On Saturday, October 25, 2025, Lazard, Inc. (NYSE: LAZ) released its third‑quarter and nine‑month 2025 financial results, reporting net revenue of $748 million and record adjusted net revenue of $725 million for the quarter ended September 30, 2025. The company posted a third‑quarter net income of $71 million ($0.65 per diluted share) and an adjusted net income of $62 million ($0.56 per diluted share), reflecting a 56% increase in adjusted earnings compared to the same period in 2024.
Financial Advisory revenue rose 15% to $427 million, while Asset Management revenue grew 11% to $327 million, driven by record inflows of $4.6 billion and a 7% increase in average assets under management to $257 billion. The firm highlighted key advisory wins, including capital‑raising and restructuring mandates for clients such as Morrisons and TenneT Holdings, and private‑capital assignments for Norvestor and Nexus Capital Management.
Operationally, Lazard returned $60 million to shareholders during the quarter, comprising $47 million in dividends and $1 million in share repurchases. Cash and cash equivalents stood at $1.17 billion as of September 30, 2025, supporting the firm’s continued dividend policy of $0.50 per share and ongoing share‑repurchase program. The company also announced the appointment of Chris Hogbin as CEO of Asset Management, positioning the division for accelerated growth.
The earnings release demonstrates Lazard’s ability to generate record adjusted revenue while maintaining a strong balance sheet and shareholder return program. The 56% jump in adjusted earnings and the growth in both advisory and asset‑management segments signal continued momentum in a recovering deal‑making environment, providing investors with a clear view of the firm’s financial health and strategic trajectory.
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