Lincoln International Q3 revenue rises 57% to $294M
The board declared a $0.07-per-share fourth-quarter dividend, payable December 15, 2026, to holders of record December 1, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Lincoln International, Inc. (LCLN) reported third-quarter 2026 revenue of $293.7 million, up 57% year over year. Year-to-date revenue was $677.1 million, up 45%. Investment Banking Advisory revenue rose 70% to $239.9 million, while Valuations and Opinions revenue rose 18% to $53.8 million. The company attributed the quarterly revenue increase primarily to rising M&A activity, demand for private-market valuations and its October 2025 acquisition of MarshBerry.
GAAP net income attributable to Lincoln International was $9.9 million, compared with $50.6 million in the prior-year quarter, and diluted earnings per share was $0.25. Adjusted net income, a non-GAAP measure, was $50.2 million versus $20.0 million, with adjusted diluted earnings per share of $0.46. As of September 30, 2026, cash and cash equivalents were $363.1 million and long-term debt was $101.9 million; the company reported net cash of $261.2 million.
The board declared a $0.07-per-share fourth-quarter cash dividend, payable December 15, 2026, to stockholders of record December 1, 2026.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 57% year over year to $293.7 million.
- Moderate pointAdjusted net income rose 150% year over year to $50.2 million.
Negative
- Moderate pointGAAP net income attributable declined to $9.9 million from $50.6 million.
Filing Explained
This 8-K furnishes Lincoln’s third-quarter results; adjusted diluted EPS is presented on an assumed exchange of all outstanding LP common units into Class A shares, using 110,214,863 diluted shares versus GAAP’s 39,677,992 weighted-average Class A shares.
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, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $293.7 million; up 57% year over year
Year-to-date revenue: $677.1 million; up 45% year over year
GAAP net income attributable to Lincoln International: $9.9 million
+5 more
8 metrics
Third-quarter revenue
$293.7 million; up 57% year over year
Third quarter ended September 30, 2026; $186.7 million in the prior-year quarter.
Year-to-date revenue
$677.1 million; up 45% year over year
Nine months ended September 30, 2026; $468.6 million in the prior-year period.
GAAP net income attributable to Lincoln International
$9.9 million
Third quarter ended September 30, 2026; $50.6 million in the prior-year quarter.
Adjusted net income
$50.2 million; up 150% year over year
Non-GAAP measure for the third quarter ended September 30, 2026; $20.0 million in the prior-year quarter.
Diluted earnings per share
$0.25 per share
GAAP, third quarter ended September 30, 2026.
Adjusted diluted earnings per share
$0.46 per share
Non-GAAP, third quarter ended September 30, 2026.
Cash and cash equivalents
$363.1 million
As of September 30, 2026.
Fourth-quarter cash dividend
$0.07 per share
Payable December 15, 2026, to stockholders of record December 1, 2026.
Key Terms
Adjusted net income, Adjusted diluted earnings per share, Adjusted compensation ratio, Noncontrolling interests, +1 more
5 terms
Adjusted net income financial
"adjusted net income was $50.2 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 compensation ratio financial
"adjusted compensation ratio of 61% for the third quarter"
Adjusted compensation ratio measures the share of a company’s revenue that goes to paying employees after removing one-time or unusual items (like severance, stock-based awards treated differently, or restructuring costs) so the number shows ongoing labor cost pressure. Investors use it like a household budgeting ratio—higher values mean more revenue is consumed by pay, which can signal lower profitability or efficiency, while lower values suggest labor costs are more sustainable.
Noncontrolling interests financial
"net income attributable to noncontrolling interests"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
Net cash financial
"resulting in net cash of $261.2 million"
Net cash is the amount of money a company has after subtracting any debts or obligations from its total cash holdings. It shows how much cash would remain if the company used its available funds to pay off its debts. For investors, positive net cash indicates financial health and flexibility, while negative net cash may suggest potential difficulties in meeting financial commitments.
Earnings Snapshot
Revenue: $293.7 million
Third quarter ended September 30, 2026
Revenue
$293.7 million
Up 57% year over year
GAAP net income attributable to Lincoln International
$9.9 million
Compared with $50.6 million in the prior-year quarter
Adjusted net income
$50.2 million
Up 150% year over year
Diluted earnings per share
$0.25 per share
Adjusted diluted earnings per share
$0.46 per share
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What drove LCLN's segment revenue growth in Q3 2026?
Investment Banking Advisory revenue growth was primarily due to more completed transactions, higher average fees and the MarshBerry acquisition. Valuations and Opinions revenue growth was primarily driven by increasing demand for portfolio valuations and transaction opinions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 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 November 5, 2026, Lincoln International, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing its financial results for the third quarter ended September 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 November 5, 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: November 5, 2026 | By: | /s/ Theodore J. Heidloff | |||||||||
| Theodore J. Heidloff | |||||||||||
| Chief Financial Officer | |||||||||||
Lincoln International Reports Third Quarter 2026 Financial Results
•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, November 5, 2026 -- 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.
1
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.
2
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.
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 | 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 | |||||||
5
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 | — | |||||||||||||||||||
6
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.
7
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 | — | 0 | 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.
8
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.
9