Company Description
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ.
Current Stock Price:
$54.47
Results Overview:
Adjusted net revenue of $892 million for the quarter ended Dec. 31, 2025, compared to $812 million in the prior-year period. On a U.S. GAAP basis, net income was $50 million, or $0.45 per diluted share, for the quarter, while adjusted net income rose to $89 million, or $0.80 per share.
ADVISORY AND ASSET MANAGEMENT STRENGTH
Lazard’s Financial Advisory segment achieved a record full-year adjusted net revenue of 1.8 billion in 2025. For the fourth quarter specifically, the segment′s adjusted net revenue rose $542 million. The firm served as a partner on several high-profile deals during and since the quarter, including Kellanova’s $35.9 billion acquisition by Mars and Constellation Energy’s $26.6 billion acquisition of Calpine.
The Asset Management segment also posted strong results, with fourth-quarter adjusted net revenue climbing 18% to 339million. Total assets under management ended the year at $254 billion, representing a 12% increase year-over-year. This growth was supported by record full-year gross inflows and market appreciation of $35 billion.
CAPITAL MANAGEMENT AND EXPENSES
During the fourth quarter, Lazard returned 98 million to shareholders, including 47 million in dividends and $50 million through the repurchase of 1.0 million shares. The firm’s Board of Directors declared a quarterly cash dividend of $0.50 per share, payable on Feb. 20, 2026.
On the expense side, Lazard maintained an adjusted compensation ratio of 65.5% for both the fourth quarter and the full year. The firm continues to target an adjusted compensation ratio of 60% or below as part of its 2030 strategic goals.
As of Dec. 31, 2025, Lazard’s financial position remained robust, with cash and cash equivalents totaling $1.47 billion.
