LAZ
Lazard, Inc.50.70
+0.03+0.06%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms outlook, adds mix details
Q&A largely reaffirms prepared remarks on 2026 advisory acceleration and positive AM net flows, adding granularity on advisory mix—nearly 60% M&A, non-M&A at 40% rising to 50% via fundraising and restructuring momentum. Peter Orszag detailed secondaries as a permanent PE feature, not fading with M&A pickup. Chris Hogben highlighted $13B won-not-funded skewed to high-fee emerging markets and infrastructure, with normalized outflows expected. Geopolitics drew no pause; comp leverage eyed via productivity and efficiencies. Secondaries are here to stay. Confident tone persists; watch MD ramp and flow conversion.
Key Stats
Market Cap
4.81BP/E (TTM)
20.12Basic EPS (TTM)
2.52Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
Lazard posted FY2025 net revenue of $3.1B, up 2% y/y, with adjusted net revenue rising 5% to $3.0B on stronger advisory fees and asset management. Financial Advisory adjusted net revenue grew 5% to $1.8B, driven by higher average fees on non-M&A deals amid 24% y/y rise in global M&A volume; Q4 momentum showed in 73 deals over $500M. Asset Management AUM hit $254B, up 12%, with fees up 7% on market gains, though net outflows persisted. Adjusted operating income climbed 5% to $432M (14.3% margin), aided by comp ratio discipline at 65.5%. Q4 repurchases totaled $1.0M shares; $1.7B debt steady. Yet difficult market conditions threaten quarterly transaction volumes.
8-K
Lazard names new CFO Farr
Lazard appointed Tracy Farr, 42, as CFO effective February 1, 2026, succeeding Mary Ann Betsch, who shifts to Senior Advisor through June 30, 2026. Farr, a 13-year Lazard veteran from Capital Structure Advisory, gets $750,000 salary plus discretionary bonus. Betsch secures full 2025 bonus matching 2024 and severance per prior agreement. Smooth handover preserves finance expertise.
8-K
Record advisory revenue, AUM up 12%
10-Q
Q3 FY2025 results
Lazard's Q3 net revenue dipped 5% y/y to $748M while adjusted net revenue climbed 12% y/y to $725M, fueled by 16% higher investment banking fees to $426M and 11% more asset management fees to $308M. Operating income fell 41% y/y to $95M from a prior-year property sale gain, but adjusted operating income rose 25% y/y to $101M at 14.0% of adjusted net revenue. Diluted EPS dropped to $0.65 from $1.02, consistent with 108M diluted shares. Cash fell to $1.2B amid $120M operating cash flow and $329M financing outflows; senior debt held steady at $1.7B with $210M revolver availability and no covenant issues. Issued $300M 5.625% notes due 2035 to redeem 2027 notes. Competitive pressure on talent retention looms large.
8-K
Lazard's Q3 revenue surges 12%
Lazard reported record adjusted net revenue of $725 million for Q3 2025, up 12% year-over-year, driven by 15% growth in Financial Advisory to $427 million and 11% in Asset Management to $327 million. Year-to-date, Financial Advisory hit a record $1.3 billion with 20 new Managing Directors hired, while Asset Management saw $1.6 billion in net inflows and AUM climbing 17% to $265 billion. Adjusted net income rose 56% to $62 million. Momentum builds, yet GAAP net income dipped 34%.
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