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LAZ's Q2 EPS of $0.52 beat the estimate of $0.38 and rose from $0.49 a year earlier.
Quarterly revenue rose 12.4% Y/Y to $769.8M, with advisory revenue up 20.4% and asset management up 1.2%.
AUM reached $248.4B, up 1.5% Y/Y, aided by market gains, FX appreciation, and net inflows.
Lazard Inc.’s (LAZ - Free Report) second-quarter 2025 adjusted earnings per share of 52 cents beat the Zacks Consensus Estimate of 38 cents. This compared favorably with earnings of 49 cents per share in the year-ago quarter.
Lazard’s results were positively impacted by increases in revenues in the financial advisory and asset management sectors. A rise in assets under management (“AUM”) balances was another positive. However, a decrease in revenues in the corporate segment and elevated operating expenses acted as a spoilsport.
Lazard’s net income (GAAP) was $55.3 million, which rose 10.9% from the prior-year quarter's level.
Lazard’s Revenues Increase Y/Y
Quarterly operating revenues were $769.8 million, which rose 12.4% year over year. Further, the top line surpassed the Zacks Consensus Estimate of $688.5 million.
Lazard’s Expenses Increase
Operating expenses were $702.9 million, up 13.1% year over year.
The ratio of adjusted compensation expenses to operating revenues was 65.5, down from the year-earlier quarter’s 66. The ratio of adjusted non-compensation expenses to operating revenues was 20.4, down from the year-ago quarter’s 21.7.
Lazard’s Segmental Performance
Financial Advisory: The segment’s adjusted operating revenues were $491.4 million, up 20.4% from the year-earlier quarter.
Asset Management: Segmental adjusted operating revenues of $268.5 million increased 1.2% from the prior-year quarter.
Corporate: Adjusted operating revenues from this segment were $10 million, down 12.8% from the year-earlier quarter.
LAZ’s AUM Rises
As of June 30, 2025, the total AUM was $248.4 billion, which increased 1.5% from the prior-year quarter.
LAZ’s second quarter witnessed a market appreciation of $11.9 billion, foreign exchange appreciation of $8.4 billion and net inflows of $0.7 billion.
The average AUM in the reported quarter was $238.5 billion, down 2.8% year over year.
Lazard’s Balance Sheet Position Strong
The company’s cash and cash equivalents totaled $978.3 million as of June 30, 2025, up 7.7% from the prior quarter. Stockholders’ equity was $786.5 million, up 21.3% sequentially.
LAZ’s Share Repurchase Update
In the reported quarter, Lazard repurchased 0.9 million shares at an average price of $46.44 per share.
As of June 30, 2025, roughly $160 million of authorization remained available for repurchase.
Our View on LAZ
Lazard is focused on growing organically, as evidenced by an increase in revenues in the financial advisory and asset management segments. A strong liquidity position, along with higher AUM, will also aid its financials in the upcoming period. However, an unfavorable debt/equity ratio will likely make capital distributions unsustainable.
Blackstone’s (BX - Free Report) second-quarter 2025 distributable earnings of $1.21 per share surpassed the Zacks Consensus Estimate of $1.10. The figure reflects a rise of 26% from the prior-year quarter.
BX’s results benefited from higher segment revenues and a rise in AUM balance. However, an increase in GAAP expenses was a headwind.
BlackRock’s (BLK - Free Report) second-quarter 2025 adjusted earnings of $12.05 per share handily surpassed the Zacks Consensus Estimate of $10.66. The figure reflects a rise of 16% from the year-ago quarter.
BLK’s results benefited from a rise in revenues. AUM witnessed robust growth, reaching a record high of $12.52 trillion, driven by net inflows, market appreciation, and a favorable foreign exchange impact. However, higher expenses acted as a headwind.
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Lazard Q2 Earnings Top Estimates, Advisory Revenue & AUM Rise Y/Y
Key Takeaways
Lazard Inc.’s (LAZ - Free Report) second-quarter 2025 adjusted earnings per share of 52 cents beat the Zacks Consensus Estimate of 38 cents. This compared favorably with earnings of 49 cents per share in the year-ago quarter.
Lazard’s results were positively impacted by increases in revenues in the financial advisory and asset management sectors. A rise in assets under management (“AUM”) balances was another positive. However, a decrease in revenues in the corporate segment and elevated operating expenses acted as a spoilsport.
Lazard’s net income (GAAP) was $55.3 million, which rose 10.9% from the prior-year quarter's level.
Lazard’s Revenues Increase Y/Y
Quarterly operating revenues were $769.8 million, which rose 12.4% year over year. Further, the top line surpassed the Zacks Consensus Estimate of $688.5 million.
Lazard’s Expenses Increase
Operating expenses were $702.9 million, up 13.1% year over year.
The ratio of adjusted compensation expenses to operating revenues was 65.5, down from the year-earlier quarter’s 66. The ratio of adjusted non-compensation expenses to operating revenues was 20.4, down from the year-ago quarter’s 21.7.
Lazard’s Segmental Performance
Financial Advisory: The segment’s adjusted operating revenues were $491.4 million, up 20.4% from the year-earlier quarter.
Asset Management: Segmental adjusted operating revenues of $268.5 million increased 1.2% from the prior-year quarter.
Corporate: Adjusted operating revenues from this segment were $10 million, down 12.8% from the year-earlier quarter.
LAZ’s AUM Rises
As of June 30, 2025, the total AUM was $248.4 billion, which increased 1.5% from the prior-year quarter.
LAZ’s second quarter witnessed a market appreciation of $11.9 billion, foreign exchange appreciation of $8.4 billion and net inflows of $0.7 billion.
The average AUM in the reported quarter was $238.5 billion, down 2.8% year over year.
Lazard’s Balance Sheet Position Strong
The company’s cash and cash equivalents totaled $978.3 million as of June 30, 2025, up 7.7% from the prior quarter. Stockholders’ equity was $786.5 million, up 21.3% sequentially.
LAZ’s Share Repurchase Update
In the reported quarter, Lazard repurchased 0.9 million shares at an average price of $46.44 per share.
As of June 30, 2025, roughly $160 million of authorization remained available for repurchase.
Our View on LAZ
Lazard is focused on growing organically, as evidenced by an increase in revenues in the financial advisory and asset management segments. A strong liquidity position, along with higher AUM, will also aid its financials in the upcoming period. However, an unfavorable debt/equity ratio will likely make capital distributions unsustainable.
Lazard, Inc. Price, Consensus and EPS Surprise
Lazard, Inc. price-consensus-eps-surprise-chart | Lazard, Inc. Quote
Currently, Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Blackstone’s (BX - Free Report) second-quarter 2025 distributable earnings of $1.21 per share surpassed the Zacks Consensus Estimate of $1.10. The figure reflects a rise of 26% from the prior-year quarter.
BX’s results benefited from higher segment revenues and a rise in AUM balance. However, an increase in GAAP expenses was a headwind.
BlackRock’s (BLK - Free Report) second-quarter 2025 adjusted earnings of $12.05 per share handily surpassed the Zacks Consensus Estimate of $10.66. The figure reflects a rise of 16% from the year-ago quarter.
BLK’s results benefited from a rise in revenues. AUM witnessed robust growth, reaching a record high of $12.52 trillion, driven by net inflows, market appreciation, and a favorable foreign exchange impact. However, higher expenses acted as a headwind.