | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP | Adjustments | Adjusted | U.S. GAAP | Adjustments | Adjusted | |||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 225,693 | — | $ | 225,693 | $ | 149,658 | — | $ | 149,658 | ||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 145,782 | (8,108) | a, b | 137,674 | 70,798 | 16,567 | b, i | 87,365 | ||||||||||||||||||||||||||||||||||||
Non-compensation | 95,791 | (53,565) | c, d, e | 42,226 | 46,717 | (10,854) | d, e | 35,863 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | (15,880) | 61,673 | 45,793 | 32,143 | (5,713) | 26,430 | ||||||||||||||||||||||||||||||||||||||
Other (expense) / income | (5,549) | 2,961 | f | (2,588) | 1,727 | — | 1,727 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | (21,429) | 64,634 | 43,205 | 33,870 | (5,713) | 28,157 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,521 | 13,020 | g | 14,541 | 328 | 6,993 | g | 7,321 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | (22,950) | 51,614 | 28,664 | 33,542 | (12,706) | 20,836 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (23,405) | 23,405 | h | — | (295) | 295 | j | — | ||||||||||||||||||||||||||||||||||||
Net income attributable to Lincoln International Inc. | $ | 455 | $ | 28,209 | $ | 28,664 | $ | 33,837 | $ | (13,001) | $ | 20,836 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to holders of shares of Class A common stock per share | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | 0.26 | — | — | ||||||||||||||||||||||||||||||||||||||
Weighted-average shares of Class A common stock outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | 40,017,177 | h | 110,813,720 | — | — | |||||||||||||||||||||||||||||||||||||||
Notes to Reconcile GAAP to Adjusted (non-GAAP) Financial Information:
a)Reflects IPO Equity Awards expense of $1.7 million in 2Q26.
b)Reflects acquisition-related deferred retention and earnout expenses of $6.4 million in 2Q26 and $4.2 million in 2Q25.
c)Reflects 2Q26 expense of $28.7 million related to Liquidity Event Shares to be issued following the IPO.
d)Reflects acquisition-related costs and amortization of intangible assets from our acquisitions of $17.1 million in 2Q26 and $8.8 million in 2Q25.
e)Reflects IPO legal, consulting and other expenses of $7.7 million in 2Q26 and $2.0 million in 2Q25.
f)Reflects partial extinguishment of debt issuance costs at IPO of $3.0 million in 2Q26.
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 conversion of ($20.8) million in 2Q25. 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.
8
Lincoln International, Inc.
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
(Unaudited)
In thousands, except share amounts | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP | Adjustments | Adjusted | U.S. GAAP | Adjustments | Adjusted | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 383,493 | — | $ | 383,493 | $ | 281,866 | — | $ | 281,866 | |||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 241,879 | (7,242) | a, b, i, k | 234,637 | 141,127 | 31,954 | b, i | 173,081 | |||||||||||||||||||||||||||||||||||||||
Non-compensation | 151,547 | (75,391) | c, d, e | 76,156 | 85,685 | (19,954) | d, e | 65,731 | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | (9,933) | 82,633 | 72,700 | 55,054 | (12,000) | 43,054 | |||||||||||||||||||||||||||||||||||||||||
Other (expense) / income | (9,508) | 2,961 | f | (6,547) | 3,609 | — | 3,609 | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | (19,441) | 85,594 | 66,153 | 58,663 | (12,000) | 46,663 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,585 | 18,922 | g | 20,507 | 1,171 | 10,961 | g | 12,132 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | (21,026) | 66,671 | 45,645 | 57,492 | (22,961) | 34,531 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (21,481) | 21,481 | h | — | (935) | 935 | j | — | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Lincoln International Inc. | $ | 455 | $ | 45,190 | $ | 45,645 | $ | 58,427 | $ | (23,896) | $ | 34,531 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to holders of shares of Class A common stock per share | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | 0.41 | — | — | |||||||||||||||||||||||||||||||||||||||||
Weighted-average shares of Class A common stock outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 40,017,177 | h | 110,813,720 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Notes to Reconcile GAAP to Adjusted (non-GAAP) Financial Information:
a)Reflects IPO Equity Awards expense of $1.7 million in 1H26.
b)Reflects acquisition-related deferred retention and earnout expenses of $7.9 million in 1H26 and $4.2 million in 1H25.
c)Reflects 1H26 expense of $28.7 million related to Liquidity Event Shares to be issued following the IPO.
d)Reflects acquisition-related costs and amortization of intangible assets recognized in purchase accounting from our acquisitions of $34.1 million in 1H26 and $17.1 million in 1H25.
e)Reflects IPO-related legal, consulting and other expenses of $12.6 million in 1H26 and $2.9 million in 1H25 .
f)Reflects partial extinguishment of debt issuance costs at IPO of $3.0 million in 1H26.
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 conversion of ($5.2) million in 1H26 and ($36.2) million in 1H25. 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 1H26. 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.
9