Lincoln International, Inc.

What they do

Lincoln International provides mergers and acquisitions advisory, capital advisory, private funds advisory services, and other services through its Investment Banking Advisory segment. Its Valuations and Opinions segment offers financial valuations of illiquid securities and fairness and other transaction opinions. The firm serves private equity and private credit investors, private company business owners, and senior executives across key sectors.

Revenue drivers

• Investment Banking Advisory — Largest segment, generated $177.7 million in Q2 2026 (79% of total revenues). Revenue driven by M&A transactions, capital advisory, and private funds advisory; growth from higher deal count, higher average fees, and the MarshBerry acquisition.
• Valuations and Opinions — Generated $47.9 million in Q2 2026 (21% of total revenues). Revenue driven by demand for portfolio valuations and transaction opinions, particularly in private markets.
• MarshBerry Acquisition — Acquired in October 2025, this insurance brokerage and wealth/retirement-focused advisory business contributed to Investment Banking Advisory revenue growth in both quarterly and half-year results.

Recent performance

Q2 2026 total revenues were $225.7 million, up 51% year-over-year, with Investment Banking Advisory up 56% and Valuations and Opinions up 35%. GAAP net income was $0.5 million ($0.01 diluted EPS) due to IPO-related and other costs, while adjusted net income was $28.7 million ($0.26 adjusted diluted EPS). First half 2026 revenues were $383.5 million, up 36% from $281.9 million in the prior-year period. The company completed its IPO on May 21, 2026, raising approximately $484.1 million in gross proceeds.

Strategy

Management aims to grow across industries, service offerings, and geographies, leveraging an integrated platform to deliver sector-focused advisory services. Recent strategic moves include the MarshBerry acquisition to expand into financial services and the Spurrier Capital Partners and TCG Corporate Finance acquisitions to build the M&A technology franchise. The IPO and Organizational Transactions positioned the company as a public entity, with a focus on disciplined execution of growth strategies and returning capital via dividends.

Risks

• Macroeconomic and geopolitical volatility — Inflation, interest rates, trade barriers, tariffs, and conflicts (e.g., Middle East, Russia-Ukraine) can materially affect M&A and valuation activity.
• Compensation expense increase — Post-IPO, GAAP compensation is recognized as an expense, raising operating costs and compressing GAAP margins compared to pre-IPO treatment.
• Integration of acquisitions — The MarshBerry acquisition and prior deals bring integration risk, including potential disruption to operations or failure to achieve expected synergies.
• Dependence on private market conditions — Revenue is tied to transaction volumes and valuations in private capital markets, which can decline in downturns, affecting both segments.

Outlook

Management is encouraged by increasing business activity across the firm and healthy company fundamentals heading into the second half of 2026. They expect continued strength in Investment Banking Advisory from improving market conditions and in Valuations and Opinions from growing private market demand. The company declared a dividend of $0.07 per share for Q3 2026, signaling confidence in cash flow generation.