Filing Flows › Houlihan Lokey (HLI) › Q1 FY27
Houlihan Lokey (HLI) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Jul 31, 2026
Houlihan Lokey (HLI) reported revenue of $511M for the first quarter fiscal 2027 (Q1 FY27), -16% from a year earlier and -20% from the quarter before. Operating margin was 15.3%, net earnings $78.0M (15.3% of revenue).
Houlihan Lokey, Q1 FY27: revenue $511M (-16% year over year), operating margin 15.3%, net earnings $78.0M, operating cash flow −$336M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $511M | -20% | -16% |
| Gross profit | $154M | — | -18% |
| Operating profit | $78.0M | -38% | -13% |
| Net earnings | $78.0M | -21% | -20% |
| Operating cash flow | −$336M | -215% | — |
What changed
Revenue was $511.0M in Q1 FY27, down 16% year over year and down 20% from the previous quarter.
Gross margin was 30.1%, down 0.9 points from Q1 FY26. Operating profit was $78.0M, a 15.3% margin (up 0.4 points year over year). Operating expenses fell 22% while revenue fell 16%. Net earnings were $78.0M, down 20% year over year. The effective tax rate was 9.3%.
Operating cash flow was −$336.0M. Non-cash charges added back $8.0M of depreciation and amortization and $45.0M of share-based compensation. Working capital and other items used $467.0M. Capital expenditures of $6.0M exceeded it, leaving free cash flow of −$342.0M.
Questions
What was Houlihan Lokey's revenue in the first quarter fiscal 2027?
Houlihan Lokey (HLI) reported revenue of $511M for the first quarter fiscal 2027 (Q1 FY27), -16% from a year earlier and -20% from the quarter before.
Was Houlihan Lokey profitable in the first quarter fiscal 2027?
Operating profit was $78.0M (15.3% of revenue) and net earnings $78.0M.
Source: Houlihan Lokey 10-Q on SEC EDGAR.