Company Description
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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.