What is Houlihan Lokey's financial restructuring — changes?

Houlihan Lokey (HLI) reported financial restructuring — changes of $0 in Q1 2026.

What does financial restructuring — changes mean?

Captures periodic adjustments or net movements in the carrying value of assets or liabilities specific to the Financial Restructuring segment. This metric tracks non-operational fluctuations that impact the segment's balance sheet position.

Houlihan Lokey (HLI) Financial Restructuring — Changes

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Other segment segments

Corporate Finance

$103.33M+2,545%

Financial and Valuation Advisory

$1.25M—

Financial Advisory Services

$60K-99.5%

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SAICDefense and Intelligence — Goodwill, Period Increase (Decrease)

$23.25M—

NOCAeronautics Systems — Other

$0—

NOCDefense Systems — Other

$1.25M+200%

NOCSpace Systems — Other

$0—

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-K, filed May 22, 2026.

Filed: May 22, 2026, 4:43 PM EDT
Fiscal year: FY2026
Accession: 0001302215-26-000053

Line item	April 1, 2025	Change	March 31, 2026
Corporate Finance (1)	$1,017,983	$110,015	$1,127,998
Financial Restructuring	162,815	—	162,815
Financial and Valuation Advisory (2)	103,791	1,253	105,044
Goodwill	$1,284,589	$111,268	$1,395,857

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's financial restructuring — changes?: Houlihan Lokey (HLI) reported financial restructuring — changes of $0 in Q1 2026.
What does financial restructuring — changes mean?: Captures periodic adjustments or net movements in the carrying value of assets or liabilities specific to the Financial Restructuring segment. This metric tracks non-operational fluctuations that impact the segment's balance sheet position.