Lazard's stock surged 5.49% during intraday trading on Thursday, as investors reacted positively to the company's fourth-quarter financial results that significantly exceeded market expectations.

The investment bank reported adjusted earnings per share of $0.80 for the quarter, beating the analyst consensus estimate of $0.69. Revenue also came in strong at $907 million, surpassing expectations of $824.3 million. The company's performance was driven by robust growth in both its financial advisory and asset management businesses, with adjusted financial advisory revenue jumping 7% to $542 million and asset management revenue growing 18% to $339 million.

Lazard's results were bolstered by a recovery in dealmaking activity across the industry, with global investment banking revenue topping $100 billion in 2025. The company also announced the appointment of Tracy Farr as chief financial officer, effective February 1, adding to the positive sentiment surrounding the stock.