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Houlihan Lokey HLI Financial Advisory Services — Changes

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Corporate Finance
$103.33M+2,545%
Financial and Valuation Advisory
$1.25M—
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Other financials

Income statement

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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$8.96B-33.6%
Enterprise value$8.26B-37.2%
P/E21×-12.0×
P/S3.4×-2.0×

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

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Return on equity9.5%—

Where this comes from

Reported directly by Houlihan Lokey in its filing.

Tagged under the XBRL concept us-gaap:GoodwillPeriodIncreaseDecrease.

The source filing: Houlihan Lokey’s 10-Q, filed February 3, 2026.

Filed
Feb 3, 2026, 4:38 PM EST
Fiscal quarter
Q3 FY2026
Calendar quarter
Q4 2025
Accession
0001302215-26-000007
Line itemApril 1, 2025Change (1)December 31, 2025
Corporate Finance$1,017,983$6,689$1,024,672
Financial Restructuring162,815—162,815
Financial and Valuation Advisory103,7911,526105,317
Goodwill$1,284,589$8,215$1,292,804

Item 1. Financial Statements

FAQ

What is Houlihan Lokey's financial advisory services — changes?
Houlihan Lokey (HLI) reported financial advisory services — changes of $60K in Q4 2025.
How has Houlihan Lokey's financial advisory services — changes changed year-over-year?
Houlihan Lokey's financial advisory services — changes decreased by 99.5% year-over-year, from $11.7M to $60K.
What does financial advisory services — changes mean?
This metric tracks the net movement or adjustments in the Financial Advisory Services segment's financial position or operational scope over a reporting period. It captures fluctuations resulting from internal reallocations, accounting adjustments, or changes in the segment's organizational structure. It serves as a bridge to understand volatility in segment-level reporting.

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