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Jun 30
Lazard Q2 2025 Earnings Report
Lazard delivered strong Q2 2025 results with record financial advisory revenue and positive net flows in asset management.
Key Takeaways
Lazard posted $796 million in revenue and $55 million in net income for Q2 2025, driven by robust financial advisory activity and improving asset management flows. AUM rose to $248 billion, while the adjusted compensation ratio improved slightly year over year.
Total revenue reached $796 million, up 16% year over year.
Financial Advisory reported record revenue of $497 million.
Asset Management AUM increased to $248 billion, with positive net flows.
Adjusted compensation ratio improved to 65.5% from 66.0%.
Lazard
Lazard
Lazard Revenue by Segment
Revenue by Segment
Financial Advisory Revenue
CapyFin.comAsset Management Revenue
CapyFin.com Forward Guidance
Lazard expects continued strong financial advisory activity and aims to lower its compensation ratio toward its long-term target.
Positive Outlook
- Robust financial advisory pipeline expected to continue.
- Asset management inflows supported by market appreciation and FX gains.
- Focus on cost discipline and operating leverage.
- Capital position remains strong, enabling dividends and buybacks.
- Hiring of managing directors supports long-term growth.
Challenges Ahead
- Market volatility could impact M&A activity.
- Asset management inflows remain sensitive to market conditions.
- High compensation ratio remains above long-term target of 60%.
- Global macroeconomic uncertainty could weigh on advisory revenue.
- FX fluctuations may affect AUM growth.