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

Houlihan Lokey has reported Gross Margin for 12 years, with the latest figure at 97.33% in Q4 2025.

• Gross Margin for Q4 2025 came in at 97.33%, changed 0.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 97.39% (up 26.0% YoY), and the FY2025 annual result was 97.12%, up 19.0% from the prior year.
• Gross Margin was little changed at 97.33% in Q4 2025, from 97.78% in the prior quarter.
• Over five years, Gross Margin peaked at 99.2% in Q2 2021 and troughed at 93.86% in Q1 2022.
• A 5-year average of 96.97% and a median of 97.09% in 2023 frame the typical range for Gross Margin.
• The widest annual swing landed in 2022, when Gross Margin tumbled 401 bps; it then soared 406 bps in 2023.
• A 5-year view of Gross Margin shows it stood at 97.99% in 2021, then retreated by 2 bps to 95.61% in 2022, then grew by 1 bps to 96.62% in 2023, then advanced by 1 bps to 97.34% in 2024, then dropped by 0 bps to 97.33% in 2025.
• Per Business Quant data, the three most recent Gross Margin figures were 97.33% in Q4 2025, 97.78% in Q3 2025, and 96.69% in Q2 2025.