Lazard, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a decrease in net income and revenue compared to the same periods in 2024. For the three months ended September 30, 2025, the company recorded net income attributable to Lazard of $71.2 million, down from $107.9 million in the prior year. Total revenue for the quarter was $770.8 million, a decline of 5% from $807.4 million in the same quarter of 2024. For the nine-month period, net income attributable to Lazard was $187 million, compared to $194 million in 2024, with total revenue decreasing to $2.26 billion from $2.30 billion.
The decline in revenue was primarily driven by a significant drop in other revenue, which fell from $147.4 million in Q3 2024 to $29.2 million in Q3 2025, largely due to a one-time gain from the sale of an office building in the previous year. However, investment banking and advisory fees increased by 16% year-over-year to $425.9 million, while asset management fees rose by 11% to $308 million. The company’s adjusted net revenue, which excludes certain items, increased by 12% to $724.7 million in Q3 2025.
In terms of operational metrics, Lazard's total assets decreased to $4.63 billion as of September 30, 2025, down from $4.79 billion at the end of 2024. The company’s cash and cash equivalents also saw a decline, totaling $1.17 billion compared to $1.31 billion at the end of 2024. The headcount of managing directors increased slightly to 356 from 339 at the end of 2024, reflecting ongoing investments in talent amid a competitive market.
Strategically, Lazard has continued to focus on enhancing its advisory services and asset management capabilities. The company has also been active in its share repurchase program, purchasing 879,334 shares at an average price of $46.64 during the nine months ended September 30, 2025. Looking ahead, Lazard's management expressed cautious optimism, noting that while economic conditions remain uncertain, the firm is well-positioned to navigate challenges and capitalize on opportunities in both its financial advisory and asset management segments.
About Lazard, Inc.
Lazard is a global financial advisory and asset management firm founded in 1848. It provides strategic advice on mergers, acquisitions, restructuring, and capital markets, serving corporations, governments, and high-net-worth clients. Its asset management division offers investment solutions across equities, fixed income, and alternatives. Lazard's competitive edge lies in its independent, global reach, deep local knowledge, and senior-level client service.
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