Lazard Reports Second Quarter and First Half 2026 Results

Lazard, Inc. reported financial results for its second quarter and first half of 2026. For the second quarter, net revenue was $808 million and adjusted net revenue was $786 million. For the first half, net revenue was $1,564 million and adjusted net revenue was $1,459 million. On a U.S. GAAP basis, second-quarter net income was $5 million ($0.03 per share), and first-half net income was $106 million ($0.94 per share). Adjusted net income for the second quarter was $13 million ($0.12 per share), and for the first half was $60 million ($0.54 per share). The company highlighted progress in its Asset Management business, with strong net inflows and record Assets Under Management (AUM). The Financial Advisory business saw its strongest announced half-year league table position since 2014, with significant M&A transactions advised upon, including NextEra Energy's combination with Dominion Energy. Operating expenses increased, with compensation and benefits expense rising in both the second quarter and first half, leading to higher adjusted compensation ratios. Non-compensation expenses also increased. The company returned $103 million to shareholders in the second quarter through dividends and share repurchases. Lazard's financial position remains strong with $1,100 million in cash and cash equivalents as of June 30, 2026.