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Lazard (LAZ) investor relations material
Lazard Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Adjusted net revenue for Q2 2025 was $770 million, up 12% year-over-year, driven by record Financial Advisory results and strong Asset Management inflows; AUM reached $248 billion as of June 30, 2025.
Net income attributable to shareholders for Q2 2025 was $55 million, up from $50 million in Q2 2024; H1 2025 net income was $116 million, up from $86 million year-over-year.
Hired 14 Managing Directors year-to-date to support long-term growth and continued expansion in Europe.
High client engagement, robust private capital connectivity, and progress toward Asset Management inflection point supported business momentum.
2030 strategy targets doubling revenue, 10–15% average annual TSR, and increased relevance.
Financial highlights
Q2 2025 net revenue: $796 million (up 16% year-over-year); adjusted net revenue: $770 million (up 12% year-over-year).
Financial Advisory Q2 2025 adjusted net revenue: $491 million (up 20% year-over-year); Asset Management Q2 2025 adjusted net revenue: $268 million (up 1% year-over-year).
Adjusted operating income for Q2 2025 was $108 million, up 29% year-over-year; adjusted operating margin improved to 14.1%.
Adjusted compensation expense for Q2 2025 was $504 million (65.5% ratio); adjusted non-compensation expense was $157 million (20.4% ratio).
AUM at June 30, 2025: $248 billion, up 10% from December 31, 2024, and up 2% year-over-year.
Outlook and guidance
M&A environment expected to improve as tariff and regulatory uncertainties resolve; constructive financing markets and strong corporate balance sheets support activity.
Targeting adjusted compensation ratio of 60% or below and adjusted non-compensation ratio between 16% and 20%, timing dependent on market conditions.
Asset Management expected to benefit from evolving investor preferences, especially outside the U.S., and is positioned for an inflection point with record gross inflows.
Full-year 2025 effective tax rate projected in the mid-20% range; no material impact expected from recent U.S. tax legislation.
Non-comp expense growth now expected to be high single digits for the year due to FX and business development investments.
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