Lazard reported fourth-quarter net revenue of $907 million, an 11% increase year-over-year, and adjusted net revenue of $892 million, up 10%. On a U.S. GAAP basis, fourth-quarter net income was $50 million ($0.45 per share diluted), while adjusted net income reached $89 million ($0.80 per share). For full-year 2025, net revenue totaled $3,099 million (up 2%), with adjusted net revenue of $3,030 million (up 5%). Net income on a U.S. GAAP basis was $237 million ($2.17 per share), and adjusted net income was $266 million ($2.44 per share), reflecting consistent margin management through elevated advisory and asset management activity.

Financial Advisory net revenue reached $542 million in Q4 (4% growth) and $1,834 million for the year (4% growth), underpinned by high-profile mandates including Kellanova’s $35.9 billion sale to Mars and Constellation Energy’s $26.6 billion acquisition of Calpine. Asset Management net revenue climbed 18% to $367 million in the quarter and 7% to $1,275 million for the year, supported by management fees of $301 million in Q4 (17% increase) and an average AUM of $261 billion (12% increase). Year-end AUM stood at $254 billion, 12% higher than a year earlier.

Lazard named Tracy Farr as Chief Financial Officer effective February 1, bolstering its leadership team during the execution of the Lazard 2030 growth strategy. The Board declared a quarterly dividend of $0.50 per share, payable on February 20 to shareholders of record as of February 9, reflecting confidence in free-cash-flow generation and ongoing commitment to returning capital.