Revenue expanded from $513.6M in 2025Q1 to $692.0M in 2027Q2, yet quarterly operating income of $154.0M on $692.0M revenue implies a margin near 22% and suggests earnings conversion has lagged top-line growth.
Houlihan Lokey, Inc. (HLI) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.21M | 0 | 0 |
| NII Growth % | 0% | - | - | - | - | - | - | - | - | - | - | -100% | - | - | - |
| Net Interest Margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.34% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.21M | 0 | 1.84M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 803.04M | 42.63M | 1.47B | 1.18B | 1.11B | 1.41B | 971.2M | 737.76M | 692.07M | 636.63M | 582.24M | 461.61M | 475.1M | 414.92M | 0 |
| Non-Interest Income | 2.56B | 2.62B | 2.39B | 1.91B | 1.81B | 2.27B | 1.53B | 1.16B | 1.08B | 963.36M | 872.09M | 693.76M | 676.66M | 592.45M | 518.45M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 99.38% | 100% | 100% |
| Total Net Revenue | 2.56B | 2.62B | 2.39B | 1.91B | 1.81B | 2.27B | 1.53B | 1.16B | 1.08B | 963.36M | 872.09M | 693.76M | 680.87M | 592.45M | 518.45M |
| Revenue Growth % | -0.39% | 9.55% | 24.81% | 5.8% | -20.29% | 48.81% | 31.58% | 6.91% | 12.56% | 10.47% | 25.7% | 1.89% | 14.92% | 14.27% | - |
| Non-Interest Expense | 1.2B | 1.96B | 418.38M | 374.19M | 354.9M | 248.46M | 146.1M | 192M | 173.22M | 112.32M | 107.85M | 105.76M | 77.12M | 74.68M | 423.81M |
| Efficiency Ratio | 46.93% | 74.74% | 17.51% | 19.55% | 19.61% | 10.95% | 9.58% | 16.56% | 15.97% | 11.66% | 12.37% | 15.24% | 11.33% | 12.61% | 81.75% |
| Operating Income | 553.31M | 618.53M | 501.54M | 362.86M | 341.74M | 612.86M | 408.16M | 229.6M | 219.1M | 214.41M | 182M | 126.4M | 128.65M | 102.85M | 95.39M |
| Operating Margin % | 21.65% | 23.63% | 20.99% | 18.95% | 18.89% | 27% | 26.76% | 19.8% | 20.2% | 22.26% | 20.87% | 18.22% | 18.9% | 17.36% | 18.4% |
| Operating Income Growth % | - | 23.33% | 38.22% | 6.18% | -44.24% | 50.15% | 77.77% | 4.79% | 2.18% | 17.81% | 43.98% | -1.75% | 25.09% | 7.81% | - |
| Pretax Income | 549.16M | 562.26M | 531.34M | 390.54M | 324M | 603.94M | 409.23M | 235.65M | 224.32M | 217.84M | 178.49M | 125.63M | 132.13M | 105.33M | 98.31M |
| Pretax Margin % | 21.49% | 21.48% | 22.24% | 20.4% | 17.91% | 26.61% | 26.83% | 20.33% | 20.69% | 22.61% | 20.47% | 18.11% | 19.41% | 17.78% | 18.96% |
| Income Tax | 146.3M | 138.09M | 131.62M | 110.24M | 69.78M | 165.61M | 96.46M | 51.85M | 65.21M | 45.55M | 70.14M | 55.86M | 52.2M | 43.9M | 39.38M |
| Effective Tax Rate % | 26.64% | 24.56% | 24.77% | 28.23% | 21.54% | 27.42% | 23.57% | 22% | 29.07% | 20.91% | 39.3% | 44.47% | 39.5% | 41.68% | 40.06% |
| Net Income | 403.38M | 425.7M | 399.71M | 280.3M | 254.22M | 437.75M | 312.77M | 183.79M | 159.11M | 172.28M | 108.34M | 69.74M | 79.88M | 61.32M | 58.97M |
| Net Margin % | 15.78% | 16.26% | 16.73% | 14.64% | 14.05% | 19.28% | 20.5% | 15.85% | 14.67% | 17.88% | 12.42% | 10.05% | 11.73% | 10.35% | 11.38% |
| Net Income Growth % | -5.43% | 6.5% | 42.6% | 10.26% | -41.93% | 39.96% | 70.18% | 15.52% | -7.65% | 59.02% | 55.35% | -12.69% | 30.27% | 3.98% | - |
| Net Income (Continuing) | 402.86M | 424.17M | 399.71M | 280.3M | 254.22M | 438.32M | 312.77M | 183.79M | 159.11M | 172.28M | 108.34M | 69.77M | 79.94M | 61.43M | 58.97M |
| EPS (Diluted) | 6.02 | 6.22 | 5.82 | 4.11 | 3.76 | 6.41 | 4.55 | 2.80 | 2.42 | 2.60 | 1.63 | 1.10 | 1.32 | 1.01 | 1.00 |
| EPS Growth % | -3.87% | 6.87% | 41.61% | 9.31% | -41.34% | 40.88% | 62.5% | 15.7% | -6.92% | 59.51% | 48.18% | -16.67% | 30.69% | 1% | - |
| EPS (Basic) | - | 6.40 | 6.08 | 4.36 | 4.01 | 6.74 | 4.75 | 2.96 | 2.42 | 2.60 | 1.77 | 1.18 | 1.32 | 1.01 | 1.00 |
| Diluted Shares Outstanding | 67M | 68.43M | 68.66M | 68.16M | 67.59M | 68.26M | 68.67M | 65.73M | 65.85M | 66.32M | 66.58M | 63.48M | 60.46M | 60.46M | 58.79M |
Quick answers to the most common questions about buying HLI stock.
For fiscal year 2026, Houlihan Lokey, Inc. (HLI) reported total revenue of $2.62B. This represents a 404.9% increase compared to $518.4M in 2013.
Houlihan Lokey, Inc. (HLI) is profitable, generating $425.7M in net income for the fiscal year ending 2026 with a net profit margin of 16.3%.
Houlihan Lokey, Inc. (HLI) reported an operating income of $618.5M, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Houlihan Lokey, Inc. (HLI) generated $2.57B in gross profit for the year, representing a gross profit margin of 98.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Deal-driven revenue cyclicality
Metrics are mathematically derived from official filings.
Fee-Driven Revenue Quality Under Scrutiny
Based on HLI's reported figures, non-interest income of $692.0M in 2027Q2 equals total revenue, yet the reported 77.7% efficiency ratio and volatile quarterly run-rate suggest deal timing rather than recurring fee durability is driving the top line.
The reported revenue series is entirely non-interest in nature, which is consistent with an advisory model rather than a balance-sheet lender. Quarterly revenue ranged from $511.0M to $717.1M over the ten-quarter window, indicating meaningful lumpiness tied to transaction closings. Investors should monitor whether the 2027Q2 rebound is sustained, since the reported figures do not yet show a stable base.
Provision Spikes Signal Restructuring Exposure
Provision expense of $354.0M in 2027Q1 and $441.0M in 2026Q3 appears large relative to reported quarterly revenue, which may indicate that the provisioning line in this dataset captures restructuring-related charges rather than conventional loan loss reserves.
Because HLI is an advisory firm rather than a lender, the provisioning figures are unlikely to reflect standard credit cycle dynamics and warrant further investigation into their classification. The 2026Q4 provision of $8.0M against the 2026Q3 figure of $441.0M highlights extreme dispersion. Investors should monitor how these charges affect operating income and net income across periods.
Operating Income Lags Revenue Expansion
Operating income of $154.0M on $692.0M revenue in 2027Q2 implies a margin near 22%, while reported EPS of $1.64 against a $2.01 consensus suggests earnings conversion has weakened despite top-line growth.
Operating income moved from $78.0M in 2027Q1 to $154.0M in 2027Q2, showing sensitivity to revenue timing and cost absorption. The gap between revenue strength and the EPS miss suggests compensation or other operating costs may be absorbing incremental fee income. Investors should track whether operating margin can hold near the reported 23.6% level in subsequent quarters.
Earnings Momentum Versus Peer Positioning
Against peers, HLI's reported 9.5% year-over-year revenue growth trails Evercore's 29.4% and Moelis's 27.0%, which may indicate a relative share or deal-cycle lag rather than a structural weakness.
The reported growth gap versus Evercore and Moelis suggests HLI is participating less in the mid-to-large cap deal upcycle that peers are capturing. However, the counter-cyclical restructuring exposure is not visible in the supplied income statement data, so the comparison may understate HLI's resilience. Investors should consider whether the EPS miss reflects company-specific cost pressure or market-wide compensation dynamics.