Investment banking firm Houlihan Lokey (NYSE: HLI) will be reporting earnings this Wednesday afternoon. Here’s what you need to know.

Houlihan Lokey missed analysts’ revenue expectations last quarter, reporting revenues of $511 million, down 15.6% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

Is Houlihan Lokey a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Houlihan Lokey’s revenue to decline 3.7% year on year, a reversal from the 14.7% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Houlihan Lokey has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at Houlihan Lokey’s peers in the investment banking & brokerage segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Goldman Sachs delivered year-on-year revenue growth of 23%, beating analysts’ expectations by 11.5%, and Jefferies reported revenues up 8.5%, topping estimates by 1.1%. Goldman Sachs traded down 1.7% following the results while Jefferies was also down 1.3%.

Read our full analysis of Goldman Sachs’s results here and Jefferies’s results here.

Investors in the investment banking & brokerage segment have had steady hands going into earnings, with share prices flat over the last month. Houlihan Lokey is up 1.3% during the same time and is heading into earnings with an average analyst price target of $155.44 (compared to the current share price of $131.26).

ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable.

These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.