Lazard reported adjusted net income of $89 million, or $0.80 per share diluted, for the quarter ended December 31, 2025, outperforming the prior year’s $85 million and $0.78 per share. Net revenue rose 10% year-over-year to $892 million, driven by double-digit growth in both advisory and asset management businesses. On a U.S. GAAP basis, fourth-quarter net income was $50 million, or $0.45 per share diluted, compared with $86 million and $0.80 per share in the fourth quarter of 2024.

Financial Advisory net revenue reached $542 million, up 4% from a year ago, with adjusted advisory revenue rising 7% to $542 million. Full-year advisory adjusted net revenue totaled a record $1.825 billion, 5% ahead of 2024, underpinned by marquee mandates such as a $35.9 billion sale of Kellanova to Mars and multiple sovereign advisory engagements. Asset Management delivered fourth-quarter net revenue of $367 million, an 18% increase, supported by 12% growth in average assets under management to $261 billion and incentive fees of $37 million, up from $29 million in Q4 2024.

Chief Executive Officer Peter R. Orszag highlighted progress against the firm’s Lazard 2030 strategy, noting record full-year advisory adjusted net revenue of $1.8 billion and asset management inflows that lifted AUM 12% year-over-year to $254 billion. The firm bolstered its leadership team by naming Tracy Farr as Chief Financial Officer effective February 1, leveraging her capital markets expertise to drive the next phase of growth. During 2025, Lazard hired 21 new Managing Directors, achieving revenue per MD of $8.9 million, ahead of long-term targets.

On January 28, 2026, Lazard’s Board declared a quarterly dividend of $0.50 per share, payable February 20 to holders of record as of February 9. This marks the continuation of a disciplined capital return policy, reflecting strong free cash flow generation and confidence in the firm’s multi-year growth outlook.