Filing Flows › Houlihan Lokey (HLI) › Q2 FY27 › vs Q2 FY26
Houlihan Lokey (HLI) Q2 FY27 vs Q2 FY26 (year over year)
Houlihan Lokey's revenue rose $32.0M (+5%) from $660M in Q2 FY26 to $692M in Q2 FY27. Gross margin 34.5% against 33.6% (+0.9 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 Q2 FY26, the increases inside each band.
Margins
| Q2 FY27 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 34.5% | 33.6% | +0.9 pts |
| Operating margin | 22.3% | 22.9% | -0.6 pts |
| Net margin | 15.8% | 16.8% | -1.1 pts |
| Free cash flow margin | 34.7% | 48.9% | -14.3 pts |
Every line
| Line | Q2 FY27 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $692M | $660M | $32.0M | +5% |
| Gross profit | $239M | $222M | $17.0M | +8% |
| Cost of revenue | $453M | $438M | $15.0M | +3% |
| Other income, net | $5.0M | $9.0M | −$4.0M | -44% |
| Operating profit | $154M | $151M | $3.0M | +2% |
| Operating expenses | $85.0M | $71.0M | $14.0M | +20% |
| Pre-tax earnings | $159M | $160M | −$1.0M | -0.6% |
| Net earnings | $109M | $111M | −$2.0M | -2% |
| Minority interests | $1.0M | $0 | $1.0M | — |
| Income tax | $49.0M | $49.0M | $0 | 0% |
| Depreciation & amortization | $10.0M | $10.0M | $0 | 0% |
| Share-based compensation | $42.0M | $46.6M | −$4.6M | -10% |
| Working capital & other | $91.0M | $157M | −$66.4M | -42% |
| Operating cash flow | $252M | $325M | −$73.0M | -22% |
| Free cash flow (OCF − capex) | $240M | $323M | −$83.0M | -26% |
| Capital expenditures | $12.0M | $2.0M | $10.0M | +500% |
Questions
How much did Houlihan Lokey's revenue grow year over year in Q2 FY27?
Houlihan Lokey's revenue rose $32.0M (+5%) from $660M in Q2 FY26 to $692M in Q2 FY27. Gross margin 34.5% against 33.6% (+0.9 pts).