Lazard’s Adjusted Q3 Revenue Rose 11% as Adjusted Net Income Fell 35%

Lazard posted an 11% year-over-year increase in adjusted net revenue for the third quarter, while adjusted net income dropped 35%, with adjusted diluted earnings per share at $0.36.

For the quarter ended Sept. 30, 2026, adjusted net revenue was $805 million, up from $725 million a year earlier. Adjusted net income was $40 million, compared with $62 million in the year-ago quarter.

Financial Advisory had $465 million in adjusted revenue, up 10%. Asset Management had $330 million in adjusted revenue, a 12% increase. “Financial Advisory delivered record third quarter revenue,” said Lazard CEO and Chairman Peter R. Orszag.

On a U.S. GAAP basis, net revenue rose 9% to $814 million from $748 million. Net income declined to $29 million, or $0.26 per diluted share, from $71 million, or $0.65 per share, a year earlier. Lazard presents adjusted measures alongside its U.S. GAAP results and identifies them as non-GAAP.

Assets under management totaled $284 billion at quarter-end, compared with $265 billion a year earlier.