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Houlihan Lokey HLI Total Operating Expenses

Total Operating Expenses at other companies

Evercore logo
EvercoreEVR
$843.62M+23.4%
Moelis & Company logo
Moelis & CompanyMC
$279.28M+3.6%
Perella Weinberg Partners logo
Perella Weinberg PartnersPWP
$161.82M-19.2%
MidCap Financial Investment Corporation logo
MidCap Financial Investment CorporationMFIC
$37.62M-16.8%
Oppenheimer Holdings logo
Oppenheimer HoldingsOPY
$472.1M+44.6%

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:OperatingExpenses.

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
Professional fees45,14341,20249,077
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

Item 8. Financial Statements and Supplementary Data

FAQ

What is Houlihan Lokey's total operating expenses?
Houlihan Lokey (HLI) reported total operating expenses of $510.5M in Q1 2026.
How has Houlihan Lokey's total operating expenses changed year-over-year?
Houlihan Lokey's total operating expenses decreased by 2.8% year-over-year, from $525.37M to $510.5M.
What is the long-term trend for Houlihan Lokey's total operating expenses?
Over 4 years (2022 to 2026), Houlihan Lokey's total operating expenses has grown at a 6.0% compound annual growth rate (CAGR), from $1.66B to $2.09B.
What does total operating expenses mean?
The sum of all operating costs including COGS, SG&A, R&D, D&A, and other operating charges. Revenue minus total operating expenses equals operating income.

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