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Get filing alertsLazard reports Q2 2026 EPS of $0.12, record $285B AUM, authorizes $200M buyback
Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
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high
Q2 2026 adjusted EPS of $0.12 down 77% year-over-year on elevated 69.7% tax rate management says is not indicative of full-year; GAAP EPS $0.03 down 91%
Exhibit 99.1 view on EDGAR → -
high
Asset Management AUM reached record $285B, up 15% year-over-year; first-half 2026 net inflows of $7.4B described as best in nearly 20 years
Exhibit 99.1 view on EDGAR → -
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Board authorized additional $200M share repurchase program expiring December 31, 2028, bringing total authorization to ~$257M
Exhibit 99.1 view on EDGAR → -
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Adjusted compensation ratio rose to 69.9% from 65.5% year-over-year reflecting advisory talent investments; management reiterates Lazard 2030 target of 60% or below
Exhibit 99.1 view on EDGAR → -
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Declared quarterly dividend of $0.50 per share payable August 14, 2026 to shareholders of record August 3, 2026
Exhibit 99.1 view on EDGAR →
Summary
Lazard reported a challenging second quarter with adjusted earnings of $0.12 per share, down 77% year-over-year, impacted by an elevated 69.7% tax rate that management characterized as non-indicative of the full-year rate. Net revenue of $808 million was essentially flat year-over-year.
The weak earnings contrast sharply with strong momentum in Asset Management, which reached record AUM of $285 billion and posted $7.4 billion in first-half net inflows—management's best first-half performance in nearly two decades. The Board's authorization of an additional $200 million share repurchase program signals confidence despite near-term earnings pressure.
Management noted the company is exiting "the most substantial period of repositioning our advisory talent" and expects growth investments to increasingly mature into earnings. The elevated 69.9% compensation ratio reflects these talent investments, though management reiterated its Lazard 2030 targets of a 60% or below compensation ratio and 16-20% non-compensation ratio, with timing dependent on market conditions. The quarterly dividend of $0.50 per share continues the company's regular capital return program.
Section-by-Section Diff
Event · Exhibit 99.1
Lazard reported Q2 2026 results with net revenue of $808M, adjusted EPS of $0.12, record AUM of $285B, and authorized $200M in additional share repurchases.
Added in current filing · view on EDGAR →
On a U.S. GAAP basis, Lazard reported second-quarter 2026 net income of $5 million or $0.03 per share, diluted. For the first half of 2026, net income on a U.S. GAAP basis was $106 million or $0.94 per share, diluted. On an adjusted basis1, Lazard reported second-quarter 2026 net income of $13 million or $0.12 per share, diluted. For the first half of 2026, adjusted net income1 was $60 million or $0.54 per share, diluted.
Lazard reported Q2 2026 GAAP net income of $5 million ($0.03 per share diluted), down 91% year-over-year, and adjusted net income of $13 million ($0.12 per share diluted), down 77% year-over-year. The quarter was impacted by an elevated tax rate (69.7% adjusted) that management states is not indicative of the full-year rate. Net revenue was $808 million on a GAAP basis and $786 million on an adjusted basis, up 1% and 2% year-over-year respectively.
Added in current filing · view on EDGAR →
AUM as of June 30, 2026 was $285 billion, 15% higher than June 30, 2025, 10% higher than March 31, 2026. The sequential change from March 31, 2026 was driven by market appreciation of $27.1 billion, an increase of $1.0 billion attributable to acquiring a controlling interest in Elaia Partners, net outflows of $1.6 billion, and foreign exchange depreciation of $1.1 billion.
Lazard's Asset Management business reached record AUM of $285 billion as of June 30, 2026, up 15% year-over-year and 10% sequentially. The first half of 2026 saw positive net inflows of $7.4 billion, which management described as "our best first-half net inflows in nearly 20 years." The sequential quarter saw net outflows of $1.6 billion but was more than offset by $27.1 billion in market appreciation and a $1.0 billion increase from acquiring a controlling interest in Elaia Partners.
Added in current filing · view on EDGAR →
On July 22, 2026, our Board of Directors authorized additional share repurchases of $200 million, which expire as of December 31, 2028, bringing our total outstanding share repurchase authorization to approximately $257 million.
Lazard's Board authorized an additional $200 million in share repurchases on July 22, 2026, expiring December 31, 2028. This brings total outstanding repurchase authorization to approximately $257 million. During the first half of 2026, the company repurchased 1.2 million shares at an average price of $43.79, and returned $277 million to shareholders in total through dividends, repurchases, and tax withholding on equity vesting.
Added in current filing · view on EDGAR →
The adjusted compensation ratio3 for the second quarter of 2026 was 69.9%, compared to the second-quarter 2025 ratio of 65.5%. ... As part of our Lazard 2030 vision and long-term growth strategy, we aim to deliver an adjusted compensation ratio3 of 60% or below, with timing dependent on market conditions.
Lazard's adjusted compensation ratio rose to 69.9% in Q2 2026 from 65.5% in Q2 2025, reflecting investments in advisory talent. Management reiterated its Lazard 2030 target of achieving a 60% or below adjusted compensation ratio and a 16-20% non-compensation ratio, though timing depends on market conditions. The company stated it is exiting "the most substantial period of repositioning our advisory talent" and expects growth investments to increasingly mature into earnings.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 27, 2026 · How we verify