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NEW YORK - On Thursday, Lazard, Inc. (NYSE:LAZ) reported second quarter 2025 adjusted earnings per share of $0.52, significantly exceeding analyst expectations of $0.39, as strong performance in its Financial Advisory business drove results.
Revenue reached $796 million, well above the consensus estimate of $702.7 million.
The company’s Financial Advisory segment delivered record adjusted net revenue for the second quarter, rising 20% YoY to $491 million, fueled by robust activity in Europe. Notable deals during the quarter included advising on CD&R’s €16 billion acquisition of a controlling stake in Sanofi (NASDAQ:SNY)’s consumer health unit and Berry Global’s $15 billion combination with Amcor (NYSE:AMCR).
"Lazard reported another quarter of strong performance across the firm," said Peter R. Orszag, CEO and Chairman. "Our Financial Advisory business delivered record revenue for the second quarter and first half of the year."
Asset Management reported positive net flows of $0.7 billion in the second quarter, with assets under management reaching $248 billion as of June 30, 2025, up 2% from the previous year and 9% higher than the first quarter. The segment’s adjusted net revenue increased 1% YoY to $268 million.
The company maintained its adjusted compensation ratio at 65.5%, compared to 66.0% in the same period last year, while its adjusted non-compensation ratio improved to 20.4% from 21.7% a year ago.
During the quarter, Lazard returned $60 million to shareholders through dividends and share repurchases. The company declared a quarterly dividend of $0.50 per share, payable on August 15, 2025.
Lazard continued to attract talent, hiring 14 Managing Directors year to date to support its long-term growth strategy.
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