Houlihan Lokey (HLI) Operating Expenses (2014 - 2025)
Houlihan Lokey (HLI) recorded Operating Expenses of $556.34 million in fiscal Q3 2026 (quarter ended Dec 31, 2025), up 11.6% from $498.33 million a year earlier and up 9.5% from the prior quarter.
Powered by 
Analysis
Houlihan Lokey (HLI) Operating Expenses (2014 - 2025) Analysis & Trends
On a TTM basis, Houlihan Lokey's Operating Expenses came in at $2.11 billion as of Dec 31, 2025, up 18.4% year-over-year; for FY2025 (ended Mar 31, 2025), it came in at $1.89 billion, up 21.7% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 15.2% (FY2020 to FY2025).
- Across earlier fiscal years, Operating Expenses came in at $1.55 billion in FY2024 (+5.7%), $1.47 billion in FY2023 (-11.4%), $1.66 billion in FY2022 (+48.3%) and $1.12 billion in FY2021 (+20.2%).
- The fiscal Q3 2026 figure is the highest quarterly Operating Expenses since fiscal Q3 2022.
- On a year-over-year basis, Operating Expenses has increased for nine consecutive quarters, with growth averaging 19.2% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 81.9% in fiscal Q2 2022, against a decline of 41.8% in fiscal Q3 2023 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $508.11 million (Q2 2026), $515 million (Q1 2026) and $526.39 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 106.56 Bn | 94.66 Bn | - | 599.10 Mn |
| 2 | Intercontinental Exchange | 89.45 Bn | 83.19 Bn | - | 1.28 Bn |
| 3 | Robinhood Markets | 88.18 Bn | 69.22 Bn | - | 734.00 Mn |
| 4 | Nasdaq | 53.47 Bn | 50.90 Bn | 1.50 Bn | 788.00 Mn |
| 5 | Interactive Brokers | 37.14 Bn | 14.26 Bn | - | 440.00 Mn |
| 6 | Cboe Global Markets | 33.00 Bn | 24.66 Bn | 731.60 Mn | 255.60 Mn |
| 7 | LPL Financial Holdings | 25.71 Bn | 21.03 Bn | - | 4.67 Bn |
| 8 | Tradeweb Markets | 25.33 Bn | 17.34 Bn | - | 313.68 Mn |
| 9 | Circle Internet | 21.30 Bn | 15.18 Bn | 288.85 Mn | 254.49 Mn |
| 10 | Houlihan Lokey | 8.72 Bn | 4.75 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 556.34 Mn |
| Sep 30, 2025 | 508.11 Mn |
| Jun 30, 2025 | 515.00 Mn |
| Mar 31, 2025 | 526.39 Mn |
| Dec 31, 2024 | 498.33 Mn |
| Sep 30, 2024 | 444.29 Mn |
| Jun 30, 2024 | 418.87 Mn |
| Mar 31, 2024 | 417.76 Mn |
| Dec 31, 2023 | 414.59 Mn |
| Sep 30, 2023 | 376.71 Mn |
| Jun 30, 2023 | 342.48 Mn |
| Mar 31, 2023 | 354.14 Mn |
| Dec 31, 2022 | 372.33 Mn |
| Sep 30, 2022 | 400.17 Mn |
| Jun 30, 2022 | 341.07 Mn |
| Mar 31, 2022 | 372.56 Mn |
| Dec 31, 2021 | 639.54 Mn |
| Sep 30, 2021 | 379.95 Mn |
| Jun 30, 2021 | 265.05 Mn |
| Mar 31, 2021 | 360.43 Mn |
API Access
Houlihan Lokey Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=HLI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "HLI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=HLI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();