Lazard, Inc. (LAZ) Form 8-K — Oct 22, 2026
Lazard reported Q3 2026 net revenue of $814 million on a U.S. GAAP basis ($805 million adjusted), up 9% (11% adjusted) year-over-year, with record third-quarter Financial Advisory revenue of $470 million, up 10% YoY. Despite the revenue growth, GAAP net income fell 59% to $29 million ($0.26 diluted EPS) from $71 million ($0.65) a year ago, and adjusted EPS fell 36% to $0.36, driven by a higher adjusted compensation ratio of 69.9% versus 65.5% in Q3 2025. Asset Management showed strength with ending AUM of $284 billion (up 7% YoY), record nine-month gross inflows, and $5.1 billion in positive nine-month net flows, though Q3 saw net outflows of $2.3 billion.
Key figures
- Eps
- 0.26
- Revenue
- 814000000
- Guidance
- Adjusted compensation ratio target of 60% or below and adjusted non-compensation ratio of 16-20% as part of Lazard 2030 strategy, timing dependent on market conditions
- Net Income
- 29670000
- Total Debt
- 1690000000
- Revenue Yoy
- 9% (GAAP net revenue Q3); 11% adjusted
- Cash Position
- 1264000000
- Shares Outstanding
- 107,284,701 diluted weighted average
- Aum avg q3
- $287 billion
- Aum end q3
- $284.0 billion
- Net flows q3
- ($2.3 billion)
- Gaap eps change yoy
- (60%)
- Net flows nine months
- $5.1 billion
- Q4 dividend per share
- $0.50
- Adjusted comp ratio q3
- 69.9% vs 65.5% prior year
- Adjusted q3 net income
- 40000000
- Shareholder returns q3
- $88 million
- Adjusted eps change yoy
- (36%)
- Adjusted q3 diluted eps
- 0.36
- Adjusted q3 net revenue
- 805000000
- Shares repurchased nine months
- 1.9 million at avg $43.68
- Repurchase authorization remaining
- $224 million
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