Houlihan Lokey, Inc. (HLI) Income Statement
HLI FY2026 at a glance
Fiscal year ended March 31, 2026 · U.S. dollarsHLI revenue and net income
Where HLI's revenue goes
FY2026Each bar shows an amount and its share of revenue. HLI kept 16.3% of revenue as net income.
HLI profit margins
HLI growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.5% | +13.1% | +11.4% | +14.2% |
| Gross profit | +179.9% | +54.6% | +36.0% | +27.2% |
| Operating income | +23.3% | +21.9% | +8.7% | +17.2% |
| Net income | +6.5% | +18.7% | +6.4% | +19.8% |
| EPS (diluted) | +20.2% | +18.5% | +10.5% | +20.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HLI quarterly EPS vs estimates
Houlihan Lokey beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $1.58).
HLI income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.62B | $2.39B | $1.91B | $1.81B | $2.27B | $1.53B | $1.16B | $1.08B | $963.4M | $872.1M |
| Cost of revenue | $42.6M | $1.47B | $1.18B | $1.11B | $1.41B | $971.2M | $737.8M | $692.1M | $636.6M | $582.2M |
| Gross profit | $2.57B | $919.9M | $737.0M | $696.6M | $861.3M | $554.3M | $421.6M | $392.3M | $326.7M | $289.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $201.1M | $188.5M | $321.6M | $142.9M | $127.8M | $95.6M | $93.3M | $83.2M | $64.2M | $57.8M |
| Total operating expenses | $1.96B | $418.4M | $374.2M | $354.9M | $248.5M | $146.1M | $192.0M | $173.2M | $112.3M | $107.9M |
| Operating income | $618.5M | $501.5M | $362.9M | $341.7M | $612.9M | $408.2M | $229.6M | $219.1M | $214.4M | $182.0M |
| Interest income | — | $290,000 | $146,000 | $121,000 | $356,000 | $259,000 | — | — | — | $3.8M |
| Interest expense | — | — | — | $2.7M | $9.5M | $547,000 | $571,000 | $640,000 | $0 | $0 |
| Income before taxes | $562.3M | $531.3M | $390.5M | $324.0M | $603.9M | $409.2M | $235.6M | $224.3M | $217.8M | $178.5M |
| Income taxes | $138.1M | $131.6M | $110.2M | $69.8M | $165.6M | $96.5M | $51.9M | $65.2M | $45.6M | $70.1M |
| Net income | $425.7M | $399.7M | $280.3M | $254.2M | $437.8M | $312.8M | $183.8M | $159.1M | $172.3M | $108.3M |
| EBITDA | $604.9M | $597.6M | $427.6M | $435.0M | $661.4M | $423.4M | $246.9M | $233.6M | $222.3M | $190.8M |
| EPS (diluted) | $7.55 | $6.28 | $4.49 | $4.54 | $7.10 | $4.59 | $3.21 | $2.88 | $2.40 | $1.88 |
| Gross margin | 98.4% | 38.5% | 38.5% | 38.5% | 37.9% | 36.3% | 36.4% | 36.2% | 33.9% | 33.2% |
| Operating margin | 23.6% | 21.0% | 19.0% | 18.9% | 27.0% | 26.8% | 19.8% | 20.2% | 22.3% | 20.9% |
| Net margin | 16.3% | 16.7% | 14.6% | 14.0% | 19.3% | 20.5% | 15.9% | 14.7% | 17.9% | 12.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $511.0M | $635.6M | $717.1M | $659.5M | $605.3M | $666.4M | $634.4M | $575.0M | $513.6M | $520.5M | $511.1M | $467.0M |
| Cost of revenue | $354.0M | $8.0M | $441.0M | $438.5M | $372.3M | $409.9M | $390.2M | $353.6M | $315.9M | $329.5M | $314.3M | $296.5M |
| Gross profit | $157.0M | $627.6M | $276.1M | $221.0M | $233.1M | $256.6M | $244.3M | $221.4M | $197.7M | $190.9M | $196.8M | $170.4M |
| Sales, general & admin | $17.0M | $57.0M | $51.6M | $10.3M | $47.7M | $51.0M | $50.9M | $42.6M | $44.0M | $51.3M | $49.3M | $44.2M |
| Total operating expenses | $79.0M | $484.6M | $97.8M | $69.6M | $143.3M | $117.4M | $108.2M | $90.7M | $103.0M | $88.2M | $100.2M | $80.2M |
| Operating income | $78.0M | $143.0M | $178.3M | $151.3M | $89.8M | $139.2M | $136.1M | $130.7M | $94.7M | $102.7M | $96.5M | $90.3M |
| Interest income | — | — | — | — | $72,000 | $72,000 | $73,000 | $73,000 | — | — | — | $21,000 |
| Income before taxes | $86.0M | $134.5M | $169.6M | $160.1M | $98.0M | $150.3M | $145.1M | $136.1M | $99.9M | $118.0M | $102.6M | $93.6M |
| Income taxes | $8.0M | $36.2M | $53.1M | $48.3M | $517,000 | $28.3M | $49.8M | $42.5M | $10.9M | $37.0M | $31.8M | $26.5M |
| Net income | $78.0M | $99.8M | $116.5M | $111.8M | $97.5M | $121.9M | $95.3M | $93.5M | $88.9M | $81.1M | $70.8M | $67.0M |
| EBITDA | $86.0M | $142.6M | $186.6M | $179.3M | $144.2M | $175.3M | $158.5M | $145.2M | $118.7M | $111.0M | $112.9M | $97.4M |
| EPS (diluted) | $1.35 | $1.63 | $1.94 | $1.84 | $2.14 | $1.96 | $1.64 | $1.46 | $1.22 | $1.27 | $1.22 | $1.11 |
| Gross margin | 30.7% | 98.7% | 38.5% | 33.5% | 38.5% | 38.5% | 38.5% | 38.5% | 38.5% | 36.7% | 38.5% | 36.5% |
| Operating margin | 15.3% | 22.5% | 24.9% | 22.9% | 14.8% | 20.9% | 21.5% | 22.7% | 18.4% | 19.7% | 18.9% | 19.3% |
| Net margin | 15.3% | 15.7% | 16.3% | 17.0% | 16.1% | 18.3% | 15.0% | 16.3% | 17.3% | 15.6% | 13.9% | 14.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HLI's financial statements (latest annual report filed May 22, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HLI financial results
In fiscal year 2026 (ended March 31, 2026), Houlihan Lokey reported revenue of $2.6 billion, up 9.5% from the year before. It had net income of $425.7 million (up 6.5%), a net profit margin of 16.3%. Diluted earnings per share came to $7.55. Over five years revenue grew at an average rate of 11.4% a year.
See the HLI stock overview for the latest quote and news, or the HLI chart for price history and technical indicators.
HLI income statement FAQ
What is Houlihan Lokey's annual revenue?
Houlihan Lokey reported total revenue of $2.6 billion for fiscal year 2026, which ended on March 31, 2026. That was up 9.5% from $2.4 billion the previous year.
Is Houlihan Lokey profitable?
Yes. Houlihan Lokey reported net income of $425.7 million in fiscal 2026, a net profit margin of 16.3%; its operating margin was 23.6%.
What is Houlihan Lokey's gross margin?
Houlihan Lokey's gross margin was 98.4% in fiscal 2026: for every $100 of revenue, Houlihan Lokey kept $98 after the direct cost of its products and services.
How fast is Houlihan Lokey growing?
Revenue grew 11.4% a year on average over the last five fiscal years, from $1.5 billion to $2.6 billion.
What are Houlihan Lokey's earnings per share?
Houlihan Lokey earned $7.55 per diluted share in fiscal 2026, compared with $6.28 a year earlier.
When will Houlihan Lokey report its next earnings?
Houlihan Lokey is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Houlihan Lokey's fiscal year end?
Houlihan Lokey's fiscal year ends in March. The latest annual report covers the year ended March 31, 2026 and was filed on May 22, 2026.