Houlihan Lokey (HLI) Cash from Operations (2014 - 2025)

Houlihan Lokey has reported Cash from Operations for 12 years, with the latest figure at $217.7 million in Q4 2025.

• On a quarterly basis, Cash from Operations fell 18.01% year-over-year to $217.7 million in Q4 2025; TTM through Dec 2025 was $769.5 million, a 7.54% increase from a year earlier, with the FY2025 full-year figure at $848.6 million, up 158.36% from the prior year.
• Cash from Operations was $217.7 million for Q4 2025 at Houlihan Lokey, down from $325.4 million in the prior quarter.
• The five-year high for Cash from Operations was $552.0 million in Q4 2021, with the low at -$278.0 million in Q2 2022.
• Average Cash from Operations over 5 years is $136.7 million, with a median of $173.0 million recorded in 2021.
• The sharpest annual moves came in 2022 and 2023: Cash from Operations plunged 208.59% in 2022, then soared 269.4% in 2023.
• Over 5 years, Cash from Operations stood at $552.0 million in 2021, then sank by 83.51% to $91.0 million in 2022, then grew by 10.82% to $100.9 million in 2023, then soared by 163.16% to $265.5 million in 2024, then decreased by 18.01% to $217.7 million in 2025.
• The last three Cash from Operations figures came in at $217.7 million (Q4 2025), $325.4 million (Q3 2025), and -$132.0 million (Q2 2025), per Business Quant data.