Lazard Reports Decline in Q4 Earnings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 29 2026
0mins
Should l Buy LAZ?
Source: NASDAQ.COM
- Earnings Decline: Lazard Inc. reported a fourth-quarter net income of $49.86 million, or $0.45 per share, which is a significant drop from last year's $86.31 million and $0.80 per share, indicating pressure on profitability.
- Adjusted Earnings: Excluding items, Lazard's adjusted earnings stood at $88.77 million, or $0.80 per share, demonstrating stability in core operations despite the overall earnings decline.
- Revenue Growth: The company experienced a 10.8% year-over-year revenue increase to $929.38 million, up from $839.02 million last year, suggesting improved sales performance in the market.
- Market Reaction: Despite revenue growth, the significant decline in earnings may negatively impact investor confidence, particularly amid increasing economic uncertainty, potentially affecting future stock performance.
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Analyst Views on LAZ
Wall Street analysts forecast LAZ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LAZ is 54.50 USD with a low forecast of 46.00 USD and a high forecast of 59.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
1 Buy
1 Hold
2 Sell
Hold
Current: 54.460
Low
46.00
Averages
54.50
High
59.00
Current: 54.460
Low
46.00
Averages
54.50
High
59.00
About LAZ
Lazard, Inc. is a financial advisory and asset management company, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Its segments include Financial Advisory and Asset Management. Financial Advisory segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of advisory services including mergers and acquisitions advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters. Asset Management segment offers a range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Asset Management Innovation: Asset Management revenue reached $1.2 billion in 2025, with an 18% increase in Q4, driven by record gross inflows exceeding $50 billion and the launch of seven active ETFs, indicating enhanced competitiveness in the market.
- Management Transition: New CFO Tracy Farr succeeds Mary Ann Betsch, focusing on improving operational efficiency and driving profitable growth, which is expected to lead to strategic shifts within the company.
- Optimistic Future Outlook: Management anticipates an acceleration in financial advisory activity in 2026, targeting an average revenue of $12.5 million per Managing Director, reflecting the company's confidence in future growth and responsiveness to market demand.
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Lazard Reports Decline in Q4 Earnings
- Earnings Decline: Lazard Inc. reported a fourth-quarter net income of $49.86 million, or $0.45 per share, which is a significant drop from last year's $86.31 million and $0.80 per share, indicating pressure on profitability.
- Adjusted Earnings: Excluding items, Lazard's adjusted earnings stood at $88.77 million, or $0.80 per share, demonstrating stability in core operations despite the overall earnings decline.
- Revenue Growth: The company experienced a 10.8% year-over-year revenue increase to $929.38 million, up from $839.02 million last year, suggesting improved sales performance in the market.
- Market Reaction: Despite revenue growth, the significant decline in earnings may negatively impact investor confidence, particularly amid increasing economic uncertainty, potentially affecting future stock performance.
See More
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- Transition Support: Former CFO Mary Ann Betsch will serve as a senior advisor to assist in the transition; since joining Lazard in 2022, she has played a crucial role in strengthening the firm's financial operations and enhancing reporting and planning functions, ensuring a smooth leadership change.
- Financial Background: Before joining Lazard, Farr was a certified public accountant and consultant at EY and a researcher at the Financial Accounting Standards Board, providing a robust financial strategy foundation for Lazard's future initiatives.
- Future Outlook: This appointment not only reflects Lazard's focus on nurturing and reusing internal talent but also indicates the company's ongoing commitment to enhancing financial management and strategic planning, aiming to further strengthen its competitive position in the market.
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- Long-term Strategic Goals: As part of Lazard's 2030 vision, the company aims to achieve an adjusted non-compensation ratio between 16% and 20%, depending on market conditions, reflecting its confidence in future growth and strategic planning.
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- Financial Performance Growth: Lazard reported full-year revenue of $3 billion for 2025, a 5% increase year-over-year, with Q4 revenue at $892 million, reflecting a 10% year-over-year growth, showcasing strong performance in the Financial Advisory sector.
- Asset Management Innovation: Asset Management revenue reached $1.2 billion in 2025, with an 18% increase in Q4, driven by record gross inflows exceeding $50 billion and the launch of seven active ETFs, indicating enhanced competitiveness in the market.
- Management Transition: New CFO Tracy Farr succeeds Mary Ann Betsch, focusing on improving operational efficiency and driving profitable growth, which is expected to lead to strategic shifts within the company.
- Optimistic Future Outlook: Management anticipates an acceleration in financial advisory activity in 2026, targeting an average revenue of $12.5 million per Managing Director, reflecting the company's confidence in future growth and responsiveness to market demand.
See More
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- Company Performance: Lazard's shares have decreased by 3.3% following their Q4 profit report.
- Profit Analysis: The reported profit was above market estimates, indicating stronger-than-expected financial performance.
See More
Lazard (LAZ) Q4 2025 Earnings Call Transcript
See More
Lazard Reports Decline in Q4 Earnings
- Earnings Decline: Lazard Inc. reported a fourth-quarter net income of $49.86 million, or $0.45 per share, which is a significant drop from last year's $86.31 million and $0.80 per share, indicating pressure on profitability.
- Adjusted Earnings: Excluding items, Lazard's adjusted earnings stood at $88.77 million, or $0.80 per share, demonstrating stability in core operations despite the overall earnings decline.
- Revenue Growth: The company experienced a 10.8% year-over-year revenue increase to $929.38 million, up from $839.02 million last year, suggesting improved sales performance in the market.
- Market Reaction: Despite revenue growth, the significant decline in earnings may negatively impact investor confidence, particularly amid increasing economic uncertainty, potentially affecting future stock performance.
See More
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- New CFO Appointment: Lazard has appointed Tracy Farr as CFO, effective February 1, 2026, bringing over 20 years of finance experience, including more than a decade at Lazard as a managing director, highlighting the firm's commitment to internal talent development.
- Transition Support: Former CFO Mary Ann Betsch will serve as a senior advisor to assist in the transition; since joining Lazard in 2022, she has played a crucial role in strengthening the firm's financial operations and enhancing reporting and planning functions, ensuring a smooth leadership change.
- Financial Background: Before joining Lazard, Farr was a certified public accountant and consultant at EY and a researcher at the Financial Accounting Standards Board, providing a robust financial strategy foundation for Lazard's future initiatives.
- Future Outlook: This appointment not only reflects Lazard's focus on nurturing and reusing internal talent but also indicates the company's ongoing commitment to enhancing financial management and strategic planning, aiming to further strengthen its competitive position in the market.
See More
Lazard Q4 Earnings Exceed Expectations
- Earnings Beat: Lazard reported a Q4 non-GAAP EPS of $0.80, exceeding expectations by $0.11, which underscores the company's robust profitability and boosts investor confidence.
- Significant Revenue Growth: The company achieved Q4 revenue of $892 million, reflecting a 9.9% year-over-year increase and surpassing market expectations by $70.13 million, indicating strong performance in its financial advisory segment.
- Record Annual Performance: Lazard's full-year adjusted net revenue for financial advisory reached $1.8 billion, with asset management inflows and total AUM up 12% year-over-year, demonstrating the company's sustained competitive strength in the market.
- Long-term Strategic Goals: As part of Lazard's 2030 vision, the company aims to achieve an adjusted non-compensation ratio between 16% and 20%, depending on market conditions, reflecting its confidence in future growth and strategic planning.
See More
