Every 10-Q that Houlihan Lokey, Inc. (HLI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HLI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HLI filings page.
Houlihan Lokey, Inc. reported revenues of $511 million and net income of $78 million for the three months ended June 30, 2026, decreases of (16)% and (20)%, respectively, from the prior-year period. Diluted earnings per common share were $1.15 versus $1.42 a year earlier. The compensation ratio was broadly stable at 64.3%, with compensation expenses moving in line with revenues.
Corporate Finance revenues declined to $303 million, a (24)% decrease driven by lower average fees on closed transactions. Financial Restructuring revenues were $119 million, down (8)% on fewer closed transactions, while Financial and Valuation Advisory revenues grew 13% to $89 million, increasing segment profit by 34%. Total segment profit was $154 million, offset by $76 million of corporate expenses and $8 million of net other income.
Cash, cash equivalents and investment securities totaled $797 million at June 30, 2026, and there were no borrowings outstanding under a $150 million revolving credit facility maturing in 2030. Operating activities used $336 million of cash, primarily due to bonus payments. The board declared a quarterly cash dividend of $0.70 per share of Class A and Class B common stock, and the company repurchased Class A common stock for an aggregate $50 million during the quarter.
Houlihan Lokey reported strong results for the quarter ended December 31, 2025, with revenues of $717.1 million, up 13% from a year earlier, and net income of $116.5 million, up 22%. Growth was led by Corporate Finance and Financial Restructuring, both benefiting from higher average fees and more completed transactions.
For the first nine months of the fiscal year, revenues rose 15% to $1.98 billion, while net income increased 17% to $325.9 million. The compensation ratio edged higher to about 64%, but operating income still improved 11%. The company ended the period with $1.18 billion in unrestricted cash and investment securities, no borrowings on its $150 million credit line, continued dividends and share repurchases, and closed a deal to obtain a controlling interest in French corporate finance firm Audere Partners after quarter-end.
Houlihan Lokey (HLI) reported quarterly results for the three months ended September 30, 2025. Revenues were $659.5 million (up 15%), net income was $111.8 million, and diluted EPS was $1.63 versus $1.37 a year ago. Operating income reached $151.3 million, and the Compensation Ratio was 64.2%.
Growth was led by Corporate Finance revenue of $438.7 million (+21%), with Financial Restructuring at $133.8 million (+2%) and Financial & Valuation Advisory at $87.0 million (+10%). Cash and investment securities totaled $1.11 billion as of September 30, 2025, with no borrowings outstanding on the $150 million credit facility, amended to mature in 2030. The board declared a $0.60 quarterly dividend payable December 15, 2025 to holders of record on December 1, 2025. During the quarter, the company repurchased 146,738 Class A shares for $29.7 million and 195,566 year-to-date for $37.5 million.