Loading...
•
Dec 31, 2025
Lazard Q4 2025 Earnings Report
Lazard reported record full-year Financial Advisory adjusted net revenue and record full-year Asset Management inflows.
Key Takeaways
Lazard reported strong fourth-quarter and full-year 2025 results, with record full-year Financial Advisory adjusted net revenue of $1.8 billion and record full-year Asset Management inflows, leading to a 12% year-over-year increase in total AUM. The company's adjusted net revenue for the quarter was $892 million, and adjusted diluted EPS was $0.80.
Record full-year Financial Advisory adjusted net revenue reached $1.8 billion.
Total Assets Under Management (AUM) increased by 12% year-over-year, driven by record gross inflows in Asset Management.
Financial Advisory performance exceeded 2030 targets, with revenue per Managing Director at $8.9 million and 21 Managing Directors hired.
Adjusted net income for the fourth quarter of 2025 was $89 million, a 5% increase from the fourth quarter of 2024.
Revenue by Segment
Forward Guidance
Lazard aims to achieve an adjusted compensation ratio of 60% or below and an adjusted non-compensation ratio between 16% to 20% as part of its Lazard 2030 long-term growth strategy, with timing dependent on market conditions.
Positive Outlook
- Ongoing focus on executing Lazard 2030 long-term growth strategy.
- Record revenue in Financial Advisory and record gross inflows in Asset Management.
- Efforts to transform both businesses are gaining traction and delivering results.
- Favorable business conditions and strong client demand for contextual alpha.
- Well positioned for substantial growth opportunities ahead.
Challenges Ahead
- Adverse general economic conditions or adverse conditions in global or regional financial markets could impact results.
- Changes in international trade policies and practices, including tariffs, could lead to volatility and uncertainty.
- A decline in overall mergers and acquisitions (M&A) activity or AUM could reduce revenues.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...