Snapshot
Lazard, Inc. reported $1.82B of revenue in Q4 2025, up 10.2% year over year, with diluted EPS of $0.45 and an operating margin of 4.7%.
- Revenue
- $1.82B
- YoY growth
- +10.2%
- Diluted EPS
- $0.45
- Operating margin
- 4.7%
$1.82B
Revenue
+10.2%
YoY growth
$0.45
Diluted EPS
4.7%
Operating margin
01 Key takeaways
What management said
- •In addition to today's audio comments, we have posted our earnings release on our website.
- •A reconciliation of these non-GAAP financial measures to the comparable GAAP measures is provided in our earnings release and investor presentation.
- •Our fourth quarter and full year results demonstrate our ongoing focus on executing our Lazard 2030 long-term growth strategy.
- •For 2025, we reported firm-wide revenue of $3 billion, with record revenue in financial advisory and assets under management up 12% in asset management.
- •Before we turn to our outlook and financial results, I would like to take a moment to thank Mary Ann and welcome Tracy as our new CFO.
- •As CFO, he will lead efforts to improve operational efficiency, helping drive profitable, profitable growth and progress towards Lazard 2030, while playing a central role in engaging with the investment community.
- •You can read more about Tracy in the press release we issued this morning alongside our earnings release.
- •As we look ahead, we see substantial growth in both of our businesses.
- •In financial advisory, the M&A cycle continues to deepen, while client demand remains strong for our other advisory solutions, such as private capital advisory and restructuring and liability management.
- •Looking back on 2025, in Financial Advisory, we reported record revenue of $1.8 billion.
- •We continue to anticipate hiring within or above our stated range going forward, and we will prioritize acquiring top talent to deliver long-term profitable growth over time.
- •This is an increase of $2.5 million per MD since 2023, and we expect continued significant improvement in this important metric in the years ahead, which I will discuss later.
SourcesCompany financials · earnings call
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