Houlihan Lokey (HLI) Gross Margin (2014 - 2025)

Houlihan Lokey's Gross Margin history runs 12 years deep, the most recent figure standing at 97.33% for Q4 2025.

• In Q4 2025, Gross Margin changed 0.0% year-over-year to 97.33%; the TTM figure through Dec 2025 stood at 97.35% (up 22.0% YoY), while the FY2025 annual figure was 97.12%, up 19.0% from the prior year.
• Gross Margin was 97.33% for Q4 2025 at Houlihan Lokey, roughly flat from 97.78% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 99.2% in Q2 2021 to a low of 93.86% in Q1 2022.
• Historically, Gross Margin has averaged 96.96% across 5 years, with a median of 97.09% in 2023.
• The sharpest annual moves came in 2022 and 2023: Gross Margin plunged 401 bps in 2022, then soared 406 bps in 2023.
• A 5-year view of Gross Margin shows it stood at 97.99% in 2021, then decreased by 2 bps to 95.61% in 2022, then increased by 1 bps to 96.62% in 2023, then climbed by 1 bps to 97.34% in 2024, then declined by 0 bps to 97.33% in 2025.
• The last three Gross Margin figures came in at 97.33% (Q4 2025), 97.78% (Q3 2025), and 96.51% (Q2 2025), per Business Quant data.