Lazard Q2 Earnings Top Estimates, Advisory Revenue & AUM Rise Y/Y

Core Insights - Lazard Inc. reported second-quarter 2025 adjusted earnings per share of 52 cents, exceeding the Zacks Consensus Estimate of 38 cents and up from 49 cents in the same quarter last year [1][8] - The company's quarterly operating revenues reached $769.8 million, reflecting a year-over-year increase of 12.4% and surpassing the Zacks Consensus Estimate of $688.5 million [3][8] Revenue Performance - Financial advisory segment adjusted operating revenues were $491.4 million, up 20.4% year-over-year [5] - Asset management segment adjusted operating revenues increased by 1.2% to $268.5 million [5] - Corporate segment adjusted operating revenues decreased by 12.8% to $10 million [5] Asset Management - Total assets under management (AUM) as of June 30, 2025, were $248.4 billion, a 1.5% increase from the prior year [6][8] - The average AUM for the reported quarter was $238.5 billion, down 2.8% year-over-year [6] Expense Analysis - Operating expenses rose to $702.9 million, an increase of 13.1% year-over-year [4] - The adjusted compensation expenses to operating revenues ratio improved to 65.5 from 66 in the previous year [4] Balance Sheet Strength - Cash and cash equivalents totaled $978.3 million, up 7.7% from the prior quarter [7] - Stockholders' equity increased by 21.3% sequentially to $786.5 million [7] Share Repurchase Activity - In the reported quarter, Lazard repurchased 0.9 million shares at an average price of $46.44 per share, with approximately $160 million remaining for future repurchases [9]