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Houlihan Lokey, Inc. cash flow statement

In fiscal 2026, Houlihan Lokey, Inc.'s operations generated $704m of cash; it spent $22.3m on capital projects, leaving free cash flow of $682m. It returned $174m in dividends and $175m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Mar 20172018Mar 20182019Mar 20192020Mar 20202021Mar 20212022Mar 20222023Mar 20232024Mar 20242025Mar 20252026Mar 2026LTMSept 2026
Cash from operations252251224288580737136328849704427
Depreciation and amortisation98141715495829414334
Stock-based pay394757646292157167168201200
Capital spending1487211495167402225
Free cash flow23824321826756672886262809682402
Free cash flow after stock pay198196161203503636−7195640481201
Dividends paid5552678192115140148165174187
Share buybacks0187030102305492553175237
Shares issued194940018900————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Houlihan Lokey, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Houlihan Lokey, Inc.