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

Houlihan Lokey (HLI) has reported Operating Expenses for 12 consecutive years, with $556.3 million the latest figure, recorded in 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 came in at $556.3 million for Q4 2025 at Houlihan Lokey, up from $508.1 million in the prior quarter.
• The five-year high for Operating Expenses was $639.5 million in Q4 2021, with the low at $265.0 million in Q2 2021.
• Average Operating Expenses over 5 years is $425.2 million, with a median of $407.4 million recorded in 2022.
• Across the five-year window, Operating Expenses soared 81.92% in 2021 and sank 41.78% in 2022, its largest moves.
• Year by year, Operating Expenses stood at $639.5 million in 2021, then tumbled by 41.78% to $372.3 million in 2022, then increased by 11.35% to $414.6 million in 2023, then grew by 20.2% to $498.3 million in 2024, then climbed by 11.64% to $556.3 million in 2025.
• According to Business Quant data, Operating Expenses over the past three periods registered $556.3 million, $508.1 million, and $515.5 million for Q4 2025, Q3 2025, and Q2 2025 respectively.