Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 16

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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 (which excludes certain items and which we believe allows for improved comparability between periods, as described above) was $475 million, an increase of $48 million, or 11%, as compared to $426 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 $17 million, or 11%, as compared to the 2024 period. Adjusted non-compensation expense increased $10 million, or 8%, as compared to the 2024 period. Such increases in non-compensation expense and adjusted non-compensation expense were primarily due to increased technology and information services and marketing and business development expenses. The ratio of adjusted non-compensation expense to adjusted net revenue was 20.5% for the 2025 period, as compared to 21.4% for the 2024 period.

Operating income decreased $66 million, or 41%, as compared to the 2024 period.

Adjusted operating income increased $20 million, or 25%, as compared to the 2024 period, and, as a percentage of adjusted net revenue, was 14.0% for the 2025 period, as compared to 12.6% in the 2024 period.

The benefit pursuant to tax receivable agreement was $20,146 in the 2025 period resulting from the periodic revaluation of the TRA liability.

56

The provision for income taxes reflects an effective tax rate of 22.6%, as compared to 28.0% for the 2024 period. The change in the effective tax rate principally relates to changes in the geographic mix of earnings and the impact of discrete items.

Net income attributable to noncontrolling interests decreased $6 million, or 73%, as compared to the 2024 period.

Nine Months Ended September 30, 2025 versus September 30, 2024

The Company reported net income attributable to Lazard of $187 million, as compared to net income attributable to Lazard of $194 million in the 2024 period.

Net revenue decreased $43 million, or 2%, with adjusted net revenue increasing $61 million, or 3%, as compared to the 2024 period. Fee revenue from investment banking and other advisory activities increased $51 million, or 4%, as compared to the 2024 period.