Houlihan Lokey (HLI) Free Cash Flow (2014 - 2025)

Houlihan Lokey's Free Cash Flow history runs 12 years deep, the most recent figure standing at $217.0 million for Q4 2025.

• In Q4 2025, Free Cash Flow fell 17.05% year-over-year to $217.0 million; the TTM figure through Dec 2025 stood at $738.9 million (up 8.97% YoY), while the FY2025 annual figure was $808.9 million, up 209.07% from the prior year.
• Free Cash Flow was $217.0 million for Q4 2025 at Houlihan Lokey, down from $322.8 million in the prior quarter.
• In the past five years, Free Cash Flow ranged from a high of $547.0 million in Q4 2021 to a low of -$282.5 million in Q2 2022.
• Historically, Free Cash Flow has averaged $127.4 million across 5 years, with a median of $160.8 million in 2021.
• The sharpest annual moves came in 2022 and 2023: Free Cash Flow plunged 208.76% in 2022, then soared 245.84% in 2023.
• A 5-year view of Free Cash Flow shows it stood at $547.0 million in 2021, then sank by 85.89% to $77.2 million in 2022, then advanced by 10.52% to $85.3 million in 2023, then surged by 206.7% to $261.7 million in 2024, then decreased by 17.05% to $217.0 million in 2025.
• The last three Free Cash Flow figures came in at $217.0 million (Q4 2025), $322.8 million (Q3 2025), and -$144.8 million (Q2 2025), per Business Quant data.