Lincoln International Inc.

Second-quarter 2026 revenue was $226 million, up 51% year over year and 43% from Q1. Adjusted diluted EPS was $0.26, adjusted operating margin was 20%, adjusted compensation expense was $138 million with a 61% compensation ratio, and adjusted non-compensation expense was $42 million with an 18.7% ratio. Investment Banking Advisory revenue was $178 million, up 56%, while Valuations and Opinions revenue was $48 million, up 35%; first-half 2026 revenue was $383 million, up 36%, with Investment Banking up 39% and Valuations and Opinions up 29%. For full-year 2026, management currently expects an adjusted compensation ratio of around 61%, an adjusted effective tax rate of around 31%, and high single-digit non-compensation expense growth; they also expect normal positive seasonality in the back half, with Q4 typically 30% to 40% of annual revenue.

Rob Brown framed the quarter as a strong start to Lincoln’s life as a public company and said the IPO gives the firm capital and flexibility to invest while preserving culture. He emphasized improving private-capital-market conditions, a healthy pipeline, and broad-based growth across M&A, capital advisory, private funds advisory, and valuations. His tone was optimistic but measured, noting the recovery is still early and markets remain selective.

Ted Heidloff highlighted the hard numbers behind the quarter: $226 million of revenue, $0.26 adjusted diluted EPS, a 61% adjusted compensation ratio, $42 million of adjusted non-compensation expense, and a 34% adjusted tax rate in Q2 versus 26% in Q1. He said the company expects about a 61% full-year compensation ratio, around a 31% full-year adjusted tax rate, and high single-digit non-compensation growth. He also pointed to a strengthened balance sheet, with approximately $251 million of cash and cash equivalents, $102 million of long-term debt, and a $149 million net cash position after repaying debt with IPO proceeds, plus a quarterly dividend of $0.07 per share.

Analysts focused on the outlook for the MarshBerry business, back-half seasonality, middle-market M&A breadth, valuation demand, and whether non-traded BDC liquidity issues are affecting deal financing. Management said MarshBerry is on track, has its largest backlog relative to second-half needs, and should benefit from Lincoln’s relationship with private equity; they also said they expect normal seasonal pickup in the second half. On financing, they said they are not seeing meaningful tightening in debt capital markets, and on valuations they said retailization of the private markets and more frequent marking requirements are driving demand.