Houlihan Lokey, Inc. (HLI) Financial Statements

Executive TeamFinancials
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Houlihan Lokey financial statements at a glance

Houlihan Lokey reported revenue of $2.62 billion for fiscal year 2026 (ended March 31, 2026), up 9.5% from fiscal year 2025. Net income was $425.70 million, a net margin of 16.3%, and diluted earnings per share were $6.22.

At the end of fiscal year 2026 it had total assets of $4.31 billion, total liabilities of $1.86 billion and shareholders' equity of $2.34 billion, with cash and short-term investments of $1.32 billion and total debt of $492.11 million.

Its operations brought in $704.13 million of cash; capital spending was $22.31 million, leaving free cash flow of $681.82 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended March 31, 2026.

HLI logo

Houlihan Lokey, Inc.

HLIUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
2.62B
Prev Year: 2.39B
YoY: +9.5%
Operating Revenue
2.62B
Prev Year: 2.39B
YoY: +9.5%
Normalized EBITDA
752.68M
Prev Year: 652.37M
YoY: +15.4%
Tax Rate for Calcs
0.246
Prev Year: 0.248
YoY: -1.0%
Tax Effect of Unusual Items
-22.48M
Prev Year: -13.58M
YoY: -65.5%
Noncontrolling Interests
1.52M
Other Non-operating Income (expense)
35.25M
Prev Year: 29.79M
YoY: +18.3%
Cost of Revenue
1.61B
Prev Year: 1.47B
YoY: +9.5%
Gross Profit
1.01B
Prev Year: 919.92M
YoY: +9.5%
Operating Expense
389.21M
Prev Year: 363.60M
YoY: +7.0%
Selling General and Administrative
201.12M
Prev Year: 188.48M
YoY: +6.7%
General and Administrative Expense
201.12M
Prev Year: 188.48M
YoY: +6.7%
Rent and Landing Fees
79.81M
Prev Year: 77.88M
YoY: +2.5%
Salaries and Wages
-
Other General and Administrative
121.31M
Prev Year: 110.60M
YoY: +9.7%
Depreciation Amortization Depletion
42.63M
Prev Year: 41.27M
YoY: +3.3%
Depreciation and amortization
42.63M
Prev Year: 41.27M
YoY: +3.3%
Other Operating Expenses
145.45M
Prev Year: 133.85M
YoY: +8.7%
Provision for Doubtful Accounts
-
Operating Income
618.53M
Prev Year: 556.32M
YoY: +11.2%
Other Income Expense
-56.27M
Prev Year: -24.99M
YoY: -125.2%
Special Income Charges
-91.52M
Prev Year: -54.78M
YoY: -67.1%
Restructuring and Mergers Acquisition
91.52M
Prev Year: 54.78M
YoY: +67.1%
Pre-tax Income
562.26M
Prev Year: 531.34M
YoY: +5.8%
Provision for Income Taxes
138.09M
Prev Year: 131.62M
YoY: +4.9%
Net Income Common Stockholders
425.70M
Prev Year: 399.71M
YoY: +6.5%
Net Income
425.70M
Prev Year: 399.71M
YoY: +6.5%
Net Income Including Non-Controlling Interests
424.17M
Prev Year: 399.71M
YoY: +6.1%
Net Income from Continuing Operations
424.17M
Prev Year: 399.71M
YoY: +6.1%
Diluted NI Available to Com Stockholders
425.70M
Prev Year: 399.71M
YoY: +6.5%
Basic EPS
6.4
Prev Year: 6.08
YoY: +5.3%
Diluted EPS
6.22
Prev Year: 5.82
YoY: +6.9%
Weighted Average Shares (basic)
66.55M
Prev Year: 65.72M
YoY: +1.3%
Weighted Average Shares (diluted)
68.43M
Prev Year: 68.66M
YoY: -0.3%
Total Operating Income as Reported
527.02M
Prev Year: 501.54M
YoY: +5.1%
Rent Expense (supplemental)
79.81M
Prev Year: 77.88M
YoY: +2.5%
Total Expenses
2.00B
Prev Year: 1.83B
YoY: +9.0%
Net Income from Continuing and Discontinued Operation
425.70M
Prev Year: 399.71M
YoY: +6.5%
Normalized Income
494.74M
Prev Year: 440.90M
YoY: +12.2%
EBIT
618.53M
Prev Year: 556.32M
YoY: +11.2%
EBITDA
661.17M
Prev Year: 597.59M
YoY: +10.6%
Reconciled Cost of Revenue
1.61B
Prev Year: 1.47B
YoY: +9.5%
Reconciled Depreciation
42.63M
Prev Year: 41.27M
YoY: +3.3%
Net Income from Continuing Operation Net Minority Interest
425.70M
Prev Year: 399.71M
YoY: +6.5%
Total Unusual Items Excluding Goodwill
-91.52M
Prev Year: -54.78M
YoY: -67.1%
Total Unusual Items
-91.52M
Prev Year: -54.78M
YoY: -67.1%
Values in USD

Houlihan Lokey key figures by fiscal year

FY2026FY2025FY2024FY2023FY2022
Revenue$2.6B$2.4B$1.9B$1.8B$2.3B
Gross profit$1.0B$919.9M$700.8M$661.6M$861.3M
Operating income$618.5M$556.3M$362.9M$341.7M$612.9M
Net income$425.7M$399.7M$280.3M$254.2M$437.8M
Diluted EPS$6.22$5.82$4.11$3.76$6.41
Total assets$4.3B$3.8B$3.2B$3.0B$2.9B
Total liabilities$1.9B$1.6B$1.3B$1.4B$1.4B
Shareholders' equity$2.3B$2.2B$1.8B$1.6B$1.4B
Cash and short-term investments$1.3B$1.1B$728.8M$720.7M$833.7M
Total debt$492.1M$438.2M$415.4M$374.9M$197.6M
Operating cash flow$704.1M$848.6M$328.5M$136.3M$736.6M
Capital spending$22.3M$39.7M$66.7M$50.7M$8.7M
Free cash flow$681.8M$808.9M$261.7M$85.5M$727.9M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2015.

Questions and answers

What was Houlihan Lokey's revenue in fiscal year 2026?

$2.62 billion, up 9.5% from $2.39 billion in fiscal year 2025.

How much profit does Houlihan Lokey make?

Houlihan Lokey reported net income of $425.70 million for fiscal year 2026 (16.3% of revenue); operating income was $618.54 million.

How much cash and debt does Houlihan Lokey have?

At the end of fiscal year 2026: cash and short-term investments of $1.32 billion and total debt of $492.11 million.

What is Houlihan Lokey's free cash flow?

$681.82 million in fiscal year 2026 (operating cash flow of $704.13 million minus capital spending of $22.31 million).

MoreHoulihan Lokey stock overviewHoulihan Lokey executive teamHoulihan Lokey shareholdersHoulihan Lokey revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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