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

Houlihan Lokey's Cost of Revenue history runs 12 years deep, the most recent figure standing at $19.1 million for Q4 2025.

• In Q4 2025, Cost of Revenue rose 13.1% year-over-year to $19.1 million; the TTM figure through Dec 2025 stood at $70.3 million (up 9.17% YoY), while the FY2025 annual figure was $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.
• In the past five years, Cost of Revenue ranged from a high of $22.4 million in Q3 2022 to a low of $3.0 million in Q2 2021.
• Historically, Cost of Revenue has averaged $15.5 million across 5 years, with a median of $16.0 million in 2022.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue surged 430.43% in 2022, then slumped 42.19% in 2023.
• A 5-year view of Cost of Revenue shows it stood at $17.9 million in 2021, then advanced by 12.18% to $20.1 million in 2022, then dropped by 13.87% to $17.3 million in 2023, then fell by 2.12% to $16.9 million in 2024, then grew 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 $21.1 million (Q2 2025), per Business Quant data.