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.

• On a quarterly basis, Cost of Revenue rose 13.1% year-over-year to $19.1 million in Q4 2025; TTM through Dec 2025 was $69.2 million, a 7.42% increase from a year earlier, with the FY2025 full-year figure at $68.9 million, up 17.24% from the prior year.
• Cost of Revenue was $19.1 million for Q4 2025 at Houlihan Lokey, up from $14.7 million in the prior quarter.
• The five-year high for Cost of Revenue was $22.4 million in Q3 2022, with the low at $3.0 million in Q2 2021.
• Average Cost of Revenue over 5 years is $15.5 million, with a median of $16.0 million recorded in 2022.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue soared 430.43% in 2022, then sank 42.19% in 2023.
• Over 5 years, Cost of Revenue stood at $17.9 million in 2021, then climbed by 12.18% to $20.1 million in 2022, then declined by 13.87% to $17.3 million in 2023, then retreated by 2.12% to $16.9 million in 2024, then increased by 13.1% to $19.1 million in 2025.
• The last three Cost of Revenue figures came in at $19.1 million (Q4 2025), $14.7 million (Q3 2025), and $20.0 million (Q2 2025), per Business Quant data.