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

Houlihan Lokey has reported Operating Margin for 12 years, with the latest figure at 22.41% in Q4 2025.

• Operating Margin for Q4 2025 came in at 22.41%, up 96.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 20.47% (down 22.0% YoY), and the FY2025 annual result was 20.99%, up 204.0% from the prior year.
• Operating Margin retreated to 22.41% in Q4 2025, from 22.95% in the prior quarter.
• Over five years, Operating Margin peaked at 37.75% in Q1 2022 and troughed at 14.88% in Q2 2025.
• A 5-year average of 22.35% and a median of 20.69% in 2023 frame the typical range for Operating Margin.
• The widest annual swing landed in 2022, when Operating Margin jumped 974 bps; it then plunged 1738 bps in 2023.
• A 5-year view of Operating Margin shows it stood at 28.04% in 2021, then tumbled by 34 bps to 18.44% in 2022, then gained by 2 bps to 18.89% in 2023, then climbed by 14 bps to 21.45% in 2024, then climbed by 4 bps to 22.41% in 2025.
• Per Business Quant data, the three most recent Operating Margin figures were 22.41% in Q4 2025, 22.95% in Q3 2025, and 14.88% in Q2 2025.