Lazard Inc
lazard.comWhat Do They Do?
Advises organizations on mergers, financing and restructuring, and manages investment portfolios for institutional and individual clients.
10-K for FY2025, filed Feb 23, 2026Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the…View ↗
We advise leaders on their most important financial and strategic matters, serving as a trusted advisor whose mission is to ensure the best…View ↗
Our Asset Management business offers a broad range of global investment solutions and investment and wealth management services in equity…View ↗
How Do They Make Money?
Advisory clients pay retainers as work is performed and additional fees when transactions are announced or completed. Asset management clients pay ongoing fees based mainly on assets managed, with additional fees tied to investment performance.
10-K for FY2025, filed Feb 23, 2026(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, strategic capital solutions…View ↗
(b)Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to…View ↗
(c)Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$3.2B
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10-K for FY2025, filed Feb 23, 2026
$3.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Investment banking and other advisory fees
|
60%
FY2022: 60%
|
Investment banking and other advisory fees, FY2025
$1.8B Sources
|
|
|
Asset management fees
Recurring
10-K for FY2025, filed Feb 23, 2026 |
40%
FY2022: 40%
|
Asset management fees, FY2025
$1.2B Sources
|
Recurring |
Who Are Their Customers?
Advises organizations on financial matters and manages investments for institutional and private wealth clients through separate accounts and pooled funds.
10-K for FY2025, filed Feb 23, 2026We advise leaders on their most important financial and strategic matters, serving as a trusted advisor whose mission is to ensure the best…View ↗
Our Asset Management business offers a broad range of global investment solutions and investment and wealth management services in equity…View ↗
We also provide other asset management services to our clients, including asset allocation and other investment advisory services, as well…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 23, 2026
$327.6MView ↗
10-K for FY2025, filed Feb 23, 2026
$236.8MView ↗
10-K for FY2025, filed Feb 23, 2026
$487.4MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q3 FY2026, filed Oct 26, 2026
$29.2MView ↗
- ▼ −59%
- vs $71.2M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 26, 2026
Open tableView ↗
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May 1, 2026
Agreed to acquire private capital adviser Campbell Lutyens
Campbell Lutyens advises on fund placement, secondary advisory and GP capital matters; the deal depends on regulatory approvals.
Sources
8-K, filed May 1, 2026
On April 30, 2026, Lazard, Inc. (the “Company”) entered into a Sale and Purchase Agreement (the “Purchase Agreement”) with the sellers…View ↗
Flat. Revenue was $3.2B in FY2025, about the same as the $3.3B of FY2021.
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