Lazard

Q2 FY2026 EarningsQ2 FY26 adjusted net revenue reached $786M, up 2% YoY and 17% QoQ. Asset Management was the primary growth driver with $331M revenue (up 23% YoY), offset by a 9% YoY decline in Financial Advisory to $445M. Adjusted net income dropped 77% YoY to $13M, significantly impacted by an anomalous 69.7% adjusted effective tax rate. AUM reached a record $285B, supported by $7.4B in H1 net inflows.