Lincoln International Posts Record $294M Q3 Revenue, Up 57%

Chicago investment bank Lincoln International, Inc. posted record third-quarter revenue of $293.7 million on Thursday, a 57% jump from $186.7 million a year earlier, according to the company’s investor release and an identical Finviz press-release mirror.

Net income attributable to Lincoln International was $9.9 million, or $0.25 per diluted Class A share. Adjusted net income was $50.2 million, or $0.46 per adjusted diluted share. GAAP operating income was $44.3 million; adjusted operating income was $71.9 million, or a 24.5% adjusted operating margin.

Advisory fees and valuations

Investment Banking Advisory revenue rose 70% to $239.9 million, which the company tied to more completed deals, higher average fees and its October 2025 acquisition of MarshBerry. Valuations and Opinions revenue increased 18% to $53.8 million on stronger demand for portfolio valuations and transaction opinions.

Year-to-date revenue reached a record $677.1 million, up 45% from $468.6 million in the first nine months of 2025. The firm said it added three managing directors in the quarter and now has 163 managing directors firmwide.

Cash, dividend and expense mix

Cash and cash equivalents were $363.1 million and long-term debt was $101.9 million as of Sept. 30, leaving net cash of $261.2 million, the company reported. The board declared a $0.07 quarterly dividend payable Dec. 15 to stockholders of record Dec. 1.

Compensation and benefits were $186.9 million, or 63.7% of revenue, versus $96.3 million a year earlier; on an adjusted basis the compensation ratio was 61%, down from 69%. Non-compensation expenses were $62.4 million, or 21.3% of revenue. The company pointed to the MarshBerry deal, higher revenue-linked pay and its May 2026 IPO corporate structure as drivers of the year-over-year cost increase. Related financial-services results: Global Payments’ latest outlook and Corpay’s Q3 raise.

Sources: Lincoln International, Finviz