Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 15

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 15
---
, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended June 30, 2025 versus June 30, 2024

The Company reported net income attributable to Lazard of $55 million, as compared to net income attributable to Lazard of $50 million in the 2024 period. 

Net revenue increased $111 million, or 16%, with adjusted net revenue increasing $85 million, or 12%, as compared to the 2024 period. Fee revenue from investment banking and other advisory activities increased $84 million, or 21%, as compared to the 2024 period. Asset management fees, including incentive fees, increased $8 million, or 3%, as compared to the 2024 period. In the aggregate, interest income, other revenue and interest expense increased $19 million as compared to the 2024 period. 

Compensation and benefits expense increased $67 million, or 15%, as compared to the 2024 period.

Adjusted compensation and benefits expense (which excludes certain items and which we believe allows for improved comparability between periods, as described above) was $504 million, an increase of $52 million, or 12%, as compared to $452 million in the 2024 period. The ratio of adjusted compensation and benefits expense to adjusted net revenue was 65.5% for the 2025 period, as compared to 66.0% for the 2024 period. 

Non-compensation expense increased $15 million, or 9%, as compared to the 2024 period. Adjusted non-compensation expense increased $9 million, or 6%, as compared to the 2024 period. Such increases in non-compensation expense and adjusted non-compensation expense were primarily due to increased marketing and business development and technology and information services expenses. The ratio of adjusted non-compensation expense to adjusted net revenue was 20.4% for the 2025 period, as compared to 21.7% for the 2024 period.

Operating income increased $29 million, or 46%, as compared to the 2024 period.

Adjusted operating income increased $24 million, or 29%, as compared to the 2024 period, and, as a percentage of adjusted net revenue, was 14.1