Houlihan Lokey (HLI) Cost of Revenue (2014 - 2025)

Houlihan Lokey has reported Cost of Revenue for 12 years, with the latest figure at $19.1 million in Q4 2025.

• Cost of Revenue for Q4 2025 came in at $19.1 million, up 13.1% year-over-year; the trailing twelve-month figure through Dec 2025 was $69.2 million (up 7.42% YoY), and the FY2025 annual result was $68.9 million, up 17.24% from the prior year.
• Cost of Revenue grew to $19.1 million in Q4 2025, from $14.7 million in the prior quarter.
• Over five years, Cost of Revenue peaked at $22.4 million in Q3 2022 and troughed at $3.0 million in Q2 2021.
• A 5-year average of $15.5 million and a median of $16.0 million in 2022 frame the typical range for Cost of Revenue.
• The widest annual swing landed in 2022, when Cost of Revenue surged 430.43%; it then sank 42.19% in 2023.
• A 5-year view of Cost of Revenue shows it stood at $17.9 million in 2021, then gained by 12.18% to $20.1 million in 2022, then slipped by 13.87% to $17.3 million in 2023, then declined by 2.12% to $16.9 million in 2024, then climbed by 13.1% to $19.1 million in 2025.
• Per Business Quant data, the three most recent Cost of Revenue figures were $19.1 million in Q4 2025, $14.7 million in Q3 2025, and $20.0 million in Q2 2025.