10-K · May 22, 2026
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…
Earnings analysis · 10-Q
HLI earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Houlihan Lokey reported $692 million of revenue and $1.85 of adjusted diluted EPS, ahead of consensus estimates of $627.3 million and $1.64; GAAP diluted EPS was $1.64. Corporate Finance and Financial and Valuation…
Read full summary
Houlihan Lokey reported $692 million of revenue and $1.85 of adjusted diluted EPS, ahead of consensus estimates of $627.3 million and $1.64; GAAP diluted EPS was $1.64. Corporate Finance and Financial and Valuation Advisory growth offset a 12% decline in Financial Restructuring revenue. The filing provides no quantified outlook, although management expects solid performance for the remainder of the year. Risk factors were unchanged, while foreign-exchange exposure remains material, with a hypothetical 10% dollar depreciation producing an estimated $118 million increase in six-month other comprehensive income.
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
- $1.64
- Segment
- Corporate Finance: revenue increased 10% year over year, driven by higher deal fees.
- Segment
- Financial and Valuation Advisory: revenue increased year over year, offsetting weakness elsewhere.
- Segment
- Financial Restructuring: revenue declined 12% year over year; dollar revenue was not disclosed in the provided filing text.
What stood out
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Revenue and adjusted EPS beat estimates
Revenue was $692 million and adjusted diluted EPS was $1.85, exceeding consensus estimates of $627.3 million and $1.64, respectively. GAAP diluted EPS was $1.64.
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Corporate Finance drove growth
Corporate Finance revenue increased 10% year over year as deal fees climbed, according to the earnings-period disclosures.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable-assurance level as of September 30, 2026.
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Share repurchases continued
The company repurchased 397,442 shares under its publicly announced program during the quarter, leaving $130.1 million available for future repurchases.
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Quarterly FX impact improved
Foreign-currency fluctuations had a net impact of $1 million on other comprehensive income for the three months ended September 30, 2026, versus $(14) million in the prior-year period.
What to watch
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Restructuring revenue declined
Financial Restructuring revenue declined 12% year over year, creating a segment-level drag despite growth in Corporate Finance and Financial and Valuation Advisory.
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Foreign-exchange sensitivity
A hypothetical 10% depreciation of the U.S. dollar against the functional currencies of foreign subsidiaries would have increased other comprehensive income by approximately $118 million for the six months ended September 30, 2026, highlighting meaningful reported-value sensitivity to foreign exchange.
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No material risk-factor update
The filing states there were no material changes to the risk factors disclosed in the 2026 Annual Report; however, six-month foreign-currency effects were $(1) million in 2026 versus $34 million in 2025, indicating ongoing volatility in reported comprehensive income.
Management's outlook
Management expects solid performance across its businesses for the remainder of the year, but the filing provides no quantified revenue or EPS guidance and no explicit change to prior outlook.
Earlier filings 4
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…
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.