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

Houlihan Lokey (HLI) has reported Gross Margin for 12 consecutive years, with 97.33% the latest figure, recorded in 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 came in at 97.33% for Q4 2025 at Houlihan Lokey, roughly flat from 97.78% in the prior quarter.
• The five-year high for Gross Margin was 99.2% in Q2 2021, with the low at 93.86% in Q1 2022.
• Average Gross Margin over 5 years is 96.96%, with a median of 97.09% recorded in 2023.
• Across the five-year window, Gross Margin sank 401 bps in 2022 and soared 406 bps in 2023, its largest moves.
• Year by year, Gross Margin stood at 97.99% in 2021, then declined by 2 bps to 95.61% in 2022, then advanced by 1 bps to 96.62% in 2023, then rose by 1 bps to 97.34% in 2024, then decreased by 0 bps to 97.33% in 2025.
• According to Business Quant data, Gross Margin over the past three periods registered 97.33%, 97.78%, and 96.51% for Q4 2025, Q3 2025, and Q2 2025 respectively.