Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 257

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 257
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%, 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.

59

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 external pricing services.

Prices of equity and debt securities and other instruments that comprise our AUM are provided by independent, third-party vendors. Such third-party vendors rely on prices provided by external pricing services which are obtained from recognized exchanges or markets, or, for certain fixed income securities, from evaluated bids or other similarly sourced prices.

Either directly, or through our third-party vendors, we perform a variety of regular due diligence procedures on our pricing service