HOULIHAN LOKEY, INC.

Listed Company

HLICIK 0001302215NYSELarge AcceleratedInvestment AdviceFY ends Mar 31

Period

FY 2026

Revenue

$2.62B

Net Income

$425.70M

Total Assets

$4.31B

Equity

$2.34B

Shares Out

587.9K

Op. Cash Flow

$704.13M

Business

HOULIHAN LOKEY, INC. provides independent investment banking and financial advisory services to corporations, financial sponsors and government agencies. It offers M&A advisory, capital solutions and capital-raising services, financial restructurings and liability management, and financial and valuation advisory services including valuation analyses and financial opinions. The firm operates through three primary business practices—Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory—supported by industry groups and a Financial Sponsors group. It serves clients globally through offices and referral networks across the Americas, Europe, Asia, Australia and the Middle East.

Summary from filing dated 2025-05-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Revenues	2,618	2,389	1,914
Operating expenses:	—	—	—
Employee compensation and benefits	1,610	1,469	1,177
Acquisition related compensation and benefits	74	55	36
Travel, meals, and entertainment	72	65	65
Rent	80	78	76
Depreciation and amortization	43	41	29
Information technology and communications	76	69	60
Professional fees	45	41	49
Other operating expenses	73	69	59
Revaluation of acquisition contingent consideration	18	−1	−10
Total operating expenses	2,090	1,887	1,541
Operating income	527	503	373
Other (income) expense, net	35	29	17
Income before provision for income taxes	562	531	391
Provision for income taxes	138	132	110
Net income	424	400	280
Net (income) loss attributable to noncontrolling interest	−2	0	0
Net income attributable to Houlihan Lokey, Inc.	426	400	280
Attributable to Houlihan Lokey, Inc. common stockholders:	—	—	—
Weighted average shares of common stock outstanding:	—	—	—
Basic (in shares)	67	66	64
Fully diluted (in shares)	68	69	68
Earnings per share (Note 13)	—	—	—
Basic (in usd per share)	6.4	6.08	4.36
Fully diluted (in usd per share)	6.22	5.82	4.11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31
Assets:	—	—
Cash and cash equivalents	1,189	971
Investment securities	170	196
Accounts receivable, net of allowance for credit losses of $12,790 and $13,843, respectively	228	257
Unbilled work in progress, net of allowance for credit losses of $8,430 and $6,764, respectively	271	158
Property and equipment, net	143	149
Operating lease right-of-use assets	407	363
Goodwill	1,396	1,285
Other intangible assets, net	204	213
Other assets	299	229
Total assets	4,309	3,820
Liabilities, temporary equity and stockholders' equity	—	—
Liabilities:	—	—
Accrued salaries and bonuses	1,077	937
Accounts payable and accrued expenses	136	137
Operating lease liabilities	492	438
Other liabilities	151	133
Total liabilities	1,856	1,645
Commitments and contingencies (Note 16)	—	—
Redeemable noncontrolling interest	111	0
Stockholders' equity:	—	—
Common stock	69,000	70,000
Additional paid-in capital	746	843
Retained earnings	1,645	1,395
Accumulated other comprehensive loss	−49	−63
Total stockholders' equity	2,342	2,175
Total liabilities, temporary equity and stockholders' equity	4,309	3,820

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Cash flows from operating activities:	—	—	—
Net income	424	400	280
Adjustments to reconcile net income to net cash used in operating activities:	—	—	—
Deferred taxes	−25	−957,000	20
Provision for bad debts, net	8	9	7
Non-cash lease expense	39	37	33
Depreciation and amortization	43	41	29
Revaluation of acquisition contingent consideration	−18	1	10
Compensation expense – equity and liability classified share awards	201	168	167
Other	2	1	876,000
Changes in operating assets and liabilities:	—	—	—
Accounts receivable	−33	56	24
Unbilled work in progress	−115	34	−77
Other assets	20	−6	22
Accrued salaries and bonuses	128	210	−42
Accounts payable and accrued expenses and other liabilities	−28	2	−31
Net cash provided by operating activities	704	849	328
Cash flows from investing activities:	—	—	—
Purchases of investment securities	263	250	11
Sales or maturities of investment securities	290	94	11
Acquisition of businesses, net of cash acquired	3	69	4
Capital expenditures	22	40	67
Net cash provided by/(used in) investing activities	2	−265	−70
Cash flows from financing activities:	—	—	—
Dividends paid	174	165	148
Share repurchases	175	53	25
Payments to settle employee tax obligations on share-based awards	143	102	71
Earnouts paid	741,000	10	7
Other financing activities	0	710,000	587,000
Net cash used in financing activities	−493	−329	−251
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	5	−756,000	−425,000
Net increase in cash, cash equivalents, and restricted cash	218	254	7
Cash, cash equivalents, and restricted cash – end of period	—	—	—
Cash, cash equivalents, and restricted cash – end of period	—	—	—
Supplemental disclosures of non-cash activities:	—	—	—
Promissory note issued as consideration for acquisition	0	351,000	15
Shares issued as consideration for acquisition	21	85	19
Cash paid during the period:	—	—	—
Taxes, net of refunds	187	93	105

Filings

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