Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 113

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 113
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 located in the Americas (primarily in the U.S.), EMEA (primarily in the U.K., France, Germany, Italy and Spain) and the Asia Pacific region and therefore may not be reflective of the geography in which the clients are located.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Americas56 %60 %60 %62 %EMEA43 40 39 38 Asia Pacific1 – 1 – Total100 %100 %100 %100 %

The Company’s managing directors and many of its professionals have significant experience, and many of them are able to use this experience to advise on a combination of M&A, restructuring and other strategic advisory matters, depending on clients’ needs. This adaptability enables Lazard to more effectively deploy its professionals based on the often counter-cyclical nature of restructuring as compared to our M&A business. While Lazard measures revenue by practice area, Lazard does not separately measure the costs or profitability of M&A services as compared to restructuring or other services. Accordingly, Lazard measures performance in its Financial Advisory segment based on overall segment adjusted net revenue and adjusted operating income margins.

Financial Advisory Results of Operations

Financial Advisory’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality and other factors. Accordingly, the revenue and profits in any particular quarter or period 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

Financial Advisory net revenue increased $86 million, or 21%, as compared to the 2024 period. Financial Advisory adjusted net revenue increased $83 million, or 20%, as compared to the 2024 period. The increase in Financial Advisory net revenue and adjusted net revenue was primarily driven by an increased number of completed M&A transactions with values greater than $500 million as compared to the 2024 period.

Adjusted compensation and benefits expense increased $42 million, or 15%, as compared to the 2024 period, primarily driven by increased adjusted net revenue.

Adjusted non-compensation expense increased $1 million, or 3%, as compared to the 2024 period.

Adjusted operating income was $122 million, an increase of $40 million, or 50%, as compared