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Lazard (LAZ) Q3 Earnings: What To Expect

LAZ Cover Image

Financial advisory firm Lazard (NYSE: LAZ) will be reporting earnings this Thursday before the bell. Here’s what you need to know.

Lazard beat analysts’ revenue expectations by 9.5% last quarter, reporting revenues of $769.9 million, up 12.4% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Is Lazard a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Lazard’s revenue to grow 10.6% year on year to $714.1 million, slowing from the 21.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.44 per share.

Lazard Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lazard has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Lazard’s peers in the investment banking & brokerage segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Jefferies delivered year-on-year revenue growth of 21.6%, beating analysts’ expectations by 8.4%, and Morgan Stanley reported revenues up 18.5%, topping estimates by 9.2%. Jefferies traded down 1.9% following the results while Morgan Stanley was up 3%.

Read our full analysis of Jefferies’s results here and Morgan Stanley’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the investment banking & brokerage stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.2% on average over the last month. Lazard is down 9.8% during the same time and is heading into earnings with an average analyst price target of $58.17 (compared to the current share price of $50.90).

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