On Thursday, Lazard, Inc. (NYSE:LAZ) reported adjusted earnings per share of $0.52 for the second quarter of 2025, significantly beating analyst forecasts of $0.39. This strong performance was driven largely by the company’s Financial Advisory segment.
Revenue for the quarter reached $796 million, well above the consensus estimate of $702.7 million.
The Financial Advisory division posted a record adjusted net revenue of $491 million, up 20% year-over-year, fueled by vigorous activity in Europe. Noteworthy transactions included advising on CD&R’s €16 billion acquisition of a controlling interest in Sanofi (NASDAQ:SNY)’s consumer health business and Berry Global’s $15 billion merger 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.”
The Asset Management segment saw positive net inflows of $0.7 billion in Q2, with assets under management reaching $248 billion as of June 30, 2025 — a 2% increase from last year and 9% growth compared to the previous quarter. Adjusted net revenue in this segment rose 1% year-over-year to $268 million.
Lazard kept its adjusted compensation ratio steady at 65.5%, improving from 66.0% in the same period last year, while its adjusted non-compensation ratio improved to 20.4% from 21.7% a year earlier.
During the quarter, Lazard returned $60 million to shareholders through dividends and share buybacks. The company declared a quarterly dividend of $0.50 per share, payable on August 15, 2025.
Lazard also continued its talent expansion, hiring 14 Managing Directors year-to-date to support its long-term growth plans.
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