LAZ — what changed in the latest 10-Q
A section-by-section comparison of LAZ's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-26 vs the prior 10-Q · 2026-07-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +58 | −50 | ~52 | 168 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −8 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-26
The transaction is expected to close in early November, subject to customary closing conditions.
(d)Represents intangible asset amortization expense associated with the acquisition of a business.
(e)Adjusted non-compensation expense and adjusted non-compensation expense, as a percentage of adjusted net revenue are non-GAAP measures.
(a)Represents the effect of the periodic revaluation of the TRA liability.
(b)Adjusted operating income and adjusted operating income, as a percentage of adjusted net revenue are non-GAAP measures.
Text removed vs the prior filing · source: 10-Q · 2026-07-28
The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions. Under certain circumstances, if the Purchase Agreement is terminated, the Company may be required to pay Campbell Lutyens a termination fee of $50 million.
Expenses associated with senior management transition (c)(2,775)– (19,433)–
(d)Adjusted non-compensation expense and adjusted non-compensation expense, as a percentage of adjusted net revenue are non-GAAP measures.
Gain on sale and deconsolidation of Edgewater2,482 – (75,508)–
(a)Adjusted operating income and adjusted operating income, as a percentage of adjusted net revenue are non-GAAP measures.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-26
During the three months ended September 30, 2026, no directors or officers of the Company entered into, modified or terminated, contracts, instructions or written plans for the sale or purchase of Lazard securities that were intended to satisfy the affirmative defense conditions of Rule 10b5-1 or th…
Text removed vs the prior filing · source: 10-Q · 2026-07-28
During the three months ended June 30, 2026, certain directors and officers of the Company adopted a “Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K, as set forth in the table below:
ActionDateRule 10b5-1 (a)Non-Rule 10b5-1 (b)Total Shares to be Sold (c)Expiration Date
Christopher Hogbin (Chief Executive Officer of Lazard Asset Management)
(a)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
(b)Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice