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Dec 31, 2025
Houlihan Lokey Q3 2026 Earnings Report
Houlihan Lokey reported strong financial performance in Q3 FY26 with increases across revenue, net income, and operating income.
Key Takeaways
Houlihan Lokey delivered a solid third quarter, with revenue rising to $717 million and net income reaching $117 million. All major business segments posted year-over-year growth, supported by stronger market conditions and deal activity.
Revenue rose to $717 million in Q3 FY26, up from $634 million in Q3 FY25.
Net income increased to $117 million, reflecting stronger performance across all business segments.
Adjusted EPS came in at $1.94, exceeding the GAAP EPS of $1.70.
Corporate Finance led growth with $474 million in revenue and 177 closed transactions.
Revenue by Segment
Forward Guidance
The company is optimistic about continued momentum from strong deal activity and market sentiment, while remaining cautious about macroeconomic headwinds.
Positive Outlook
- Positive investor sentiment continues to drive business opportunities.
- Private equity market activity has accelerated.
- Robust deal flow contributed to higher average transaction fees.
- Recent European acquisitions expand global reach.
- Growing bench of managing directors positions company for long-term growth.
Challenges Ahead
- Management notes current transaction fee mix may not be sustainable long-term.
- Economic uncertainties could slow deal-making activity.
- Non-compensation expenses saw moderate increases from IT and professional fees.
- Reduced investment securities since prior quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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