Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 124

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 124
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349 41,081 Adjusted compensation and benefits expense45,513 42,248 131,576 124,425 Adjusted non-compensation expense32,054 30,848 109,512 103,514 Adjusted operating loss (b)$(69,382)$(67,499)$(213,739)$(186,858)_________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b)Adjusted net revenue and adjusted operating loss are non-GAAP measures.     

Corporate Results of Operations

Corporate’s quarterly results in any particular quarter or period may not be indicative of future results and may fluctuate based on a variety of factors. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended September 30, 2025 versus September 30, 2024

Corporate net revenue decreased $126 million as compared to the 2024 period, primarily due to a gain on the sale of an owned office building of $114 million in the 2024 period and lower gains in the 2025 period as compared to the 2024 period attributable to investments held in connection with LFI. Corporate adjusted net revenue increased $3 million, or 46%, as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, increased $3 million, or 8%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, increased $1 million, or 4%, as compared to the 2024 period. 

Nine Months Ended September 30, 2025 versus September 30, 2024

Corporate net revenue decreased $132 million as compared to the 2024 period, primarily due to a gain on the sale of an owned office building of $114 million in the 2024 period. Corporate adjusted net revenue decreased $14 million, or 33%, as compared to the 2024 period. Both net revenue and adjusted net revenue reflect lower investment gains in the 2025 period as compared to the 2024 period. 

Adjusted compensation and benefits expense, including centrally managed costs, increased $7 million, or 6%, as compared to the 2024 period. 

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Adjusted non-compensation expense, including centrally managed costs, increased $6 million