Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 269

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 269
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 not materially different than the corresponding amounts in Lazard, Inc.’s condensed consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

67

Stockholders’ Equity

At September 30, 2025, total stockholders’ equity was $879 million, as compared to $685 million at December 31, 2024, including $842 million and $636 million attributable to Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the nine month period ended September 30, 2025 is reflected in the table below (in millions of dollars):

Stockholders’ Equity - January 1, 2025$685 Increase (decrease) due to:Net income (a)189 Other comprehensive income54 Amortization of share-based incentive compensation280 Purchase of common stock(41)Settlement of share-based incentive compensation (b)(128)Common stock dividends(139)Other - net(21)Stockholders’ Equity - September 30, 2025$879 ________________________________________

(a)Excludes net income associated with redeemable noncontrolling interests of $8 million.

(b)The tax withholding portion of share-based compensation is settled in cash, not shares.

See the Consolidated Financial Statements—Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for further detail.

The Board of Directors of Lazard has issued a series of authorizations to repurchase common stock, which help offset the dilutive effect of our share-based incentive compensation plans. The Company aims to repurchase shares to offset dilution from the shares it expects to issue pursuant to such compensation plans in respect of year-end incentive compensation over time. The rate at which the Company purchases shares in connection with this annual objective may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Nine Months Ended September 30:Number ofShares PurchasedAveragePrice PerShare20241,123,413 $39.10 2025879,334$46.64 

As of September 30, 2025, a total of $159 million of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program which will expire on December 31, 2026. 

During the nine month period ended September 30, 2025, Lazard, Inc. had in