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Houlihan Lokey HLI Operating Income

Operating Income at other companies

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Other financials

Income statement

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Revenue$635.6M-4.6%
Gross profit$230.7M+15.9%
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:OperatingIncomeLoss.

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
(In thousands, except share and per share data)Year Ended March 31, 2026Year Ended March 31, 2025Year Ended March 31, 2024
Other operating expenses73,02368,93358,796
Revaluation of acquisition contingent consideration17,895(1,023)(10,373)
Total operating expenses2,090,4971,886,8491,541,170
Operating income527,019502,567373,234
Other (income) expense, net(35,246)(28,768)(17,305)
Income before provision for income taxes562,265531,335390,539
Provision for income taxes138,091131,624110,238
Net income424,174399,711280,301

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's operating income?
Houlihan Lokey (HLI) reported operating income of $125.15M in Q1 2026.
How has Houlihan Lokey's operating income changed year-over-year?
Houlihan Lokey's operating income decreased by 11.3% year-over-year, from $141.06M to $125.15M.
What is the long-term trend for Houlihan Lokey's operating income?
Over 4 years (2022 to 2026), Houlihan Lokey's operating income has grown at a -3.7% compound annual growth rate (CAGR), from $612.86M to $527.02M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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