Lazard, Inc. posted 1.5% revenue growth in 2025 driven primarily by steady asset management fees and advisory activity, but operating income and net income declined by about 15% year-over-year. Leadership transitions in key executive roles—most notably the CFO—signal ongoing efforts to stabilize operations. The firm’s asset management segment benefits from increased assets under management (AUM), yet market and economic uncertainties continue to pose headwinds. Capital returns remain consistent with dividend payments supported by cash flows, though share buybacks have slowed after a sizeable repurchase in 2022.