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

Houlihan Lokey's Operating Margin history runs 12 years deep, the most recent figure standing at 22.41% for Q4 2025.

• In Q4 2025, Operating Margin rose 96.0% year-over-year to 22.41%; the TTM figure through Dec 2025 stood at 20.46% (down 23.0% YoY), while the FY2025 annual figure was 20.99%, up 204.0% from the prior year.
• Operating Margin was 22.41% for Q4 2025 at Houlihan Lokey, down from 22.95% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 37.75% in Q1 2022 to a low of 14.83% in Q2 2025.
• Historically, Operating Margin has averaged 22.35% across 5 years, with a median of 20.69% in 2023.
• The sharpest annual moves came in 2022 and 2023: Operating Margin jumped 974 bps in 2022, then sank 1738 bps in 2023.
• A 5-year view of Operating Margin shows it stood at 28.04% in 2021, then slumped by 34 bps to 18.44% in 2022, then advanced by 2 bps to 18.89% in 2023, then grew by 14 bps to 21.45% in 2024, then grew by 4 bps to 22.41% in 2025.
• The last three Operating Margin figures came in at 22.41% (Q4 2025), 22.95% (Q3 2025), and 14.83% (Q2 2025), per Business Quant data.