Filing Flows › Houlihan Lokey (HLI) › Q2 FY27
Houlihan Lokey (HLI) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Oct 30, 2026
Houlihan Lokey (HLI) reported revenue of $692M for the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier and +35% from the quarter before. Operating margin was 22.3%, net earnings $109M (15.8% of revenue).
Houlihan Lokey, Q2 FY27: revenue $692M (+5% year over year), operating margin 22.3%, net earnings $109M, operating cash flow $252M. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $692M | +35% | +5% |
| Gross profit | $239M | +55% | +8% |
| Operating profit | $154M | +97% | +2% |
| Net earnings | $109M | +40% | -2% |
| Operating cash flow | $252M | — | -22% |
| Free cash flow | $240M | — | -26% |
What changed
Revenue was $692.0M in Q2 FY27, up 5% year over year and up 35% from the previous quarter.
Gross margin was 34.5%, up 0.9 points from Q2 FY26. Operating profit was $154.0M, a 22.3% margin (down 0.6 points year over year). Of the extra revenue versus Q2 FY26, 9% reached operating profit, below the 23% margin then. Operating expenses grew 20% against revenue growth of 5%. Net earnings were $109.0M, down 2% year over year. The effective tax rate was 30.8%.
Operating cash flow was $252.0M (down 22% year over year), 229% of net earnings. Non-cash charges added back $10.0M of depreciation and amortization and $42.0M of share-based compensation. Working capital and other items added $90.0M. Capital expenditures of $12.0M left free cash flow of $240.0M.
Questions
What was Houlihan Lokey's revenue in the second quarter fiscal 2027?
Houlihan Lokey (HLI) reported revenue of $692M for the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier and +35% from the quarter before.
Was Houlihan Lokey profitable in the second quarter fiscal 2027?
Operating profit was $154M (22.3% of revenue) and net earnings $109M.
Source: Houlihan Lokey 10-Q on SEC EDGAR.