Houlihan Lokey (HLI) Cash from Operations (2014 - 2025)
Houlihan Lokey's Cash from Operations came in at $217.68 million for fiscal Q3 2026 (quarter ended Dec 31, 2025), down 18.0% from $265.51 million a year earlier and down 33.1% from the prior quarter.
Houlihan Lokey (HLI) Cash from Operations (2014 - 2025) Analysis & Trends
Over the trailing twelve months to Dec 31, 2025, Houlihan Lokey reported Cash from Operations of $769.48 million, up 7.5% year-over-year; for FY2025 (ended Mar 31, 2025), it was $848.61 million, up 158.4% from FY2024.
- Cash from Operations carries a five-year compound annual growth rate of 24.2% (FY2020 to FY2025).
- Going back by fiscal year, Cash from Operations was $328.46 million in FY2024 (+141.0%), $136.27 million in FY2023 (-81.5%), $736.6 million in FY2022 (+27.0%) and $579.84 million in FY2021 (+101.6%).
- The five-year range for quarterly Cash from Operations is -$278.02 million (fiscal Q1 2023) to $552.02 million (fiscal Q3 2022).
- Year-over-year, Cash from Operations increased in four of the last six quarters, with growth averaging 54.0%.
- The fastest year-over-year change in Cash from Operations over five years came in fiscal Q4 2023 (growth of 269.4%), and the weakest in fiscal Q3 2023 (a decline of 83.5%).
- Business Quant data shows HLI's Cash from Operations at $325.42 million (Q2 2026), -$132 million (Q1 2026) and $358.38 million (Q4 2025) in the three fiscal quarters before Q3 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cash from Ops. (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 106.61 Bn | 94.70 Bn | - | 947.10 Mn |
| 2 | Robinhood Markets | 91.70 Bn | 72.73 Bn | - | 720.00 Mn |
| 3 | Intercontinental Exchange | 88.95 Bn | 82.69 Bn | - | 2.00 Bn |
| 4 | Nasdaq | 54.22 Bn | 51.65 Bn | 1.50 Bn | 711.00 Mn |
| 5 | Interactive Brokers | 38.25 Bn | 15.37 Bn | - | 6.22 Bn |
| 6 | Cboe Global Markets | 33.42 Bn | 25.08 Bn | 731.60 Mn | -503.20 Mn |
| 7 | LPL Financial Holdings | 25.64 Bn | 20.96 Bn | - | 401.95 Mn |
| 8 | Tradeweb Markets | 25.45 Bn | 17.47 Bn | - | 394.11 Mn |
| 9 | Circle Internet | 22.26 Bn | 16.14 Bn | 288.85 Mn | 517.43 Mn |
| 10 | Houlihan Lokey | 8.59 Bn | 4.63 Bn | - | - |
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 217.68 Mn |
| Sep 30, 2025 | 325.42 Mn |
| Jun 30, 2025 | -132.00 Mn |
| Mar 31, 2025 | 358.38 Mn |
| Dec 31, 2024 | 265.51 Mn |
| Sep 30, 2024 | 289.22 Mn |
| Jun 30, 2024 | -64.51 Mn |
| Mar 31, 2024 | 225.31 Mn |
| Dec 31, 2023 | 100.90 Mn |
| Sep 30, 2023 | 135.82 Mn |
| Jun 30, 2023 | -133.57 Mn |
| Mar 31, 2023 | 238.15 Mn |
| Dec 31, 2022 | 91.04 Mn |
| Sep 30, 2022 | 85.10 Mn |
| Jun 30, 2022 | -278.02 Mn |
| Mar 31, 2022 | 64.47 Mn |
| Dec 31, 2021 | 552.02 Mn |
| Sep 30, 2021 | 210.21 Mn |
| Jun 30, 2021 | -90.09 Mn |
| Mar 31, 2021 | 272.65 Mn |
Houlihan Lokey Cash from Operations API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cash-from-operations&ticker=HLI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cash-from-operations", "ticker": "HLI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cash-from-operations&ticker=HLI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();