Houlihan Lokey (HLI) Operating Expenses (2014 - 2025)

Houlihan Lokey's Operating Expenses history runs 12 years deep, the most recent figure standing at $556.3 million for Q4 2025.

• In Q4 2025, Operating Expenses rose 11.64% year-over-year to $556.3 million; the TTM figure through Dec 2025 stood at $2.1 billion (up 18.39% YoY), while the FY2025 annual figure was $1.9 billion, up 21.68% from the prior year.
• Operating Expenses was $556.3 million for Q4 2025 at Houlihan Lokey, up from $508.1 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $639.5 million in Q4 2021 to a low of $265.0 million in Q2 2021.
• Historically, Operating Expenses has averaged $425.2 million across 5 years, with a median of $407.4 million in 2022.
• The sharpest annual moves came in 2021 and 2022: Operating Expenses soared 81.92% in 2021, then plunged 41.78% in 2022.
• A 5-year view of Operating Expenses shows it stood at $639.5 million in 2021, then slumped by 41.78% to $372.3 million in 2022, then advanced by 11.35% to $414.6 million in 2023, then gained by 20.2% to $498.3 million in 2024, then rose by 11.64% to $556.3 million in 2025.
• The last three Operating Expenses figures came in at $556.3 million (Q4 2025), $508.1 million (Q3 2025), and $515.5 million (Q2 2025), per Business Quant data.