Highlights

  • Second quarter 2026 net income attributable to Lazard was $4.8 million, or $0.03 per diluted share, versus $55.3 million.
  • Net revenue grew 1% to $807.7 million, with advisory fees down 9% and asset management fees up 22%.
  • Assets under management reached $285 billion at June 30, 2026, up 12% from $254 billion at year-end 2025.
  • Lazard agreed to acquire Campbell Lutyens for $460 million of initial consideration and added $200 million to repurchase authorization.

Lazard (NYSE:LAZ) shares were trading near their 52-week low at USD 37.58 on October 21, 2026, up 2.47%. The financial advisory and asset management firm agreed on April 30 to acquire Campbell Lutyens, reported second quarter 2026 results in a Form 10-Q filed on July 28, and declared a quarterly dividend of $0.50 per share on July 22.

Lazard, Inc. is a Delaware corporation based at 30 Rockefeller Plaza in New York. It says it was founded in 1848. Its Financial Advisory segment covers mergers and acquisitions, sovereign and geopolitical advisory, restructuring and capital raising. Its Asset Management segment offers equity, fixed income and alternative strategies to institutions, intermediaries and private clients. A Corporate segment holds cash management, certain investments and debt. Its fiscal year ends December 31.

Second Quarter: Revenue Edges Up, Profit Falls

Net revenue under U.S. GAAP was $807.7 million for the three months ended June 30, 2026, up 1% from $796.0 million. Adjusted net revenue, a non-GAAP measure, rose 2% to $786.5 million. Investment banking and other advisory fees fell $45 million, or 9%. Asset management fees, including incentive fees, rose $59 million, or 22%.

Costs grew faster than revenue. Compensation and benefits expense rose 8% to $562.4 million, and total operating expenses reached $770.1 million against $702.9 million. Operating income fell to $37.6 million from $93.1 million, an operating margin of 4.7% against 11.7%. The effective tax rate was 63.5% against 34.1%, which the company tied to geographic earnings mix and a share-based award vesting adjustment. Net income attributable to Lazard was $4.8 million, or $0.03 per diluted share, against $55.3 million, or $0.52.

On a non-GAAP basis, adjusted operating income was $65.2 million against $108.2 million, a margin of 8.3% against 14.1%.

For the first half, net revenue rose 8% to $1,564.3 million, including a non-cash gain of about $76 million from the February 13 sale and deconsolidation of the Edgewater management vehicles. Net income attributable to Lazard was $105.7 million, or $0.94 per diluted share, against $115.7 million, or $1.08. The first half included $19.4 million of expenses tied to the departure of certain executive officers.

Assets Under Management, Acquisition and Capital Return

Total assets under management were $285 billion at June 30, 2026, up $31 billion from year-end. The company cited market appreciation, net inflows and its consolidation of venture capital manager Elaia, partly offset by currency moves and the Edgewater deconsolidation.

The Campbell Lutyens agreement covers a global private markets advisor focused on fund placement, secondary advisory and general partner capital advisory. Consideration comprises $460 million of initial closing consideration, based on Lazard's stock price at announcement and subject to adjustments, $115 million of deferred consideration due on the second anniversary of closing, and up to $85 million of earn-out tied to performance and continued employment. It is payable in a combination of common stock, cash and loan notes. Lazard recorded $8.8 million of related expenses in the quarter, and a $50 million termination fee could apply in certain circumstances.

Lazard held about $1,100 million of cash and cash equivalents at June 30 and about $210 million of unused credit lines, including a $200 million revolving facility. It paid $96.2 million of common dividends in the first half and repurchased 1,180,585 shares, with $57 million of repurchase authorization remaining. On July 22, the board added $200 million to the program, bringing capacity to about $257 million; the new portion expires December 31, 2028.

Outlook

The 10-Q contains no numerical financial guidance. The company expects the Campbell Lutyens deal to close in the second half of 2026, subject to regulatory approvals and customary conditions. The July 22 dividend of $0.50 per share was payable on August 14 to holders of record on August 3. Management cautioned that M&A volumes, assets under management, tariffs and market conditions could affect results.