Lazard, Inc. (NYSE: LAZ) has reported its fourth-quarter and full-year 2025 results, with net revenue reaching $907 million for the quarter and $3,099 million for the full year. Adjusted net revenue for the same periods was $892 million and $3,030 million, respectively.
Financial advisory reported a 4% increase in net revenue for the fourth quarter, reaching $542 million, and a 7% increase in adjusted net revenue, amounting to $542 million. For the full year, financial advisory net revenue and adjusted net revenue stood at $1,834 million and $1,825 million, respectively, reflecting a 4% and 5% increase over the previous year.
Asset management reported a notable 18% increase in net revenue for the fourth quarter, totaling $367 million, and a 18% increase in adjusted net revenue, amounting to $339 million. For the full year, asset management net revenue and adjusted net revenue were $1,275 million and $1,166 million, representing a 7% and 6% increase over the previous year.
The company saw a 12% increase in assets under management (AUM) from December 31, 2024, with ending AUM reaching $254 billion. The average AUM for the full year of 2025 was $247 billion, marking a 12% increase.
Lazard's net income on a U.S. GAAP basis for the fourth quarter of 2025 was $50 million, a 42% decrease from the same period in 2024. For the full year, net income decreased by 15%, amounting to $237 million.
Adjusted net income for the fourth quarter of 2025 was $89 million, reflecting a 5% increase over the same period in 2024. For the full year, adjusted net income increased by 9%, reaching $266 million.
In terms of capital management and balance sheet, Lazard returned $98 million to shareholders in the fourth quarter of 2025, which included $47 million in dividends and $50 million in share repurchases. For the full year, the company returned $393 million to shareholders.
Lazard's financial position remains strong, with cash and cash equivalents amounting to $1,469 million as of December 31, 2025.
The company's new CEO and Chairman, Peter R. Orszag, highlighted the record revenue in financial advisory and asset management inflows, positioning Lazard for substantial growth opportunities.
Tracy Farr has been appointed as the new Chief Financial Officer.
Lazard will host a conference call on January 29, 2026, to discuss the financial results. Today the company's shares have moved -0.73% to a price of $53.36. For the full picture, make sure to review Lazard's 8-K report.
