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

Houlihan Lokey has reported Net Margin for 12 years, with the latest figure at 16.25% in Q4 2025.

• Net Margin for Q4 2025 came in at 16.25%, up 123.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 16.93% (up 93.0% YoY), and the FY2025 annual result was 16.73%, up 209.0% from the prior year.
• Net Margin eased to 16.25% in Q4 2025, from 16.95% in the prior quarter.
• Over five years, Net Margin peaked at 24.95% in Q1 2022 and troughed at 12.41% in Q3 2022.
• A 5-year average of 16.99% and a median of 16.26% in 2024 frame the typical range for Net Margin.
• The widest annual swing landed in 2022, when Net Margin jumped 511 bps; it then plunged 1154 bps in 2023.
• A 5-year view of Net Margin shows it stood at 19.61% in 2021, then slipped by 30 bps to 13.81% in 2022, then rose by 0 bps to 13.85% in 2023, then climbed by 8 bps to 15.02% in 2024, then advanced by 8 bps to 16.25% in 2025.
• Per Business Quant data, the three most recent Net Margin figures were 16.25% in Q4 2025, 16.95% in Q3 2025, and 16.2% in Q2 2025.