Lazard (LAZ) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 24, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.73

Last Year’s EPS

0.56

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 5 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlighted meaningful progress on Lazard's strategic objectives with record Financial Advisory revenue, an Asset Management inflection (AUM and revenue growth, record gross inflows, and ETF launches), improved MD productivity, and a solid pipeline of won-but-not-yet-funded mandates supporting management's expectation of positive net flows in 2026. Near-term challenges include substantial Q4 Asset Management outflows driven by the closure of a large sub-advised relationship, FX and market sensitivity, accelerated hiring that temporarily pressures productivity, and higher compensation and investment spending. Management emphasized disciplined expense control, AI adoption, and leadership appointments to drive execution. Overall, positive operational and strategic momentum appears to outweigh the identifiable near-term headwinds.

Company Guidance

Lazard guided to accelerating Financial Advisory activity and positive net flows in Asset Management for 2026, supported by 2025 results: firm-wide revenue of $3.0 billion (+5% YoY; Q4 $892 million, +10% YoY), Financial Advisory record revenue of $1.8 billion (Q4 $542 million, +7% YoY) and Asset Management revenue of $1.2 billion (Q4 $339 million, +18% YoY; Q4 management fees $301 million; FY management fees $1.1 billion; FY incentive fees $59 million). Key balance-sheet and flow metrics included average Q4 AUM of $261 billion (+12% YoY), year‑end won‑but‑not‑funded mandates of $13 billion, record gross inflows that exceeded the $50 billion target, seven U.S. active ETFs launched with >$800 million AUM, Q4 market appreciation of $10 billion, a Q4 FX drag of $0.8 billion, and Q4 net outflows of $19.7 billion (FY net inflows of $8.4 billion excluding the closed sub‑advised relationship). Productivity and cost guidance: average revenue per Managing Director was $8.9 million in 2025 (up $2.5M since 2023) with a 2030 target of $12.5M/MD, a hiring goal of 10–15 net FA MDs per year (2024: 11 net adds; 2025: >2x 2024), FY compensation expense $2.0 billion (Q4 $585M) with a FY comp ratio of 65.5% (65.9% prior), FY non‑comp expense $613 million (~20% ratio), adjusted effective tax rate 22.7% FY (Q4 29.5%), $393 million returned to shareholders in 2025 (including a $0.50/share quarterly dividend), and an expectation of mid‑to‑high single‑digit dollar increases in non‑comp expense in 2026 alongside planned operating leverage.

Firm-wide Revenue Growth

Reported firm-wide revenue of $3.0 billion for fiscal 2025, up 5% year-over-year; fourth quarter revenue of $892 million, up 10% year-over-year.

Record Financial Advisory Performance

Financial Advisory delivered record revenue of $1.8 billion in 2025; Q4 Financial Advisory revenue was $542 million, up 7% year-over-year. Record revenue in EMEA and for the private capital advisory group; strong restructuring and liability management results.

Improved Banker Productivity

Average revenue per Managing Director (MD) reached $8.9 million in 2025, an increase of $2.5 million since 2023. Company set a 2030 MD productivity target of $12.5 million.

Asset Management Inflection and AUM Growth

Asset Management revenue was $1.2 billion for 2025; average AUM for Q4 was $261 billion, up 12% year-over-year. Q4 Asset Management revenue was $339 million, up 18% year-over-year and 15% sequentially.

Record Gross Inflows and ETF Launch Momentum

Achieved record gross inflows that exceeded the $50 billion target for 2025. Launched seven active U.S. ETFs in 2025 with ETF AUM surpassing $800 million, supporting distribution and product diversification.

Won-but-Not-Yet-Funded Pipeline and Net Flows Outlook

Won-but-not-yet-funded mandates totaled $13 billion (higher than a year ago), underpinning management's expectation of positive net flows in 2026. Excluding one closed sub-advised relationship, full-year 2025 net inflows were $8.4 billion.

Capital Return and Shareholder Distributions

Returned $393 million to shareholders in 2025 (including $187 million in dividends, $91 million in share repurchases, and $115 million for employee tax obligations); declared quarterly dividend of $0.50 per share.

Expense Discipline and Slight Improvement in Compensation Ratio

Full-year compensation expense was $2.0 billion with a compensation ratio improving to 65.5% from 65.9% the prior year; non-compensation ratio ~20% for the year, and management plans disciplined expense control as revenues grow.

Leadership and Strategic Positioning

Key leadership additions and changes: Chris Hogben named CEO of Asset Management, Rosalie Berman as COO, Eric Van Naustrand as CIO, and Tracy Farr appointed CFO; continued execution of Lazard 2030 strategy and emphasis on AI and 'contextual alpha' as strategic differentiators.

Lazard (LAZ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LAZ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 24, 2026	2026 (Q1)	0.73 / -	0.56	―	―	―
Jan 29, 2026	2025 (Q4)	0.69 / 0.80	0.78	2.56% (+0.02)
Oct 23, 2025	2025 (Q3)	0.44 / 0.56	0.38	47.37% (+0.18)
Jul 24, 2025	2025 (Q2)	0.40 / 0.52	0.52	0.00% (0.00)
Apr 25, 2025	2025 (Q1)	0.31 / 0.56	0.66	-15.15% (-0.10)
Jan 30, 2025	2024 (Q4)	0.51 / 0.78	0.66	18.18% (+0.12)
Oct 31, 2024	2024 (Q3)	0.39 / 0.38	0.1	280.00% (+0.28)
Jul 25, 2024	2024 (Q2)	0.35 / 0.52	0.24	116.67% (+0.28)
Apr 25, 2024	2024 (Q1)	0.55 / 0.66	-0.26	353.85% (+0.92)
Feb 01, 2024	2023 (Q4)	0.36 / 0.66	0.69	-4.35% (-0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LAZ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 29, 2026	$52.15	$53.32	+2.24%
Oct 23, 2025	$48.85	$48.19	-1.35%
Jul 24, 2025	$53.39	$53.04	-0.66%
Apr 25, 2025	$38.26	$37.08	-3.08%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Lazard (LAZ) report earnings?

Lazard (LAZ) is schdueled to report earning on Apr 24, 2026, Before Open (Confirmed).

What is Lazard (LAZ) earnings time?

Lazard (LAZ) earnings time is at Apr 24, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is LAZ EPS forecast?

LAZ EPS forecast for the fiscal quarter 2026 (Q1) is 0.73.