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.

• Research & Development for Q4 2025 came in at $20.4 million, up 13.46% year-over-year; the trailing twelve-month figure through Dec 2025 was $75.6 million (up 4.94% YoY), and the FY2025 annual result was $69.4 million, up 6.28% from the prior year.
• Research & Development advanced to $20.4 million in Q4 2025, from $16.7 million in the prior quarter.
• Over five years, Research & Development peaked at $20.4 million in Q4 2025 and troughed at $7.0 million in Q2 2021.
• A 5-year average of $15.0 million and a median of $15.6 million in 2023 frame the typical range for Research & Development.
• The widest annual swing landed in 2022, when Research & Development jumped 58.74%; it then retreated 5.92% in 2025.
• A 5-year view of Research & Development shows it stood at $12.4 million in 2021, then climbed by 18.98% to $14.8 million in 2022, then climbed by 17.45% to $17.3 million in 2023, then climbed by 3.56% to $17.9 million in 2024, then grew by 13.46% to $20.4 million in 2025.
• Per Business Quant data, the three most recent Research & Development figures were $20.4 million in Q4 2025, $16.7 million in Q3 2025, and $20.0 million in Q2 2025.