Houlihan Lokey, Inc. filings document the regulatory record of a NYSE-listed global investment bank with Class A common stock registered under the ticker HLI. Recent Form 8-K disclosures report quarterly and fiscal-year operating results, including segment information for Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory.
The company’s filings also cover material agreements, capital-structure matters, and governance events. Disclosures include amendments to a voting trust agreement connected to common-stock voting arrangements, board composition changes, director election matters, advisory executive-compensation votes, auditor ratification, and other shareholder voting records.
Houlihan Lokey reported first quarter fiscal 2027 results for the quarter ended June 30, 2026, with revenue of $511 million, down from $605 million a year earlier. Net income attributable to the company was $78 million, or $1.15 diluted EPS, versus $98 million and $1.42. Adjusted net income was $91 million and adjusted diluted EPS $1.35, compared with $148 million and $2.14.
Corporate Finance revenue fell to $303 million, Financial Restructuring to $119 million, while Financial and Valuation Advisory grew to $89 million. Management attributed weaker results mainly to headwinds in Corporate Finance from instability in the Middle East and disruptions in the technology sector and stated it believes these are temporary.
Compensation expense declined to $328 million, a 64.3% compensation ratio, and non-compensation expense to $105 million, while the effective tax rate rose to 9.8%. The board declared a $0.70 quarterly dividend for the second quarter of fiscal 2027, the company repurchased 348 thousand shares, and held $797 million in cash and investment securities as of June 30, 2026.
Houlihan Lokey, Inc. plans a 2026 annual stockholders meeting on September 16, 2026 in Los Angeles to elect four Class II directors, hold an advisory vote on executive pay, ratify KPMG LLP as auditor for fiscal 2027, and approve the Second Amended and Restated 2016 Incentive Award Plan.
The company uses a dual-class structure, with 54,197,538 Class A shares (one vote per share) and 15,688,962 Class B shares (ten votes per share) outstanding as of July 23, 2026. A Voting Trust holding employee-related shares controls a majority of voting power and is expected to support the board’s director slate.
For fiscal 2026, Houlihan Lokey reports record revenue of $2.62 billion, up 10% from fiscal 2025, and a quarterly dividend increase to $0.70 per share at the start of fiscal 2027. Executive bonuses were funded from a pool equal to 4.0% of revenue (about $104.7 million), allocated largely as cash and restricted stock.
Reported 2026 total pay was $13.0 million for CEO Scott J. Adelson and $17.5 million for Co‑Chairman P. Eric Siegert, with a mix of salary, cash incentives and time‑ and performance‑vesting Class B shares tied to revenue growth targets.
Houlihan Lokey, Inc. describes itself as a leading global independent investment bank focused on advisory work in three segments: Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory. The firm highlights an entrepreneurial, employee-ownership culture and avoids lending or trading activities that could create conflicts.
As of March 31, 2026, it reports more than 1,900 financial professionals, about 2,800 employees worldwide and over 2,000 clients annually, with approximately 32.2% of revenue from international operations. Goodwill and other intangibles total $1.60 billion, underscoring acquisition-driven growth.
The filing emphasizes extensive risk factors, including sensitivity to global market conditions, reliance on contingent advisory fees, competition from larger banks and boutiques, international and regulatory exposure, cybersecurity threats, and integration risks from acquisitions. Governance risks feature prominently: the HL Voting Trust holds roughly 22% of the economic interest but controls about 74% of voting power through Class B shares, making HLI a New York Stock Exchange “controlled company” with a dual-class structure and a potential future conversion that could shift control to public Class A holders.
Houlihan Lokey co-chairman Paul Eric Siegert received a grant of 19,815 shares of Class B Common Stock under the company’s 2016 Incentive Award Plan. These shares vest in four equal annual installments following the grant date.
The same 19,815 Class B shares are associated with underlying Class A Common Stock on a one-for-one conversion basis and have no expiration date. Following related voting trust transactions, Siegert holds 395,113 Class B shares indirectly through the HL Voting Trust, while 19,815 Class B shares are held directly.
CRAIN CHRISTOPHER M reported acquisition or exercise transactions in this Form 4 filing.
Houlihan Lokey’s General Counsel Christopher M. Crain reported an equity award and a voting trust transaction involving the company’s Class B Common Stock. He received a grant of 3,197 shares of Class B Common Stock under the 2016 Incentive Award Plan, which vest in four equal annual installments following the grant date. Separately, 3,197 shares of Class B Common Stock were deposited into the HL Voting Trust, where he retains investment control and dispositive power, bringing the Voting Trust’s holdings to 52,328 shares of Class B Common Stock.
Adelson Scott Joseph reported acquisition or exercise transactions in this Form 4 filing.
Houlihan Lokey CEO Scott Adelson reported equity awards and a voting trust transaction. He received 13,952 shares of Class B Common Stock under the 2016 Incentive Award Plan, vesting in four equal annual installments following the grant date.
He was also granted 3,322 performance shares of Class B Common Stock that vest over four years if revenue-growth performance goals are met, with unearned installments forfeited. Separately, 17,274 shares of Class B Common Stock were moved in a voting trust transaction, leaving 885,102 shares of this class held indirectly through the HL Voting Trust. Class B is convertible into Class A Common Stock on a one-for-one basis and has no expiration date.
ALLEY J LINDSEY reported acquisition or exercise transactions in this Form 4 filing.
HOULIHAN LOKEY, INC. reported that Chief Financial Officer Lindsey J. Alley received equity awards and restructured part of her holdings. On May 21, 2026, she was granted 3,778 shares of Class B Common Stock that vest in four equal annual installments. She was also granted 3,322 performance shares of Class B Common Stock that vest over four years only if revenue growth goals are met, with unearned installments forfeited. The same day, 7,100 Class B shares were deposited into the HL Voting Trust, while she retains investment control and dispositive power. Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis and has no expiration date.
Houlihan Lokey, Inc. director and co-chairman Scott L. Beiser converted and sold a small block of shares. On May 21, 2026, he converted 6,265 shares of Class B common stock into Class A common stock and then sold the same 6,265 Class A shares in an open-market transaction at a weighted average price of $150.26 per share, within a range of $149.83 to $150.89 per share. Following these transactions, he reported no directly held Class A shares, while remaining a trustee of the HL Voting Trust with an indirect pecuniary interest in 787,651 shares of Class B common stock, which are convertible into Class A common stock on a one-for-one basis and have no expiration date.
Houlihan Lokey director Cyrus D. Walker received an equity grant of 996 shares of Class A common stock. The award was recorded at a price of $0.00 per share, indicating a grant or similar acquisition rather than an open-market purchase. Following this award, Walker directly owns 7,111 shares of Houlihan Lokey’s Class A common stock, giving a clearer view of his current equity stake in the company.