Lazard, Inc. reported modestly higher revenue in the second quarter of 2026 but sharply lower profitability, with revenue of $807.7M and diluted EPS of $0.03; net income attributable to Lazard was $4.8M for the quarter.
Financial Highlights
- Revenue was $807.7M for Q2 2026, compared with $796.0M in the year‑ago quarter; YoY change 1%.
- Net income attributable to Lazard was $4.8M for Q2 2026, compared with $55.3M in the year‑ago quarter.
- Diluted EPS was $0.03 for Q2 2026, compared with $0.52 in the year‑ago quarter.
Business Highlights
- Adjusted net revenue rose modestly year over year (Q2 +2%, first half +3%) as gains in Asset Management offset softer Financial Advisory fees.
- Asset Management AUM increased 12% to $285B driven by market appreciation and net inflows, shifting the revenue mix toward management fees.
- The firm agreed to acquire Campbell Lutyens for announced consideration with potential earnouts totaling roughly $660M+, expected to close in the second half of 2026 to expand private markets capabilities.
- Management cited continued senior hires to bolster advisory and geopolitical expertise, and ongoing investment in technology, data science and distribution while maintaining disciplined compensation management; adjusted operating margin was compressed by higher compensation and non‑comp expenses.
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.