Lazard Reports First Quarter 2026 Results

About this update from Lazard, Inc.

NEW YORK , May 1, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today reported net revenue of $757 million and adjusted net revenue 1 of $673 million for the quarter ended March 31, 2026. On a U.S. GAAP basis, Lazard reported first-quarter 2026 net income of $101 million or $0.91 per share, diluted. On an adjusted basis 1 , Lazard reported first-quarter 2026 net income of $47 million or $0.42 per share, diluted. "The acquisition of Campbell Lutyens is a meaningful step in Lazard's long‑term strategy to build a more productive, resilient, and growth‑oriented firm," said Peter R. Orszag, CEO and Chairman of Lazard. "Asset Management delivered strong results, reflecting early progress in positioning the business to meet client demand. While M&A revenue was affected by the timing of transactions, our outlook is optimistic, and the 28 new Managing Directors added to our Financial Advisory platform over the past year position us well for the future. Across the firm, engagement is strong as clients seek the independent, differentiated advice and investment solutions grounded in contextual alpha that Lazard uniquely provides." NET REVENUE Financial Advisory For the first quarter of 2026, Financial Advisory reported net revenue and adjusted net revenue 1 of $360 million and $356 million, respectively, 2% and 4% lower than the first quarter of 2025, respectively. Lazard is one of the world's leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the first quarter of 2026, selected highlights include (clients are in italics): Lazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Private Capital Advisory assignments include advising Falfurrias Capital Partners, Fremman Capital, Parthenon Capital and advising on the closing of Black Bay Partners Third Fund and NOVA Infrastructure on the raise of Infrastructure Fund II. In addition, Lazard advised on raising $1.3 billion in debt financing for B-Flexion in connection with the combination of Paratek Pharmaceuticals with Radius Health. Lazard's preeminent restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving First Brands Group, Pine Gate Renewables, Videndum, and Xerox Holdings, and creditor roles involving Anthology, Dish, Gigaclear, Netceed, QVC and Saks Global. In addition, our sovereign advisory practice continues to be active in advising governments and sovereign entities across developed and emerging markets. For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn. Asset Management For the first quarter of 2026, Asset Management reported net revenue and adjusted net revenue 1 of $410 million and $309 million, respectively, 42% and 17% higher than the first quarter of 2025, respectively. On a U.S. GAAP basis, net revenue included a non-cash gain on the sale and deconsolidation of the Edgewater management vehicles. Management fees on an adjusted basis 1 were $296 million for the first quarter of 2026, 25% higher than the first quarter of 2025, and 3% higher than the fourth quarter of 2025. Incentive fees on an adjusted basis 1 were $11 million for the first quarter of 2026, compared to $9 million for the first quarter of 2025. Other revenue 2 on an adjusted basis 1 was $1 million for the first quarter of 2026, compared to $18 million for the first quarter of 2025. Average assets under management (AUM) was $266 billion for the first quarter of 2026, 15% higher than the first quarter of 2025, and 2% higher than the fourth quarter of 2025. AUM as of March 31, 2026 was $259 billion, 14% higher than March 31, 2025, and 2% higher than December 31, 2025. The sequential change from December 31, 2025 was driven by net inflows of $9 billion, market appreciation of $0.4 billion, foreign exchange depreciation of $3 billion, and divestitures of $1.5 billion. OPERATING EXPENSES Compensation and Benefits Expense For the first quarter of 2026, compensation and benefits expense on a U.S. GAAP and an adjusted basis 1 was $492 million and $471 million, respectively, compared to $430 million and $421 million, respectively, for the first quarter of 2025. The adjusted compensation ratio 3 for the first quarter of 2026 was 69.9%, compared to the first-quarter 2025 ratio of 65.5%. We focus on the adjusted compensation ratio 3 to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted compensation ratio 3 of 60% or below, with timing dependent on market conditions. Non-Compensation Expenses For the first quarter of 2026, non-compensation expenses on a U.S. GAAP basis were $175 million, 7% higher than the first quarter of 2025. On an adjusted basis 1 , non-compensation expenses were $149 million, 1% higher than the first quarter of 2025. The adjusted non-compensation ratio 4 was 22.1% for the first quarter of 2026, compared to 23.0% for the first quarter of 2025. As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted non-compensation ratio 4 between 16% to 20%, with timing dependent on market conditions. TAXES The benefit for income taxes on a U.S. GAAP and an adjusted basis 1 was $11 million and $16 million, respectively, for the first quarter of 2026, which equates to an effective tax rate of (12.3%) on a U.S. GAAP basis and (50.4%) on an adjusted basis 1 . First quarter 2026 income tax includes the impact of discrete tax benefits related to share-based compensation awards that vested in the first quarter. CAPITAL MANAGEMENT AND BALANCE SHEET In the first quarter of 2026, Lazard returned $174 million to shareholders, which primarily included: $47 million in dividends and $125 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants. As of March 31, 2026, our total outstanding share repurchase authorization was approximately $107 million. On April 30, 2026, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 22, 2026, to stockholders of record on May 11, 2026. Lazard's financial position remains strong. As of March 31, 2026, our cash and cash equivalents were $1,021 million. ENDNOTES CONFERENCE CALL Lazard will host a conference call at 8:00 a.m. ET on May 1, 2026, to discuss the company's financial results for the first quarter of 2026. The conference call can be accessed via a live audio webcast available through Lazard's Investor Relations website at www.lazard.com , or by dialing +1 800-445-7795 (toll-free, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ126. A replay of the conference call will be available by 10:00 a.m. ET, May 1, 2026, via the Lazard Investor Relations website at www.lazard.com , or by dialing +1 800-839-5241 (toll-free, U.S. and Canada) or +1 402-220-2698 (outside of the U.S. and Canada). ABOUT LAZARD Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and Lazard on LinkedIn. Lazard's Announced Agreement to Acquire Campbell Lutyens On April 30, 2026, Lazard announced that it had entered into a definitive agreement to acquire Campbell Lutyens. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions. Additional information is available on our website, including Lazard's Form 8‑K and investor relations presentation filed with the Securities and Exchange Commission on April 30, 2026. No Offer or Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include statements regarding the proposed acquisition of Campbell Lutyens (the "Transaction"), the expected timing of closing of the Transaction, the anticipated benefits of the Transaction, as well as projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following: These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so. Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com .        Alternative Investments 8,602 9,980 8,819 (13.8 %) (2.5 %) Total AUM $259,187 $254,300 $227,427 1.9 % 14.0 % Three Months Ended March 31, December 31, March 31, 2026 2025 2025 AUM - Beginning of Period $254,300 $264,537 $226,321 Net Flows 9,005 (19,713) (3,659) Market Value Appreciation / (Depreciation) 354 10,245 825 Foreign Exchange Appreciation / (Depreciation) (2,980) (769) 3,940 Acquisitions / (Divestitures) (1,492) – – AUM - End of Period $259,187 $254,300 $227,427 Average AUM $265,520 $261,075 $230,787 % Change in Average AUM – % 1.7 % 15.0 %             View original content to download multimedia: https://www.prnewswire.com/news-releases/lazard-reports-first-quarter-2026-results-302759653.html

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