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.

• Operating Expenses for Q4 2025 came in at $556.3 million, up 11.64% year-over-year; the trailing twelve-month figure through Mar 2026 was $1.6 billion (down 16.34% YoY), and the FY2025 annual result was $1.9 billion, up 21.68% from the prior year.
• Operating Expenses advanced to $556.3 million in Q4 2025, 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 frame the typical range for Operating Expenses.
• The widest annual swing landed in 2021, when Operating Expenses soared 81.92%; it then tumbled 41.78% in 2022.
• A 5-year view of Operating Expenses shows it stood at $639.5 million in 2021, then tumbled by 41.78% to $372.3 million in 2022, then gained 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.
• Per Business Quant data, the three most recent Operating Expenses figures were $556.3 million in Q4 2025, $508.1 million in Q3 2025, and $515.0 million in Q2 2025.