Lazard Reports Mixed 2025 Results with Revenue & AUM Growth, Continues Share Buybacks
LAZ sits 54% above its 52-week low of $31.97.
Summary
Lazard's 2025 annual report shows revenue and AUM growth, but a GAAP net income decline due to a prior year's non-recurring gain. The company maintained strong operational performance and continued significant share repurchases.
Key Events · Earnings and Guidance · LAZ
-
Full-Year 2025 Financials
Net revenue increased 1.5% to $3.10 billion, and adjusted net revenue rose 4.8% to $3.03 billion. However, GAAP net income attributable to Lazard decreased 15.4% to $236.8 million, and diluted EPS fell 19.0% to $2.17, largely due to a non-recurring gain in 2024.
-
Asset Growth
Assets Under Management (AUM) grew 12.4% to $254 billion as of December 31, 2025, driven by market and foreign exchange appreciation.
-
Shareholder Returns
The company repurchased $91 million of common stock in 2025, with $109 million remaining under its authorization, aimed at offsetting dilution from incentive compensation.
-
Executive Appointments Confirmed
The report confirms Tracy Farr's appointment as Chief Financial Officer effective February 1, 2026, and Christopher Hogbin as CEO of Asset Management in December 2025.
Analysis · LAZ · Finance
Lazard's 2025 annual report reveals a mixed financial picture with increased net revenue and assets under management (AUM), alongside a decrease in GAAP net income and EPS. The decline in GAAP net income is primarily attributed to a non-recurring gain from an office building sale in 2024. Operationally, adjusted net revenue and adjusted operating income showed positive growth. The company continued its significant share repurchase program, buying back $91 million in stock during 2025, with $109 million remaining, demonstrating a commitment to shareholder returns and offsetting dilution. The report also highlights robust internal controls and comprehensive cybersecurity risk management, providing a solid governance foundation.
At the time of this filing, LAZ was trading at $49.32 on NYSE in the Finance sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $31.97 to $58.75. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.