Revenue: As of FY2026 Q1, the actual value is USD 779.4 B.EPS: As of FY2026 Q1, the actual value is USD 0.91, beating the estimate of USD 0.3911.EBIT: As of FY2026 Q1, the actual value is USD 104.58 B.<h4>Consolidated Financial Performance</h4><ul><li>Net Income Attributable to Lazard, Inc.: Net income attributable to Lazard, Inc. was $101 million for the three months ended March 31, 2026, a significant increase compared to $60 million in the prior-year period. </li><li>Net Revenue: Total net revenue for Lazard, Inc. was $756,582 thousand for the three months ended March 31, 2026, up 17% from $648,051 thousand in the same period of 2025. Adjusted net revenue increased by $30 million, or 5%, to $672,983 thousand in 2026 from $643,185 thousand in 2025, which includes a non-cash gain of $77,990 thousand from the sale and deconsolidation of Edgewater management vehicles in 2026. </li><li>Operating Expenses: Total operating expenses increased to $667,008 thousand in 2026 from $593,416 thousand in 2025. <ul><li>Compensation and Benefits: Compensation and benefits expense rose to $491,894 thousand in 2026 from $430,270 thousand in 2025. Adjusted compensation and benefits expense increased by $49 million, or 12%, to $470,584 thousand in 2026 from $421,286 thousand in 2025. The ratio of adjusted compensation and benefits expense to adjusted net revenue was 69.9% in 2026, up from 65.5% in 2025. </li><li>Non-compensation Expense: Non-compensation expense increased to $175,114 thousand in 2026 from $163,146 thousand in 2025. Adjusted non-compensation expense saw a slight increase of $1 million, or 1%, to $148,675 thousand in 2026 from $147,882 thousand in 2025. The ratio of adjusted non-compensation expense to adjusted net revenue was 22.1% in 2026, down from 23.0% in 2025. </li></ul></li><li>Operating Income: Operating income increased by $35 million, or 64%, to $89,574 thousand in 2026 from $54,635 thousand in 2025. Adjusted operating income decreased by $20 million, or 27%, to $53,724 thousand in 2026 from $74,017 thousand in 2025. As a percentage of adjusted net revenue, adjusted operating income was 8.0% in 2026, compared to 11.5% in 2025. </li><li>Benefit for Income Taxes: The company recorded a benefit for income taxes of -$10,989 thousand in 2026, compared to -$7,354 thousand in 2025. </li><li>Net Income (Loss) Attributable to Noncontrolling Interests: This figure was -$353 thousand in 2026, a shift from $1,614 thousand in 2025. </li></ul><h4>Financial Advisory Segment</h4><ul><li>Net Revenue: Financial Advisory net revenue (U.S. GAAP basis) decreased by $8 million, or 2%, to $359,568 thousand in 2026 from $367,359 thousand in 2025. Adjusted net revenue decreased by $13 million, or 4%, to $356,169 thousand in 2026 from $369,543 thousand in 2025, primarily due to fewer completed transactions. </li><li>Operating Expenses: Adjusted compensation and benefits expense increased by $30 million, or 12%, to $269,947 thousand in 2026 from $239,968 thousand in 2025, driven by investments in strategic senior hires. Adjusted non-compensation expense decreased by $1 million, or 3%, to $51,085 thousand in 2026 from $52,561 thousand in 2025. </li><li>Operating Income: Adjusted operating income was $35,137 thousand in 2026, a decrease of $42 million, or 54%, from $77,014 thousand in 2025. As a percentage of adjusted net revenue, it was 9.9% in 2026, compared to 20.8% in 2025. </li><li>Operational Metrics: As of March 31, 2026, the Financial Advisory segment had 238 Managing Directors (up from 210 in 2025) and 1,359 Other Business Segment Professionals and Support Staff (up from 1,328 in 2025). The number of clients with fees greater than $1 million decreased to 69 in 2026 from 82 in 2025. The percentage of total Financial Advisory net revenue from the top 10 clients was 36% in 2026, slightly up from 34% in 2025. The number of M&amp;A transactions completed with values greater than $500 million decreased to 14 in 2026 from 20 in 2025. Geographically, the Americas accounted for 61% of adjusted net revenue (down from 66% in 2025), EMEA for 39% (up from 33% in 2025), and Asia Pacific for 0% (down from 1% in 2025). </li></ul><h4>Asset Management Segment</h4><ul><li>Net Revenue: Asset Management net revenue (U.S. GAAP basis) increased by $122 million, or 42%, to $409,763 thousand in 2026 from $288,100 thousand in 2025, benefiting from a non-cash gain of $78 million from the sale and deconsolidation of the Edgewater management vehicles. Adjusted net revenue increased by $44 million, or 17%, to $308,838 thousand in 2026 from $264,494 thousand in 2025. Management fees (adjusted basis) increased by $58 million, or 25%, to $296 million in 2026 from $238 million in 2025. Incentive fees (adjusted basis) increased by $2 million to $11 million in 2026 from $9 million in 2025. </li><li>Operating Expenses: Adjusted compensation and benefits expense increased by $18 million, or 12%, to $160,392 thousand in 2026 from $142,827 thousand in 2025, primarily due to increased adjusted net revenue. Adjusted non-compensation expense increased by $5 million, or 8%, to $63,803 thousand in 2026 from $59,211 thousand in 2025, mainly due to higher mutual fund servicing fees linked to increased AUM. </li><li>Operating Income: Adjusted operating income was $84,643 thousand in 2026, an increase of $22 million, or 36%, from $62,456 thousand in 2025. As a percentage of adjusted net revenue, it was 27.4% in 2026, compared to 23.6% in 2025. </li><li>Operational Metrics: As of March 31, 2026, the Asset Management segment had 134 Managing Directors (up from 131 in 2025) and 1,123 Other Business Segment Professionals and Support Staff (down from 1,133 in 2025). Total Assets Under Management (AUM) were $259 billion as of March 31, 2026, an increase of $5 billion, or 2%, from $254 billion at December 31, 2025, driven by net inflows, partially offset by foreign exchange depreciation and the sale of Edgewater management vehicles. Average AUM for Q1 2026 increased by 15% compared to Q1 2025. Net flows were primarily driven by Global/International and Emerging Markets Equity platforms. AUM by asset class as of March 31, 2026: Equity $193,049 million, Fixed Income $34,423 million, Multi Asset $23,113 million, Alternative Investments $8,602 million. Approximately 67% of AUM had foreign currency exposure. Geographically, the Americas and EMEA each accounted for 40% and 45% of adjusted net revenue, respectively, with Asia Pacific at 15%. </li></ul><h4>Corporate Segment</h4><ul><li>Net Revenue: Corporate net revenue decreased by $5 million, or 72%, to -$12,749 thousand in 2026 from -$7,408 thousand in 2025, mainly due to lower gains from Lazard Fund Interests (LFI) related investments. Adjusted net revenue decreased by $1 million, or 13%, to $7,976 thousand in 2026 from $9,148 thousand in 2025. </li><li>Operating Expenses: Adjusted compensation and benefits expense, including centrally managed costs, increased by $2 million, or 5%, to $40,245 thousand in 2026 from $38,491 thousand in 2025. Adjusted non-compensation expense, including centrally managed costs, decreased by $2 million, or 6%, to $33,787 thousand in 2026 from $36,110 thousand in 2025. </li><li>Operating Income: Adjusted operating loss was -$66,056 thousand in 2026, compared to -$65,453 thousand in 2025. </li><li>Operational Metrics: As of March 31, 2026, the Corporate segment had 22 Managing Directors (down from 23 in 2025) and 417 Other Business Segment Professionals and Support Staff (down from 428 in 2025). </li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities was -$220 million in 2026, compared to -$217 million in 2025. Adjustments to reconcile net income to net cash provided by operating activities were $56 million in 2026 and $97 million in 2025. Other operating activities resulted in -$377 million in 2026 and -$376 million in 2025. </li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was -$48 million in 2026, compared to -$23 million in 2025. </li><li>Net Cash Used in Financing Activities: Net cash used in financing activities was -$153 million in 2026, compared to -$191 million in 2025. </li><li>Effect of Exchange Rate Changes: The effect of exchange rate changes was -$16 million in 2026, compared to $30 million in 2025. </li><li>Net Decrease in Cash and Cash Equivalents and Restricted Cash: Net decrease in cash and cash equivalents and restricted cash was -$437 million in 2026, compared to -$401 million in 2025. </li><li>Cash and Cash Equivalents and Restricted Cash (End of Period): Cash and cash equivalents and restricted cash at the end of the period were $1,234 million in 2026, compared to $1,208 million in 2025. </li></ul><h4>Outlook and Strategy</h4>Lazard, Inc. plans to acquire Campbell Lutyens, a global private markets advisor, with the transaction expected to close in the second half of 2026, pending regulatory approvals. The company is focused on revenue and earnings growth, evaluating potential opportunities, investing in technology, and managing costs while returning capital to shareholders. Management believes its broad capabilities and diversified business model position it well to meet evolving client needs across varying economic environments.

Lazard | 10-Q: FY2026 Q1 Revenue: USD 779.4 B