What is Houlihan Lokey's change in AP?

Houlihan Lokey (HLI) reported change in AP of -$33.73M in Q4 2025.

How has Houlihan Lokey's change in AP changed year-over-year?

Houlihan Lokey's change in AP decreased by 437.6% year-over-year, from $9.99M to -$33.73M.

What does change in AP mean?

The net change in money owed to suppliers for goods and services received.

How do you interpret change in AP?

An increase indicates the company is retaining cash longer, while a decrease indicates faster payment of obligations.

How does change in AP compare across companies?

Standard metric for all companies; reflects bargaining power with suppliers.

Houlihan Lokey HLI Change in AP

Change in AP at other companies

EvercoreEVR

-$7.01M-175%

Jefferies Financial GroupJEF

-$1.14B+5.2%

CBRE GroupCBRE

-$89M+60.4%

Jones Lang LaSalleJLL

-$147.1M+14.1%

LPL Financial HoldingsLPLA

-$72.59M+32.0%

Raymond James FinancialRJF

$616M—

Other financials

Income statement

See full

Revenue$635.6M-4.6%

Gross profit$230.7M+15.9%

Operating income$125.1M-11.3%

Net income$99.8M-18.1%

EPS (diluted)$1.48-16.4%

Balance sheet

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Cash & equivalents$1.2B+22.5%

Total debt$492.1M+12.3%

Total assets$4.3B+12.8%

Cash flow

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Operating cash flow$293.0M-18.2%

CapEx$6.3M-56.8%

Free cash flow$286.8M-16.6%

Valuation

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Market cap$9.72B-11.5%

Enterprise value$9.02B-13.6%

P/E22.8×-4.7×

P/S3.7×-0.9×

Profitability

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Gross margin32.8%+1.4pp

Operating margin20.1%-0.9pp

Net margin16.3%-0.5pp

FCF margin26%-7.8pp

Returns & leverage

See full

Return on equity9.5%—

Where this comes from

Reported directly by Houlihan Lokey in its filing.

Tagged under the XBRL concept us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities.

The official record: Houlihan Lokey’s 10-Q, filed February 3, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Houlihan Lokey's change in AP?: Houlihan Lokey (HLI) reported change in AP of -$33.73M in Q4 2025.
How has Houlihan Lokey's change in AP changed year-over-year?: Houlihan Lokey's change in AP decreased by 437.6% year-over-year, from $9.99M to -$33.73M.
What does change in AP mean?: The net change in money owed to suppliers for goods and services received.
How do you interpret change in AP?: An increase indicates the company is retaining cash longer, while a decrease indicates faster payment of obligations.
How does change in AP compare across companies?: Standard metric for all companies; reflects bargaining power with suppliers.