Houlihan Lokey, Inc. (HLI)

Houlihan Lokey Cash Flow Statement

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

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Net Income	424.17	399.71	280.3	254.22	438.32
Depreciation & Amortization	42.63	41.27	28.54	58.22	48.54
Stock-Based Compensation	201.3	168.44	166.6	156.94	91.88
Other Adjustments	38.09	43.11	49.39	35.4	-24.51
Change in Receivables	32.63	-55.7	-23.83	-37.74	14.13
Changes in Accounts Payable	-27.9	1.71	-30.75	-32.01	-9.96
Changes in Accrued Expenses	128.22	210.25	-42.27	-189.53	150.72
Changes in Income Taxes Payable	-	-	-	-83.61	-6.25
Changes in Unearned Revenue	-	-	-	11.94	0.81
Changes in Other Operating Activities	-135.02	39.81	-99.52	-37.55	32.93
Operating Cash Flow	704.13	848.61	328.46	136.27	736.6
Operating Cash Flow Growth	-17.03%	158.36%	141.03%	-81.50%	27.04%
Capital Expenditures	-22.31	-39.7	-66.73	-50.73	-8.68
Purchases of Investments	-263.3	-250.48	-11.28	-19.23	-101.56
Proceeds from Sale of Investments	290.33	94.31	11.46	87.38	197.32
Payments for Business Acquisitions	-2.54	-69.19	-3.86	-20.43	-361
Investing Cash Flow	2.18	-265.06	-70.41	-3	-273.91
Long-Term Debt Repaid	-	-	-	-3.03	-0.28
Net Long-Term Debt Issued (Repaid)	-	-	-	-3.03	-0.28
Repurchase of Common Stock	-318.17	-154.86	-95.67	-90.94	-338.53
Net Common Stock Issued (Repurchased)	-318.17	-154.86	-95.67	-90.94	-338.53
Common Dividends Paid	-174.04	-165.22	-148.45	-140.38	-114.81
Other Financing Activities	-0.74	-9	-6.47	-6.11	-5.44
Financing Cash Flow	-492.94	-329.07	-250.59	-240.46	-459.06
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4.93	-0.76	-0.43	-12.07	-16.78
Net Cash Flow	218.29	253.73	7.04	-119.26	-13.15
Free Cash Flow	681.82	808.91	261.73	85.54	727.92
Free Cash Flow Growth	-15.71%	209.06%	205.96%	-88.25%	28.68%
FCF Margin	26.05%	33.85%	13.67%	4.73%	32.07%
Free Cash Flow Per Share	9.96	11.78	3.84	1.27	10.66
Levered Free Cash Flow	411.31	653.06	69.57	-72.08	645.58
Unlevered Free Cash Flow	383.2	631.41	57.15	-55.14	652.91

Updated May 6, 2026. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.

SEC Filings: 10-K · 10-Q