10-Q · February 3, 2026
Houlihan Lokey reported Q3 revenue of $717,072,000 and diluted EPS of $1.70, beating prior-year quarter results and continuing margin strength. Operating income of $160,730,000 implies a ~22.4% operating margin, and the…
Earnings analysis · 10-K
HLI earnings analysis
Filed May 22, 2026 · Our reading of the company's report
The latest report
Houlihan Lokey reported fiscal year 2026 revenues of $2.62 billion, a 10% increase from last year, driven primarily by growth in Corporate Finance. However, they face challenges with declining revenue in Financial…
Read full summary
Houlihan Lokey reported fiscal year 2026 revenues of $2.62 billion, a 10% increase from last year, driven primarily by growth in Corporate Finance. However, they face challenges with declining revenue in Financial Restructuring and a bearish operating environment due to rising interest rates and geopolitical tensions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.22
- Operating margin
- 20.1%
- Segment
- Corporate Finance
- Segment
- Financial Restructuring
- Segment
- Financial and Valuation Advisory
What stood out
-
Revenue Growth of 10%
For FY 2026, total revenues reached $2.62 billion, a 10% increase from $2.39 billion in FY 2025.
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Strong Corporate Finance Performance
Corporate Finance revenues surged by 14% to $1.74 billion from $1.53 billion, due to an increase in completed transactions.
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International Revenue Rise
International revenues stood at $842 million for FY 2026, up from $687 million in FY 2025.
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Share Repurchase Program Continues
The company repurchased 301,135 shares at an average price of $166.49, with remaining authorization of approximately $230 million.
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Stable Cash Position
Cash and cash equivalents increased to $1.19 billion as of March 31, 2026, up from $971 million a year prior.
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Consistent Dividend Policy
The board declared a quarterly cash dividend of $0.70 per share, indicating a commitment to return capital to shareholders.
What to watch
-
Decreased Financial Restructuring Revenue
Financial Restructuring revenue fell by 3% to $528 million due to unfavorable market conditions.
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Negative Free Cash Flow in Q1 2026
The company reported negative free cash flow of -$145 million in Q1 2026, indicating potential liquidity issues.
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Increased Operating Expenses
Operating expenses rose by 11% to $2.09 billion, driven by higher compensation and non-compensation expenses.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 5, 2025
Houlihan Lokey reported revenue of $605.349M for the quarter ended June 30, 2025, up from $513.609M a year earlier, and GAAP diluted EPS improved to $1.42 from $1.30. Operating income fell to $89.8M (14.8% margin) from…
10-Q · February 4, 2025
Houlihan Lokey reported a strong quarter: revenues rose to $634,428,000 and operating income increased to $136,102,000 for the three months ended December 31, 2024, driving diluted EPS of $1.39. Operating cash flow for…
10-Q · August 6, 2024
Houlihan Lokey reported strong top-line and profitability growth for the quarter: revenues rose to $513,609,000 (up $97,780,000 or 23.5% YoY from $415,829,000) and operating income increased to $95,568,000 (up…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.