What is Lazard's loss on LGAC liquidation?

Lazard (LAZ) reported loss on LGAC liquidation of $0 in Q4 2025.

What does loss on LGAC liquidation mean?

This reflects the realized loss incurred when an affiliated entity or subsidiary is wound down or liquidated. It captures the financial impact of exiting specific business ventures or investment vehicles. Investors monitor this to assess the success of past capital allocation decisions and the impact of business exits on overall profitability.

Lazard LAZ Loss on LGAC liquidation

Loss on LGAC liquidation at other companies

Hewlett Packard EnterpriseHPE

$0-100%

AAR CorpAIR

-$400K+99.4%

CorpayCPAY

$121.42M—

UnitedHealth GroupUNH

-$72M-380%

XylemXYL

$4M+140%

Omnicom GroupOMC

-$34.3M—

Other financials

Income statement

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Revenue$756.6M+16.7%

Operating income$89.6M+63.9%

Net income$100.9M+67.1%

EPS (diluted)$0.91+62.5%

Balance sheet

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Cash & equivalents$1.0B+12.3%

Total debt$2.2B-1.4%

Total equity$881.3M+46.1%

Total assets$4.2B+0.2%

Cash flow

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Operating cash flow-$219.3M-0.8%

CapEx$2.2M-84.2%

Free cash flow-$221.5M+4.3%

Valuation

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Market cap$4.36B+2.5%

Enterprise value$5.5B-0.9%

P/E15.7×+1.7×

P/S1.4×-0.1×

Profitability

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Operating margin11.3%-1.9pp

Net margin8.6%-1.7pp

FCF margin15.5%-3.7pp

Returns & leverage

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Return on equity37.4%-23.8pp

Debt / equity2.5×-1.2×

Where this comes from

Reported directly by Lazard in its filing.

Tagged under the XBRL concept laz:LossOnAffiliatedEntityLiquidation.

The official record: Lazard’s 10-K, filed February 23, 2026, on SEC EDGAR. View the filing →

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What is Lazard's loss on LGAC liquidation?: Lazard (LAZ) reported loss on LGAC liquidation of $0 in Q4 2025.
What does loss on LGAC liquidation mean?: This reflects the realized loss incurred when an affiliated entity or subsidiary is wound down or liquidated. It captures the financial impact of exiting specific business ventures or investment vehicles. Investors monitor this to assess the success of past capital allocation decisions and the impact of business exits on overall profitability.