HLI Profit Margins - HOULIHAN LOKEY, INC.

Complete source-backed margin history.

Historical Profit Margins

Date	Gross margin	Operating margin	Net margin
2026-06-30	30.14%	15.26%	15.26%
2026-03-31	—	19.69%	15.71%
2025-12-31	32.17%	22.41%	16.25%
2025-09-30	33.79%	22.95%	16.95%
2025-06-30	31.07%	14.88%	16.20%
2025-03-31	33.92%	21.17%	18.29%
2024-12-31	31.38%	21.45%	15.02%
2024-09-30	33.04%	22.73%	16.27%
2024-06-30	30.61%	18.45%	17.32%
2024-03-31	30.26%	21.73%	15.58%
2023-12-31	29.52%	18.89%	13.85%
2023-09-30	30.54%	19.33%	14.35%
2023-06-30	28.89%	17.64%	14.76%
2023-03-31	32.81%	20.38%	13.41%
2022-12-31	29.87%	18.44%	13.81%
2022-09-30	28.09%	18.26%	12.41%
2022-06-30	32.80%	18.53%	16.91%
2022-03-31	32.09%	20.93%	13.83%
2021-12-31	36.11%	28.04%	19.55%
2021-09-30	35.30%	29.28%	21.01%
2021-06-30	35.80%	28.89%	23.06%
2021-03-31	34.98%	28.02%	19.85%
2020-12-31	35.17%	29.45%	22.03%
2020-09-30	32.93%	24.25%	17.69%
2020-06-30	31.36%	20.17%	21.83%
2020-03-31	27.62%	22.68%	19.50%
2019-12-31	28.20%	20.39%	14.66%
2019-09-30	27.57%	16.55%	12.14%
2019-06-30	27.84%	19.08%	17.09%
2019-03-31	29.65%	20.78%	15.56%
2018-12-31	26.78%	20.89%	14.75%
2018-09-30	29.06%	20.43%	14.59%
2018-06-30	27.21%	18.24%	13.49%
2018-03-31	30.96%	24.40%	15.57%
2017-12-31	27.91%	21.04%	23.78%
2017-09-30	28.40%	22.02%	13.77%
2017-06-30	27.94%	21.55%	18.04%

Date	Gross margin	Operating margin	Net margin
2026-03-31	—	20.13%	16.26%
2025-03-31	32.32%	21.03%	16.73%
2024-03-31	29.83%	19.50%	14.64%
2023-03-31	30.79%	18.89%	14.05%
2022-03-31	35.04%	27.00%	19.28%
2021-03-31	34.18%	26.76%	20.50%
2020-03-31	27.82%	19.80%	15.85%
2019-03-31	28.22%	20.20%	14.67%
2018-03-31	28.82%	22.26%	17.88%
2017-03-31	27.69%	20.87%	12.42%