Houlihan Lokey (HLI) Finishes 2026 with Record Revenue, Higher EPS and a Bigger Dividend

Executive snapshot

Houlihan Lokey, Inc., trading on the NYSE under the ticker HLI, reported fiscal year 2026 results that the company calls a “record year,” underscored by a leap in both GAAP and adjusted earnings per share and a meaningful dividend increase. The press release emphasizes diversified strength across its three business lines and notes a steady march upward in profitability even as revenue growth accelerates.

Key financials (fiscal year 2026 vs. 2025)

• Revenue: $2.62 billion in 2026, up from $2.39 billion in 2025.
• Diluted EPS (GAAP): $6.22 for 2026, up from $5.82 in 2025.
• Adjusted diluted EPS: $7.56 in 2026, up from $6.29 in 2025.
• Net income attributable to Houlihan Lokey, Inc.: $426 million in 2026, vs. $400 million in 2025.
• Adjusted net income: $518 million in 2026, vs. $434 million in 2025.

Fourth quarter 2026 metrics

• Revenue: $636 million in Q4 2026, down from $666 million in Q4 2025.
• Diluted EPS (GAAP): $1.47 in Q4 2026, vs. $1.76 in Q4 2025.
• Adjusted diluted EPS: $1.63 in Q4 2026, vs. $1.96 in Q4 2025.
• Net income: $100 million in Q4 2026, vs. $122 million in Q4 2025.
• Adjusted net income: $111 million in Q4 2026, vs. $136 million in Q4 2025.

Dividends and management commentary

The company declared a 16.7% dividend increase, raising the quarterly dividend to $0.70 per share. Management framed the year as a milestone for its diversified platform, signaling confidence in the durability of earnings across advisory services as it navigates a sector known for cyclicality in deal activity.

Management perspective

Houston-by-way-of-Los Angeles, Houlihan Lokey’s leadership highlights a resilient 2026 and points to continued strength across three core lines of business. CEO Scott Adelson described fiscal 2026 as a record year and stressed optimism for 2027, suggesting the firm intends to translate this year’s earnings strength into ongoing opportunities for advisory work, even as external conditions remain imperfectly predictable.

Notes on forecasts and market context

The filing does not present explicit EPS consensus from analysts or a formal revenue forecast for 2027 within the release. Investors should monitor commentary for guidance on growth trajectories, particularly how the three business lines might contribute to revenue expansion and margin stability in a competitive environment for independent advisory firms. The year-over-year expansion in adjusted earnings per share, alongside a demonstrable dividend increase, may signal a capital-allocation stance that peers will scrutinize as a benchmark for leverage, payouts, and reinvestment strategy.

Implications for peers and the sector

Houlihan Lokey’s results reinforce a narrative of resilience in the advisory ecosystem, where diversified service lines can cushion a cyclical backdrop. For sector peers, 2026’s combination of GAAP earnings strength and robust adjusted metrics may raise the bar for profitability and capital allocation. Analysts and investors will likely watch how HLI maintains its margin profile as revenue mix evolves and as demand for strategic advisory, corporate finance, and financial consulting shifts with market conditions. The dividend uptick adds another data point in the ongoing comparison of cash returns across independent advisory players, potentially shaping dividend policy expectations across the group.

Bottom line

Houlihan Lokey’s fiscal 2026 performance presents a story of revenue growth paired with earnings expansion, supported by a meaningful dividend increase. While Q4 numbers cooled modestly versus the prior year, the year as a whole conveys a firm that has capitalized on its diversified platform. For investors, the key questions now are: how durable are these margins in 2027, what revenue forecast, if any, management offers for the next year, and how HLI’s relative performance stacks up against peers in a still-choppy deal environment.