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Houlihan Lokey
Houlihan Lokey (HLI) investor relations material
Houlihan Lokey Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Jan, 2026
Executive summary
Third quarter fiscal 2026 revenues reached $717 million, up 13% year-over-year, with adjusted EPS of $1.94, and net income rising 22% to $117 million; operating income for the quarter was $161 million.
Strong performance attributed to improving investor sentiment, expectations of declining interest rates, and a rebound in M&A activity, especially in private equity.
The firm remains the most active M&A and financial restructuring investment bank globally for 2025, holding top global rankings in each segment.
Maintained a diversified business model across Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory, with no single client, transaction, or professional accounting for more than 2% of revenues.
Management highlighted talent expansion, including new hires and two European transactions.
Financial highlights
Corporate Finance revenues were $474 million for the quarter, up 12% year-over-year, with 177 transactions closed and higher average fees.
Financial Restructuring revenues reached $156 million, a 19% increase, with 41 transactions and higher average fees.
Financial and Valuation Advisory revenues were $87 million, up 6% year-over-year, with 1,103 fee events, a 10% increase.
Compensation expenses for the quarter were $459 million (64.0% of revenues); adjusted compensation expenses were $441 million (61.5% of revenues).
Effective tax rate for the quarter was 31.3% (GAAP) and 30.6% (adjusted), both down from the prior year.
Outlook and guidance
Corporate Finance activity is expected to remain strong, with positive inflection in deal activity and backlog supporting optimism for fiscal 2027.
Restructuring revenues are expected to face pressure in Q4 and fiscal 2027 as market conditions improve, though geopolitical events could drive activity.
Management expressed optimism due to favorable market conditions and ongoing expansion of talent and capabilities.
Non-compensation expense growth for Q4 is expected to be consistent with year-to-date trends; high single-digit growth anticipated for fiscal 2027.
The firm sees significant pent-up demand in M&A, with the current cycle considered to be in early innings.
Clarify CF/FR average fee increase drivers
Detail adjusted non-comp expense growth drivers
Future share repurchase program outlook
What drives expected FY27 restructuring pressure?
How do acquisitions fit Europe growth strategy?
Capital Solutions: specific white space opportunities?
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Next Houlihan Lokey earnings date
Q4 20268 May, 2026
Houlihan Lokey
Next Houlihan Lokey earnings date
Q4 20268 May, 2026
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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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