Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 20

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 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 September 30, 2025 versus September 30, 2024

Financial Advisory net revenue increased $56 million, or 15%, as compared to the 2024 period. Financial Advisory adjusted net revenue increased $53 million, or 14%, as compared to the 2024 period. The increases in Financial Advisory net revenue and adjusted net revenue are primarily attributable to an increase in the average fee for completed transactions as compared to the prior year.

Adjusted compensation and benefits expense increased $35 million, or 15%, as compared to the 2024 period, primarily driven by increased adjusted net revenue.

Adjusted non-compensation expense increased $3 million, or 6%, as compared to the 2024 period.

Adjusted operating income was $97 million, an increase of $16 million, or 20%, as compared to adjusted operating income of $81 million in the 2024 period, and, as a percentage of adjusted net revenue, was 23.0%, as compared to 22.0% in the 2024 period.

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

Financial Advisory net revenue increased $56 million, or 5%, as compared to the 2024 period. Financial Advisory adjusted net revenue increased $60 million, or 5%, as compared to the 2024 period. The increases in Financial Advisory net revenue and adjusted net revenue are primarily attributable to an increase in the average fee for completed transactions as compared to the prior year.

Adjusted compensation and benefits expense increased $14 million, or 2%, as compared to the 2024 period. 

Adjusted non-compensation expense increased $9 million, or 6%, as compared to the 2024 period primarily due to increased occupancy and equipment and marketing and business development expenses.

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Adjusted operating income was $296 million, an increase of $37 million, or 14%, as compared to adjusted operating income of $259 million in the 2024 period, and, as a percentage of adjusted net revenue, was 23.1%, as compared to 21.2% in the 2024 period.

Asset Management

Assets Under Management

AUM primarily consists of debt and equity instruments, which have a value that is readily available based on either prices quoted on a recognized exchange or prices provided by