Houlihan Lokey, Inc. (NYSE:HLI) has reported its financial results for the first quarter ended June 30, 2025. The company's revenues for the first quarter were $605 million, representing an increase from $514 million for the same period in 2024. Net income for the first quarter of 2025 was $98 million, or $1.42 per diluted share, compared with $89 million, or $1.30 per diluted share, for the first quarter of 2024. Adjusted net income for the first quarter of 2025 was $148 million, or $2.14 per diluted share, showing an increase from $84 million, or $1.22 per diluted share, for the first quarter of 2024.
The company announced a dividend of $0.60 per share for the second quarter of fiscal 2026. As of June 30, 2025, Houlihan Lokey had $867 million of cash and cash equivalents and investment securities, and $93 million of other liabilities.
In terms of segment reporting, for the first quarter ended June 30, 2025, Corporate Finance ("CF") revenues increased by 21% to $399 million, Financial Restructuring ("FR") revenues increased by 9% to $128 million, and Financial and Valuation Advisory ("FVA") revenues increased by 16% to $79 million, all compared with the first quarter of 2024.
Employee compensation and benefits expenses were $393 million for the first quarter ended June 30, 2025, compared with $330 million for the first quarter ended June 30, 2024. Adjusted employee compensation and benefits expenses were $372 million for the first quarter ended June 30, 2025, compared with $316 million for the first quarter ended June 30, 2024. Non-compensation expenses were $123 million for the first quarter ended June 30, 2025, compared with $89 million for the first quarter ended June 30, 2024. Adjusted non-compensation expenses were $94 million for the first quarter ended June 30, 2025, compared with $80 million for the first quarter ended June 30, 2024.
The provision for income taxes was $1 million, representing an effective tax rate of 0.5% for the first quarter ended June 30, 2025, compared with $11 million, representing an effective tax rate of 10.9%, for the first quarter ended June 30, 2024. The adjusted (benefit)/provision for income taxes was ($1) million, representing an adjusted effective tax rate of (0.8)% for the first quarter ended June 30, 2025, compared with $38 million, representing an adjusted effective tax rate of 31.2% for the first quarter ended June 30, 2024.
Following these announcements, the company's shares moved -0.59%, and are now trading at a price of $191.71. For more information, read the company's full 8-K submission here.
