Lazard Reports Second Quarter and First Half 2025 Results

Lazard, Inc. has released its financial results for the second quarter and first half of 2025, showcasing a robust performance across its Financial Advisory and Asset Management segments. The company reported significant growth in net revenue and net income, driven by strong activity in Europe and positive net flows in asset management.

Financial Highlights

For the second quarter of 2025, Lazard reported net revenue of $796 million, a 16% increase from the same period in 2024. Adjusted net revenue was $770 million, up 12% year-over-year. The company's net income for the quarter was $55 million, or $0.52 per diluted share, reflecting an 11% increase from the previous year.

For the first half of 2025, net revenue was $1,444 million, with adjusted net revenue at $1,413 million. Net income for the first half was $116 million, or $1.08 per diluted share, marking a 35% increase from the first half of 2024.

Business and Operational Highlights

The Financial Advisory segment reported record net revenue of $497 million for the second quarter, a 21% increase from the previous year. For the first half, net revenue was $865 million, consistent with the previous year. Notable transactions included CD&R’s €16 billion acquisition of a controlling stake in Sanofi's consumer health unit and Berry Global’s $15 billion combination with Amcor.

Asset Management reported net revenue of $292 million for the second quarter, a 2% increase from the previous year. The segment achieved positive net flows and an AUM of $248 billion as of June 30, 2025. Average AUM for the quarter was $239 billion, 3% lower than the previous year but 3% higher than the first quarter of 2025.

Strategic Initiatives and Corporate Developments

In the second quarter, Lazard returned $60 million to shareholders, including $47 million in dividends and $4 million in stock repurchases. For the first half of 2025, the company returned $235 million to shareholders. Lazard also declared a quarterly dividend of $0.50 per share, payable on August 15, 2025.

Management's Perspective

Peter R. Orszag, CEO and Chairman, commented, "Lazard reported another quarter of strong performance across the firm. Our Financial Advisory business delivered record revenue for the second quarter and first half of the year. Asset Management achieved positive net flows in the quarter and record gross inflows for the first half of the year, demonstrating progress towards our goal for this year to serve as an inflection point for the business."

Future Outlook

The company remains optimistic about its future performance, with a focus on maintaining high levels of client engagement and continuing to attract world-class talent to support long-term growth. Lazard's financial position remains strong, with cash and cash equivalents of $978 million as of June 30, 2025.

SEC Filing: Lazard, Inc. [ LAZ ] - 8-K - Jul. 24, 2025