Lazard Reports Third Quarter and Nine Month 2026 Results
Lazard reported Q3 2026 GAAP net revenue of $814 million (up 9% YoY) and adjusted net revenue of $805 million (up 11%), with record third-quarter Financial Advisory revenue of $470 million, up 10%. Earnings fell sharply: GAAP net income was $29 million or $0.26 diluted EPS versus $71 million or $0.65 a year ago, and adjusted EPS of $0.36 was down 36%, as the adjusted compensation ratio deteriorated to 69.9% from 65.5%. Asset Management delivered growth with ending AUM of $284 billion, up 7% YoY, though the quarter saw net outflows of $2.3 billion; management maintained its Lazard 2030 targets of a 60%-or-below comp ratio.
Key figures
- Eps
- 0.26
- Revenue
- 814000000
- Guidance
- Targets adjusted compensation ratio of 60% or below and adjusted non-compensation ratio of 16-20% under Lazard 2030, timing dependent on market conditions
- Revenue Yoy
- 9%
- Cash
- 1264000000
- Ending aum
- $284 billion
- Adjusted eps
- 0.36
- Average aum q3
- $287 billion
- Adjusted eps yoy
- -36%
- Quarterly dividend
- 0.5
- Adjusted comp ratio
- 69.9%
- Adjusted net revenue
- 805000000
- Nine month net income
- 135000000
- Q3 shareholder returns
- 88000000
- Adjusted net revenue yoy
- 11%
- Asset management revenue
- 357000000
- Financial advisory revenue
- 470000000
- Remaining buyback authorization
- 224000000
AI analysis
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