Houlihan Lokey (HLI) Research & Development (2014 - 2025)

Houlihan Lokey has reported Research & Development for 12 years, with the latest figure at $20.4 million in Q4 2025.

• On a quarterly basis, Research & Development rose 13.46% year-over-year to $20.4 million in Q4 2025; TTM through Dec 2025 was $75.6 million, a 4.94% increase from a year earlier, with the FY2025 full-year figure at $69.4 million, up 6.28% from the prior year.
• Research & Development was $20.4 million for Q4 2025 at Houlihan Lokey, up from $16.7 million in the prior quarter.
• The five-year high for Research & Development was $20.4 million in Q4 2025, with the low at $7.0 million in Q2 2021.
• Average Research & Development over 5 years is $15.0 million, with a median of $15.6 million recorded in 2023.
• The sharpest annual moves came in 2022 and 2025: Research & Development surged 58.74% in 2022, then declined 5.92% in 2025.
• Over 5 years, Research & Development stood at $12.4 million in 2021, then increased by 18.98% to $14.8 million in 2022, then increased by 17.45% to $17.3 million in 2023, then increased by 3.56% to $17.9 million in 2024, then rose by 13.46% to $20.4 million in 2025.
• The last three Research & Development figures came in at $20.4 million (Q4 2025), $16.7 million (Q3 2025), and $20.0 million (Q2 2025), per Business Quant data.