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Houlihan Lokey (HLI) investor relations material

Houlihan Lokey Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary29 Jul, 2025

Executive summary

  • Revenues for Q1 FY2026 were $605M, up 18% year-over-year, with adjusted EPS of $2.14, a 75% increase, and net income of $98M ($1.42 diluted EPS).

  • All business lines delivered strong performance, supported by a diversified model and global reach.

  • Continued expansion through senior hiring, acquisitions, and a robust acquisition pipeline.

  • Hosted inaugural flagship conference, enhancing client engagement and brand visibility.

  • Board declared a $0.60 per share dividend for Q2 FY2026, payable September 15, 2025.

Financial highlights

  • Corporate Finance revenues were $399M, up 21% year-over-year, with higher average transaction fees and 125 transactions closed.

  • Financial Restructuring revenues reached $128M, a 9% increase, with more closed transactions and higher average fees.

  • Financial and Valuation Advisory revenues were $79M, up 16%, with 957 fee events and an expanded client base.

  • Adjusted compensation expenses were $372M (61.5% of revenues), and adjusted non-compensation expenses rose to $94M, mainly due to the flagship conference and higher operating costs.

  • Ended the quarter with $867M in unrestricted cash and investment securities.

Outlook and guidance

  • Management remains cautiously optimistic for fiscal 2026, expecting continued momentum and elevated restructuring revenues.

  • High single-digit growth in non-compensation expenses anticipated for the full year, driven by headcount growth.

  • U.S. market expected to outpace EMEA in M&A activity through the summer.

  • Management is evaluating the impact of the OBBBA and expects to remain in compliance with all loan covenants.

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Q2 202630 Oct, 2025
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Frequently asked questions

Houlihan Lokey, Inc., an investment banking company, provides merger and acquisition (M&A), capital market, financial restructuring, and financial and valuation advisory services worldwide. It operates through Corporate Finance & Restructuring-Americas; Corporate Finance & Restructuring-EMEA; and DCF franchise segments.

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