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Houlihan Lokey (HLI) Operating Expenses (2016 - 2025)

Houlihan Lokey has reported Operating Expenses over the past 12 years, most recently at $556.3 million for Q4 2025.

  • For Q4 2025, Operating Expenses rose 11.64% year-over-year to $556.3 million; the TTM value through Dec 2025 reached $2.1 billion, up 18.39%, while the annual FY2025 figure was $1.9 billion, 21.68% up from the prior year.
  • Operating Expenses for Q4 2025 was $556.3 million at Houlihan Lokey, up from $508.1 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $639.5 million in Q4 2021 and troughed at $265.0 million in Q2 2021.
  • A 5-year average of $425.2 million and a median of $407.4 million in 2022 define the central range for Operating Expenses.
  • Biggest five-year swings in Operating Expenses: soared 81.92% in 2021 and later crashed 41.78% in 2022.
  • Year by year, Operating Expenses stood at $639.5 million in 2021, then crashed by 41.78% to $372.3 million in 2022, then grew by 11.35% to $414.6 million in 2023, then rose by 20.2% to $498.3 million in 2024, then increased by 11.64% to $556.3 million in 2025.
  • Business Quant data shows Operating Expenses for HLI at $556.3 million in Q4 2025, $508.1 million in Q3 2025, and $515.5 million in Q2 2025.