What is Houlihan Lokey's unbilled work in progress?

Houlihan Lokey (HLI) reported unbilled work in progress of -$43.48M in Q4 2025.

How has Houlihan Lokey's unbilled work in progress changed year-over-year?

Houlihan Lokey's unbilled work in progress increased by 40.9% year-over-year, from -$73.53M to -$43.48M.

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%

Cash & equivalents$1.2B+22.5%

Total debt$492.1M+12.3%

Total assets$4.3B+12.8%

Operating cash flow$293.0M-18.2%

CapEx$6.3M-56.8%

Free cash flow$286.8M-16.6%

Market cap$9.72B-11.5%

Enterprise value$9.02B-13.6%

P/E22.8×-4.7×

P/S3.7×-0.9×

Gross margin32.8%+1.4pp

Operating margin20.1%-0.9pp

Net margin16.3%-0.5pp

FCF margin26%-7.8pp

Return on equity9.5%—

Reported directly by Houlihan Lokey in its filing.

Tagged under the XBRL concept hli:IncreaseDecreaseinUnbilledWorkinProcessNetofAcquisition.

The official record: Houlihan Lokey’s 10-Q, filed February 3, 2026, on SEC EDGAR. View the filing →

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What is Houlihan Lokey's unbilled work in progress?: Houlihan Lokey (HLI) reported unbilled work in progress of -$43.48M in Q4 2025.
How has Houlihan Lokey's unbilled work in progress changed year-over-year?: Houlihan Lokey's unbilled work in progress increased by 40.9% year-over-year, from -$73.53M to -$43.48M.