For the twelve months ended Sep 30, 2026, Houlihan Lokey Inc. reported $2.56B of revenue and $403.38M of net income.
HLI revenue was $692.00M in fiscal Q2 2027 (ended Sep 30, 2026), up 4.8% from a year earlier and up 35.4% from the prior quarter. For the full fiscal 2026 it was $2.62B, up 9.5% from fiscal 2025. Compound annual growth was +11.4% over 5 years. It rose in 8 of the last 9 fiscal years. Fiscal 2026 is the highest of the 10 fiscal years on file.
HLI net income was $109.00M in fiscal Q2 2027 (ended Sep 30, 2026), down 1.8% from a year earlier and up 39.7% from the prior quarter. For the full fiscal 2026 it was $425.70M, up 6.5% from fiscal 2025. Compound annual growth was +6.4% over 5 years and +19.8% over 10 years. It rose in 8 of the last 10 fiscal years.
HLI diluted EPS was $1.64 in fiscal Q2 2027 (ended Sep 30, 2026), up 0.6% from a year earlier and up 42.6% from the prior quarter. For the full fiscal 2026 it was $6.22, up 6.9% from fiscal 2025. Compound annual growth was +6.5% over 5 years and +18.9% over 10 years.
HLI free cash flow was $240.00M in fiscal Q2 2027 (ended Sep 30, 2026), down 25.7% from a year earlier. For the full fiscal 2026 it was $681.82M, down 15.7% from fiscal 2025. Compound annual growth was +3.8% over 5 years and +76.4% over 10 years. It rose in 7 of the last 10 fiscal years.
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.62B | $2.39B | $1.91B | $1.81B | $2.27B | $1.53B | $1.16B | $1.08B | $963.36M | $872.09M |
| Gross profit | - | $772.31M | $571.07M | $557.08M | $795.29M | $521.37M | $322.55M | $305.99M | $277.60M | $241.47M |
| Operating income | $527.02M | $502.57M | $373.23M | $341.74M | $612.86M | $408.16M | $229.60M | $219.10M | $214.41M | $182.00M |
| Pre-tax income | $562.26M | $531.34M | $390.54M | $324.00M | $603.94M | $409.23M | $235.65M | $224.32M | $217.84M | $178.49M |
| Income tax | $138.09M | $131.62M | $110.24M | $69.78M | $165.61M | $96.46M | $51.85M | $65.21M | $45.55M | $70.14M |
| Net income | $425.70M | $399.71M | $280.30M | $254.22M | $437.75M | $312.77M | $183.79M | $159.11M | $172.28M | $108.34M |
| EPS, basic | $6.40 | $6.08 | $4.36 | $4.01 | $6.74 | $4.75 | $2.96 | $2.56 | $2.76 | $1.77 |
| EPS, diluted | $6.22 | $5.82 | $4.11 | $3.76 | $6.41 | $4.55 | $2.80 | $2.42 | $2.60 | $1.63 |
| Diluted shares | 68.4M | 68.7M | 68.2M | 67.6M | 68.3M | 68.7M | 65.7M | 65.8M | 66.3M | 66.6M |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.19B | $976.00M | $721.85M | $714.81M | $834.07M | $847.22M | $380.75M | $286.12M | $300.22M | $492.69M |
| Goodwill | $1.40B | $1.28B | $1.13B | $1.09B | $1.07B | $671.07M | $618.46M | $594.81M | $528.89M | $519.49M |
| Total assets | $4.31B | $3.82B | $3.17B | $2.97B | $2.89B | $2.43B | $1.68B | $1.43B | $1.42B | $1.39B |
| Total debt | - | - | - | - | - | $55.86M | $36.70M | $31.19M | $11.86M | $32.56M |
| Total liabilities | $1.86B | $1.64B | $1.33B | $1.36B | $1.44B | $1.04B | $692.62M | $534.58M | $566.03M | $655.25M |
| Shareholders' equity | $2.34B | $2.17B | $1.84B | $1.61B | $1.44B | $1.38B | $984.38M | $891.33M | $852.81M | $726.62M |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $704.13M | $848.61M | $328.46M | $136.27M | $736.60M | $579.84M | $287.67M | $224.27M | $250.65M | $252.02M |
| Capital expenditures | $22.31M | $39.70M | $66.73M | $50.73M | $8.68M | $14.15M | $20.72M | $6.73M | $7.72M | $14.42M |
| Free cash flow | $681.82M | $808.91M | $261.73M | $85.54M | $727.92M | $565.69M | $266.95M | $217.55M | $242.93M | $237.60M |
| Investing cash flow | $2.18M | -$265.06M | -$70.41M | -$3.00M | -$273.91M | -$99.75M | -$33.14M | $6.46M | -$218.58M | -$1.65M |
| Financing cash flow | -$492.94M | -$329.07M | -$250.59M | -$240.46M | -$459.06M | -$26.82M | -$152.14M | -$236.14M | -$225.31M | $80.17M |
| Dividends paid | $174.04M | $165.22M | $148.45M | $140.38M | $114.81M | $92.01M | $80.66M | $66.93M | $52.08M | $55.29M |
| Share repurchases | $175.43M | $52.51M | $24.95M | $48.66M | $304.79M | $102.22M | $29.64M | $69.56M | $18.07M | $0 |
| Stock-based compensation | - | - | - | - | - | - | - | $56.56M | $47.11M | $39.36M |
| Depreciation and amortization | $42.63M | $41.27M | $28.54M | $58.22M | $48.54M | $15.23M | $17.29M | $14.47M | $7.91M | $8.85M |
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 9.5% | 24.8% | 5.8% | -20.3% | 48.8% | 31.6% | 6.9% | 12.6% | 10.5% | - |
| Net income growth, YoY | 6.5% | 42.6% | 10.3% | -41.9% | 40.0% | 70.2% | 15.5% | -7.6% | 59.0% | 55.4% |
| EPS growth, YoY | 6.9% | 41.6% | 9.3% | -41.3% | 40.9% | 62.5% | 15.7% | -6.9% | 59.5% | 48.2% |
| Gross margin | - | 32.3% | 29.8% | 30.8% | 35.0% | 34.2% | 27.8% | 28.2% | 28.8% | 27.7% |
| Operating margin | 20.1% | 21.0% | 19.5% | 18.9% | 27.0% | 26.8% | 19.8% | 20.2% | 22.3% | 20.9% |
| Net margin | 16.3% | 16.7% | 14.6% | 14.0% | 19.3% | 20.5% | 15.9% | 14.7% | 17.9% | 12.4% |
| Free cash flow margin | 26.0% | 33.9% | 13.7% | 4.7% | 32.1% | 37.1% | 23.0% | 20.1% | 25.2% | 27.2% |
| Return on equity | 18.2% | 18.4% | 15.3% | 15.8% | 30.3% | 22.6% | 18.7% | 17.9% | 20.2% | 14.9% |
| Return on assets | 9.9% | 10.5% | 8.8% | 8.6% | 15.2% | 12.9% | 11.0% | 11.2% | 12.1% | 7.8% |
| Debt to equity | - | - | - | - | - | 0.04 | 0.04 | 0.03 | 0.01 | 0.04 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $692.00M | $511.00M | $635.64M | $717.07M | $660.00M | $605.00M | $666.42M | $634.43M | $574.96M | $513.61M | $520.46M | $511.13M |
| Gross profit | $239.00M | $154.00M | - | $230.71M | $222.00M | $188.00M | $226.04M | $199.10M | $189.96M | $157.21M | $157.48M | $150.87M |
| Operating income | $154.00M | $78.00M | $125.15M | $160.73M | $151.00M | $90.00M | $141.06M | $136.10M | $130.67M | $94.74M | $113.07M | $96.54M |
| Pre-tax income | $159.00M | $86.00M | $134.51M | $169.65M | $160.00M | $98.00M | $150.25M | $145.12M | $136.09M | $99.87M | $118.04M | $102.58M |
| Income tax | $49.00M | $8.00M | $36.20M | $53.10M | $49.00M | $0 | $28.34M | $49.82M | $42.54M | $10.93M | $36.96M | $31.77M |
| Net income | $109.00M | $78.00M | $99.83M | $116.55M | $111.00M | $98.00M | $121.92M | $95.30M | $93.55M | $88.94M | $81.08M | $70.80M |
| EPS, basic | $1.64 | $1.17 | $1.51 | $1.75 | $1.67 | $1.47 | $1.84 | $1.45 | $1.42 | $1.37 | $1.26 | $1.10 |
| EPS, diluted | $1.64 | $1.15 | $1.47 | $1.70 | $1.63 | $1.42 | $1.76 | $1.39 | $1.37 | $1.30 | $1.18 | $1.04 |
| Diluted shares | 67.0M | 67.6M | - | 68.4M | 68.6M | 68.9M | - | 68.8M | 68.4M | 68.5M | - | 67.9M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $837.00M | $745.00M | $1.19B | $1.06B | $928.00M | $798.00M | $976.00M | $800.79M | $692.86M | $450.32M | $721.85M | $555.90M |
| Goodwill | $1.47B | $1.40B | $1.40B | $1.29B | $1.29B | $1.30B | $1.28B | $1.28B | $1.18B | $1.18B | $1.13B | $1.13B |
| Total assets | $3.98B | $3.72B | $4.31B | $3.94B | $3.79B | $3.52B | $3.82B | $3.48B | $3.21B | $2.94B | $3.17B | $2.96B |
| Total liabilities | $1.56B | $1.35B | $1.86B | $1.64B | $1.55B | $1.34B | $1.64B | $1.40B | $1.26B | $1.11B | $1.33B | $1.19B |
| Shareholders' equity | $2.31B | $2.25B | $2.34B | $2.29B | $2.25B | $2.18B | $2.17B | $2.08B | $1.96B | $1.83B | $1.84B | $1.77B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $252.00M | -$336.00M | $293.03M | $218.10M | $325.00M | -$132.00M | $358.38M | $265.51M | $289.22M | -$64.51M | $225.31M | $100.90M |
| Capital expenditures | $12.00M | $6.00M | $6.25M | $1.06M | $2.00M | $13.00M | $14.48M | $3.85M | $10.50M | $10.87M | $12.22M | $15.58M |
| Free cash flow | $240.00M | -$342.00M | $286.78M | $217.04M | $323.00M | -$145.00M | $343.90M | $261.66M | $278.73M | -$75.38M | $213.09M | $85.32M |
| Investing cash flow | -$61.00M | $112.00M | -$49.60M | $56.78M | -$115.00M | $110.00M | -$106.35M | -$87.40M | -$30.88M | -$40.43M | -$14.69M | -$22.74M |
| Financing cash flow | -$97.00M | -$217.00M | -$92.78M | -$131.16M | -$72.00M | -$197.00M | -$91.08M | -$37.36M | -$39.13M | -$161.50M | -$36.15M | -$35.60M |
| Dividends paid | $46.00M | $61.00M | $39.16M | $40.88M | $41.00M | $53.00M | $38.52M | $37.03M | $38.40M | $51.27M | $35.55M | $35.51M |
| Depreciation and amortization | $10.00M | $8.00M | $8.04M | $8.30M | $10.00M | $16.00M | $15.41M | $9.56M | $7.44M | $8.86M | $8.26M | $6.66M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 4.8% | -15.5% | -4.6% | 13.0% | 14.8% | 17.8% | 28.0% | 24.1% | 23.1% | 23.5% | 17.0% | 12.0% |
| Net income growth, YoY | -1.8% | -20.4% | -18.1% | 22.3% | 18.7% | 10.2% | 50.4% | 34.6% | 39.6% | 44.9% | 35.9% | 12.3% |
| EPS growth, YoY | 0.6% | -19.0% | -16.5% | 22.3% | 19.0% | 9.2% | 49.2% | 33.7% | 38.4% | 44.4% | 22.9% | 15.6% |
| Gross margin | 34.5% | 30.1% | - | 32.2% | 33.6% | 31.1% | 33.9% | 31.4% | 33.0% | 30.6% | 30.3% | 29.5% |
| Operating margin | 22.3% | 15.3% | 19.7% | 22.4% | 22.9% | 14.9% | 21.2% | 21.5% | 22.7% | 18.4% | 21.7% | 18.9% |
| Net margin | 15.8% | 15.3% | 15.7% | 16.3% | 16.8% | 16.2% | 18.3% | 15.0% | 16.3% | 17.3% | 15.6% | 13.9% |
| Free cash flow margin | 34.7% | -66.9% | 45.1% | 30.3% | 48.9% | -24.0% | 51.6% | 41.2% | 48.5% | -14.7% | 40.9% | 16.7% |
Source: XBRL data Houlihan Lokey Inc. files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| HLI | $2.56B | -0.4% | $403.38M | 15.8% | $10.28B |
| BX | $16.08B | +22.1% | $3.56B | 22.1% | $92.03B |
| KKR | $20.35B | +19.8% | $3.41B | 16.8% | $90.53B |
| APO | $30.82B | +12.2% | -$918.00M | -3.0% | $72.47B |
| ARES | $5.76B | +7.6% | $432.80M | 7.5% | $46.05B |
| AMP | $20.14B | +8.8% | $4.16B | 20.7% | $45.14B |
| TROW | $7.70B | +6.9% | $2.19B | 28.4% | $23.66B |
| TPG | $5.17B | +21.6% | $268.72M | 5.2% | $18.78B |
| BEN | $9.42B | +7.3% | $1.08B | 11.4% | $18.44B |