Houlihan Lokey Earnings Call Transcripts
Fiscal Year 2027
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Revenue rose 5% YoY to $692 million while adjusted EPS was flat at $1.85. Management expects a stronger-than-normal second half, with improving deal activity and a growing restructuring pipeline, while citing macro and software-sector risks.
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Quarterly revenues fell to $511 million with adjusted EPS of $1.35, driven by delayed large transactions and macro headwinds, especially in Corporate Finance. FVA grew 13% and restructuring remained strong, while management expects current disruptions to be temporary.
Fiscal Year 2026
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Record annual revenue and EPS growth driven by strong performance in Corporate Finance and FVA, with Financial Restructuring poised for elevated activity in FY 2027. Geopolitical uncertainty and tech sector pressures persist, but robust backlog and hiring support a positive outlook.
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Third quarter revenues rose 13% year-over-year to $717 million, with adjusted EPS up 18%. Corporate Finance and Restructuring segments both saw double-digit growth, while new acquisitions and hires expanded European presence. Outlook for M&A remains strong, with early-stage growth in Capital Solutions.
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Revenues grew 15% year-over-year to $659 million, with adjusted EPS up 26%. Corporate finance and international segments led growth, while capital solutions outpaced M&A. The outlook is positive, with a strong backlog and expectations for a robust second half.
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Fiscal Q1 2026 saw revenues rise 18% to $605M and adjusted EPS jump 75% year-over-year, with all business lines showing strong growth. The outlook remains positive, with elevated restructuring activity and continued hiring, though macro volatility and regional differences persist.
Fiscal Year 2025
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Record annual revenue and strong Q4 growth were driven by all business lines and successful acquisitions. Corporate finance and restructuring outperformed, with robust deal activity and expanding global presence, while capital solutions and non-U.S. operations gained momentum.
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Revenues rose 24% year-over-year to $634 million, with adjusted EPS up 34%. Corporate finance led growth, while restructuring and valuation advisory also improved. Outlook remains positive, supported by stable macro conditions and strong M&A momentum.
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Revenues rose 23% year-over-year to $575 million, with adjusted EPS up 32%. All business lines showed strong growth, driven by improved M&A markets, robust restructuring activity, and expansion through acquisitions. Management remains optimistic but cautious due to macroeconomic and geopolitical risks.
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First quarter revenues rose 24% year-over-year to $514 million, with adjusted EPS up 37%. Corporate Finance set a record for first quarter revenues, while Financial Restructuring remained elevated and FVA grew modestly. Optimism persists for M&A and Capital Markets recovery.
Fiscal Year 2024
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Leadership continuity supports a consistent growth strategy across all business lines, with corporate finance and capital markets leading expansion. Acquisitions focus on cultural fit, while data and technology drive innovation. M&A and restructuring activity are rising amid evolving market conditions.