Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 47

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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,104 48,914 Total Stockholders’ Equity878,626 685,154 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$4,633,920 $4,793,993 

See notes to condensed consolidated financial statements.3

LAZARD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(UNAUDITED)

(dollars in thousands, except for per share data)

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024REVENUEInvestment banking and other advisory fees$425,895 $366,385 $1,279,488 $1,228,185 Asset management fees308,038 278,663 848,259 823,426 Interest income7,660 15,005 28,529 39,330 Other29,171 147,361 100,812 209,945 Total revenue770,764 807,414 2,257,088 2,300,886 Interest expense22,686 22,548 64,962 65,918 Net revenue748,078 784,866 2,192,126 2,234,968 OPERATING EXPENSESCompensation and benefits498,212 465,405 1,447,690 1,468,789 Occupancy and equipment31,908 34,249 101,024 99,137 Marketing and business development26,085 21,782 83,409 70,874 Technology and information services48,862 44,628 144,350 135,951 Professional services20,951 19,541 64,377 63,155 Fund administration and outsourced services32,390 27,996 88,989 81,250 Benefit pursuant to tax receivable agreement(20,146)– (20,146)– Other14,886 10,078 39,787 36,424 Total operating expenses653,148 623,679 1,949,480 1,955,580 OPERATING INCOME 94,930 161,187 242,646 279,388 Provision for income taxes21