Filing Flows › Houlihan Lokey (HLI) › How it makes money
How Houlihan Lokey (HLI) makes money
Houlihan Lokey (HLI) made $692M of revenue in the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier. Of every dollar of revenue, 35¢ was left as gross profit, 22¢ was left as operating profit, 16¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q2 FY27 | % of revenue |
|---|---|---|
| Revenue | $692M | 100.0% |
| Cost of revenue | $453M | 65.5% |
| Gross profit | $239M | 34.5% |
| Operating expenses | $85.0M | 12.3% |
| Operating profit | $154M | 22.3% |
| Income tax | $49.0M | 7.1% |
| Net earnings | $109M | 15.8% |
| Operating cash flow | $252M | 36.4% |
| Free cash flow | $240M | 34.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 FY27 | $692M | +5% |
| Q1 FY27 | $511M | -16% |
| Q4 FY26 | $636M | -5% |
| Q3 FY26 | $717M | +13% |
| Q2 FY26 | $660M | +15% |
| Q1 FY26 | $605M | +18% |
| Q4 FY25 | $666M | +28% |
From Houlihan Lokey's 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Houlihan Lokey make money?
Houlihan Lokey (HLI) made $692M of revenue in the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier. Of every dollar of revenue, 35¢ was left as gross profit, 22¢ was left as operating profit, 16¢ was left as net earnings.
What is Houlihan Lokey's profit margin?
Net earnings were $109M, 15.8% of revenue, in the second quarter fiscal 2027; the operating margin was 22.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.