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Houlihan Lokey HLI Financial Advisory Services — Non-compensation expense by segment

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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 hli:NonCompensationExpense.

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
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
Segment profit
Corporate Finance150,728131,552424,839341,629
Financial Restructuring57,56444,212151,308144,280
Financial and Valuation Advisory22,42023,33765,15860,367

Item 1. Financial Statements

FAQ

What is Houlihan Lokey's financial advisory services — non-compensation expense by segment?
Houlihan Lokey (HLI) reported financial advisory services — non-compensation expense by segment of $16.19M in Q4 2025.
How has Houlihan Lokey's financial advisory services — non-compensation expense by segment changed year-over-year?
Houlihan Lokey's financial advisory services — non-compensation expense by segment increased by 1.3% year-over-year, from $15.99M to $16.19M.
What is the long-term trend for Houlihan Lokey's financial advisory services — non-compensation expense by segment?
Over 2 years (2023 to 2025), Houlihan Lokey's financial advisory services — non-compensation expense by segment has grown at a 8.6% compound annual growth rate (CAGR), from $45.95M to $54.19M.
What does financial advisory services — non-compensation expense by segment mean?
This represents all operating expenses for the Financial Advisory Services segment excluding personnel costs, such as travel, technology, office rent, and professional fees. It provides insight into the segment's overhead structure and operational leverage. Tracking this helps investors understand how efficiently the segment manages its non-labor resources.

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