Lazard Reports Fourth Quarter And Full Year 2025 Results

NEW YORK, January 29, 2026 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $907 million and adjusted net revenue² of $892 million for the quarter ended December 31, 2025. For the full year of 2025, Lazard reported net revenue of $3,099 million and adjusted net revenue² of $3,030 million.

On a U.S. GAAP basis, Lazard reported fourth-quarter 2025 net income of $50 million or $0.45 per share, diluted. For the full year of 2025, net income on a U.S. GAAP basis was $237 million or $2.17 per share, diluted. For the fourth quarter 2025, adjusted net income² was $89 million or $0.80 per share, diluted. For the full year of 2025, adjusted net income² was $266 million or $2.44 per share, diluted.

“2025 demonstrates our ongoing focus on executing our Lazard 2030 long-term growth strategy, with record revenue in Financial Advisory and record gross inflows in Asset Management,” said Peter R.Orszag, CEO and Chairman of Lazard. “Efforts to transform both businesses over the past two years are gaining traction and delivering results. With favorable business conditions and strong client demand for contextual alpha—combining business decision-making with broader macroeconomic and geopolitical perspective—Lazard is well positioned for substantial growth opportunities ahead.”

Today, Lazard also announced that Tracy Farr has been appointed Chief Financial Officer. You can read the full press release on Lazard.com.