HOULIHAN LOKEY, INC.
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 3, 2026
HLI$148.03-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Comprehensive Income
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
|---|---|---|---|---|
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 |
| Revenues | $717,072 | $634,428 | $1,981,873 | $1,722,994 |
| Operating expenses: | ||||
| Employee compensation and benefits | 441,001 | 390,173 | 1,218,852 | 1,059,641 |
| Acquisition related compensation and benefits | 17,570 | 12,798 | 55,758 | 34,083 |
| Travel, meals, and entertainment | 18,736 | 17,942 | 53,891 | 50,024 |
| Rent | 19,523 | 22,259 | 55,502 | 56,717 |
| Depreciation and amortization | 8,297 | 9,561 | 34,590 | 25,861 |
| Information technology and communications | 20,357 | 16,945 | 54,873 | 50,889 |
| Professional fees | 11,740 | 11,744 | 33,733 | 29,898 |
| Other operating expenses | 19,118 | 16,904 | 54,908 | 53,542 |
| Revaluation of acquisition contingent consideration | — | — | 17,895 | 828 |
| Total operating expenses | 556,342 | 498,326 | 1,580,002 | 1,361,483 |
| Operating income | 160,730 | 136,102 | 401,871 | 361,511 |
| Other (income) expense, net | (8,918) | (9,016) | (25,880) | (19,569) |
| Income before provision for income taxes | 169,648 | 145,118 | 427,751 | 381,080 |
| Provision for income taxes | 53,100 | 49,816 | 101,889 | 103,289 |
| Net income | 116,548 | 95,302 | 325,862 | 277,791 |
| Other comprehensive income, net of tax: | ||||
| Foreign currency translation adjustments | (444) | (48,148) | 33,811 | (19,749) |
| Comprehensive income | $116,104 | $47,154 | $359,673 | $258,042 |
| Weighted average shares of common stock outstanding: | ||||
| Basic | 66,633,965 | 65,831,122 | 66,615,145 | 65,563,605 |
| Fully diluted | 68,426,644 | 68,760,959 | 68,691,432 | 68,558,325 |
| Earnings per share (Note 13) | ||||
| Basic | $1.75 | $1.45 | $4.89 | $4.24 |
| Fully diluted | $1.70 | $1.39 | $4.74 | $4.05 |
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