Filing Flows › Houlihan Lokey (HLI) › Q2 FY27 › vs Q1 FY27
Houlihan Lokey (HLI) Q2 FY27 vs Q1 FY27 (quarter over quarter)
Houlihan Lokey's revenue rose $181M (+35%) from $511M in Q1 FY27 to $692M in Q2 FY27. Gross margin 34.5% against 30.1% (+4.4 pts).
Houlihan Lokey, Q2 FY27: revenue $692M (+5% year over year), operating margin 22.3%, net earnings $109M, operating cash flow $252M. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 34.5% | 30.1% | +4.4 pts |
| Operating margin | 22.3% | 15.3% | +7.0 pts |
| Net margin | 15.8% | 15.3% | +0.5 pts |
| Free cash flow margin | 34.7% | -66.9% | +101.6 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Revenue | $692M | $511M | $181M | +35% |
| Gross profit | $239M | $154M | $85.0M | +55% |
| Cost of revenue | $453M | $357M | $96.0M | +27% |
| Other income, net | $5.0M | $8.0M | −$3.0M | -38% |
| Operating profit | $154M | $78.0M | $76.0M | +97% |
| Operating expenses | $85.0M | $76.0M | $9.0M | +12% |
| Pre-tax earnings | $159M | $86.0M | $73.0M | +85% |
| Net earnings | $109M | $78.0M | $31.0M | +40% |
| Minority interests | $1.0M | $0 | $1.0M | — |
| Income tax | $49.0M | $8.0M | $41.0M | +512% |
| Depreciation & amortization | $10.0M | $8.0M | $2.0M | +25% |
| Share-based compensation | $42.0M | $45.0M | −$3.0M | -7% |
| Working capital & other | $91.0M | −$467M | $558M | — |
| Operating cash flow | $252M | −$336M | $588M | — |
| Free cash flow (OCF − capex) | $240M | −$342M | $582M | — |
| Capital expenditures | $12.0M | $6.0M | $6.0M | +100% |
Questions
How much did Houlihan Lokey's revenue grow quarter over quarter in Q2 FY27?
Houlihan Lokey's revenue rose $181M (+35%) from $511M in Q1 FY27 to $692M in Q2 FY27. Gross margin 34.5% against 30.1% (+4.4 pts).