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

Houlihan Lokey's Research & Development history runs 12 years deep, the most recent figure standing at $20.4 million for Q4 2025.

• In Q4 2025, Research & Development rose 20.14% year-over-year to $20.4 million; the TTM figure through Dec 2025 stood at $74.0 million (up 7.76% YoY), while the FY2025 annual figure was $69.4 million, up 6.28% from the prior year.
• Research & Development was $20.4 million for Q4 2025 at Houlihan Lokey, up from $15.2 million in the prior quarter.
• In the past five years, Research & Development ranged from a high of $20.4 million in Q4 2025 to a low of $7.0 million in Q2 2021.
• Historically, Research & Development has averaged $14.7 million across 5 years, with a median of $15.6 million in 2023.
• The sharpest annual moves came in 2021 and 2025: Research & Development soared 255.64% in 2021, then decreased 14.57% in 2025.
• A 5-year view of Research & Development shows it stood at $11.1 million in 2021, then surged by 33.01% to $14.8 million in 2022, then grew by 17.45% to $17.3 million in 2023, then retreated by 2.19% to $16.9 million in 2024, then advanced by 20.14% to $20.4 million in 2025.
• The last three Research & Development figures came in at $20.4 million (Q4 2025), $15.2 million (Q3 2025), and $20.0 million (Q2 2025), per Business Quant data.