Houlihan Lokey, Inc. (HLI)

Houlihan Lokey Cash Flow Statement

Financials in millions USD. Fiscal year is April - March.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Net Income	447.78	399.71	280.3	254.22	437.75	312.77
Depreciation & Amortization, Total	50	41.27	28.54	58.22	48.54	15.23
Gain (Loss) On Sale of Investments	-1.45	-1.45	-0.88	3.68	4.23	-0.1
Stock-Based Compensation	194.24	168.44	166.6	156.94	91.88	62.42
Change in Accounts Receivable	-91.02	-21.93	-101.31	-49.34	32.16	-111.49
Change in Accounts Payable	-30.43	-13.37	-23.19	-32.01	-9.96	0.54
Change in Other Net Operating Assets	90.94	177.06	-49.03	-215.49	165.62	216.97
Other Operating Activities	42.83	35.3	43.01	25.29	-31.88	2
Operating Cash Flow	769.48	848.61	328.46	136.27	736.6	579.84
Capital Expenditures	-30.54	-39.7	-66.73	-50.73	-8.68	-14.15
Cash Acquisitions	-1.2	-69.19	-3.86	-20.43	-361	-12.47
Investment in Securities	-22.82	-156.17	0.18	68.15	95.76	-73.13
Investing Cash Flow	-54.57	-265.06	-70.41	-3	-273.91	-99.75
Long-Term Debt Repaid	-	-	-	-3.03	-0.28	-4.18
Net Debt Issued (Repaid)	-	-	-	-3.03	-0.28	-4.18
Issuance of Common Stock	-	-	-	-	-	189.06
Repurchase of Common Stock	-317.85	-154.86	-95.67	-90.94	-338.53	-120.03
Common Dividends Paid	-173.4	-165.22	-148.45	-140.38	-114.81	-92.01
Other Financing Activities	-	-9	-6.47	-6.11	-5.44	0.33
Financing Cash Flow	-491.25	-329.07	-250.59	-240.46	-459.06	-26.82
Foreign Exchange Rate Adjustments	36.85	-0.76	-0.43	-12.07	-16.78	13.21
Net Cash Flow	260.51	253.73	7.04	-119.26	-13.15	466.48
Free Cash Flow	738.94	808.91	261.73	85.54	727.92	565.69
Free Cash Flow Growth	8.97%	209.06%	205.96%	-88.25%	28.68%	111.91%
Free Cash Flow Margin	27.91%	33.86%	13.67%	4.73%	32.07%	37.09%
Free Cash Flow Per Share	10.75	11.78	3.84	1.27	10.66	8.24
Cash Interest Paid	1.36	1.36	0.58	5.9	1	0.99
Cash Income Tax Paid	175.68	93.31	105.06	156.79	242.03	44.2

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.

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