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.

• On a quarterly basis, Gross Margin changed 0.0% year-over-year to 97.33% in Q4 2025; TTM through Dec 2025 was 97.39%, a 26.0% increase from a year earlier, with the FY2025 full-year figure at 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.
• 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 96.97%, with a median of 97.09% recorded in 2023.
• The sharpest annual moves came in 2022 and 2023: Gross Margin tumbled 401 bps in 2022, then jumped 406 bps in 2023.
• Over 5 years, Gross Margin stood at 97.99% in 2021, then slipped by 2 bps to 95.61% in 2022, then rose by 1 bps to 96.62% in 2023, then grew by 1 bps to 97.34% in 2024, then fell 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 96.69% (Q2 2025), per Business Quant data.