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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.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Achieved record third-quarter adjusted net revenue of $725 million, up 12% year-over-year, with strong performance in both Financial Advisory and Asset Management segments.

  • Financial Advisory and Asset Management delivered record results, with 20 new Managing Directors hired year-to-date, supporting long-term growth and productivity goals.

  • Strategic goals include doubling revenue by 2030, maintaining high relevance, and targeting 10–15% annual total shareholder return.

  • Investments in AI and technology are accelerating operational excellence and client insights.

  • Announced leadership transition with Chris Hogbin to become CEO of Asset Management.

Financial highlights

  • Adjusted net revenue for 2024 was $2.89 billion, up 18% year-over-year; first nine months of 2025 adjusted net revenue was $2.14 billion.

  • Q3 2025 U.S. GAAP net revenue was $748 million, down 5% year-over-year; adjusted net revenue was $725 million, up 12%.

  • Q3 2025 adjusted net income was $62 million ($0.56 per diluted share), up 56% year-over-year; nine-month adjusted net income was $178 million ($1.64 per diluted share), up 12%.

  • Ending AUM reached $265 billion, up 17% year-to-date.

  • Annual dividend per share was $2.00 in 2024, with continued share repurchases.

Outlook and guidance

  • Revenue is targeted to double by 2030, with continued expansion in key geographies and sectors.

  • Management sees a constructive environment for both Financial Advisory and Asset Management, with substantial client engagement and momentum in long-term growth strategy.

  • Total shareholder return is targeted at 10–15% per year through 2030.

  • Asset Management flows expected to remain net positive, with continued focus on high-growth strategies and global diversification.

  • Focus on margin expansion through higher revenues and prudent cost management.

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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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