Filing Flows › Houlihan Lokey (HLI) › Q4 FY26
Houlihan Lokey (HLI) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed May 22, 2026
Houlihan Lokey (HLI) reported revenue of $636M for the fourth quarter fiscal 2026 (Q4 FY26), -5% from a year earlier and -11% from the quarter before. Operating margin was 19.7%, net earnings $99.8M (15.7% of revenue).
Houlihan Lokey, Q4 FY26: revenue $636M (-5% year over year), operating margin 19.7%, net earnings $99.8M, operating cash flow $293M. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $636M | -11% | -5% |
| Operating profit | $125M | -22% | -11% |
| Net earnings | $99.8M | -14% | -18% |
| Operating cash flow | $293M | +34% | -18% |
| Free cash flow | $287M | +32% | -17% |
What changed
Revenue was $635.6M in Q4 FY26, down 5% year over year and down 11% from the previous quarter.
Operating profit was $125.1M, a 19.7% margin (down 1.5 points year over year). Net earnings were $99.8M, down 18% year over year ($98.3M including minority interests, which bore $1.5M of losses). The effective tax rate was 26.9%.
Operating cash flow was $293.0M (down 18% year over year), 298% of net earnings. Non-cash charges added back $8.0M of depreciation and amortization and $51.5M of share-based compensation. Working capital and other items added $135.1M. Capital expenditures of $6.2M left free cash flow of $286.8M.
Questions
What was Houlihan Lokey's revenue in the fourth quarter fiscal 2026?
Houlihan Lokey (HLI) reported revenue of $636M for the fourth quarter fiscal 2026 (Q4 FY26), -5% from a year earlier and -11% from the quarter before.
Was Houlihan Lokey profitable in the fourth quarter fiscal 2026?
Operating profit was $125M (19.7% of revenue) and net earnings $99.8M.
Source: Houlihan Lokey 10-K on SEC EDGAR.