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Houlihan Lokey cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$240M in Q2 FY27 · $402M over twelve months

Operating cash flow$252M
Capital spending−$12.0M
Free cash flow+$240M
Cash / net income2.3×

Analysis

In Q2 FY27, Houlihan Lokey generated $252M of operating cash flow and spent $12.0M on capital projects, leaving free cash flow of $240M. That is $83.0M less than in Q2 FY26 ($323M).

Over the twelve months to Sep 30, 2026, operating cash flow was $427M; the largest uses were other financing ($239M), dividends ($187M), taxes on employees’ shares ($112M); besides operations, cash came from other investing ($135M); the cash balance fell by $84.7M.

Operating cash flow was $252M against net income of $110M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$173M, receivables −$60.0M, stock-based pay +$42.0M.

Free cash flow

Houlihan Lokey: free cash flow by quarterHoulihan Lokey: free cash flow by quarter$262MQ3 FY25$344MQ4 FY25−$145MQ1 FY26$323MQ2 FY26$217MQ3 FY26$287MQ4 FY26−$342MQ1 FY27$240MQ2 FY27
Operating cash flow less capital spending.
Houlihan Lokey: operating cash flow against capital spendingHoulihan Lokey: operating cash flow against capital spendingOperating cash flowCapital spending$266M$3.9MQ3 FY25$358M$14.5MQ4 FY25−$132M$13.0MQ1 FY26$325M$2.0MQ2 FY26$218M$1.1MQ3 FY26$293M$6.2MQ4 FY26−$336M$6.0MQ1 FY27$252M$12.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $252M, Capital spending $12.0M.

Capital allocation, year by year

Houlihan Lokey: where the cash came from (up) and went (down), by fiscal yearHoulihan Lokey: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $737MFY22: Capital spending −$8.7MFY22: Acquisitions −$361MFY22: Buybacks −$305MFY22: Dividends −$115M$737MFY22FY23: Operating cash flow $136MFY23: Capital spending −$50.7MFY23: Acquisitions −$20.4MFY23: Buybacks −$48.7MFY23: Dividends −$140M$136MFY23FY24: Operating cash flow $328MFY24: Capital spending −$66.7MFY24: Acquisitions −$3.9MFY24: Buybacks −$25.0MFY24: Dividends −$148M$328MFY24FY25: Operating cash flow $849MFY25: Capital spending −$39.7MFY25: Acquisitions −$69.2MFY25: Buybacks −$52.5MFY25: Dividends −$165M$849MFY25FY26: Operating cash flow $704MFY26: Capital spending −$22.3MFY26: Acquisitions −$2.5MFY26: Buybacks −$175MFY26: Dividends −$174M$704MFY26
Over these 5 years operating cash flow totalled $2.8B; the largest uses were dividends ($743M) and buybacks ($606M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$837M
Debtnone
Net cash$837M

Houlihan Lokey funds itself: free cash flow was $402M over the last twelve months, with $837M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Houlihan Lokey: sources (+) and uses (−) of cash, Q2 FY27Houlihan Lokey: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$252MCash drawn (+) / kept (−)−$93.0MAcquisitions−$50.0MBuybacks−$50.0MDividends−$46.0MCapital spending−$12.0MTaxes on employees’ shares−$1.0MExchange rates−$1.0MOther investing$1.0M
Houlihan Lokey: sources (+) and uses (−) of cash, TTM to Q2 FY27Houlihan Lokey: sources (+) and uses (−) of cash, 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 profit to cash

Houlihan Lokey: net income to operating cash flow, Q2 FY27Houlihan Lokey: net income to operating cash flow, Q2 FY27Net income$110MDepreciation & amortization$10.0MStock-based pay$42.0MReceivables−$60.0MPayables−$20.0MEmployee-related liabilities$173MDeferred revenue$5.0MPrepaid and other assets−$3.0MOperating cash flow$252M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q2 FY27$252M−$12.0M−$50.0M−$50.0M−$46.0M−$93.0M$240M
Q1 FY27−$336M−$6.0M—−$50.0M−$61.0M$444M−$342M
Q4 FY26$293M−$6.2M−$1.8M—−$39.2M−$133M$287M
Q3 FY26$218M−$1.1M$275K−$87.4M−$40.9M−$134M$217M
Q2 FY26$325M−$2.0M—−$30.0M−$41.0M−$130M$323M
Q1 FY26−$132M−$13.0M−$1.0M−$8.0M−$53.0M$178M−$145M
Q4 FY25$358M−$14.5M−$478K—−$38.5M−$175M$344M
Q3 FY25$266M−$3.9M−$36.7M−$86K−$37.0M−$108M$262M

Houlihan Lokey: income statement and cash flow

Houlihan Lokey, Q2 FY27: revenue $692M (+5% year over year), operating margin 22.3%. The chart follows the revenue to costs, profit and cash.

Houlihan Lokey: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.