Net Income (Loss) Per Share Attributable to Class A Common Stock (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Earnings Per Share, Basic and Diluted

The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three months ended September 30, 2026 and for the period from May 20, 2026 to September 30, 2026 are presented below. Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in the number of shares outstanding during the year and rounding, the sum of the quarters’ earnings per share may not necessarily equal the earnings per share for any year-to-date period.


(in thousands, except number of shares and per share amounts)	Three Months Ended September 30, 2026		Period from May 20, 2026 to September 30, 2026
Net income (loss) attributable to Lincoln International, Inc.	$	9,935	$	10,390
Net income impact due to:
IPO Equity Awards (a)	—		—
Options (b)	—		—
Exchange of LILP common units to Class A common stock (c)	—		—
Net income (loss) attributable to Lincoln International, Inc. - Diluted	$	9,935	$	10,390

Denominator:
Weighted average Class A shares issued and outstanding	35,693,768		35,428,354
IPO Liquidity shares (d)	654,619		898,880
Weighted average shares of Class A common stock - Basic	36,348,387		36,327,234
Dilutive effects of:
IPO Equity Awards (RSUs) (a)	712,817		647,127
LILP Options (b)	2,616,788		2,595,239
Exchangeable LILP common units (c)			—
Weighted average shares of Class A common stock - Diluted	39,677,992		39,569,600

Earnings per share of Class A common stock - Basic	$	0.27	$	0.29
Earnings per share of Class A common stock - Diluted	$	0.25	$	0.26

(a)In connection with the IPO, the Company granted RSUs that vest over three to four years subject to continued employment. As awards with a service condition, they are excluded from basic EPS and included in diluted EPS under the treasury stock method, to the extent dilutive.

(b)The options are excluded from basic EPS and included in diluted EPS by applying the treasury stock method to determine incremental shares of Class A common stock under the if-converted method, to the extent dilutive.

(c)Holders of common units in LILP may exchange their units for shares of Class A common stock on a one-for-one basis. Because the common units are not mandatorily redeemable, they are excluded from basic EPS. For diluted EPS, the common units are evaluated under the if-converted method; the assumed exchange would eliminate the related noncontrolling interest and adjust the numerator for the resulting change in net income attributable to Lincoln International, Inc., net of the incremental corporate income tax. The exchange of LILP common units were not included in the calculation in this period as they are anti-dilutive.

(d)In connection with the IPO, the Company became obligated to issue shares of Class A common stock, the number and value of which became fixed upon effectiveness of the IPO. The awards are subject to forfeiture through issuance if the recipient is employed by a competitor. As these shares are only subject to a time-based service period, treated as contingently issuable and are included in both basic and diluted EPS.