HLI Reported this cycle

Houlihan Lokey

Los Angeles, CA Founded 1972 Banking & Capital Markets

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Latest analysis

Updated Oct 30, 2026

Houlihan Lokey Q2 FY2027: CF segment delivers 10% revenue growth and 15% profit expansion, offsetting continued FR softness and a 5% H1 revenue decline.

Corporate Finance drove a 10% quarter-over-quarter revenue gain in Q2 FY2027, reaching $481 million on higher average transaction fees amid improved M&A and capital markets conditions — offsetting a 12% decline in Financial Restructuring, where transaction timing compressed both revenue and segment profit. At the consolidated level, Q2 revenue of $692 million exceeded the prior-year quarter by 5%, but the six-month result of $1.2 billion trailed the prior-year $1.3 billion by 5%, reflecting a weaker H1 CF pipeline. Financial and Valuation Advisory was the standout on a percentage basis, with FVA posting 7% Q2 revenue growth and 12% profit expansion, supported by non-cyclical business growth.

Tone: mixed

Revenue

$2.6B

HLI 10-K · FY 2026

Employees

2,800

Revenue growth YoY

+10%

Founded

1972

Profile

HLI 10-K Item 1 · May 22, 2026

Houlihan 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 ↓

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

Corporate Finance Financial Restructuring Financial and Valuation Advisory

End markets

corporations financial sponsors government agencies public and private company executives boards of directors special committees debtors creditors bondholder groups financial institutions trade creditors

Geographies

United States United Kingdom Germany France Spain Italy Netherlands Sweden Switzerland Dubai Australia Hong Kong SAR India Singapore

“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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