Lazard (LAZ) Q3 2026 earnings summary

Executive summary

• Q3'26 adjusted net revenue rose 11% YoY to $805M; adjusted diluted EPS was $0.36, down 36% YoY.

• 9M'26 adjusted net revenue increased 6% to $2.264B, while adjusted net income fell 44% to $100M and adjusted diluted EPS declined 45% to $0.90.

• Management cited record Q3 Financial Advisory revenue, strong client activity and forward indicators, and record YTD Asset Management gross inflows.

Financial highlights

• Q3'26 GAAP net revenue was $814M, up 9% YoY; net income attributable to common stockholders was $29M, down 59%, and diluted EPS was $0.26, down 60%.

• Q3'26 adjusted operating income was $87M, down 14% YoY, with a 10.8% margin versus 14.0%; adjusted net income was $40M versus $62M.

• 9M'26 GAAP net revenue increased 8% to $2.378B; GAAP operating income fell 25% to $182M and net income attributable to common stockholders fell 28% to $135M.

Outlook and guidance

• 2030 goals include doubling revenue and average annual TSR of 10%–15%; TSR since Oct. 1, 2023 was 38% as of Oct. 21, 2026.

• Long-term targets are an adjusted compensation ratio of 60% or below and an adjusted non-compensation ratio of 16%–20%; timing depends on market conditions.

• Campbell Lutyens acquisition closing was expected in early November 2026; combined 2027E revenue is expected to be ~$500M, with ~50% of Financial Advisory revenue related to private capital upon closing.

• Financial Advisory targets 10–15 net MD additions annually; 28 net additions were achieved in the year to Q1'26.

• Operating-model simplification, modernization and AI adoption are intended to improve client outcomes, working effectiveness and margins over time.