Filing Flows › Houlihan Lokey (HLI) › Q4 FY25
Houlihan Lokey (HLI) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed May 15, 2025
Houlihan Lokey (HLI) reported revenue of $666M for the fourth quarter fiscal 2025 (Q4 FY25), +28% from a year earlier and +5% from the quarter before. Operating margin was 21.2%, net earnings $122M (18.3% of revenue).
Houlihan Lokey, Q4 FY25: revenue $666M (+28% year over year), operating margin 21.2%, net earnings $122M, operating cash flow $358M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $666M | +5% | +28% |
| Gross profit | $226M | +14% | +44% |
| Operating profit | $141M | +4% | +25% |
| Net earnings | $122M | +28% | +50% |
| Operating cash flow | $358M | +35% | +59% |
| Free cash flow | $344M | +31% | +61% |
What changed
Revenue was $666.4M in Q4 FY25, up 28% year over year and up 5% from the previous quarter.
Gross margin was 33.9%, up 3.7 points from a year earlier. Operating profit was $141.1M, a 21.2% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, below the 22% margin then. Operating expenses grew 91% against revenue growth of 28%. Net earnings were $121.9M, up 50% year over year. The effective tax rate was 18.9%.
Operating cash flow was $358.4M (up 59% year over year), 294% of net earnings. Non-cash charges added back $15.4M of depreciation and amortization and $44.5M of share-based compensation. Working capital and other items added $176.6M. Capital expenditures of $14.5M left free cash flow of $343.9M.
Questions
What was Houlihan Lokey's revenue in the fourth quarter fiscal 2025?
Houlihan Lokey (HLI) reported revenue of $666M for the fourth quarter fiscal 2025 (Q4 FY25), +28% from a year earlier and +5% from the quarter before.
Was Houlihan Lokey profitable in the fourth quarter fiscal 2025?
Operating profit was $141M (21.2% of revenue) and net earnings $122M.
Source: Houlihan Lokey 10-K on SEC EDGAR.