Lazard Reports Q3 2026 Net Revenue of $814 Million Amid Strong Advisory and Asset Management Performance

Lazard, Inc. (NYSE: LAZ) reported financial results for the third quarter ended September 30, 2026, in a Form 8-K filed on October 22, 2026. For the quarter, the firm reported net revenue of $814 million on a U.S. GAAP basis and $805 million on an adjusted basis. This represents a 9% year-over-year increase in GAAP net revenue and an 11% increase in adjusted net revenue.

For the first nine months of 2026, Lazard reported net revenue of $2.378 billion on a U.S. GAAP basis and $2.264 billion on an adjusted basis, an increase of 8% and 6%, respectively, compared to the same period in 2025.

Net income for the third quarter of 2026 was $29 million, or $0.26 per share on a diluted basis. Adjusted net income for the quarter was $40 million, or $0.36 per share. For the first nine months of 2026, net income was $135 million, or $1.20 per share, while adjusted net income was $100 million, or $0.90 per share.

Financial Advisory revenue for the third quarter was $470 million on a U.S. GAAP basis and $465 million on an adjusted basis, both 10% higher than the third quarter of 2025. For the first nine months, Financial Advisory revenue was $1.279 billion on a U.S. GAAP basis and $1.266 billion on an adjusted basis, which was 1% lower than the prior year.

Asset Management revenue for the third quarter was $357 million on a U.S. GAAP basis and $330 million on an adjusted basis, both 9% and 12% higher than the prior year, respectively. For the first nine months, Asset Management revenue was $1.118 billion on a U.S. GAAP basis and $970 million on an adjusted basis, an increase of 23% and 17%, respectively.

Assets under management (AUM) as of September 30, 2026, were $284 billion, a 7% increase compared to September 30, 2025. Average AUM for the third quarter was $287 billion, an 11% increase compared to the prior year.

Regarding capital management, Lazard returned $88 million to shareholders during the third quarter, including $49 million in dividends and $33 million in share repurchases. The company declared a quarterly dividend of $0.50 per share on October 21, 2026, payable on November 13, 2026. As of September 30, 2026, the company had approximately $224 million remaining in its share repurchase authorization.

Lazard also noted that its new private capital advisory business, Lazard CL, is scheduled to launch in early November.