Filing Flows › Houlihan Lokey (HLI) › Q1 FY26
Houlihan Lokey (HLI) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 5, 2025
Houlihan Lokey (HLI) reported revenue of $605M for the first quarter fiscal 2026 (Q1 FY26), +18% from a year earlier and -9% from the quarter before. Operating margin was 14.9%, net earnings $98.0M (16.2% of revenue).
Houlihan Lokey, Q1 FY26: revenue $605M (+18% year over year), operating margin 14.9%, net earnings $98.0M, operating cash flow −$132M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $605M | -9% | +18% |
| Gross profit | $188M | -17% | +20% |
| Operating profit | $90.0M | -36% | -5% |
| Net earnings | $98.0M | -20% | +10% |
| Operating cash flow | −$132M | -137% | — |
What changed
Revenue was $605.0M in Q1 FY26, up 18% year over year and down 9% from the previous quarter.
Gross margin was 31.1%, up 0.5 points from a year earlier. Operating profit was $90.0M, a 14.9% margin (down 3.6 points year over year). Operating profit fell $4.7M even though revenue rose $91.4M versus a year earlier, so costs grew faster than sales. Operating expenses grew 57% against revenue growth of 18%. Net earnings were $98.0M, up 10% year over year. The effective tax rate was 0.5%.
Operating cash flow was −$132.0M. Non-cash charges added back $16.0M of depreciation and amortization and $42.0M of share-based compensation. Working capital and other items used $288.0M. Capital expenditures of $13.0M exceeded it, leaving free cash flow of −$145.0M.
Questions
What was Houlihan Lokey's revenue in the first quarter fiscal 2026?
Houlihan Lokey (HLI) reported revenue of $605M for the first quarter fiscal 2026 (Q1 FY26), +18% from a year earlier and -9% from the quarter before.
Was Houlihan Lokey profitable in the first quarter fiscal 2026?
Operating profit was $90.0M (14.9% of revenue) and net earnings $98.0M.
Source: Houlihan Lokey 10-Q on SEC EDGAR.