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Houlihan Lokey
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Latest analysis
Updated Jul 31, 2026
Houlihan Lokey revenue declined 16% YoY; Corporate Finance weakness offset by Financial & Valuation Advisory growth.
Houlihan Lokey reported Q1 FY2027 revenue of $511 million, down 16% from $605 million in Q1 FY2026, driven by a 24% decline in Corporate Finance revenues as average transaction fees contracted due to unfavorable transaction mix. Financial Restructuring declined 8% on lower transaction volume, while Financial and Valuation Advisory grew 13% on strong market demand and higher fee-event volume. Segment profit fell 18% to $154 million as lower revenues compressed margins across CF and FR, partially offset by 34% profit growth in FVA. Net income declined 20% to $78 million on the revenue shortfall and a higher effective tax rate.
Tone: cautiousRevenue
$2.6B
HLI 10-K · FY 2026
Employees
2,800
Revenue growth YoY
+10%
Founded
1972
Profile
HLI 10-K Item 1 · May 22, 2026Houlihan Lokey is a global independent investment bank established in 1972, providing advisory services across mergers and acquisitions, financial restructuring, and financial and valuation advisory. The firm serves corporations, financial sponsors, and government agencies worldwide through three business segments: Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory. It operates with a pure-advisory model, conducting no lending, securities sales and trading, or investment research.
Read filing description ↓ Collapse description ↑
Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions ('M&A'), capital markets, financial restructurings, liability management, and financial and valuation advisory services. We serve a diverse set of clients worldwide, including corporations, financial sponsors and government agencies. We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients. We advise our clients on critical strategic and financial decisions, employing a rigorous analytical approach coupled with deep product and industry expertise. We market our services through our product areas, our industry groups and our Financial Sponsors group, serving our clients in three business segments: Corporate Finance ('CF'), encompassing M&A and capital solutions; Financial Restructuring ('FR'), including restructurings both out-of-court and in formal bankruptcy or insolvency proceedings; and Financial and Valuation Advisory ('FVA'), including financial opinions and a variety of valuation and financial consulting services. We are committed to a set of principles that serve as the backbone of our success. Independent advice and intellectual rigor, combined with consistent senior-level involvement, are hallmarks of our commitment to client service. Our entrepreneurial culture engenders our flexibility to collaborate across our business practices to provide world-class solutions for our clients. We do not engage in any lending, securities sales and trading, or investment research that might conflict with our clients' interests.
Primary products
- Mergers & Acquisitions advisory
- Capital Solutions
- Financial Restructuring
- Liability Management
- Financial Opinions
- Valuation Advisory
Business segments
End markets
Geographies
“We believe we have developed a reputation in the marketplace as one of the most prolific sell-side advisors, consistently selling more companies under $1 billion than any competitor.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Revenues increased 10% to $2.62 billion for fiscal year ended March 31, 2026, up from $2.39 billion in the prior fiscal year.
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