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Houlihan Lokey (HLI) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Oct 30, 2026 · Houlihan Lokey (HLI) Q2 FY27 earnings results →

Q2 FY27 Revenue up 5% year over year to $692M · 16¢ of every $1 of revenue kept as net profit · operating margin 22.3%

Houlihan Lokey made $692M in Q2 FY27 (+5% Y/Y). Operating margin 22.3%, net earnings $109M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$692M
Year over year+5%
Operating margin22.3%
Net earnings$109M
Operating cash flow$252M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $692.0M in Q2 FY27, up 5% year over year and up 35% from the previous quarter.

Gross margin was 34.5%, up 0.9 points from Q2 FY26. Operating profit was $154.0M, a 22.3% margin (down 0.6 points year over year). Of the extra revenue versus Q2 FY26, 9% reached operating profit, below the 23% margin then. Operating expenses grew 20% against revenue growth of 5%. Net earnings were $109.0M, down 2% year over year. The effective tax rate was 30.8%.

Operating cash flow was $252.0M (down 22% year over year), 229% of net earnings. Non-cash charges added back $10.0M of depreciation and amortization and $42.0M of share-based compensation. Working capital and other items added $90.0M. Capital expenditures of $12.0M left free cash flow of $240.0M.

Quarterly history

Houlihan Lokey revenue by quarterHoulihan Lokey revenue by quarter$666MQ4 FY25$605MQ1 FY26$660MQ2 FY26$717MQ3 FY26$636MQ4 FY26$511MQ1 FY27$692MQ2 FY27
Houlihan Lokey net earnings by quarterHoulihan Lokey net earnings by quarter$122MQ4 FY25$98.0MQ1 FY26$111MQ2 FY26$117MQ3 FY26$99.8MQ4 FY26$78.0MQ1 FY27$109MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QOct 30, 2026$692M+5%22.3%$109M$252M
Q1 FY2710-QJul 31, 2026$511M-16%15.3%$78.0M−$336M
Q4 FY2610-KMay 22, 2026$636M-5%19.7%$99.8M$293M
Q3 FY2610-QFeb 3, 2026$717M+13%22.4%$117M$218M
Q2 FY2610-QNov 4, 2025$660M+15%22.9%$111M$325M
Q1 FY2610-QAug 5, 2025$605M+18%14.9%$98.0M−$132M
Q4 FY2510-KMay 15, 2025$666M+28%21.2%$122M$358M

Charts

Houlihan Lokey: revenue growth, year over year and quarter over quarterHoulihan Lokey: revenue growth, year over year and quarter over quarterY/YQ/Q+28%Q4 FY25+18%-9%Q1 FY26+15%+9%Q2 FY26+13%+9%Q3 FY26-5%-11%Q4 FY26-16%-20%Q1 FY27+5%+35%Q2 FY27
Latest (Q2 FY27): Y/Y +5%, Q/Q +35%.
Houlihan Lokey: where the cash came from (+) and went (−), TTM to Q2 FY27Houlihan Lokey: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$427MOther financing−$239MDividends−$187MOther investing$135MTaxes on employees’ shares−$112MCash drawn (+) / kept (−)$84.7MAcquisitions−$51.5MExchange rates−$32.1MCapital spending−$25.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Houlihan Lokey: profit against cash, quarter by quarterHoulihan Lokey: profit against cash, quarter by quarterNet incomeOperating cash flow$95.3M$266MQ3 FY25$122M$358MQ4 FY25$98.0M−$132MQ1 FY26$111M$325MQ2 FY26$117M$218MQ3 FY26$98.3M$293MQ4 FY26$78.0M−$336MQ1 FY27$110M$252MQ2 FY27
Latest (Q2 FY27): Net income $110M, Operating cash flow $252M.
Houlihan Lokey: diluted shares by fiscal yearHoulihan Lokey: diluted shares by fiscal year69MFY2168MFY2268MFY2368MFY2469MFY2568MFY26
-0.3% since FY21: buybacks shrank the count.
Houlihan Lokey in its industry: growth against margin (43 companies, SIC 6282)Houlihan Lokey in its industry: growth against margin (43 companies, SIC 6282)revenue growth, year over year →↑ operating marginmedian +8%median 21%KKRAMPAPOBXBENTROWIVZBAMARESAlliancebernstein L.P.TPGEVRLAZOWLSTEPMORNAMGFHIVCTRPJTCGAPAMLCLNHLNEVRTSAAMICNSGCMGOAK-PARPCABXALTIPSRILYSAMGWHGHKHCMLCIHNNAVALUILLRGROWHLI (+5%, 22%)
Investment Advice; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Houlihan Lokey

Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions (“M&A”), capital markets, financial restructurings, liability management, and financial and valuation advisory services. We serve a diverse set of clients worldwide, including corporations, financial sponsors and government agencies. We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients. We advise our clients on critical strategic and financial decisions, employing a rigorous analytical approach coupled with deep product and industry expertise.

In its own words, from its 10-K, filed May 22, 2026.

Houlihan Lokey against its Investment Advice peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +6%. Operating margin: 22.3% against the peers' median 24.0%.

CompanyQuarterRevenueY/YOp. margin
HLI Houlihan LokeyQ2 FY27$692M+5%22.3%
KKR KKRQ2 2026$5.7B+12%24.0%
AMP Ameriprise FinancialQ3 2026$5.2B+6%28.9%
APO Apollo Global ManagementQ3 2026$4.7B-52%-30.9%
BX BlackstoneQ3 2026$3.1B-0.8%46.9%
BEN Franklin TempletonQ4 FY26$2.4B+4%14.6%
TROW Price T Rowe GroupQ3 2026$2.0B+6%38.4%
IVZ InvescoQ3 2026$1.9B+14%23.3%
BAM Brookfield Asset ManagementQ2 2026$1.8B+61%62.4%

Source: Houlihan Lokey 10-Q on SEC EDGAR · CIK 1302215 · Investment Advice

Guidance and outlook

Houlihan Lokey: what its forward-looking statements are about (10-Q filed 2026-10-30)Houlihan Lokey: what its forward-looking statements are about (10-Q filed 2026-10-30)Costs1Legal & regulation1
2 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.

13F: who owns HLI and who is buying

Largest holders of HLI (13F)Largest holders of HLI (13F)Vanguard Group$916MBlackRock$703MVanguard Portfolio Management LLC$372MVanguard Capital Management LLC$327MKayne Anderson Rudnick Investment…$325MEarnest Partners LLC$291MRoyal Bank of Canada$267MBurgundy Asset Management$243MState Street$235MMorgan Stanley$227M
Funds' net buying of HLI by quarter (13F)Funds' net buying of HLI by quarter (13F)−$32.6M2024-09−$87.8M2024-12−$44.7M2025-03$370M2025-06−$79.2M2025-09$157M2025-12$104M2026-03$85.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HLI

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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