HLI · Houlihan Lokey, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q2 '24 | Q1 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $605.35M | $717.07M | $659.45M | $513.61M | $634.43M | $574.96M | $415.83M | $511.13M | $418.64M | $456.50M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | $187.75M | $230.71M | $222.84M | $157.21M | $199.10M | $189.96M | $120.11M | $150.87M | $137.29M | $136.35M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $515.55M | $556.34M | $508.11M | $418.04M | $498.33M | $444.29M | $342.48M | $414.59M | $341.07M | $372.33M |
| D&A | $15.99M | $8.30M | $10.30M | $8.86M | $9.56M | $7.44M | $6.53M | $6.66M | $19.14M | $13.26M |
| Operating Income | $89.80M | $160.73M | $151.34M | $95.57M | $136.10M | $130.67M | $73.35M | $96.54M | $77.57M | $84.17M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $517.0K | $53.10M | $48.27M | $10.93M | $49.82M | $42.54M | $14.96M | $31.77M | $5.04M | $20.56M |
| Net Income | $97.53M | $116.55M | $111.78M | $88.94M | $95.30M | $93.55M | $61.39M | $70.80M | $70.78M | $63.05M |
| EPS - Basic | $1.47 | $1.75 | $1.67 | $1.37 | $1.45 | $1.42 | $0.96 | $1.10 | $1.12 | $0.99 |
| EPS - Diluted | $1.42 | $1.70 | $1.63 | $1.30 | $1.39 | $1.37 | $0.90 | $1.04 | $1.03 | $0.90 |
Balance Sheet
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q2 '24 | Q1 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.19B | $1.06B | $923.58M | $971.01M | $799.34M | $691.41M | $721.24M | $555.53M | $714.44M | $549.42M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $4.31B | $3.94B | $3.79B | $3.82B | $3.48B | $3.21B | $3.17B | $2.96B | $2.97B | $2.67B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $1.86B | $1.64B | $1.55B | $1.64B | $1.40B | $1.26B | $1.33B | $1.19B | $1.36B | $1.13B |
| Stockholders' Equity | $2.34B | $2.29B | $2.25B | $2.17B | $2.08B | $1.96B | $1.84B | $1.77B | $1.61B | $1.54B |
| Retained Earnings | $1.65B | $1.59B | $1.52B | $1.39B | $1.31B | $1.26B | $1.16B | $1.12B | $1.03B | $1.01B |
Cash Flow
| Line item | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q2 '24 | Q1 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($131.63M) | - | - | ($64.51M) | - | - | ($133.57M) | - | ($278.02M) | - |
| Investing Cash Flow | $109.65M | - | - | ($40.43M) | - | - | ($12.36M) | - | $68.20M | - |
| Financing Cash Flow | ($196.63M) | - | - | ($161.50M) | - | - | ($111.15M) | - | ($123.67M) | - |
| CapEx | $13.19M | - | - | $10.87M | - | - | $15.65M | - | $4.49M | - |
| Free Cash Flow | ($144.81M) | - | - | ($75.38M) | - | - | ($149.22M) | - | ($282.50M) | - |
Ratios
| Metric | Q1 '26 | Q3 '26 | Q2 '26 | Q1 '25 | Q3 '25 | Q2 '25 | Q1 '24 | Q2 '24 | Q1 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 31.0% | 32.2% | 33.8% | 30.6% | 31.4% | 33.0% | 28.9% | 29.5% | 32.8% | 29.9% |
| Operating margin | 14.8% | 22.4% | 22.9% | 18.6% | 21.5% | 22.7% | 17.6% | 18.9% | 18.5% | 18.4% |
| EBITDA margin | 17.5% | 23.6% | 24.5% | 20.3% | 23.0% | 24.0% | 19.2% | 20.2% | 23.1% | 21.3% |
| Net margin | 16.1% | 16.3% | 17.0% | 17.3% | 15.0% | 16.3% | 14.8% | 13.9% | 16.9% | 13.8% |
| Free cash flow margin | -23.9% | - | - | -14.7% | - | - | -35.9% | - | -67.5% | - |
| FCF / Net income | -1.48 | - | - | -0.85 | - | - | -2.43 | - | -3.99 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 0.5% | 31.3% | 30.2% | 10.9% | 34.3% | 31.3% | 19.6% | 31.0% | 6.6% | 24.6% |
| Return on assets | 2.3% | 3.0% | 2.9% | 2.3% | 2.7% | 2.9% | 1.9% | 2.4% | 2.4% | 2.4% |
| Return on equity | 4.2% | 5.1% | 5.0% | 4.1% | 4.6% | 4.8% | 3.3% | 4.0% | 4.4% | 4.1% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.84 | 1.72 | 1.69 | 1.76 | 1.67 | 1.64 | 1.73 | 1.67 | 1.84 | 1.73 |
| Liabilities / Assets | 0.43 | 0.42 | 0.41 | 0.43 | 0.40 | 0.39 | 0.42 | 0.40 | 0.46 | 0.42 |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | 0.18 | 0.17 | 0.13 | 0.18 | 0.18 | 0.13 | 0.17 | 0.14 | 0.17 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 101.1x | 102.5x | 126.0x | 124.2x | 124.9x | 115.3x | 142.4x | 115.3x | 84.9x | 96.8x |
| P / B | 4.2x | 5.2x | 6.3x | 5.1x | 5.7x | 5.5x | 4.7x | 4.6x | 3.7x | 3.9x |
| P / S | 16.3x | 16.6x | 21.4x | 21.5x | 18.8x | 18.8x | 21.0x | 15.9x | 14.4x | 13.3x |
| EV / EBITDA | 82.3x | 64.3x | 81.4x | 96.6x | 76.5x | 73.3x | 100.1x | 73.5x | 54.9x | 56.7x |
| Growth | ||||||||||
| Revenue growth (YoY) | 17.9% | 13.0% | 14.7% | 23.5% | - | 12.5% | -0.7% | 4.4% | -22.1% | -48.6% |
| Revenue CAGR (3y) | 13.1% | 16.2% | 10.4% | -1.5% | -10.6% | - | 25.3% | 22.8% | - | 11.0% |
| Revenue CAGR (5y) | 23.4% | 5.9% | 19.1% | - | 13.7% | 16.1% | 10.7% | 16.1% | - | - |
| Gross profit growth (YoY) | 19.4% | 15.9% | 17.3% | 30.9% | - | 25.9% | -12.5% | 9.7% | -27.6% | -57.5% |
| Operating income growth (YoY) | -6.0% | 18.1% | 15.8% | 30.3% | - | 35.4% | -5.4% | 8.0% | -50.7% | -66.2% |
| Net income growth (YoY) | 9.7% | 22.3% | 19.5% | 44.9% | - | 32.1% | -13.3% | -37.3% | 45.1% | -63.7% |
| EPS growth (YoY) | 9.2% | 22.3% | 19.0% | 44.4% | - | 31.7% | -12.6% | 19.5% | -37.6% | -64.6% |
| EPS CAGR (3y) | 11.3% | 23.6% | 23.3% | -7.6% | -18.2% | - | 9.3% | 14.1% | - | 6.3% |
| EPS CAGR (5y) | 15.5% | -0.1% | 18.4% | - | 13.1% | 22.3% | 6.7% | 11.3% | 11.8% | -0.7% |
| FCF growth (YoY) | -92.1% | - | - | 49.5% | - | - | 47.2% | - | -208.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 7.7% | 10.2% | 14.8% | 18.4% | - | 10.6% | 13.9% | 22.3% | 11.7% | 0.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-03-31.
Business segments
$2.62B totalCorporate Finance$1.74B · 66.7%
Financial Restructuring$528.65M · 20.2%
Financial And Valuation Advisory$344.23M · 13.2%
Geographic
$2.62B totalUS$1.78B · 67.8%
Non Us$842.18M · 32.2%
Peer comparison
Same SIC group: Investment Advice
Comparing HOULIHAN LOKEY against the 5 most active filers in the same SIC group.
Dividends
$2.50/share trailing 12 months · +8.2% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.7000 |
| Mar 2, 2026 | $0.6000 |
| Dec 1, 2025 | $0.6000 |
| Sep 2, 2025 | $0.6000 |
| Jun 2, 2025 | $0.6000 |
| Mar 3, 2025 | $0.5700 |
| Dec 2, 2024 | $0.5700 |
| Sep 3, 2024 | $0.5700 |
| Jun 3, 2024 | $0.5700 |
| Feb 29, 2024 | $0.5500 |
| Nov 30, 2023 | $0.5500 |
| Aug 31, 2023 | $0.5500 |
| Jun 1, 2023 | $0.5500 |
| Mar 1, 2023 | $0.5300 |
| Dec 1, 2022 | $0.5300 |
| Sep 1, 2022 | $0.5300 |
| Jun 1, 2022 | $0.5300 |
| Mar 1, 2022 | $0.4300 |
| Dec 1, 2021 | $0.4300 |
| Sep 1, 2021 | $0.4300 |
| Jun 1, 2021 | $0.4300 |
| Mar 1, 2021 | $0.3300 |
| Dec 1, 2020 | $0.3300 |
| Sep 1, 2020 | $0.3300 |