华利安 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller AcceleratedfilerSmallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of September 30, 2025, the aggregate market value of the voting and non-voting common equity held by non-affiliates wasapproximately $11.19 billion. As of May 18, 2026, the registrant had 54,276,657 shares of Class A common stock, $0.001 par value per share, and 14,782,730 sharesof Class B common stock, $0.001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for its 2026 annual meeting of stockholders, which the Registrant anticipateswill be filed no later than 120 days after the end of its fiscal year, are incorporated by reference in Part III of this Form 10‑K. Auditor Name:KPMG LLPAuditor Location: Los Angeles, California Auditor Firm ID: 185 Unless the context otherwise requires, as used in this Annual Report on Form 10-K (“Form 10-K”), the terms the “Company,”“Houlihan Lokey,Inc.,” “Houlihan Lokey,” “HL,” “our firm,” “we,” “us” and “our” refer to Houlihan Lokey,Inc., a Delawarecorporation, and, in each case, unless otherwise stated, all of its subsidiaries. We use the term “HL Holders” to refer to our currentand former employees and members of our management who hold our Class B common stock through the Houlihan Lokey Voting Trust(the “HL Voting Trust”). Our fiscal year ends on March31. Accordingly, references to fiscal 2026, fiscal 2025, and fiscal 2024 are to CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements. All statements other than statements of historical fact contained in this Form 10-K may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategyand plans and objectives of management for future operations are forward-looking statements. In some cases, you can identifyforward-looking statements by terms such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “targets,” Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actualresults, performance or achievements to be materially different from any future results, performance or achievements expressed or •our ability to retain our Managing Directors and our other senior professionals;•our ability to successfully identify, recruit and develop talent;•changing market conditions;•reputational risk;•the volatility of our revenue and profits on a quarterly basis;•risks associated with our acquisitions (including integration) and strategic investments;•the impact of U.S. fiscal, monetary, and/or trade policies on transaction volumes and, consequently, our revenue•strong competition from other financial advisory and investment banking firms;•potential impairment of goodwill and other intangible assets, which represent a significant portion of o