Houlihan Lokey, Inc.

Houlihan Lokey, Inc. Earnings Recaps

HLI Financials 2 recaps
Q4 2026 May 8, 2026

Shares rose modestly by 2.2% following earnings that showed steady revenue growth and record annual performance, but lingering geopolitical uncertainty and the delayed closing of key restructuring deals restrained a stronger market response.

Key takeaways
  • Fiscal year 2026 revenue reached a record $2.6 billion, up 10% year-over-year; adjusted EPS rose 20% to $7.56.
  • Fourth quarter revenue was $636 million with adjusted EPS of $1.63; Corporate Finance and Financial Valuation & Advisory posted their highest Q4 revenues ever.
  • Financial Restructuring segment revenue declined 3% year-over-year for the full year; Q4 was impacted by delayed closings of two large transactions and a 21% drop in transaction volume.
  • Corporate Finance closed 171 deals in Q4 (up from 147 last year) but average transaction fees decreased amid extended M&A timelines influenced by geopolitical tensions.
  • Management expects variability in near-term Corporate Finance growth due to prolonged deal timelines but maintains a positive longer-term outlook supported by a record backlog and active pipeline.
Full recap
Q3 2026 Jan 30, 2026

Houlihan Lokey reported strong third-quarter fiscal 2026 results, with revenues of $717 million (up 13%) and adjusted earnings per share rising to $1.94 (up 18%), driven by robust corporate finance performance and increased investor sentiment.

Key takeaways
  • Corporate Finance revenues reached $474 million, marking a 12% increase, with a rise in average fees and transaction activity.
  • Financial Restructuring revenues surged 19% to $156 million, aided by accelerated transactions, defying typical seasonal trends.
  • The firm remains the top M&A and financial restructuring investment bank globally, reinforcing its market leadership.
  • Recent strategic acquisitions, including a controlling interest in O'Dare Partners, enhance Houlihan Lokey's European presence and capabilities.
  • Continued positive outlook for fiscal 2027 driven by improving market conditions and strategic growth initiatives.
Full recap