Hamilton Lane Incorporated (HLNE) Cash Flow: Operating & Free Cash Flow

Hamilton Lane Incorporated (HLNE) Cash Flow Statement

In fiscal 2026 (fiscal year ended Mar 31, 2026), Hamilton Lane Incorporated generated $424.92M of operating cash flow and spent $5.84M on capital expenditures. That left free cash flow of $419.07M, up 45.2% from $288.66M a year earlier, or 55.2% of revenue. It returned $222.51M to shareholders through $142.42M in dividends and $80.08M in share buybacks.

Hamilton Lane Incorporated Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Hamilton Lane Incorporated (HLNE) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Operating Activities
Net Income	387.72	313.77	227.21	187.19	247.25	168.79	126.78	99.00	106.30	74.44
Depreciation & Amortization	9.88	9.29	8.19	7.44	5.50	4.13	3.29	2.98	1.89	1.92
Deferred Income Tax	28.42	12.08	16.70	20.43	23.94	7.03	7.93	21.67	22.98	0.03
Stock Based Compensation	51.15	31.41	12.13	9.95	7.40	7.08	7.18	6.38	5.54	4.68
Change in Working Capital	42.32	-60.86	-42.36	-19.47	-21.93	29.14	-14.91	-4.56	-35.30	-1.70
Change in Accounts Receivable	29.59	-73.12	-61.68	4.73	-22.67	1.18	-10.00	-5.39	-2.55	-0.75
Change in Inventory	0.00	0.00	0.00	0.00	0.00	11.37	-3.27	-2.09	0.00	0.00
Change in Accounts Payable	0.19	0.96	-0.05	1.73	0.65	0.21	-0.65	0.92	0.33	0.73
Change in Other Working Capital	-23.06	47.42	19.38	-30.01	9.38	12.85	-0.99	2.01	-33.09	-1.68
Other Operating Activities	-65.86	47.42	-101.01	41.48	-68.70	-20.98	-13.90	-13.85	-4.72	2.32
Net Cash from Operating Activities	424.92	300.82	120.85	226.59	169.52	188.16	116.37	111.62	96.69	81.68
Investing Activities
Capital Expenditures	-5.84	-12.16	-11.07	-4.75	-8.53	-18.64	-6.15	-5.37	-2.25	-1.28
Acquisitions	-96.74	-58.41	0.00	-1.50	-10.10	-0.25	3.52	10.61	-5.23	0.00
Purchases of Investments	-449.84	-90.83	-64.18	-124.12	-92.24	-160.41	-57.70	-46.05	-30.35	-24.22
Sales/Maturities of Investments	12.01	6.95	2.11	308.28	40.37	-241.73	6.42	22.53	0.00	0.00
Other Investing Activities	23.45	12.10	-49.04	-1.13	12.74	-272.93	4.02	-0.94	16.06	8.78
Net Cash from Investing Activities	-494.82	-117.58	-122.18	177.91	-70.49	-421.78	-49.90	-19.21	-21.77	-16.72
Financing Activities
Debt Repayment	-12.50	-3.75	-17.50	-4.50	-1.84	-1.41	3.52	-13.26	-1.97	-162.60
Common Stock Issued	58.61	248.40	201.67	45.62	75.69	750.79	147.12	193.50	125.20	203.23
Common Stock Repurchased	-80.08	-5.47	-3.51	-324.22	-77.32	-479.36	-5.88	-5.39	-6.48	0.00
Dividends Paid	-142.42	-119.80	-109.28	-137.11	-97.93	-76.69	-76.44	-69.33	-46.45	-80.46
Other Financing Activities	276.10	-239.00	-66.99	-35.57	-96.17	-12.67	-133.03	-195.74	-129.97	-61.39
Net Cash from Financing Activities	155.78	-19.16	4.40	-364.15	-113.22	270.66	-64.71	-90.21	-59.67	-101.21
Summary
Effect of Forex Changes on Cash	2.43	-0.10	0.00	0.00	0.00	0.13	-0.14	0.01	0.00	0.00
Net Change in Cash	88.30	163.99	3.07	40.36	-14.18	37.04	1.62	2.21	15.25	-36.25
Cash at Beginning of Period	283.60	119.62	116.55	76.20	90.38	53.21	51.59	49.38	34.14	70.38
Cash at End of Period	371.90	283.60	119.62	116.55	76.20	90.38	53.21	51.59	49.38	34.14
Free Cash Flow	419.07	288.66	109.78	221.84	161.00	169.52	110.22	106.26	94.44	80.40
Supplemental Disclosures
Interest Paid	-	10.40	11.05	8.47	4.59	1.99	-	-	-	-
Income Taxes Paid	-	27.04	39.76	50.88	33.68	6.33	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Hamilton Lane Incorporated Cash Flow

What is Hamilton Lane Incorporated's free cash flow?

Hamilton Lane Incorporated generated free cash flow of $419.07M in fiscal 2026 (fiscal year ended Mar 31, 2026), operating cash flow of $424.92M minus $5.84M of capital expenditures. That was up 45.2% from $288.66M a year earlier. Free cash flow equaled 55.2% of revenue.

How much does Hamilton Lane Incorporated spend on capital expenditures?

Hamilton Lane Incorporated spent $5.84M on capital expenditures in fiscal 2026, compared with $12.16M a year earlier. That equals 1.4% of operating cash flow.

Does Hamilton Lane Incorporated pay dividends or buy back shares?

Yes. In fiscal 2026 Hamilton Lane Incorporated returned $142.42M in dividends and $80.08M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition