Lazard公布2026年二季度业绩，投行业务下滑且调整后净利润大幅下降

LAZARD REPORTS SECOND QUARTER AND FIRST HALF 2026 RESULTS
On a
"Lazard continues to progress toward our 2030 objectives, with underlying trends reinforcing our confidence in our long-term growth strategy," said
"We are excited about the momentum and evidence of progress across both of our businesses," said
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(Selected results, $ in millions, |
Three Months Ended |
Six Months Ended |
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except per share data and AUM) |
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2026 |
2025 |
% Change |
2026 |
2025 |
% Change |
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Net Revenue |
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1 % |
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8 % |
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Financial Advisory |
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(9 %) |
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(6 %) |
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Asset Management |
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20 % |
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31 % |
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Net Income |
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(91 %) |
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(9 %) |
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Per share, diluted |
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(94 %) |
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(13 %) |
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Adjusted Financial Measures1 |
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Net Revenue |
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2 % |
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3 % |
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Financial Advisory |
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(9 %) |
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(7 %) |
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Asset Management |
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23 % |
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20 % |
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Net Income |
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(77 %) |
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(49 %) |
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Per share, diluted |
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(77 %) |
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(50 %) |
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Assets Under Management (AUM) ($ in billions) |
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Ending AUM |
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15 % |
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Average AUM |
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17 % |
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16 % |
Notes: The effective tax rate for this quarter includes certain anomalous factors, including the effect of the catch-up adjustment from the tax benefit related to the vesting of equity awards in the first quarter, and is not indicative of the expected full-year tax rate.
Reconciliations of
NET REVENUE
Financial Advisory
For the second quarter of 2026, Financial Advisory reported net revenue and adjusted net revenue1 of
For the first half of 2026, Financial Advisory reported net revenue and adjusted net revenue1 of
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 second quarter of 2026, we advised on the largest energy deal in history, NextEra Energy on its combination with Dominion Energy with a combined enterprise value of
In addition, we advised on the following transactions (clients are in italics):
Altice France's proposed up to €21.0 billion sale of SFR toBouygues Telecom , the Free–iliad Group, and Orange- Olin on its
$10.0 billion merger of equals with Huntsman SunOpta on its $1.1 billion sale to Refresco- CVC's acquisition of Irca
- Apollo's acquisition of the
Prosol Group - Network Connex's sale to
Olympus Partners
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
Lazard's restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving
In addition, Lazard is the preeminent financial advisor to governments and public sector entities across the world with recent mandates including the
For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn.
Asset Management
For the second quarter of 2026, Asset Management reported net revenue and adjusted net revenue1 of
Management fees on an adjusted basis1 were
Incentive fees on an adjusted basis1 were
Other revenue2 on an adjusted basis1 was
Average assets under management (AUM) was
For the first half of 2026, Asset Management net revenue and adjusted net revenue1 were
Management fees on an adjusted basis1 were
Incentive fees on an adjusted basis1 were
Other revenue2 on an adjusted basis1 was
Average AUM for the first half of 2026 was
OPERATING EXPENSES
Compensation and Benefits Expense
For the second quarter of 2026, compensation and benefits expense on a
For the first half of 2026, compensation and benefits expense on a
We focus on the adjusted compensation ratio3 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
Non-Compensation Expenses
For the second quarter of 2026, non-compensation expenses on a
The adjusted non-compensation ratio4 was 21.8% for the second quarter of 2026, compared to 20.4% for the second quarter of 2025.
For the first half of 2026, non-compensation expenses on a
The adjusted non-compensation ratio4 was 22.0% for the first half of 2026, compared to 21.6% for the first half of 2025.
As part of our
TAXES
The provision for income taxes on a
The provision for income taxes on a
CAPITAL MANAGEMENT AND BALANCE SHEET
In the second quarter of 2026, Lazard returned
In the first half of 2026, Lazard returned
During the first half of 2026, we repurchased 1.2 million shares at an average price of
On
Lazard's financial position remains strong. As of
ENDNOTES
1 A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding
2 Beginning in the first quarter of 2026, the Company presents Other revenue separately from Management fees in order to improve the analysis of average annual fee rates. Prior period results have been recast to conform to this change. Other revenue generally consists of commission income, net interest income, and net investment gains/losses.
3 A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.
4 A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.
CONFERENCE CALL
Lazard will host a conference call at
A replay of the conference call will be available by
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.
Media Contact:
Shannon Houston
+1 212-632-6880
Shannon.Houston@lazard.com
Investor Contact:
William Murdock
+1 212-632-1564
William.Murdock@lazard.com
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 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:
- Adverse general economic conditions or adverse conditions in global or regional financial markets;
- C