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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$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

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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 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 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?
Operating costs for the Financial Advisory Services segment excluding employee pay and benefits.
How do you interpret financial advisory services — non-compensation expense by segment?
Lower non-compensation expenses relative to revenue indicate better operational efficiency and scalability.
How does financial advisory services — non-compensation expense by segment compare across companies?
Commonly reported as 'non-compensation' or 'operating' expenses in segment-level income statements for investment banks.