Houlihan Lokey (HLI) Operating Margin (2014 - 2026)
Houlihan Lokey's Operating Margin was 22.25% in fiscal Q2 2027 (quarter ended Sep 30, 2026), down 0.62 percentage points from 22.88% a year earlier but up 6.99 percentage points from the prior quarter.
Houlihan Lokey (HLI) Operating Margin (2014 - 2026) Analysis & Trends
On a trailing twelve-month basis, Houlihan Lokey's Operating Margin was 20.26% through Sep 30, 2026, up 0.07 percentage points year-over-year; for FY2026 (ended Mar 31, 2026), it was 20.13%, down 0.90 percentage points from FY2025.
- Operating Margin shows a five-year change of -6.62 percentage points (FY2021 to FY2026).
- In earlier fiscal years, Operating Margin was 21.03% in FY2025 (+1.54 pp), 19.50% in FY2024 (+0.61 pp), 18.89% in FY2023 (-8.11 pp) and 27.00% in FY2022 (+0.24 pp).
- Quarterly Operating Margin has moved between 14.88% (fiscal Q1 2026) and 28.04% (fiscal Q3 2022) over five years.
- Compared with a year earlier, Operating Margin was higher in four of the last eight quarters, with an average year-over-year change of -0.27 percentage points.
- The best year-over-year quarter for Operating Margin over five years was fiscal Q2 2025 (a gain of 3.40 percentage points); the worst was fiscal Q2 2023 (a drop of 11.02 percentage points).
- Per Business Quant data, HLI's Operating Margin in the three fiscal quarters before Q2 2027 was 15.26% (Q1 2027), 19.69% (Q4 2026) and 22.41% (Q3 2026).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 109.34 Bn | 97.67 Bn | - | 65.70% |
| 2 | Bank of New York Mellon | 103.32 Bn | 36.94 Bn | - | - |
| 3 | Intercontinental Exchange | 97.84 Bn | 90.74 Bn | - | 38.84% |
| 4 | Robinhood Markets | 73.91 Bn | 53.45 Bn | - | - |
| 5 | Nasdaq | 60.30 Bn | 57.74 Bn | 1.48 Bn | 30.59% |
| 6 | State Street | 47.09 Bn | 47.09 Bn | - | - |
| 7 | Cboe Global Markets | 37.14 Bn | 27.62 Bn | 712.20 Mn | 39.32% |
| 8 | Interactive Brokers | 35.28 Bn | 11.58 Bn | - | - |
| 9 | Northern Trust | 32.35 Bn | 32.35 Bn | - | - |
| 10 | Houlihan Lokey | 9.82 Bn | 5.99 Bn | - | 22.25% |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 22.25% |
| Jun 30, 2026 | 15.26% |
| Mar 31, 2026 | 19.69% |
| Dec 31, 2025 | 22.41% |
| Sep 30, 2025 | 22.88% |
| Jun 30, 2025 | 14.88% |
| Mar 31, 2025 | 21.01% |
| Dec 31, 2024 | 21.45% |
| Sep 30, 2024 | 22.73% |
| Jun 30, 2024 | 18.45% |
| Mar 31, 2024 | 19.73% |
| Dec 31, 2023 | 18.89% |
| Sep 30, 2023 | 19.33% |
| Jun 30, 2023 | 17.64% |
| Mar 31, 2023 | 20.38% |
| Dec 31, 2022 | 18.44% |
| Sep 30, 2022 | 18.26% |
| Jun 30, 2022 | 18.53% |
| Mar 31, 2022 | 20.93% |
| Dec 31, 2021 | 28.04% |
Houlihan Lokey Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=HLI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "HLI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=HLI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();