Lazard Reports Q2 Revenue Dip, Asset Management Growth Partially Offsets Advisory Decline
Lazard's financial advisory revenue decreased in the second quarter of 2026, but this was partially offset by strong growth in its asset management business. Net revenues and adjusted net revenues saw a decline.
New York, NY – July 23, 2026 – Lazard, Inc. reported its second-quarter and first-half 2026 financial results today. The company posted net revenues of $808 million and adjusted net revenues of $786 million for the quarter ended June 30, 2026. For the first half of 2026, net revenues were $1,564 million and adjusted net revenues were $1,459 million.
On a U.S. GAAP basis, net income fell to $5 million, or $0.03 per diluted share, for the second quarter. First-half net income was $106 million, or $0.94 per diluted share. Adjusted net income was $13 million, or $0.12 per diluted share, for the second quarter. For the first half, adjusted net income was $60 million, or $0.54 per diluted share.
The asset management business showed robust growth, achieving its best first-half net inflows in nearly 20 years and reaching record reported Assets Under Management (AUM) of $285 billion at the end of the period, a 15% increase year-over-year. However, net revenues from Financial Advisory declined 9% in the second quarter compared to the prior year.
CEO and Chairman Peter R. Orszag expressed confidence in the company's long-term growth strategy and 2030 objectives. "In Asset Management, we delivered our best first-half net inflows in nearly 20 years and reached record reported AUM," Orszag stated. He also noted that investments in advisory talent are beginning to yield positive results.
While asset management served as a strong performer, the decline in financial advisory impacted overall revenue. The company also noted that an elevated tax rate impacted the second-quarter earnings, which is not indicative of the full-year rate. Lazard continues to focus on operational efficiency and leveraging its growth investments.