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Lazard (LAZ) investor relations material
Lazard Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved record adjusted net revenue of $725 million for Q3 2025, up 12% year-over-year, with strong performance in both Financial Advisory and Asset Management segments and 20 new Managing Directors hired year-to-date.
Strategic goals include doubling revenue by 2030, maintaining high relevance, and targeting 10–15% annual total shareholder return, supported by investments in AI and technology.
Announced leadership transition with Chris Hogbin to become CEO of Asset Management.
Net income attributable to common stockholders was $71 million for Q3 2025 and $187 million for the nine months ended September 30, 2025.
Financial highlights
Q3 2025 adjusted net revenue was $725 million, up 12% year-over-year; nine-month adjusted net revenue was $2,138 million, up 3% year-over-year.
Adjusted operating income for Q3 2025 was $101 million (14% margin), up 25% year-over-year.
Adjusted compensation expense for Q3 2025 was $475 million (65.5% ratio); adjusted non-compensation expense was $149 million (20.5% ratio).
Ending AUM reached $265 billion at September 30, 2025, up 17% year-to-date.
Returned $60 million to shareholders in Q3, including $47 million in dividends and $1 million in share repurchases.
Outlook and guidance
Revenue is targeted to double by 2030, with continued expansion in key geographies and sectors, and total shareholder return targeted at 10–15% per year.
Management sees a constructive environment for both Financial Advisory and Asset Management, with substantial client engagement and momentum in long-term growth strategy.
Focus on margin expansion through higher revenues and prudent cost management.
Asset Management flows expected to remain net positive, with continued focus on high-growth strategies and global diversification.
Non-comp expenses guided to increase high single digits year-over-year, driven by tech investment and AUM growth.
Target MD productivity by 2030?
AM business repositioning strategy
Dispersion's impact on M&A and restructuring
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Frequently asked questions
Lazard Ltds financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising, and other strategic advisory matters. This segment provides advice on strategic transactions and financing alternatives to corporations, partnerships, institutions, governments, and municipalities. The segment also offers financial valuations; fairness opinions relating to capital-raising transactions; debt restructuring advice in connection with out-of-court restructurings and Chapter 11 proceedings; shareholder advisory relating to activist shareholders or hostile takeovers of public companies; advice on capital structuring and intercreditor issues for financing of acquisition of companies through leveraged buyouts or other transactions for private equity funds; advice on the reduction of corporate expenses; analysis on the tax implications of strategic transactions; and certain litigation consulting services.
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