Lazard reported adjusted net income of $89 million, or $0.80 per share, for the quarter ended December 31, 2025, surpassing analysts’ consensus of $0.68 per share. Net revenue reached $907 million, up 11% year-over-year, while adjusted net revenue was $892 million, a 10% increase. On a U.S. GAAP basis, net income was $50 million, or $0.45 per share, compared with $86 million, or $0.80 per share, in the prior year period, reflecting higher investment in talent and technology offset by revenue growth.

For full-year 2025, Financial Advisory adjusted net revenue rose to $1.825 billion, up 5% from 2024, driven by landmark transactions including a $35.9 billion industrial acquisition and a $26.6 billion energy deal. Revenue per managing director reached $8.9 million, and the firm added 21 new Managing Directors. Full-year net revenue in this segment was $1.834 billion, ahead of Lazard’s internal 2030 targets and marking the highest annual result in the division’s history.

Asset Management generated adjusted net revenue of $339 million in Q4, an 18% increase year-over-year, supported by $37 million in incentive fees and $301 million in management fees. Average assets under management grew 12% to $261 billion for the quarter, while ending AUM stood at $254 billion. For 2025, the segment reported $1.166 billion in adjusted net revenue and 7% net inflows excluding one large sub-advised relationship, with total AUM up 12% versus the prior year on market appreciation and foreign-exchange effects.

Effective February 1, 2026, Tracy Farr was appointed Chief Financial Officer, succeeding the outgoing executive after a 20-year tenure at the firm. Additionally, Lazard declared a quarterly dividend of $0.50 per share, payable February 20, 2026, to shareholders of record as of February 9. This marks the tenth consecutive quarterly distribution at this level, reflecting the board’s confidence in cash flow generation and balanced capital allocation strategy.