Revenue: As of FY2026 Q2, the actual value is USD 807.67 M.

EPS: As of FY2026 Q2, the actual value is USD 0.03, missing the estimate of USD 0.3281.

EBIT: As of FY2026 Q2, the actual value is USD 60.13 M.

Overall Financial Performance (U.S. GAAP)

Lazard, Inc. reported net revenue of $808 million for the second quarter of 2026, a 1% increase compared to the second quarter of 2025. For the first half of 2026, net revenue was $1,564 million, an 8% increase from the first half of 2025.Net income for the second quarter of 2026 was $5 million, a -91% decrease from the second quarter of 2025. For the first half of 2026, net income was $106 million, a -9% decrease from the first half of 2025.Operating income for the second quarter of 2026 was $37,603 thousand, a -60% decrease from the second quarter of 2025. For the first half of 2026, operating income was $127,177 thousand, a -14% decrease from the first half of 2025.The provision for income taxes was $23,871 thousand for the second quarter of 2026, a -25% decrease from the second quarter of 2025. For the first half of 2026, it was $12,882 thousand, a -47% decrease from the first half of 2025.

Overall Financial Performance (Adjusted)

Adjusted net revenue was $786 million for the second quarter of 2026, a 2% increase from the second quarter of 2025. For the first half of 2026, adjusted net revenue was $1,459 million, a 3% increase from the first half of 2025.Adjusted net income for the second quarter of 2026 was $13 million, a -77% decrease from the second quarter of 2025. For the first half of 2026, adjusted net income was $60 million, a -49% decrease from the first half of 2025.Adjusted operating income was $65,175 thousand for the second quarter of 2026, a -40% decrease from the second quarter of 2025. For the first half of 2026, it was $118,899 thousand, a -35% decrease from the first half of 2025.The adjusted operating margin was 8.3% for the second quarter of 2026, compared to 14.1% in the second quarter of 2025. For the first half of 2026, it was 8.1%, compared to 12.9% in the first half of 2025.The adjusted effective tax rate was 69.7% for the second quarter of 2026, compared to 36.5% in the second quarter of 2025. For the first half of 2026, it was 19.2%, compared to 17.4% in the first half of 2025.

Segment Revenue

Financial Advisory (U.S. GAAP)

Net revenue was $450 million for the second quarter of 2026, a -9% decrease from the second quarter of 2025. For the first half of 2026, net revenue was $810 million, a -6% decrease from the first half of 2025.

Financial Advisory (Adjusted)

Adjusted net revenue was $445 million for the second quarter of 2026, a -9% decrease from the second quarter of 2025. For the first half of 2026, adjusted net revenue was $801 million, a -7% decrease from the first half of 2025.

Asset Management (U.S. GAAP)

Net revenue was $351 million for the second quarter of 2026, a 20% increase from the second quarter of 2025. For the first half of 2026, net revenue was $761 million, a 31% increase from the first half of 2025.

Asset Management (Adjusted)

Adjusted net revenue was $331 million for the second quarter of 2026, a 23% increase from the second quarter of 2025. For the first half of 2026, adjusted net revenue was $640 million, a 20% increase from the first half of 2025.

Operational Metrics

Compensation and Benefits Expense (U.S. GAAP)

For the second quarter of 2026, compensation and benefits expense was $562,409 thousand, an 8% increase from the second quarter of 2025. For the first half of 2026, it was $1,054,303 thousand, an 11% increase from the first half of 2025.

Adjusted Compensation and Benefits Expense

For the second quarter of 2026, adjusted compensation and benefits expense was $549,571 thousand, a 9% increase from the second quarter of 2025. For the first half of 2026, it was $1,020,155 thousand, a 10% increase from the first half of 2025.

Adjusted Compensation Ratio

The adjusted compensation ratio was 69.9% for the second quarter of 2026, compared to 65.5% in the second quarter of 2025. For the first half of 2026, it was 69.9%, compared to 65.5% in the first half of 2025.

Non-Compensation Expenses (U.S. GAAP)

For the second quarter of 2026, non-compensation expenses were $207,657 thousand, a 13% increase from the second quarter of 2025. For the first half of 2026, it was $382,771 thousand, a 10% increase from the first half of 2025.

Adjusted Non-Compensation Expenses

For the second quarter of 2026, adjusted non-compensation expenses were $171,720 thousand, a 9% increase from the second quarter of 2025. For the first half of 2026, it was $320,395 thousand, a 5% increase from the first half of 2025.

Adjusted Non-Compensation Ratio

The adjusted non-compensation ratio was 21.8% for the second quarter of 2026, compared to 20.4% in the second quarter of 2025. For the first half of 2026, it was 22.0%, compared to 21.6% in the first half of 2025.

Assets Under Management (AUM)

Ending AUM as of June 30, 2026, was $285 billion, a 15% increase from June 30, 2025.Average AUM for the second quarter of 2026 was $279 billion, a 17% increase from the second quarter of 2025. For the first half of 2026, average AUM was $271 billion, a 16% increase from the first half of 2025.Positive net flows for the first half of 2026 were $7.4 billion.For Q2 2026, AUM increased by market appreciation of $27.1 billion and a $1.0 billion increase from acquiring a controlling interest in Elaia Partners, offset by net outflows of -$1.6 billion and foreign exchange depreciation of -$1.1 billion.

Capital Management

Lazard, Inc. returned $103 million to shareholders in Q2 2026, including $49 million in dividends, $50 million in common stock repurchases, and $4 million for employee tax obligations. For H1 2026, the company returned $277 million to shareholders, including $96 million in dividends, $52 million in common stock repurchases, and $129 million for employee tax obligations.Lazard, Inc. repurchased 1.2 million shares at an average price of $43.79 in H1 2026.On July 22, 2026, the Board of Directors authorized an additional $200 million in share repurchases, expiring December 31, 2028, bringing the total outstanding authorization to approximately $257 million.A quarterly dividend of $0.50 per share was declared, payable on August 14, 2026, to stockholders of record on August 3, 2026.Cash and cash equivalents as of June 30, 2026, were $1,100 million.

Outlook / Guidance

Lazard, Inc.’s CEO and Chairman expressed confidence in their long-term growth strategy towards 2030 objectives, citing strong underlying trends. In Asset Management, the company achieved its best first-half net inflows in nearly 20 years and record reported AUM, indicating an anticipated inflection point. In Financial Advisory, strong league table position and forward indicators suggest that investments in talent are transitioning from a headwind to a tailwind for productivity and revenue growth.