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

Houlihan Lokey has reported Operating Expenses for 12 years, with the latest figure at $556.3 million in Q4 2025.

• On a quarterly basis, Operating Expenses rose 11.64% year-over-year to $556.3 million in Q4 2025; TTM through Dec 2025 was $2.1 billion, a 18.36% increase from a year earlier, with the FY2025 full-year figure at $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.
• 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.
• The sharpest annual moves came in 2021 and 2022: Operating Expenses jumped 81.92% in 2021, then tumbled 41.78% in 2022.
• Over 5 years, Operating Expenses stood at $639.5 million in 2021, then sank by 41.78% to $372.3 million in 2022, then climbed by 11.35% to $414.6 million in 2023, then advanced by 20.2% to $498.3 million in 2024, then gained 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 $515.0 million (Q2 2025), per Business Quant data.