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

Houlihan Lokey (HLI) has reported Research & Development for 12 consecutive years, with $20.4 million the latest figure, recorded in 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 came in at $20.4 million for Q4 2025 at Houlihan Lokey, up from $15.2 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 $14.7 million, with a median of $15.6 million recorded in 2023.
• Across the five-year window, Research & Development soared 255.64% in 2021 and declined 14.57% in 2025, its largest moves.
• Year by year, Research & Development stood at $11.1 million in 2021, then surged by 33.01% to $14.8 million in 2022, then gained by 17.45% to $17.3 million in 2023, then dropped by 2.19% to $16.9 million in 2024, then increased by 20.14% to $20.4 million in 2025.
• According to Business Quant data, Research & Development over the past three periods registered $20.4 million, $15.2 million, and $20.0 million for Q4 2025, Q3 2025, and Q2 2025 respectively.