HOULIHAN LOKEY, INC. (HLI) financial statements: income statement, balance sheet and cash flow

HOULIHAN LOKEY, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Mar 31, 2026 · FY), HOULIHAN LOKEY, INC. reported revenue of $2.6B (+9.5% year on year) and net income of $425.7M (+6.5% year on year).

Income statement

HOULIHAN LOKEY, INC. income statement, fiscal years

Line item	Mar 31, 2026 · FY	Mar 31, 2025 · FY	Mar 31, 2024 · FY	Mar 31, 2023 · FY
Revenues	$2.6B	$2.4B	$1.9B	$1.8B
Employee compensation and benefits	$1.6B	$1.5B	$1.2B	$1.1B
Acquisition related compensation and benefits	$73.6M	$54.8M	—	—
Travel, meals, and entertainment	$72.4M	$64.9M	$65.3M	$51.1M
Rent	$79.8M	$77.9M	$76.1M	$55.8M
Depreciation and amortization	$42.6M	$41.3M	$28.5M	$58.2M
Information technology and communications	$76.2M	$69.4M	$60.2M	$54.1M
Professional fees	$45.1M	$41.2M	$49.1M	$32.9M
Other operating expenses	$73.0M	$68.9M	$58.8M	$67.6M
Revaluation of acquisition contingent consideration	$17.9M	—	—	—
Total operating expenses	$2.1B	$1.9B	$1.6B	$1.5B
Operating income	$527.0M	$501.5M	$362.9M	$341.7M
Other (income) expense, net	($35.2M)	($29.8M)	($27.7M)	$17.7M
Income before provision for income taxes	$562.3M	$531.3M	$390.5M	$324.0M
Provision for income taxes	$138.1M	$131.6M	$110.2M	$69.8M
Net income	$424.2M	—	$280.3M	$254.2M
Net (income) loss attributable to noncontrolling interest	$1.5M	—	$0	$0
Net income attributable to Houlihan Lokey, Inc.	$425.7M	$399.7M	$280.3M	$254.2M
Basic (in shares)	66.5M	65.7M	64.3M	63.4M
Fully diluted (in shares)	68.4M	68.7M	68.2M	67.6M
Basic (in usd per share)	$6.40	$6.08	$4.36	$4.01
Fully diluted (in usd per share)	$6.22	$5.82	$4.11	$3.76

HOULIHAN LOKEY, INC. income statement, quarters

Line item	Jun 30, 2026 · Q1	Dec 31, 2025 · Q3	Sep 30, 2025 · Q2	Jun 30, 2025 · Q1
Revenues	$511.0M	$717.1M	$659.5M	$605.3M
Employee compensation and benefits	$314.0M	$441.0M	$405.6M	$372.3M
Acquisition related compensation and benefits	$14.0M	$17.6M	$17.6M	$20.5M
Travel, meals, and entertainment	$19.0M	$18.7M	$15.2M	$20.0M
Rent	$21.0M	$19.5M	$17.8M	$18.2M
Depreciation and amortization	$8.0M	$8.3M	$10.3M	$16.0M
Information technology and communications	$19.0M	$20.4M	$16.7M	$17.8M
Professional fees	$17.0M	$11.7M	$10.3M	$11.7M
Other operating expenses	$21.0M	$19.1M	$14.7M	$21.1M
Revaluation of acquisition contingent consideration	$0	$0	$0	$17.9M
Total operating expenses	$433.0M	$556.3M	$508.1M	$515.5M
Operating income	$78.0M	$160.7M	$151.3M	$89.8M
Other (income) expense, net	($8.0M)	($8.9M)	($8.7M)	($8.3M)
Income before provision for income taxes	$86.0M	$169.6M	$160.1M	$98.0M
Provision for income taxes	$8.0M	$53.1M	$48.3M	$517.0K
Net income	$78.0M	$116.5M	$111.8M	$97.5M
Net (income) loss attributable to noncontrolling interest	$0	—	—	—
Net income attributable to Houlihan Lokey, Inc.	$78.0M	—	—	—
Basic (in shares)	66.5M	66.6M	67.0M	66.2M
Fully diluted (in shares)	67.6M	68.4M	68.6M	68.9M
Basic (in dollars per share)	$1.17	$1.75	$1.67	$1.47
Fully diluted (in dollars per share)	$1.15	$1.70	$1.63	$1.42

Balance sheet

HOULIHAN LOKEY, INC. balance sheet, fiscal years

Line item	Mar 31, 2026 · FY	Mar 31, 2025 · FY	Mar 31, 2024 · FY	Mar 31, 2023 · FY
Cash and cash equivalents	$1.2B	$971.0M	$721.2M	$714.4M
Investment securities	$170.3M	$195.6M	$38.0M	$37.3M
Accounts receivable, net of allowance for credit losses of $12,790 and $13,843, respectively	$228.3M	$257.3M	$199.6M	$182.0M
Unbilled work in progress, net of allowance for credit losses of $8,430 and $6,764, respectively	$271.2M	$157.8M	$192.0M	$115.0M
Property and equipment, net	$142.9M	$149.3M	$136.7M	$88.3M
Operating lease right-of-use assets	$407.5M	$362.7M	$344.0M	$333.9M
Goodwill	$1.4B	$1.3B	$1.1B	$1.1B
Other intangible assets, net	$204.2M	$212.7M	$197.4M	$203.4M
Other assets	$299.3M	$131.4M	$90.7M	$83.6M
Total assets	$4.3B	$3.8B	$3.2B	$3.0B
Accrued salaries and bonuses	$1.1B	$936.6M	$726.0M	$765.9M
Accounts payable and accrued expenses	$135.9M	$137.2M	$114.2M	$113.4M
Operating lease liabilities	$492.1M	$438.2M	$415.4M	$374.9M
Other liabilities	$151.4M	$69.4M	$37.8M	$60.1M
Total liabilities	$1.9B	$1.6B	$1.3B	$1.4B
Redeemable noncontrolling interest	$110.6M	—	—	—
Common stock	$69.0K	$70.0K	$69.0K	$69.0K
Additional paid-in capital	$746.1M	$843.4M	$739.9M	$643.0M
Retained earnings	$1.6B	$1.4B	$1.2B	$1.0B
Accumulated other comprehensive loss	($48.9M)	($63.3M)	($66.6M)	($62.8M)
Total stockholders' equity	$2.3B	$2.2B	$1.8B	$1.6B
Total liabilities, temporary equity and stockholders' equity	$4.3B	$3.8B	$3.2B	$3.0B

HOULIHAN LOKEY, INC. balance sheet, quarters

Line item	Jun 30, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$745.0M	$1.1B	$923.6M	$793.8M
Investment securities	$52.0M	$127.6M	$184.6M	$72.9M
Accounts receivable, net of allowance for credit losses of $11 and $13, respectively	$224.0M	$210.9M	$251.2M	$218.2M
Unbilled work in progress, net of allowance for credit losses of $7 and $8, respectively	$255.0M	$232.7M	$191.2M	$180.8M
Property and equipment, net	$143.0M	$141.4M	$145.2M	$150.6M
Operating lease right-of-use assets	$412.0M	$415.1M	$352.6M	$364.2M
Goodwill	$1.4B	$1.3B	$1.3B	$1.3B
Other intangible assets, net	$203.0M	$199.6M	$200.9M	$203.6M
Other assets	$287.0M	$260.2M	$251.9M	$135.2M
Total assets	$3.7B	$3.9B	$3.8B	$3.5B
Accrued salaries and bonuses	$589.0M	$881.1M	$822.8M	$640.5M
Accounts payable and accrued expenses	$122.0M	$107.7M	$108.9M	$105.6M
Operating lease liabilities	$493.0M	$497.1M	$432.9M	$440.4M
Other liabilities	$148.0M	$157.1M	$181.9M	$93.1M
Total liabilities	$1.4B	$1.6B	$1.5B	$1.3B
Redeemable noncontrolling interest	$110.0M	—	—	—
Common stock	$0	$69.0K	$71.0K	$70.0K
Additional paid-in capital	$639.0M	$734.5M	$759.7M	$743.7M
Retained earnings	$1.7B	$1.6B	$1.5B	$1.4B
Accumulated other comprehensive loss	($51.0M)	($29.5M)	($29.0M)	($15.0M)
Total stockholders' equity	$2.3B	$2.3B	$2.2B	$2.2B
Total liabilities, temporary equity and stockholders' equity	$3.7B	$3.9B	$3.8B	$3.5B

Cash flow statement

HOULIHAN LOKEY, INC. cash flow statement, fiscal years

Line item	Mar 31, 2026 · FY	Mar 31, 2025 · FY	Mar 31, 2024 · FY	Mar 31, 2023 · FY
Net income	$424.2M	$399.7M	$280.3M	$254.2M
Deferred taxes	($25.1M)	($957.0K)	$20.5M	($3.4M)
Provision for bad debts, net	$7.7M	$9.3M	$7.3M	$6.4M
Non-cash lease expense	$39.3M	$37.3M	$32.9M	$26.6M
Depreciation and amortization	$42.6M	$41.3M	$28.5M	$58.2M
Revaluation of acquisition contingent consideration	$17.9M	($1.0M)	($10.4M)	$2.1M
Compensation expense – equity and liability classified share awards	$201.3M	$168.4M	$166.6M	$156.9M
Other	($1.7M)	—	—	—
Accounts receivable	$32.6M	($55.7M)	($23.8M)	($37.7M)
Unbilled work in progress	($115.1M)	$33.8M	($77.5M)	($11.6M)
Other assets	($19.9M)	($33.2M)	($6.8M)	($26.0M)
Accrued salaries and bonuses	$128.2M	$210.3M	($42.3M)	($189.5M)
Accounts payable and accrued expenses and other liabilities	($27.9M)	($13.4M)	($23.2M)	($32.0M)
Net cash provided by operating activities	$704.1M	$848.6M	$328.5M	$136.3M
Purchases of investment securities	($263.3M)	($250.5M)	($11.3M)	($19.2M)
Sales or maturities of investment securities	$290.3M	$94.3M	$11.5M	$87.4M
Acquisition of businesses, net of cash acquired	($2.5M)	($69.2M)	($3.9M)	($20.4M)
Capital expenditures	($22.3M)	($39.7M)	($66.7M)	($50.7M)
Net cash provided by/(used in) investing activities	$2.2M	($265.1M)	($70.4M)	($3.0M)
Dividends paid	($174.0M)	($165.2M)	($148.5M)	($140.4M)
Share repurchases	($175.4M)	($52.5M)	($25.0M)	($48.7M)
Payments to settle employee tax obligations on share-based awards	($142.7M)	($102.3M)	($70.7M)	($42.3M)
Earnouts paid	($741.0K)	($9.7M)	($7.1M)	($6.7M)
Other financing activities	$0	$710.0K	$587.0K	$570.0K
Net cash used in financing activities	($492.9M)	($329.1M)	($250.6M)	($240.5M)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	$4.9M	($756.0K)	($425.0K)	($12.1M)
Net increase in cash, cash equivalents, and restricted cash	$218.3M	$253.7M	$7.0M	($119.3M)
Cash, cash equivalents, and restricted cash – beginning of period	$975.6M	$721.9M	$714.8M	$834.1M
Cash, cash equivalents, and restricted cash – end of period	$1.2B	$975.6M	$721.9M	$714.8M
Promissory note issued as consideration for acquisition	$0	$351.0K	$14.5M	—
Shares issued as consideration for acquisition	21.1M	85.0M	19.3M	7.2M
Taxes, net of refunds	$187.2M	$93.3M	$105.1M	$156.8M

HOULIHAN LOKEY, INC. cash flow statement, quarters

Line item	Jun 30, 2026 · Q1	Dec 31, 2025 · YTD	Sep 30, 2025 · YTD	Jun 30, 2025 · Q1
Net income	$78.0M	$325.9M	$209.3M	$97.5M
Non-cash lease expense	$10.0M	$26.3M	$15.1M	$8.4M
Depreciation and amortization	$8.0M	$34.6M	$26.3M	$16.0M
Revaluation of acquisition contingent consideration	$0	$17.9M	$17.9M	$17.9M
Compensation expense – equity-based incentive awards (Note 13)	$45.0M	$149.8M	$88.9M	$42.2M
Other	$0	($3.1M)	($536.0K)	—
Accounts receivable	$1.0M	$39.9M	$3.6M	$39.6M
Unbilled work in progress	$18.0M	($79.7M)	($36.2M)	($25.2M)
Other assets	$10.0M	($22.7M)	($22.8M)	($3.8M)
Accrued salaries and bonuses	($481.0M)	($53.7M)	($111.7M)	($293.9M)
Accounts payable and accrued expenses and other liabilities	($25.0M)	($35.7M)	($2.0M)	($24.3M)
Net cash used in operating activities	($336.0M)	$411.1M	$193.4M	($131.6M)
Purchases of investment securities	($4.0M)	($180.0M)	($283.2M)	($153.1M)
Sales or maturities of investment securities	$122.0M	$248.6M	$294.7M	$276.6M
Acquisition of businesses, net of cash acquired	$0	($725.0K)	($725.0K)	($725.0K)
Capital expenditures	($6.0M)	($16.1M)	($15.4M)	($13.2M)
Net cash provided by investing activities	$112.0M	$51.8M	($4.6M)	$109.6M
Dividends paid	($61.0M)	($134.9M)	($94.3M)	($52.5M)
Share repurchases	($50.0M)	($125.4M)	($37.5M)	($7.8M)
Payments to settle employee tax obligations on share-based awards	($106.0M)	($139.9M)	($137.7M)	($137.1M)
Other financing activities	$0	$0	$710.0K	$710.0K
Net cash used in financing activities	($217.0M)	($400.2M)	($268.8M)	($196.6M)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	($3.0M)	$23.0M	$32.8M	$41.4M
Net decrease in cash, cash equivalents, and restricted cash	($444.0M)	$85.7M	($47.2M)	($177.2M)
Cash, cash equivalents, and restricted cash – beginning of period	$1.2B	$975.6M	$975.6M	$975.6M
Cash, cash equivalents, and restricted cash – end of period	$749.0M	$1.1B	$928.4M	$798.4M
Taxes, net of refunds	$26.0M	$141.2M	$55.4M	$11.1M

HOULIHAN LOKEY, INC. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.