Lazard hits record advisory revenue as firm names new finance chief

Lazard (NYSE:LAZ) reported record-breaking performance in its advisory business for 2025, capitalising on a resurgence in global dealmaking and a sharp climb in asset values.

The firm posted fourth-quarter net revenue of $907 million, contributing to a full-year total of $3.099 billion.

On an adjusted basis, annual net revenue reached $3.030 billion, reflecting the firm's momentum in navigating a complex macroeconomic landscape.

The centerpiece of the year was the Financial Advisory division, which delivered record full-year adjusted net revenue of $1.8 billion.

This performance underscores Lazard's dominant position in the M&A and restructuring space during a year marked by high-profile corporate consolidations.

Simultaneously, the Asset Management division saw its Assets Under Management (AUM) swell to $254 billion, a 12% increase year-over-year, driven by market appreciation and strengthening investor appetites.

Lazard’s bottom line remained firm, reporting adjusted net income for the year of $266 million, or $2.44 per diluted share.

On a U.S. GAAP basis, net income stood at $237 million ($2.17 per diluted share).

Amid these results, the firm continued its commitment to capital return, distributing $393 million to shareholders throughout 2025 via dividends and share repurchases.

The earnings announcement coincided with a significant leadership transition: Lazard has appointed Tracy Farr as Chief Financial Officer.

Farr, a veteran of the firm’s capital structure advisory group, takes the helm as the company moves into a 2026 fiscal year focused on its "Lazard 2030" growth targets.