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Houlihan Lokey HLI Financial Advisory Services — Employee compensation and benefits

Other segment segments

Corporate Finance
$227.4M-3.6%
Financial and Valuation Advisory
$188.53M
Financial Restructuring
$70.69M-20.8%

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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:LaborAndRelatedExpense.

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 itemThree Months Ended December 31, 2025Three Months Ended December 31, 2024Nine Months Ended December 31, 2025Nine Months Ended December 31, 2024
Employee compensation and benefits by segment (1)
Corporate Finance271,882239,699737,888635,473
Financial Restructuring84,29174,320228,923200,764
Financial and Valuation Advisory48,52542,561141,218127,927
Non-compensation expense by segment
Corporate Finance51,07850,351148,141136,945
Financial Restructuring14,39812,41038,04134,888
Financial and Valuation Advisory16,18615,98646,35740,721

Item 1. Financial Statements

FAQ

What is Houlihan Lokey's financial advisory services — employee compensation and benefits?
Houlihan Lokey (HLI) reported financial advisory services — employee compensation and benefits of $48.53M in Q4 2025.
How has Houlihan Lokey's financial advisory services — employee compensation and benefits changed year-over-year?
Houlihan Lokey's financial advisory services — employee compensation and benefits increased by 14.0% year-over-year, from $42.56M to $48.53M.
What is the long-term trend for Houlihan Lokey's financial advisory services — employee compensation and benefits?
Over 2 years (2023 to 2025), Houlihan Lokey's financial advisory services — employee compensation and benefits has grown at a 5.0% compound annual growth rate (CAGR), from $159.25M to $175.41M.
What does financial advisory services — employee compensation and benefits mean?
This captures the total personnel-related costs, including salaries, bonuses, and benefits, specifically attributable to the Financial Advisory Services segment. As human capital is the primary driver of value in advisory businesses, this metric is a key indicator of the cost of talent. It is essential for calculating the segment's operating margin and efficiency.

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