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Houlihan Lokey Reports First Quarter Fiscal 2026 Financial Results

鈥� First Quarter Fiscal 2026 Revenues of $605 million 鈥�

鈥� First Quarter Fiscal 2026 Diluted EPSrticles/eps-explained-simple-example" title="Read: EPS Explained with a Simple Example: The Most Important Stock Metric" class="article-link" rel="noopener">Diluted EPS of $1.42 鈥�

鈥� Adjusted First Quarter Fiscal 2026 Diluted EPSrticles/eps-explained-simple-example" title="Read: EPS Explained with a Simple Example: The Most Important Stock Metric" class="article-link" rel="noopener">Diluted EPS of $2.14 鈥�

鈥� Announces Dividend of $0.60 per Share for Second Quarter Fiscal 2026 鈥�

LOS ANGELES & NEW YORK--(BUSINESS WIRE)-- Houlihan Lokey, Inc. (NYSE:HLI) (鈥淗oulihan Lokey鈥� or the 鈥淐ompany鈥�) today reported financial results for its first quarter ended June 30, 2025.

For the first quarter ended June 30, 2025, revenues were $605 million, compared with $514 million for the first quarter ended June 30, 2024. Net income was $98 million, or $1.42 per diluted share, for the first quarter ended June 30, 2025, compared with $89 million, or $1.30 per diluted share, for the first quarter ended June 30, 2024. Adjusted net income for the first quarter ended June 30, 2025 was $148 million, or $2.14 per diluted share, compared with $84 million, or $1.22 per diluted share, for the first quarter ended June 30, 2024.

鈥淲e began fiscal 2026 with momentum across our business, despite an uncertain environment, and concluded the first quarter with solid performance by all three of our business lines. We continue to see the benefits of our diversified business model, particularly across industry and geography. While forecasts remain difficult in the current environment, we are cautiously optimistic that we can continue to build on this momentum in fiscal 2026,鈥� stated Scott Adelson, Chief Executive Officer of Houlihan Lokey.

Revenues

For the first quarter ended June 30, 2025, revenues were $605 million, compared with $514 million for the first quarter ended June 30, 2024. For the first quarter ended June 30, 2025, Corporate Finance (鈥淐F鈥�) revenues increased 21%, Financial Restructuring (鈥淔R鈥�) revenues increased 9%, and Financial and Valuation Advisory (鈥淔VA鈥�) revenues increased 16% when compared with the first quarter ended June 30, 2024.

Expenses

The Company鈥檚 employee compensation and benefits expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.

Employee compensation and benefits expenses were $393 million for the first quarter ended June 30, 2025, compared with $330 million for the first quarter ended June 30, 2024. Adjusted employee compensation and benefits expenses were $372 million for the first quarter ended June 30, 2025, compared with $316 million for the first quarter ended June 30, 2024. This resulted in an adjusted compensation ratio of 61.5% for both the first quarter ended June 30, 2025 and June 30, 2024. The increase in GAAP and adjusted employee compensation and benefits expenses was primarily a result of an increase in revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $123 million for the first quarter ended June 30, 2025, compared with $89 million for the first quarter ended June 30, 2024. The increase in GAAP non-compensation expenses was primarily a result of increases in revaluation of acquisition contingent consideration, depreciation and amortization, and other operating expenses. Adjusted non-compensation expenses were $94 million for the first quarter ended June 30, 2025, compared with $80 million for the first quarter ended June 30, 2024. The increase in adjusted non-compensation expenses was primarily a result of increases in other operating expenses and professional fees for the quarter when compared with the same quarter last year.

The provision for income taxes was $1 million, representing an effective tax rate of 0.5% for the first quarter ended June 30, 2025, compared with $11 million, representing an effective tax rate of 10.9%, for the first quarter ended June 30, 2024. The decrease in the Company鈥檚 GAAP effective tax rate was primarily a result of increased stock-based compensation deductions. The adjusted (benefit)/provision for income taxes was ($1) million, representing an adjusted effective tax rate of (0.8)% for the first quarter ended June 30, 2025, compared with $38 million, representing an adjusted effective tax rate of 31.2% for the first quarter ended June 30, 2024. The decrease in the Company鈥檚 adjusted effective tax rate was primarily a result of a policy change that we are no longer adjusting out the impact of stock-based compensation deductions. Had we not made the adjustment for stock-based compensation deductions to the first quarter ended June 30, 2024, our adjusted effective tax rate for the quarter would have been 9.3%.

Segment Reporting for the First Quarter

Corporate Finance

CF revenues were $399 million for the first quarter ended June 30, 2025, compared with $328 million for the first quarter ended June 30, 2024, representing an increase of 21%. Revenues increased primarily due to an increase in the average transaction fee on closed transactions. The increase in the average transaction fee on closed transactions was driven by transaction mix, and does not represent a trend in the average transaction fee on closed transactions.

Financial Restructuring

FR revenues increased 9% to $128 million for the first quarter ended June 30, 2025, compared with $117 million for the first quarter ended June 30, 2024. Revenues increased primarily due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for restructuring transactions.

Financial and Valuation Advisory

FVA revenues increased 16% to $79 million for the first quarter ended June 30, 2025, compared with $68 million for the first quarter ended June 30, 2024. Revenues increased primarily due to an increase in the number of Fee Events. The increase in the number of Fee Events was driven by increasing our client base and expanding our scope of work for existing clients in one or more of the service lines within our FVA business.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.60 per share of Class A and Class B common stock. The dividend will be payable on September 15, 2025 to stockholders of record as of the close of business on September 2, 2025.

As of June 30, 2025, the Company had $867 million of cash and cash equivalents and investment securities, and $93 million of other liabilities.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Tuesday, July 29, 2025, to discuss its first quarter fiscal 2026 results. The number to call is 1-844-825-9789 (domestic) or 1-412-317-5180 (international) and entering the conference ID 10201108. A live webcast will be available in the Investor Relations section of the Company鈥檚 website. A replay of the conference call will be available from July 29, 2025 through August 5, 2025, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10201108. A replay of the webcast will be archived and available on the Company鈥檚 website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words 鈥渁ssumes,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥済uidance,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥減rojects,鈥� and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company鈥檚 control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company鈥檚 filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company鈥檚 operating results. The adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company鈥檚 financial information determined under GAAP. For a description of the Company鈥檚 use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled 鈥淩econciliation of GAAP to Adjusted Financial Information.鈥� Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia Pacific region. Independent advice and intellectual rigor are hallmarks of the firm鈥檚 commitment to client success across its advisory services. The firm is the No. 1 investment bank for all global M&A transactions for the past two years, the No. 1 M&A advisor for the past 10 years in the U.S., the No. 1 global restructuring advisor for the past 11 years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by LSEG.

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Appendix

Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

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Source: Houlihan Lokey, Inc.