HLI — what changed in the latest 10-Q
A section-by-section comparison of HLI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-07-31
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −13 | ~15 | 20 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
Three Months Ended September 30,Six Months Ended September 30,
Net income attributable to noncontrolling interest(1)— NM(1)— NM
Three Months Ended September 30, 2026 versus September 30, 2025
Revenues were $692 million for the three months ended September 30, 2026, compared with $660 million for the three months ended September 30, 2025, representing an increase of 5%. The increase in revenues was primarily driven by higher revenues from our CF segment, as described in further detail bel…
Compensation expenses were $441 million for the three months ended September 30, 2026, compared with $423 million for the three months ended September 30, 2025, representing an increase of 4%. The increase in compensation expenses was primarily a result of an increase in revenues for the quarter whe…
Text removed vs the prior filing · source: 10-Q · 2026-07-31
Net income attributable to Houlihan Lokey, Inc.$78 $98 (20)%
Revenues were $511 million for the three months ended June 30, 2026, compared with $605 million for the three months ended June 30, 2025, representing a decrease of (16)%. The decrease in revenues was primarily driven by lower revenues from our CF segment, as described in further detail below.
Compensation expenses were $328 million for the three months ended June 30, 2026, compared with $393 million for the three months ended June 30, 2025, representing a decrease of (16)%. The decrease was primarily a result of a decrease in revenues for the quarter when compared with the same quarter l…
Non-compensation expenses were $105 million for the three months ended June 30, 2026, compared with $122 million for the three months ended June 30, 2025, representing a decrease of (15)%. The decrease in non-compensation expenses was primarily a result of decreases in the revaluation of acquisition…
Other (income) expense, net was flat at $(8) million for the three months ended June 30, 2026, compared with $(8) million for the three months ended June 30, 2025.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-30
(c) During the fiscal quarter ended September 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).
Text removed vs the prior filing · source: 10-Q · 2026-07-31
(c) On June 8, 2026, Christopher Crain, the Company's General Counsel and Secretary, entered into a "Rule 10b5-1 trading arrangement" (as defined in Item 408(a) of Regulation S-K) that provides for the sale of up to 30,500 shares of Class A common stock. The plan will expire September 7, 2027, subje…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice