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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS Employee Benefit Plans
Share-Based Incentive Plans
Awards of restricted shares and restricted stock units have been and will continue to be made under the Amended and Restated Houlihan Lokey, Inc. 2016 Incentive Award Plan (the “2016 Incentive Plan”), which became effective in September 2017 and was amended in October 2017 and again in October 2024. Under the 2016 Incentive Plan, it is anticipated that the Company will continue to grant cash and equity-based incentive awards to eligible employees in order to attract, motivate, and retain the talent necessary to operate the Company's business. Equity-based incentive awards issued under the 2016 Incentive Plan generally vest over a four-year period. As of March 31, 2026, pursuant to the 2016 Incentive Plan, the number of remaining shares available for issuance was approximately 10.9 million.
Excess tax benefits of $31,330 and $20,387 were recognized during the years ended March 31, 2026 and 2025, respectively, as a component of the provision for income taxes.
Activity in equity-classified share awards which relate to the 2016 Incentive Plan during the years ended March 31, 2026, 2025, and 2024, is as follows:
Unvested Share AwardsShares
Weighted Average Grant Date Fair Value
Balance, April 1, 20235,281,779 $79.57 
Granted1,244,902 87.60 
Vested(1,655,390)74.28 
Forfeited/Repurchased(352,267)84.05 
Balance, March 31, 20244,519,024 83.37 
Granted1,011,584 137.59 
Vested(1,619,144)80.49 
Forfeited/Repurchased(225,371)91.62 
Balance, March 31, 20253,686,093 99.02 
Granted1,151,768 173.46 
Vested(1,600,036)93.66 
Forfeited/Repurchased(199,730)116.41 
Balance, March 31, 20263,038,095 $128.91 
Activity in liability classified share awards during the years ended March 31, 2026, 2025, and 2024 is as follows:    
Awards Settleable in SharesFair Value
Balance, April 1, 2023$11,971 
Offer to grant7,022 
Share price determined-converted to cash payments(3)
Share price determined-transferred to equity grants (1)
(1,806)
Forfeited— 
Balance, March 31, 202417,184 
Offer to grant1,198 
Share price determined-converted to cash payments(5)
Share price determined-transferred to equity grants (1)
(3,896)
Forfeited(4,139)
Balance, March 31, 202510,342 
Offer to grant95 
Converted to equity grants (unvested)(3,127)
Share price determined-transferred to equity grants (1)
(4,703)
Forfeited(1,070)
Balance, March 31, 2026$1,537 
(1)27,165, 29,057, and 40,702 shares for the years ended March 31, 2026, 2025, and 2024, respectively.
Activity in RSU awards during the years ended March 31, 2026, 2025, and 2024, respectively.
Restricted Stock UnitsRSUs
Weighted Average Grant Date Fair Value
RSUs as of April 1, 20231,050,646 $95.46 
Issued94,286 87.60 
Forfeitures(266,883)94.38 
Vested(34,319)91.07 
RSUs as of March 31, 2024843,730 95.09 
Issued136,559 155.37 
Forfeitures(28,396)94.99 
Vested(274,880)94.77 
RSUs as of March 31, 2025677,013 107.39 
Issued62,818 173.74 
Forfeitures(9,094)96.74 
Vested(296,055)102.20 
RSUs as of March 31, 2026434,682 $120.74 
Compensation expenses for the Company associated with both equity-classified and liability-classified awards totaled $201,304, $168,443, and $166,595 for the years ended March 31, 2026, 2025, and 2024, respectively. As of March 31, 2026 and March 31, 2025 there was $300,801 and $303,520, respectively, of total unrecognized compensation cost related to unvested share awards granted under the 2016 Incentive Plan. These costs are recognized over a weighted average period of approximately 1.9 years and 1.8 years, as of March 31, 2026 and March 31, 2025, respectively.