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	438.32	312.77
Depreciation & Amortization	50	41.27	28.54	58.22	48.54	15.23
Stock-Based Compensation	194.24	168.44	166.6	156.94	91.88	62.42
Other Adjustments	68.48	43.11	49.39	35.4	-24.51	9.19
Change in Receivables	-62.84	-55.7	-23.83	-37.74	14.13	-32.97
Changes in Accounts Payable	-27.78	-13.37	-23.19	-32.01	-9.96	0.54
Changes in Accrued Expenses	163.26	210.25	-42.27	-189.53	150.72	228.55
Changes in Income Taxes Payable	-9.27	39.23	-15.29	-83.61	-6.25	73.23
Changes in Unearned Revenue	3.28	15.08	-7.56	11.94	0.81	0.99
Changes in Other Operating Activities	-62.08	0.58	-84.23	-37.55	32.93	-90.11
Operating Cash Flow	769.48	848.61	328.46	136.27	736.6	579.84
Operating Cash Flow Growth	7.54%	158.36%	141.03%	-81.50%	27.04%	101.56%
Capital Expenditures	-30.54	-39.7	-66.73	-50.73	-8.68	-14.15
Purchases of Investments	-315.85	-250.48	-11.28	-19.23	-101.56	-391.56
Proceeds from Sale of Investments	293.03	94.31	11.46	87.38	197.32	318.43
Payments for Business Acquisitions	-1.2	-69.19	-3.86	-20.43	-361	-12.47
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 Long-Term 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
Net Common Stock Issued (Repurchased)	-317.85	-154.86	-95.67	-90.94	-338.53	69.03
Common Dividends Paid	-173.4	-165.22	-148.45	-140.38	-114.81	-92.01
Other Financing Activities	0.36	-9	-6.47	-6.11	-5.44	0.33
Financing Cash Flow	-491.25	-329.07	-250.59	-240.46	-459.06	-26.82
Effect of Exchange Rate Changes on Cash and Cash Equivalents	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	-8.65%	209.06%	205.96%	-88.25%	28.68%	111.91%
FCF Margin	27.90%	33.85%	13.67%	4.73%	32.07%	37.08%
Free Cash Flow Per Share	10.74	11.78	3.84	1.27	10.66	8.24
Levered Free Cash Flow	534.64	653.06	69.57	-72.08	645.58	522.87
Unlevered Free Cash Flow	506.68	630.64	49.7	-55.14	652.91	526.23

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.

SEC Filings: 10-K · 10-Q