Lazard Reports Increased Net Income and Revenue Growth in Q2 2025

Lazard, Inc. reported its financial results for the second quarter and first half of 2025, revealing a net income attributable to the company of $55.3 million for the three months ended June 30, 2025, compared to $49.9 million for the same period in 2024. For the first half of 2025, net income attributable to Lazard was $115.7 million, up from $85.7 million in the prior year. The company’s total revenue for the second quarter increased by 15% to $818 million, driven primarily by a 21% rise in investment banking and advisory fees, which reached $493.2 million, and a 3% increase in asset management fees, totaling $275.6 million.

In terms of operational metrics, Lazard's adjusted net revenue for the second quarter was $770 million, reflecting a 12% increase from the previous year. The adjusted compensation and benefits expense rose to $504.3 million, a 12% increase, while the adjusted non-compensation expense increased by 6% to $157.4 million. The company’s operating income for the quarter was $93.1 million, representing a 46% increase compared to the same period in 2024. The effective tax rate for the quarter was 34.1%, up from 18.2% in the prior year, primarily due to discrete benefits in the second quarter of 2024.

Lazard's total assets decreased to $4.49 billion as of June 30, 2025, down from $4.79 billion at the end of 2024. The decline was attributed to a reduction in cash and cash equivalents, which fell to $978.3 million from $1.31 billion. The company’s liabilities also decreased, totaling $3.62 billion, down from $4.03 billion at the end of 2024. Notably, accrued compensation and benefits saw a significant drop, decreasing from $845 million to $391 million, reflecting the impact of prior cost-saving initiatives.

In terms of strategic developments, Lazard has continued to focus on enhancing its operational efficiency and expanding its market presence. The company has been actively managing its share repurchase program, having repurchased approximately 860,000 shares at an average price of $46.44 during the first half of 2025. Additionally, Lazard declared a quarterly dividend of $0.50 per share, payable on August 15, 2025, to stockholders of record on August 4, 2025.

Looking ahead, Lazard's management expressed cautious optimism regarding future performance, noting that while the current economic environment presents challenges, particularly in the M&A market, the firm is well-positioned to adapt to changing conditions. The company aims to leverage its diversified business model and strong client relationships to navigate potential market volatility and capitalize on emerging opportunities in both financial advisory and asset management sectors.