Comprehensive Results for Fourth Quarter and Full-Year 2025

Lazard, Inc. (NYSE: LAZ) today released its detailed financial results for the fourth quarter and full year ended December 31, 2025, showcasing solid performance across advisory and asset management segments under both U.S. GAAP and adjusted measures.

Quarterly and Annual Revenue Highlights

For the quarter ended December 31, 2025, Lazard reported total net revenue of $907 million and adjusted net revenue of $892 million. For the full year of 2025, the company achieved net revenue of $3,099 million and adjusted net revenue of $3,030 million.

Comparative Growth Trends

Year-over-year results indicate growth in adjusted measures, with Lazard expanding revenue both quarterly and annually as part of its strategic objectives outlined under the Lazard 2030 plan.

Profitability and Earnings per Share (EPS)

Under U.S. GAAP, Lazard’s fourth quarter net income was $50 million, or $0.45 per diluted share. For the full year 2025, net income was $237 million, or $2.17 per diluted share. Adjusted results—which exclude certain non-GAAP items—showed $89 million in quarterly net income ($0.80 per diluted share) and $266 million for the full year ($2.44 per diluted share).

Business Segments’ Performance

Financial Advisory Segment

The Financial Advisory segment reported net revenue of $542 million for the fourth quarter, representing increases compared with the prior year. For the full year, Financial Advisory net revenue totaled $1,834 million. Lazard underscored that Advisory results benefited from significant client mandates and notable M&A activity across global markets.

Asset Management Segment

Asset Management reported strong growth, with fourth quarter net revenue of $367 million, up 18% compared with the same period in 2024. Full-year 2025 Asset Management revenue stood at $1,275 million, reflecting continued gains in management fees and broader client engagement.

Assets Under Management (AUM)

Lazard’s assets under management saw notable expansion, with year-end AUM reaching approximately $254 billion, a 12% increase compared with December 31, 2024. Average AUM for the fourth quarter was approximately $261 billion, also up 12% year-over-year.

Expenses and Costs

The company reported increased compensation and benefits costs reflecting strategic investments in talent and advisory capabilities. Adjusted non-compensation expenses were modestly higher, aligning with business scaling efforts. Lazard continues to manage its cost structure with the objective of long-term efficiency and strategic growth.

Capital Return and Corporate Actions

During the quarter, Lazard returned capital to shareholders through dividends and share repurchases. The company declared a quarterly dividend of $0.50 per share, payable in February 2026, as part of its ongoing capital distribution program.

Leadership and Strategic Direction

Lazard’s Chief Executive Officer, Peter R. Orszag, emphasized that the 2025 results reflect continued execution of the firm’s long-term growth strategy. Lazard also announced the appointment of Tracy Farr as Chief Financial Officer, marking an important leadership transition aimed at further advancing the firm’s strategic priorities.

Investor Access and Conference Call

To discuss these financial results, Lazard hosted a conference call on January 29, 2026, providing investors with detailed commentary on performance metrics, future business opportunities, and market outlook.

For full financial tables, detailed non-GAAP to GAAP reconciliations, and additional discussion on segment performance, the complete press release is accessible via Lazard’s official website and the PR Newswire archive.

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