Houlihan Lokey (HLI) Operating Margin (2014 - 2025)
Houlihan Lokey's Operating Margin was 22.41% in fiscal Q3 2026 (quarter ended Dec 31, 2025), up 0.96 percentage points from 21.45% a year earlier but down 0.53 percentage points from the prior quarter.
Houlihan Lokey (HLI) Operating Margin (2014 - 2025) Analysis & Trends
On a trailing twelve-month basis, Houlihan Lokey's Operating Margin was 20.47% through Dec 31, 2025, down 0.22 percentage points year-over-year; for FY2025 (ended Mar 31, 2025), it was 20.99%, up 2.04 percentage points from FY2024.
- Operating Margin shows a five-year change of +1.19 percentage points (FY2020 to FY2025).
- In earlier fiscal years, Operating Margin was 18.95% in FY2024 (+0.07 pp), 18.89% in FY2023 (-8.11 pp), 27.00% in FY2022 (+0.24 pp) and 26.76% in FY2021 (+6.95 pp).
- Quarterly Operating Margin has moved between 14.88% (fiscal Q1 2026) and 29.28% (fiscal Q2 2022) over five years.
- Compared with a year earlier, Operating Margin was higher in six of the last eight quarters, with an average year-over-year change of +0.63 percentage points.
- The best year-over-year quarter for Operating Margin over five years was fiscal Q1 2022 (a gain of 8.72 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 Q3 2026 was 22.95% (Q2 2026), 14.88% (Q1 2026) and 21.01% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 106.75 Bn | 94.85 Bn | - | 64.89% |
| 2 | Robinhood Markets | 92.26 Bn | 73.29 Bn | - | - |
| 3 | Intercontinental Exchange | 89.72 Bn | 83.45 Bn | - | 38.52% |
| 4 | Nasdaq | 54.24 Bn | 51.67 Bn | 1.50 Bn | 28.12% |
| 5 | Interactive Brokers | 38.34 Bn | 15.45 Bn | - | - |
| 6 | Cboe Global Markets | 33.19 Bn | 24.84 Bn | 731.60 Mn | 32.99% |
| 7 | LPL Financial Holdings | 25.81 Bn | 21.13 Bn | - | - |
| 8 | Tradeweb Markets | 25.54 Bn | 17.55 Bn | - | 43.88% |
| 9 | Circle Internet | 22.70 Bn | 16.58 Bn | 288.85 Mn | 4.90% |
| 10 | Houlihan Lokey | 8.58 Bn | 4.62 Bn | - | - |
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 22.41% |
| Sep 30, 2025 | 22.95% |
| 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% |
| Sep 30, 2021 | 29.28% |
| Jun 30, 2021 | 28.89% |
| Mar 31, 2021 | 28.02% |
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();