Houlihan Lokey (HLI) financial statements
Houlihan Lokey reported revenue of $2.6B in fiscal 2026, up 13.0% a year over 9 years.
Net income was $426M and the operating margin 20.1%, against 20.9% in 2017.
Free cash flow was $682M, and the company returned $174M in dividends and $175M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Houlihan Lokey's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $872M | $963M | $1.1B | $1.2B | $1.5B | $2.3B | $1.8B | $1.9B | $2.4B | $2.6B |
| Gross profit | $241M | $278M | $306M | $323M | $521M | $795M | $557M | $571M | $772M | — |
| Operating income | $182M | $214M | $219M | $230M | $408M | $613M | $342M | $373M | $503M | $527M |
| Pre-tax income | $178M | $218M | $224M | $236M | $409M | $604M | $324M | $391M | $531M | $562M |
| Income tax | $70M | $46M | $65M | $52M | $96M | $166M | $70M | $110M | $132M | $138M |
| Net income | $108M | $172M | $159M | $184M | $313M | $438M | $254M | $280M | $400M | $426M |
| EPS (diluted) | $1.63 | $2.60 | $2.42 | $2.80 | $4.55 | $6.41 | $3.76 | $4.11 | $5.82 | $6.22 |
| Diluted shares | 67M | 66M | 66M | 66M | 69M | 68M | 68M | 68M | 69M | 68M |
| Gross margin | 27.7% | 28.8% | 28.2% | 27.8% | 34.2% | 35.0% | 30.8% | 29.8% | 32.3% | — |
| Operating margin | 20.9% | 22.3% | 20.2% | 19.8% | 26.8% | 27.0% | 18.9% | 19.5% | 21.0% | 20.1% |
| Net margin | 12.4% | 17.9% | 14.7% | 15.9% | 20.5% | 19.3% | 14.0% | 14.6% | 16.7% | 16.3% |
Balance sheet
Fiscal years, from Houlihan Lokey's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $300M | $207M | $286M | $380M | $847M | $834M | $714M | $721M | $971M | $1.2B |
| Property, plant and equipment | $30M | $32M | $31M | $42M | $46M | $52M | $88M | $137M | $149M | $143M |
| Goodwill | $519M | $529M | $595M | $618M | $671M | $1.1B | $1.1B | $1.1B | $1.3B | $1.4B |
| Total assets | $1.4B | $1.4B | $1.4B | $1.7B | $2.4B | $2.9B | $3.0B | $3.2B | $3.8B | $4.3B |
| Total liabilities | $655M | $566M | $535M | $693M | $1.0B | $1.4B | $1.4B | $1.3B | $1.6B | $1.9B |
| Shareholders' equity | $727M | $853M | $891M | $984M | $1.4B | $1.4B | $1.6B | $1.8B | $2.2B | $2.3B |
| Net debt | -$300M | -$207M | -$286M | -$380M | -$847M | -$834M | -$714M | -$721M | -$971M | -$1.2B |
Cash flow
Fiscal years, from Houlihan Lokey's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $252M | $251M | $224M | $288M | $580M | $737M | $136M | $328M | $849M | $704M |
| Capital spending | $14M | $8M | $7M | $21M | $14M | $9M | $51M | $67M | $40M | $22M |
| Free cash flow | $238M | $243M | $218M | $267M | $566M | $728M | $86M | $262M | $809M | $682M |
| Stock-based compensation | $39M | $47M | $57M | $64M | $62M | $92M | $157M | $167M | $168M | $201M |
| Dividends paid | $55M | $52M | $67M | $81M | $92M | $115M | $140M | $148M | $165M | $174M |
| Share buybacks (net) | $0 | -$18M | -$70M | -$30M | -$102M | -$305M | -$49M | -$25M | -$53M | -$175M |
| Free cash flow margin | 27.2% | 25.2% | 20.1% | 23.0% | 37.1% | 32.1% | 4.7% | 13.7% | 33.9% | 26.0% |
| Dividends per share | $0.83 | $0.79 | $1.02 | $1.23 | $1.34 | $1.68 | $2.08 | $2.18 | $2.41 | $2.54 |
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Open HLI in InvestinglyQuestions
What was Houlihan Lokey's revenue in 2026?
$2.6B in fiscal 2026, from its 10-K filing.
How much free cash flow does Houlihan Lokey generate?
$682M in fiscal 2026 (operating cash flow minus capital spending).
From Houlihan Lokey's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.