Lazard posts $814 million net revenue in third quarter 2026

NEW YORK, October 22, 2026, Lazard, Inc. (NYSE: LAZ) reported net revenue on a U.S. GAAP basis of $814 million for the quarter ended September 30, 2026. The firm also reported adjusted net revenue of $805 million for the same period. On a U.S. GAAP basis, Lazard reported third-quarter 2026 net income of $29 million, or $0.26 per share, diluted. Adjusted net income for the quarter was $40 million, or $0.36 per share, diluted.

Lazard disclosed net revenue on a U.S. GAAP basis of $2,378 million for the first nine months of 2026. Adjusted net revenue for that period was $2,264 million. Net income on a U.S. GAAP basis for the nine-month period was $135 million, or $1.20 per share, diluted. Adjusted net income for the first nine months was $100 million, or $0.90 per share, diluted.

Peter R. Orszag, CEO and Chairman of Lazard, stated that the Lazard 2030 strategy continues to progress as planned with strong momentum firm-wide. He noted that Financial Advisory delivered record third-quarter revenue as investments in the business translate into results, while client activity and forward indicators remain strong. Orszag added that record year-to-date gross inflows in Asset Management reflect improving investment performance and focused distribution efforts. He also mentioned the launch of Lazard CL, a new private capital advisory business, scheduled for early November.

Tracy Farr, CFO of Lazard, said third-quarter results show increasing traction from efforts to reposition the firm's businesses, with firm-wide adjusted net revenue up 11 percent year-over-year. Farr stated the firm continues to advance initiatives to simplify and modernize its operating model and embed AI across the firm to improve client outcomes and margins over time.

Financial Advisory reported net revenue on a U.S. GAAP basis of $470 million and adjusted net revenue of $465 million for the third quarter of 2026, both 10 percent higher than the third quarter of 2025. For the first nine months of 2026, Financial Advisory reported net revenue on a U.S. GAAP basis of $1,279 million and adjusted net revenue of $1,266 million, both 1 percent lower than the first nine months of 2025. The firm advised on transactions including Emera's announced merger with Canadian Utilities and Corteva Agriscience's spinoff of Vylor.

Asset Management reported net revenue on a U.S. GAAP basis of $357 million and adjusted net revenue of $330 million for the third quarter of 2026, representing increases of 9 percent and 12 percent respectively compared to the third quarter of 2025. Management fees on an adjusted basis were $321 million for the third quarter of 2026, up 18 percent from the prior year period. Average assets under management was $287 billion for the third quarter of 2026, an 11 percent increase year-over-year.

For the first nine months of 2026, Asset Management reported net revenue on a U.S. GAAP basis of $1,118 million and adjusted net revenue of $970 million, increases of 23 percent and 17 percent respectively compared to the first nine months of 2025. Average AUM for the nine-month period was $277 billion, up 14 percent year-over-year, with positive net flows of $5.1 billion. Ending AUM as of September 30, 2026 was $284 billion, a 7 percent increase from September 30, 2025.