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Nature of Operations and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Accounting policies Basis of Presentation and Accounting policies: The Company follows accounting principles generally accepted in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (the “FASB”) to ensure consistent reporting of financial condition, results of operations, and cash flows. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements.
Consolidation Interim results are not necessarily indicative of full year results. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for Lincoln International, LP, for the year ended December 31, 2025 included in the Company’s final prospectus dated May 19, 2026 and filed with the Securities and Exchange Commission on May 21, 2026 (the “Prospectus”).
The accompanying unaudited condensed consolidated financial statements include the accounts of the Parent and its subsidiary, LILP, and its subsidiaries, that the Parent controls due to ownership of common units of LILP and as its sole general partner. All intercompany transactions and balances have been eliminated in consolidation. Accordingly, the Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The Company reports a noncontrolling interest representing the economic interest in LILP held by the LILP Partners. The earnings attributable to the noncontrolling interest presented in the unaudited condensed consolidated statements of comprehensive income (loss) represents the portion of earnings attributable to that economic interest.
Tax Receivable Agreement
In connection with the Organizational Transactions, we entered into a Tax Receivable Agreement with LILP, certain LILP Partners and the other eligible parties named therein. Amounts payable under the Tax Receivable Agreement, and the related deferred tax assets, are recorded based on estimates of the tax benefits we expect to realize from the basis adjustments and interest deductions, which requires significant management judgment. Because of these judgments, the actual amount and timing of payments under the Tax Receivable Agreement could differ materially from our estimates. See Note 23 of the notes to condensed consolidated financial statements for additional information.
Recently Issued Accounting Pronouncements (Not Yet Adopted)
Recently Issued Accounting Pronouncements (Not Yet Adopted) In December 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-11, Narrow-Scope Improvements. ASU 2025-11 clarifies the current interim disclosure requirements and the applicability of ASC 270, Interim Reporting by creating a comprehensive list of required interim disclosures and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Additionally, in July 2025, the FASB issued ASU No. 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets. The guidance is effective for annual periods beginning after December 15, 2025. The Company is evaluating the effects of adopting this new accounting guidance.
In November 2024, FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU aims to build a better understanding of an entity’s expenses through more detailed tabular disclosures surrounding certain costs and expenses (including but not limited to employee compensation, amortization of intangibles, and depreciation), defining and disclosing selling expense, and qualitatively describing remaining amounts not disaggregated in relevant expense captions. In addition, certain existing expense disclosures will be required to be presented within the same note and tabular format as prescribed by ASU No. 2024-03. The new guidance will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and can be applied on a prospective or retrospective basis. The Company is evaluating the effects of adopting this new accounting guidance.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires consistent categories and greater disaggregation of information in the effective income tax rate reconciliation disclosure in addition to disaggregated reporting of income taxes paid by jurisdiction. ASU 2023-09 also amends certain other current disclosure and information reporting requirements. For emerging growth companies, the guidance will be effective for annual periods beginning after December 15, 2025. The Company is evaluating the effects of adopting this new accounting guidance.
Reclassifications Reclassifications:

Certain amounts have been reclassified to conform to the current-period presentation.
Segments
The Company operates through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions. Each segment is individually managed and provides separate services which require specialized expertise for the provision of those services. 
The Investment Banking Advisory segment offers a range of mergers and acquisitions services including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The client base includes private equity, public and private company executives, boards of directors, special committees and financial sponsors.
The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The client list includes businesses, investment companies, credit opportunity, private equity, venture, and hedge funds. Services include portfolio valuations, business valuations, transaction opinions, and dispute advisory.
The Company’s chief operating decision maker, or CODM, consists of the Company’s four LILP Controlling Partners (as defined in LILP’s Fourth Amended and Restated Limited Partnership Agreement (the “LILP Partnership Agreement”)). They review financial information about the Company’s revenue and profitability for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information for the Company’s two reportable segments. The CODM reviews both segment revenue and segment operating income as the key segment measures of performance and uses segment results to make key resource allocation decisions. The CODM does not receive and review asset information by segment.
Fair Value Measurements
ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below.
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Leases The Company determines if a contract contains a lease at the contract’s inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because it is not reasonably certain whether the Company will exercise the renewal or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.
At the commencement date of the lease, the Company recognizes a lease liability and a right-of-use asset. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The Company uses its incremental borrowing rate as the discount rate because the implicit rates of its leases are not readily determinable. The incremental borrowing rate is the rate of interest the Company would pay to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease expense is recognized on a straight-line basis over the lease term.