Lazard reported fourth-quarter adjusted net income of $89 million, or $0.80 per share, representing a 3% increase in adjusted EPS from $0.78 a year earlier. On a U.S. GAAP basis, net income was $50 million, or $0.45 per share, down from $86 million, or $0.80 per share, in Q4 2024. The adjusted effective tax rate improved to 29.5% from 31% a year ago, reflecting favorable changes in geographic mix and discrete tax items.

Total net revenue for Q4 reached $907 million, up 11% year-over-year, while adjusted net revenue rose 10% to $892 million. Financial Advisory net revenue was $542 million, up 4% from last year, driven by landmark M&A mandates including a $35.9 billion acquisition for Kellanova and a $26.6 billion deal for Constellation Energy. Asset Management net revenue climbed 18% to $367 million, supported by 17% higher management fees and incentive fees increasing to $37 million from $29 million, as average assets under management grew 12% to $261 billion.

For full-year 2025, Lazard delivered net revenue of $3.099 billion, a 2% advance over 2024, with adjusted net revenue of $3.030 billion, up 5%. Financial Advisory achieved record adjusted net revenue of $1.825 billion, ahead of the firm’s 2030 targets, while Asset Management registered record inflows and ended the year with AUM up 12% to $254 billion. The firm hired 21 new Managing Directors during the year, raising revenue per MD to $8.9 million and reinforcing its long-term growth strategy.

Lazard announced the appointment of Tracy Farr as Chief Financial Officer, effective February 1, enhancing its finance leadership as it executes growth initiatives. The Board also declared a quarterly dividend of $0.50 per share, payable on February 20, 2026, to shareholders of record as of February 9, underlining the firm’s commitment to disciplined capital allocation and shareholder returns.