Houlihan Lokey grows 10% to $2.6B revenue; voting control shift looms as founder stake nears trigger

Filed May 22, 2026 · Period ending March 31, 2026 · Compared to 10-K May 15, 2025 · ~2 min read

Key Changes

• high

  HL Voting Trust ownership fell to 22% of shares (from 23.7%), approaching the 20% threshold that would automatically convert all Class B shares and shift voting control from the trust's 74% to public shareholders' 78%—ending controlled-company status and potentially exposing the firm to activist campaigns or takeover attempts.

  Risk Factors: Final Conversion Date verify on EDGAR →
• high

  Total revenue grew 10% to $2.62 billion in fiscal 2026, driven by 14% growth in Corporate Finance to $1.74 billion, while Financial Restructuring revenue declined 3% to $529 million as distressed activity softened. Quarterly dividend raised 17% to $0.70 per share.

  MD&A: Revenue and Dividend verify on EDGAR →
• high

  Unbilled work in progress surged 72% to $271 million (from $158 million), signaling a robust pipeline of engagements nearing completion that should convert to revenue in coming quarters.

  MD&A: Working Capital verify on EDGAR →