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

Houlihan Lokey (HLI) has reported Cost of Revenue for 12 consecutive years, with $19.1 million the latest figure, recorded in 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 came in at $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.
• Across the five-year window, Cost of Revenue surged 430.43% in 2022 and tumbled 42.19% in 2023, its largest moves.
• Year by year, Cost of Revenue stood at $17.9 million in 2021, then increased by 12.18% to $20.1 million in 2022, then retreated by 13.87% to $17.3 million in 2023, then slipped by 2.12% to $16.9 million in 2024, then gained by 13.1% to $19.1 million in 2025.
• According to Business Quant data, Cost of Revenue over the past three periods registered $19.1 million, $14.7 million, and $21.1 million for Q4 2025, Q3 2025, and Q2 2025 respectively.