HLI FY 2025 Earnings Report — Houlihan Lokey, Inc. Revenue & Financial Results | Market Cap Arena

Houlihan Lokey, Inc.HLI

FY 2025 Earnings

Reported May 15, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$2.4B	—	$1.9B	—	24.8%
Op. Income	$502M	—	$363M	—	38.2%
Gross Margin	38.5%	—	38.5%	—	-0.0pp
Net Margin	16.7%	—	14.6%	—	2.1pp
EPS (Diluted)	$5.82	—	$4.11	—	41.6%
Free Cash Flow	$809M	—	$262M	—	209.1%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.5B
GROSS PROFIT	$920M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$188M
SG&A Expenses	$188M
Other Expenses	$230M
Operating Expenses	$418M
Cost & Expenses	$1.9B
OPERATING INCOME	$502M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$30M
INCOME BEFORE TAX	$531M
Income Tax Expense	$132M
Net Income from Continuing Ops	$400M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$400M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$400M
D&A	$41M
EBIT	$556M
EBITDA	$598M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.5B
GROSS PROFIT	$920M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$188M
SG&A Expenses	$188M
Other Expenses	$230M
Operating Expenses	$418M
Cost & Expenses	$1.9B
OPERATING INCOME	$502M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$30M
INCOME BEFORE TAX	$531M
Income Tax Expense	$132M
Net Income from Continuing Ops	$400M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$400M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$400M
D&A	$41M
EBIT	$556M
EBITDA	$598M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$400M
Depreciation & Amortization	$41M
Stock-Based Compensation	$168M
Deferred Income Tax	-$957.0K
Other Non-Cash Items	$44M
Change in Working Capital	$196M
OPERATING CASH FLOW	$849M
Capital Expenditure	-$40M
Acquisitions (Net)	-$69M
Purchases of Investments	-$250M
Sales/Maturities of Investments	$94M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$265M
Net Debt Issuance	$0
Common Stock Repurchased	-$53M
Common Dividends Paid	-$165M
Other Financing Activities	-$111M
NET CASH FROM FINANCING	-$329M
FREE CASH FLOW	$809M
Net Change in Cash	$254M

Balance Sheet

Item	Amount
Cash & Equivalents	$971M
Short-Term Investments	$167M
Net Receivables	$415M
Inventory	$0
Other Current Assets	$5M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$512M
Goodwill	$1.3B
Intangible Assets	$213M
Long-Term Investments	$28M
Tax Assets	$93M
Other Non-Current Assets	$131M
TOTAL NON-CURRENT ASSETS	$2.3B
TOTAL ASSETS	$3.8B
Account Payables	$137M
Short-Term Debt	$0
Deferred Revenue	$48M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$9M
Other Non-Current Liabilities	$69M
TOTAL NON-CURRENT LIABILITIES	$516M
TOTAL LIABILITIES	$1.6B
Common Stock	$70.0K
Additional Paid-In Capital	$843M
Retained Earnings	$1.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$63M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$0
TOTAL EQUITY	$2.2B
TOTAL LIABILITIES & EQUITY	$3.8B
Total Debt	$438M
Net Debt	-$533M