Lazard (LAZ) Company Report

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, including record financial advisory revenue of $1.8 billion.
Asset Management revenue reached $1.2 billion for the full year 2025, with Assets Under Management (AUM) at $254 billion as of December 31, 2025, an increase of 12% from December 2024.
The company expects positive net flows in Asset Management for 2026 and anticipates financial advisory activity to accelerate in 2026.
Lazard returned $393 million to shareholders in 2025, comprising $187 million in dividends and $91 million in share repurchases. A quarterly dividend of $0.50 per share was also declared.
Mary Ann Betsch transitioned from her role as CFO, with Tracy Farr appointed as the new Chief Financial Officer.

Jan 29, 2026, 1:00 PM

Transcript

Lazard Reports Q4 and Full Year 2025 Results, Highlights 2030 Strategy and AI Initiatives

LAZ

Earnings

Guidance Update

New Projects/Investments

Lazard reported Total Net Revenue of $892 million for Q4 2025 and $3,030 million for the full year 2025, with Adjusted Diluted Net Income per share of $2.44 for FY 2025.
The company is pursuing a Lazard 2030 Strategy with goals to double revenue by 2030 and achieve an average Total Shareholder Return (TSR) of 10-15% per year through 2030. This strategy includes significant investment in an AI-enabled future, marked by the LazGPT 2.0 launch and Asset AI Toolkit expansion in 2025.
For the full year 2025, Financial Advisory Net Revenue reached $1,825 million and Asset Management Net Revenue was $1,166 million. The Financial Advisory segment also hired 21 Managing Directors in 2025.
Lazard returned $393 million in capital for FY 2025.

Jan 29, 2026, 1:00 PM

Presentation

Lazard Reports Q4 and Full Year 2025 Results, Announces New CFO

LAZ

Earnings

CFO Change

Revenue Acceleration/Inflection

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, and $892 million for Q4 2025, up 10% year-over-year.
Financial Advisory achieved record revenue of $1.8 billion in 2025, with average revenue per Managing Director reaching $8.9 million, and a new goal set for $12.5 million per MD by 2030.
Asset Management revenue was $1.2 billion for 2025, with Assets Under Management (AUM) up 12% year-over-year to $254 billion as of December 31, 2025, and the firm expects positive net flows for 2026.
Tracy has been appointed as the new Chief Financial Officer (CFO), succeeding Mary Ann.
The company anticipates accelerated financial advisory activity and M&A in 2026, alongside continued strength in restructuring and liability management.

Jan 29, 2026, 1:00 PM

Transcript

Lazard Reports Q4 and Full Year 2025 Results, Announces CFO Transition

LAZ

Earnings

CFO Change

Revenue Acceleration/Inflection

Lazard reported firm-wide revenue of $3 billion for the full year 2025, a 5% increase from 2024, with record revenue in financial advisory of $1.8 billion.
Asset Management revenue was $1.2 billion for the full year 2025, and Assets Under Management (AUM) reached $254 billion as of December 31, 2025, marking a 12% increase from December 2024.
The company announced a CFO transition, with Tracy Farr succeeding Mary Ann Betsch.
Lazard achieved average revenue per Financial Advisory Managing Director of $8.9 million in 2025, an increase of $2.5 million per MD since 2023, and set a goal to reach $12.5 million per MD by 2030.
For the full year 2025, Lazard returned $393 million to shareholders, including $187 million in dividends and $91 million in share repurchases.

Jan 29, 2026, 1:00 PM

Transcript

Lazard Reports Strong Fourth Quarter and Full Year 2025 Results, Appoints New CFO

LAZ

Earnings

CFO Change

Share Buyback

Lazard reported adjusted net revenue of $3,030 million and adjusted net income of $266 million, or $2.44 per diluted share, for the full year 2025. For the fourth quarter of 2025, adjusted net revenue was $892 million and adjusted net income was $89 million, or $0.80 per diluted share.
Full-year 2025 Financial Advisory adjusted net revenue reached a record $1,825 million , and Asset Management adjusted net revenue was $1,166 million.
Assets Under Management (AUM) totaled $254 billion as of December 31, 2025, marking a 12% increase year-over-year.
Lazard returned $393 million to shareholders in full year 2025, including $187 million in dividends and $91 million in share repurchases.
Tracy Farr was appointed Chief Financial Officer.

Jan 29, 2026, 11:32 AM

8-K

Lazard Reports Fourth Quarter and Full Year 2025 Results

LAZ

Earnings

CFO Change

Dividends

For the full year 2025, Lazard reported adjusted net revenue of $3,030 million and adjusted diluted net income per share of $2.44.
Financial Advisory achieved record adjusted net revenue of $1.8 billion for the full year 2025.
Asset Management recorded a 12% year-over-year increase in total AUM to $254 billion as of December 31, 2025, alongside record inflows.
Lazard returned $393 million to shareholders in 2025, including $187 million in dividends and $91 million in share repurchases.
Tracy Farr was appointed Chief Financial Officer.

Jan 29, 2026, 11:30 AM

Press Release

First Brands Group Commences Wind Down of North American Business Units

LAZ

Legal Proceedings

Demand Weakening

M&A

First Brands Group has initiated a wind down of certain North American business operations, specifically its Brake Parts Inc., Cardone, and Autolite brands.
This decision was made after efforts to secure funding and advance the sale process for these businesses did not result in a viable solution.
The wind down does not include First Brands' other North American businesses, such as filters, wipers, pumps, lighting, towing, and accessories, nor its Rest of World (ROW) operations, all of which continue to operate.
First Brands Group is currently undergoing a chapter 11 process and is assessing pathways to transition its remaining portfolio of brands to new ownership.
Lazard is serving as the investment banker to First Brands Group.

Jan 26, 2026, 5:06 PM

Press Release

Lazard Reports December 2025 Assets Under Management

LAZ

Lazard's preliminary assets under management (AUM) totaled approximately $254.3 billion as of December 31, 2025.
This figure increased from $250.829 billion reported on November 30, 2025.
The month's AUM change included $2.2 billion in market appreciation and $1.5 billion in FX appreciation, partially offset by $0.3 billion in net outflows.
Preliminary average AUM for the quarter ended December 31, 2025, was $261.1 billion.

Jan 13, 2026, 11:45 AM

Press Release

FinQuery Achieves Top Ranking for Lease Accounting Software

LAZ

Product Launch

New Projects/Investments

Management Change

FinQuery's LeaseQuery earned the No. 1 position on G2’s Lease Accounting Software Grid for the 19th consecutive quarter, also leading in Enterprise, Mid-Market, and SMB categories.
The company maintains high customer satisfaction, evidenced by a 97% overall satisfaction score.
FinQuery is expanding its presence in the U.K. market to support FRS 102 standard adoption and recently appointed Michael Baldock as executive chairman following a majority investment from TA Associates.
The company plans to accelerate investments in innovation, aiming to unify leases, contracts, and fixed assets into an AI-enabled subledger.

Dec 15, 2025, 9:00 AM

Press Release

Lazard CEO Discusses Strategic Transformation and 2026 Outlook

LAZ

Hiring

Revenue Acceleration/Inflection

New Projects/Investments

Lazard's Financial Advisory business completed a significant cultural and talent transformation, separating from 87 managing directors (MDs) and hiring/promoting 91 over two years, with 40% of MDs now in their first three years. This is projected to increase productivity by $1 million per MD as the proportion of new MDs stabilizes at 30%.
The Asset Management business anticipates positive net flows for 2026, having achieved $8.7 billion in year-to-date net inflows outside of a recently closed sub-advised account, and noting an acceleration in gross inflows.
Strategically, Lazard is expanding its advisory services, with revenue tied to private capital increasing from 25% in 2019 to 40% today, targeting 50%. The firm foresees strong M&A activity in 2026, driven by private equity, alongside growth in restructuring and private capital advisory.
Lazard is committed to achieving a 60% or lower compensation ratio, primarily by increasing revenue per MD in advisory and enhancing scale per strategy in asset management. The company is also focused on becoming the leading AI-enabled firm among its competitors.