Business Wire·May 6, 2026, 4:40 PM ET

Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2026 Financial Results

HLI

Houlihan Lokey reported record fiscal year 2026 revenues of $2.62 billion, a 9.6% increase from $2.39 billion in fiscal 2025.
Fiscal year 2026 diluted earnings per share (EPS) reached $6.22, compared to $5.82 in the prior year, while adjusted diluted EPS was $7.56.
Fourth quarter fiscal 2026 revenues totaled $636 million, a 4.5% decrease from $666 million in the same quarter of 2025.
Fourth quarter fiscal 2026 diluted EPS was $1.47, down from $1.76 in the prior year, with adjusted diluted EPS at $1.63.
The Board of Directors declared a quarterly dividend increase of 16.7% to $0.70 per share, payable on June 15, 2026.
Corporate Finance revenues grew 14% for the full year to $1.74 billion but decreased slightly in the fourth quarter, driven by a higher number of closed transactions.
Financial Restructuring revenues declined 3% for the full year to $528 million and fell 33% in the fourth quarter to $110 million due to lower transaction volume.
Financial and Valuation Advisory revenues increased 8% for the full year to $344 million and 3% in the fourth quarter to $91 million, supported by more fee events.
Total compensation expenses for the fiscal year were $1.68 billion on a GAAP basis, resulting in a compensation ratio of 64.3%.
The company repurchased 301,000 shares during the fourth quarter.
As of March 31, 2026, Houlihan Lokey held $1.36 billion in unrestricted cash, cash equivalents, and investment securities.
The firm reported net income of $426 million for the fiscal year and $100 million for the fourth quarter.
Adjusted net income for the fiscal year was $518 million, and for the fourth quarter was $111 million.
The effective tax rate for the fiscal year was 24.6%, while the adjusted effective tax rate was 23.7%.
An investor conference call to discuss these results was scheduled for May 6, 2026.