Lazard Q3 10-Q: Net Income $29.2M as Compensation Costs Squeeze Advisory Margins
LAZ is trading near its 52-week low of $34.13 (10% above the low).
Summary
Lazard's Q3 10-Q confirms $29.2M of net income on $814.2M net revenue, with advisory margins compressed by a 26% compensation increase while Asset Management AUM grew 12% to $284B. The Campbell Lutyens acquisition is expected to close in early November.
Key Events · Earnings and Guidance · LAZ
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Q3 Net Income $29.2M
Net revenue of $814.2M produced net income attributable to Lazard of $29.2M, or $0.26 diluted EPS, versus $71.2M and $0.65 a year earlier.
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Advisory Margin Compression
Financial Advisory adjusted operating income fell 34% to $64.3M as adjusted compensation expense rose 26% to $344.2M, dropping segment margin to 13.8% from 23.0%.
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Asset Management Offsets Weakness
AUM reached $284.0B, up 12% from $254.3B at year-end on $5.1B of net inflows and $29.4B of market appreciation; segment adjusted operating income rose 18% to $87.3M.
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Campbell Lutyens Closing Early November
The $460M initial consideration deal (plus $115M deferred and up to $85M earn-out) is expected to close in early November 2026, subject to customary conditions.
Analysis · LAZ · Finance
The headline numbers were already out on October 22, but the full 10-Q shows where the profit went: Financial Advisory adjusted operating income fell 34% to $64.3M as adjusted compensation expense jumped 26%, cutting that segment's margin to 13.8% from 23.0%. Asset Management carried the quarter instead, with AUM up 12% to $284B and segment adjusted operating income up 18% to $87.3M. Nine-month operating cash flow more than doubled to $300.6M, and the $460M Campbell Lutyens deal is still slated to close in early November — the next hard date for the story.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LAZ was trading at $37.70 on NYSE in the Finance sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $34.13 to $58.75. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.