Lazard Inc. (NYSE:LAZ) reported stronger-than-expected fourth-quarter earnings and revenue on Thursday, supported by solid contributions from both its advisory and asset management businesses.
Shares of the financial advisory and asset management group rose 1.46% in pre-market trading following the release.
Adjusted earnings for the quarter reached $0.80 per share, beating the consensus estimate of $0.69. Revenue totaled $907 million, well above analysts’ expectations of $845.34 million. Adjusted net revenue for the quarter increased 10% year on year to $892.1 million.
Within the business, Financial Advisory generated adjusted net revenue of $542 million in the fourth quarter, up 7% from a year earlier. Asset Management delivered particularly strong growth, with adjusted net revenue rising 18% to $339 million and assets under management climbing 12% to $254 billion.
“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.”
For the full year, Lazard posted adjusted earnings of $2.44 per share on adjusted net revenue of $3.03 billion, representing increases of 4% and 5%, respectively, compared with 2024.
The firm also announced the appointment of Tracy Farr as Chief Financial Officer, effective February 1, 2026.
In addition, Lazard declared a quarterly dividend of $0.50 per share, payable on February 20, 2026, to shareholders on record as of February 9, 2026.