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Sep 30, 2025
Lazard Q3 2025 Earnings Report
Lazard reported higher adjusted revenue and earnings in Q3 2025, driven by strong Financial Advisory performance and record Asset Management inflows.
Key Takeaways
Lazard delivered record adjusted net revenue of $725 million in Q3 2025, up 12% year-over-year. Financial Advisory and Asset Management segments both posted double-digit revenue growth, supported by solid client activity and net inflows. Net income reached $71 million on a GAAP basis, while adjusted net income rose 56% to $62 million. The firm maintained a strong balance sheet with $1.17 billion in cash and cash equivalents and total assets of $4.63 billion.
Adjusted net revenue increased 12% year-over-year to $725 million.
Financial Advisory segment revenue rose 14% year-over-year to $422 million.
Adjusted EPS was $0.56, up 47% from the prior year period.
Assets under management reached $265 billion, up 7% year-over-year.
Revenue by Segment
Forward Guidance
Lazard expects continued momentum in both its Financial Advisory and Asset Management businesses, supported by robust client activity and improving market conditions.
Positive Outlook
- Record year-to-date Financial Advisory revenue.
- Strong Asset Management inflows and 17% year-to-date AUM growth.
- Increasing client engagement across business lines.
- Disciplined expense management with improving margins.
- Strategic leadership transition to support long-term growth.
Challenges Ahead
- Overall GAAP revenue declined 5% year-over-year.
- Operating expenses increased due to higher compensation costs.
- Net income decreased 34% year-over-year on a GAAP basis.
- Non-compensation expenses rose 8% year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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