Houlihan Lokey, Inc. (HLI)
Houlihan Lokey, Inc. brought in $2.6B of revenue over the twelve months to September 30, 2026, down 0.4% from a year earlier. Net income was $403.7M, a net margin of 15.8%. Operating cash flow minus capital spending left $681.8M of free cash flow in fiscal 2026. At September 30, 2026 it held $837M in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on October 30, 2026.
Key facts about Houlihan Lokey, Inc.
- Net worth
- Houlihan Lokey, Inc. has a market value (market cap) of $10.3B at the latest share price, and shareholders' equity of $2.3B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2026 revenue was $2.6B (+9.5% year on year), with net income of $425.7M. Over the 12 months to September 30, 2026: revenue $2.6B, net income $403.7M.
- Cash flow
- In fiscal 2026 operations brought in $704.1M of cash; after $22.3M of capital spending, free cash flow was $681.8M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on October 30, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Houlihan Lokey, Inc.'s next report is expected around January 28, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Houlihan Lokey, Inc. does
Houlihan Lokey, Inc. is registered with the SEC under industry code SIC 6282 (Investment Advice). Its shares trade on NYSE under the ticker HLI.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2026 | $2.6B | $425.7M | $6.22 | $681.8M |
| 2025 | $2.4B | $399.7M | $5.82 | $808.9M |
| 2024 | $1.9B | $280.3M | $4.11 | $261.7M |
| 2023 | $1.8B | $254.2M | $3.76 | $85.5M |
| 2022 | $2.3B | $437.8M | $6.41 | $727.9M |
| 2021 | $1.5B | $312.8M | $4.55 | $565.7M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where HLI ranks in Finance
Dividends
It paid out $174M in cash dividends, 41% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2026 | n/a | $174M | 41% |
| 2025 | n/a | $165.2M | 41% |
| 2024 | n/a | $148.5M | 53% |
| 2023 | n/a | $140.4M | 55% |
| 2022 | n/a | $114.8M | 26% |
| 2021 | n/a | $92M | 29% |
Latest SEC filings
What Houlihan Lokey, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 30, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 4.8% to $692M versus the same quarter last year; diluted EPS $1.64 versus $1.63.
- October 28, 2026
- October 26, 2026
- October 5, 2026Executive or director change8-KTodd J. Carter has resigned from the board of directors of Houlihan Lokey, Inc.
- September 22, 2026Executive or director change8-KHoulihan Lokey appointed a new Chief Legal Officer, elected an independent director, and received stockholder approval for its amended incentive award plan.
- September 8, 2026Additional proxy material DEFA14A
- September 8, 2026
- August 13, 2026Other event 8-K
- August 10, 2026
- July 31, 2026Quarterly report 10-Q · period to June 30, 2026Revenue fell 16% to $511M versus the same quarter last year; diluted EPS $1.15 versus $1.42.
What is HLI worth? A DCF from its reported cash flow
Insider trades
What the people running Houlihan Lokey, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $140.2K worth of shares in the last 90 days and bought none on the open market.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 1, 2026 | Reichert ThomasDirector | Received as pay | 925 | - |
| September 10, 2026 | Crain Christopher MGENERAL COUNSEL | Exercised options | 1,000 | - |
| September 10, 2026 | Crain Christopher MGENERAL COUNSEL | Sold | 1,000 | $140.2K |
| August 3, 2026 | Alley J LindseyChief Financial Officer | Bought | 4,020 | $500.6K |
| May 21, 2026 | Mund Ronald ScottDirector | Received as pay | 476 | - |
| May 21, 2026 | Schriesheim Robert ADirector | Received as pay | 1,129 | - |
| May 21, 2026 | Zuber Paul AndrewDirector | Received as payindirect | 797 | - |
| May 21, 2026 | Zucker Gillian BethDirector | Received as pay | 996 | - |
Who owns HLI
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| HL Voting Trust13D, may seek influence with 3 related filers | 22.9% | August 28, 2025 |
| A&R Voting Trust13D, may seek influence with 3 related filers | 22.5% | January 2, 2026 |
| Vanguard Capital Management13G, passive | 5.2% | April 30, 2026 |
| Vanguard Portfolio Management13G, passive | 5.12% | April 29, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 517 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 5,240,406 | -40,394 |
| Vanguard Portfolio Management LLC | 2,774,115 | -4,295 |
| Vanguard Capital Management LLC | 2,439,724 | +20,392 |
| Kayne Anderson Rudnick Investment Management LLC | 2,426,619 | -215,527 |
| Earnest Partners LLC | 2,172,720 | -56,264 |
| Royal Bank of Canada | 1,992,096 | +240,601 |
| State Street Corp | 1,749,472 | +55,776 |
| Morgan Stanley | 1,690,245 | +98,236 |
| Geode Capital Management, LLC | 1,383,912 | +32,703 |
| Bank of Montreal | 1,300,687 | +151,088 |
| Citadel Advisors LLC | 1,227,541 | +739,389 |
| Neuberger Berman Group LLC | 992,787 | +381,844 |
| Fiduciary Management Inc | 938,411 | +134,839 |
| Wellington Management Group Llp | 929,760 | -431,650 |
| Bank of America Corp | 890,616 | -60,256 |
| Bamco Inc | 869,544 | -191,859 |
| Goldman Sachs Group Inc | 825,406 | +201,690 |
| Qube Research & Technologies Ltd | 705,487 | +450,323 |
| Dimensional Fund Advisors LP | 692,896 | +76,377 |
| Fmr LLC | 690,813 | -165,211 |
Insiders
8 insiders reported holding 62,094 shares in total, about $9.1M at the last price.
| Holder | Shares |
|---|---|
| Schriesheim Robert ADirector | 29,111 |
| Walker Cyrus D.Director | 7,111 |
| Zuber Paul AndrewDirector | 7,0057,005 held indirectly |
| Zucker Gillian BethDirector | 6,529 |
| Bassey Ekpedeme MDirector | 6,424 |
| Alley J LindseyChief Financial Officer | 4,020 |
| Mund Ronald ScottDirector | 969 |
| Reichert ThomasDirector | 925 |
Questions about HLI
What does Houlihan Lokey, Inc. do?
Houlihan Lokey, Inc. is a company in the Finance sector, listed on NYSE as HLI. Its shares trade on NYSE under the ticker HLI.
What is Houlihan Lokey, Inc.'s net worth?
Houlihan Lokey, Inc. has a market value (market cap) of $10.3B at the latest share price, and shareholders' equity of $2.3B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Houlihan Lokey, Inc. profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $403.7M on revenue of $2.6B, a net margin of 15.8%.
How much revenue does Houlihan Lokey, Inc. make?
Over the twelve months to September 30, 2026 Houlihan Lokey, Inc. reported revenue of $2.6B. That is 0.4% less than a year earlier.
When did Houlihan Lokey, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on October 30, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the insider trade from November 9, 2026.
When is Houlihan Lokey, Inc.'s next earnings report?
Houlihan Lokey, Inc.'s next report is expected around January 28, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Houlihan Lokey, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.