LAZ

Lazard’s first quarter was marked by strong revenue growth but fell short on profitability, which led to a negative market reaction. Management attributed the revenue increase to robust activity in its asset management segment, as well as steady client engagement in financial advisory. However, CEO Peter Orszag acknowledged that several anticipated transactions were delayed, causing uneven revenue contribution from advisory. The quarter’s margin pressures were further compounded by elevated compensation expenses, with CFO Tracy Farr noting, “We would still guide you closer to a comp ratio for the full year, similar to what we had last year, around 65.5%.” Is now the time to buy LAZ? Find out in our full research report (it’s free). Revenue: $673 million vs analyst estimates of $707.7 million (4.6% year-on-year growth, 4.9% miss) Adjusted EPS: $0.42 vs analyst expectations of $0.51 (17.2% miss) Adjusted Operating Income: $53.72 million vs analyst estimates of $95.43 million (8% margin, 43.7% miss) Operating Margin: 13.3%, up from 8.5% in the same quarter last year Market Capitalization: $4.57 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Devin Ryan (Citizens Bank): Asked about prospects for improving the compensation ratio and operational leverage. CFO Tracy Farr acknowledged the elevated Q1 ratio was due to accrual timing and hiring, guiding for improvement as the year progresses through disciplined cost management. Devin Ryan (Citizens Bank): Inquired about network effects from the Campbell Lutyens integration. CEO Peter Orszag described expected “flywheel effects” between M&A, restructuring, and fundraising, emphasizing productivity gains from combining complementary client bases and data assets. Alexander Bond (KBW): Sought clarity on the business mix and geographic complementarity of Campbell Lutyens. Orszag highlighted minimal overlap and strong fit, noting strengths in both secondary advisory and regional coverage that fill white space in Lazard’s platform. James Yaro (Goldman Sachs): Questioned the timing and speed of private equity M&A recovery. Orszag was cautious, stating activity has yet to mate...

Lazard, Inc. has already reported first-quarter 2026 results, with net income rising to US$100.92 million and diluted EPS from continuing operations reaching US$0.91, alongside continued share repurchases and the affirmation of a US$0.50 quarterly dividend. The completion of more than three-quarters of a multiyear buyback program, combined with earnings growth and ongoing dividends, highlights Lazard’s continued focus on returning capital to shareholders while integrating new capabilities like Campbell Lutyens. We’ll now examine how Lazard’s stronger earnings and ongoing capital returns could influence its existing investment narrative and outlook. The future of work is here. Discover the 32 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. To own Lazard, I think you need to believe its advisory and asset management franchises can convert cyclical deal and market activity into durable, fee-based earnings while managing compensation and regulatory pressures. The key short term catalyst is whether improving profitability can take hold after a softer 2025, while the biggest risk remains margin pressure from high pay and a competitive talent market. The latest quarter’s stronger earnings support the near term story but do not remove that risk. The reaffirmed US$0.50 quarterly dividend alongside higher first quarter 2026 earnings is, to me, the most relevant update here. It suggests Lazard is pairing earnings recovery with continued cash returns, which matters if you see near term upside tied to steadier profitability and disciplined capital allocation, while still keeping an eye on its elevated debt and compensation levels. Yet behind the improving earnings and steady dividend, investors should be aware that margin pressure from compensation and regulatory costs could still... Read the full narrative on Lazard (it's free!) Lazard's narrative projects $4.6 billion revenue and $522.4 million earnings by 2029. This requires 12.9% yearly revenue growth and a $250.9 million earnings increase from $271.5 million today. Uncover how Lazard's forecasts yield a $52.38 fair value, a 13% upside to its current price. Some of the lowest analysts were already cautious, assuming revenue of about US$4.1 billion and earnings near US$687 million by 2028, which paints a much more pessimistic picture than the consensus and s...

Shares of The Carlyle Group Inc. CG fell 3.5% in yesterday’s trading session on lower-than-expected quarterly results. The company reported first-quarter 2026 post-tax distributable earnings per share of 89 cents, missing the Zacks Consensus Estimate of 91 cents. The metric also declined from $1.14 in the year-ago quarter. Results were weighed down by a sharp pullback in realized performance revenues. However, a rise in the assets under management (AUM) balance was a positive. Net loss attributable to Carlyle was $132.2 million against net income of $130 million in the year-ago quarter. First-quarter segmental revenues were $750.9 million, which missed the Zacks Consensus Estimate by 16.4%. The top line also declined 28% from the year-ago quarter. Total segment fee revenues were $644 million, almost flat year over year. Fund management fees rose 3.6% year over year to $544.5 million, while transaction and portfolio advisory fees, net and other, declined 30.6% to $54.1 million. Fee-related performance revenues rose 14.9% to $45.4 million. Realized performance revenues declined 82.6% from the year-ago quarter to $61.8 million. Total segmental expenses fell 27.9% year over year to $423.9 million. As of March 31, 2026, total AUM was $475.4 billion, up 5% from the prior-year quarter. The fee-earning AUM was $333.4 billion, which rose 6% year over year. Pending fee-earning AUM was $21 billion, down 17% year over year. Global Private Equity’s total AUM was $159 billion as of March 31, 2026, down 3% year over year. The segment’s fee-related earnings were $139.6 million, down 1.1% year over year. Distributable earnings were $149.9 million, down 43.6%. Global Credit’s total AUM was $209 billion, up 5% year over year. Fee-related earnings were $92.9 million, down 10.6%. Distributable earnings were $98.2 million, down 11.1%. Carlyle AlpInvest’s total AUM was $107 billion, up 20% year over year. Fee-related earnings were $67.5 million, up 3.1%. Distributable earnings were $78.9 million, down marginally year over year. In the reported quarter, CG repurchased or withheld 3.8 million shares of common stock, including shares withheld in the net share settlement of equity awards, totaling $205 million. As of March 31, 2026, $1.9 billion worth of shares were available under the authorization. The company also declared a quarterly dividend of 35 cents per share. The dividend wi...

Shares of Lazard Inc. LAZ plunged 6.9% in Friday’s trading session on lower-than-expected quarterly results. Its first-quarter 2026 adjusted earnings per share of 42 cents missed the Zacks Consensus Estimate of 52 cents. This compared unfavorably with earnings of 56 cents in the year-ago quarter. Lazard’s results were affected by lower revenues in the Financial Advisory and Corporate segments. An increase in operating expenses was also negative. However, an increase in assets under management (AUM) and higher revenue in the Asset Management segment supported the results to some extent. The results excluded certain non-recurring items. After considering those, Lazard’s net income (GAAP) was $100.9 million, which rose 67.1% from the prior-year quarter. Quarterly adjusted net revenues were $672.9 million, which rose 4.6% year over year. However, the top line missed the Zacks Consensus Estimate by 9.5%. Operating expenses increased 12.4% year over year to $667 million, primarily driven by higher compensation costs. The ratio of adjusted compensation expenses to operating revenues was 69.9%, higher than 65.5% in the year-ago quarter. The ratio of adjusted non-compensation expenses to operating revenues was 22.1%, down from 23% in the prior-year quarter. Financial Advisory: The segment’s adjusted operating revenues were $356.2 million, down 3.6% from the year-ago quarter. Asset Management: Segmental adjusted operating revenues of $308.8 million increased 16.8% year over year, driven by higher management fees and incentive fees. Corporate: Adjusted operating revenues from this segment were $7.9 million, down from $9.1 million in the year-ago quarter. As of March 31, 2026, total AUM was $259.2 billion, which increased 13.9% year over year. The average AUM in the reported quarter was $265.5 billion, up 15% from the year-ago quarter. The company’s cash and cash equivalents totaled $1.02 billion as of March 31, 2026, down 30.5% from the prior quarter. Total stockholders’ equity was $872.4 million, down 3.7% sequentially. In the first quarter of 2026, Lazard did not repurchase any common stock. As of March 31, 2026, approximately $107 million of authorization remained available for repurchase. In April 2026, Lazard announced that it had entered into a definitive agreement to acquire Campbell Lutyens for approximately $575 million, marking a significant expansion of its...

Financial advisory firm Lazard (NYSE:LAZ) reported Q1 CY2026 results beating Wall Street’s revenue expectations , with sales up 21.2% year on year to $779.4 million. Its non-GAAP profit of $0.42 per share was 17.2% below analysts’ consensus estimates. Is now the time to buy LAZ? Find out in our full research report (it’s free). Revenue: $779.4 million vs analyst estimates of $707.7 million (21.2% year-on-year growth, 10.1% beat) Adjusted EPS: $0.42 vs analyst expectations of $0.51 (17.2% miss) Market Capitalization: $4.24 billion Lazard’s first quarter was marked by strong revenue growth but fell short on profitability, which led to a negative market reaction. Management attributed the revenue increase to robust activity in its asset management segment, as well as steady client engagement in financial advisory. However, CEO Peter Orszag acknowledged that several anticipated transactions were delayed, causing uneven revenue contribution from advisory. The quarter’s margin pressures were further compounded by elevated compensation expenses, with CFO Tracy Farr noting, “We would still guide you closer to a comp ratio for the full year, similar to what we had last year, around 65.5%.” Looking forward, management’s guidance is shaped by expectations of accelerating deal activity and the integration of Campbell Lutyens, a strategic acquisition that broadens Lazard’s private capital advisory reach. Orszag highlighted the anticipated network effects from combining Lazard’s M&A and restructuring strengths with Campbell Lutyens’ capabilities, emphasizing, “There is a network effect, a flywheel effect in both directions from M&A, restructuring and liability management to the fundraising business and vice versa.” Management also remains focused on operational efficiency and disciplined cost control amid ongoing macroeconomic uncertainties. Management cited the strategic acquisition of Campbell Lutyens, strong asset management inflows, and a disciplined approach to cost management as key drivers shaping the quarter and outlook. Campbell Lutyens acquisition: Lazard announced the acquisition of Campbell Lutyens, establishing a dedicated private capital advisory unit. Management expects this move to diversify revenue streams and accelerate progress toward its multi-year Lazard 2030 plan. The transaction is designed to be accretive to earnings by 2027 and will bring compleme...

This article first appeared on GuruFocus. Firm-wide Adjusted Net Revenue: $673 million, up 5% year-over-year. Financial Advisory Adjusted Net Revenue: $356 million, 4% lower than the prior year. Asset Management Adjusted Net Revenue: $309 million, up 17% from the prior year quarter. Management Fees: $296 million for the first quarter, 25% higher than the first quarter of 2025. Net Inflows: $9 billion in Asset Management, the highest level of quarterly net flow in almost 20 years. Assets Under Management (AUM): $259 billion as of March 31, up slightly compared to year-end. Adjusted Compensation Expense: $471 million for the first quarter of 2026. Compensation Ratio: 69.9% for the first quarter of 2026. Adjusted Non-Compensation Expense: $149 million for the first quarter of 2026. Non-Compensation Ratio: 22.1% for the first quarter of 2026. Adjusted Effective Tax Rate: Expected to be in the high 20s percent range for the full year 2026. Shareholder Returns: $174 million returned in the first quarter of 2026, including a quarterly dividend of $47 million. Quarterly Dividend Declared: $0.50 per share. Warning! GuruFocus has detected 5 Warning Sign with LAZ. Is LAZ fairly valued? Test your thesis with our free DCF calculator. Release Date: May 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lazard Inc (NYSE:LAZ) announced the acquisition of Campbell Lutyens, enhancing its private capital advisory capabilities and diversifying its business model. The firm reported a 5% increase in firm-wide adjusted net revenue, reaching $673 million compared to the previous year. Lazard Inc (NYSE:LAZ) achieved net inflows of $9 billion in its Asset Management division, marking the highest level of quarterly net flow in almost 20 years. The company is on track to meet its Lazard 2030 target, with private capital connectivity revenue increasing from 25% to 40% of total advisory revenue since 2019. Lazard Inc (NYSE:LAZ) is leveraging AI capabilities to enhance client insights and aims to become a leading AI-enabled independent financial firm. Financial Advisory adjusted net revenue decreased by 4% to $356 million compared to the prior year. Several transactions in the Financial Advisory segment were delayed to later in the year, impacting first-quarter revenue. The compensation ratio was high at 69.9% for the first quarte...

Lazard is buying Campbell Lutyens to create a new private capital advisory unit called "Lazard CL", which the firm says will be the leading primary and secondary adviser and target roughly $500 million of combined revenue in 2027; the deal carries $575 million of non‑contingent consideration plus an $85 million earnout and is expected to be EPS‑accretive in 2027. In Q1 Lazard posted adjusted net revenue of $673 million (up 5% YoY) as Financial Advisory fell 4% while Asset Management rose 17% on $9 billion of net inflows—the strongest quarterly flows in almost two decades—AUM was $259 billion, the Q1 compensation ratio was 69.9% with full‑year guidance near ~65.5%, and the firm returned $174 million to shareholders, including a $0.50 quarterly dividend. Interested in Lazard, Inc.? Here are five stocks we like better. Citi and Lazard just got bullish upgrades Lazard (NYSE:LAZ) executives used the firm’s first-quarter 2026 earnings call to outline plans for a major strategic expansion in private markets advisory while reiterating confidence in their broader outlook, even as geopolitical uncertainty and deal timing affected quarterly results. Chief Executive Officer and Chairman Peter Orszag opened the call by highlighting Lazard’s announced acquisition of Campbell Lutyens and the planned formation of “Lazard CL,” a new private capital advisory unit that will sit alongside the firm’s M&A and other advisory practices. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss 3 Emerging Market Stocks To Cushion FED Hikes Orszag described Campbell Lutyens as a “premier global private markets advisor focused on fund placement, secondary advisory, and GP capital advisory services.” He said combining Campbell Lutyens with Lazard’s existing private capital advisory group would create “the leading primary and secondary advisory business globally,” with “approximately $500 million in anticipated combined 2027 revenue.” Lazard expects the transaction to close before the end of the calendar year. Orszag tied the deal to the firm’s “Lazard 2030” multi-year plan, which he said aims to create a “more productive, resilient, growth-oriented firm” by strengthening M&A while expanding restructuring and liability management, Capital Solutions, and Private Capital Advisory. He noted that advisory revenue related to “private capital connectivity” has grown from about 25% of total a...

Lazard (LAZ) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -19.23%. A quarter ago, it was expected that this company would post earnings of $0.68 per share when it actually produced earnings of $0.8, delivering a surprise of +17.65%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Lazard, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $672.98 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 9.59%. This compares to year-ago revenues of $643.18 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Lazard shares have lost about 0.1% since the beginning of the year versus the S&P 500's gain of 5.3%. While Lazard has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Lazard was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It...

Lazard (LAZ) reported $672.98 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 4.6%. EPS of $0.42 for the same period compares to $0.56 a year ago. The reported revenue represents a surprise of -9.59% over the Zacks Consensus Estimate of $744.35 million. With the consensus EPS estimate being $0.52, the EPS surprise was -19.23%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Lazard performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Adjusted net revenue- Asset Management: $308.84 million versus $312.96 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change. Adjusted net revenue- Financial Advisory: $356.17 million compared to the $386.78 million average estimate based on two analysts. The reported number represents a change of -3.6% year over year. Adjusted net revenue- Corporate: $7.98 million versus the two-analyst average estimate of $7.5 million. The reported number represents a year-over-year change of -12.8%. View all Key Company Metrics for Lazard here>>> Shares of Lazard have returned +16.9% over the past month versus the Zacks S&P 500 composite's +10.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lazard, Inc. (LAZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Campbell Lutyens acquisition will establish the leading global primary and secondary advisory business, with approximately $500 million in anticipated combined 2027 revenue Financial Advisory exceeded Lazard 2030 growth goal for 2025 with 28 net Managing Director additions Asset Management adjusted net revenue increased 17% year-over-year with positive flows of $9 billion NEW YORK, May 1, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today reported net revenue of $757 million and adjusted net revenue1 of $673 million for the quarter ended March 31, 2026. On a U.S. GAAP basis, Lazard reported first-quarter 2026 net income of $101 million or $0.91 per share, diluted. On an adjusted basis1, Lazard reported first-quarter 2026 net income of $47 million or $0.42 per share, diluted. "The acquisition of Campbell Lutyens is a meaningful step in Lazard's long‑term strategy to build a more productive, resilient, and growth‑oriented firm," said Peter R. Orszag, CEO and Chairman of Lazard. "Asset Management delivered strong results, reflecting early progress in positioning the business to meet client demand. While M&A revenue was affected by the timing of transactions, our outlook is optimistic, and the 28 new Managing Directors added to our Financial Advisory platform over the past year position us well for the future. Across the firm, engagement is strong as clients seek the independent, differentiated advice and investment solutions grounded in contextual alpha that Lazard uniquely provides." NET REVENUE Financial Advisory For the first quarter of 2026, Financial Advisory reported net revenue and adjusted net revenue1 of $360 million and $356 million, respectively, 2% and 4% lower than the first quarter of 2025, respectively. 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 first quarter of 2026, selected highlights include (clients are in italics): Keurig Dr. Pepper's $23 billion acquisition of JDE Peet's and planned subsequent separation into two independent companies Principal Shareholder Group Trustee Companies on the £9.9 billion acquisition of Schroders by Nuveen Zurich Insurance Group on its £8.2 billion recommended cash offer for Beazley Biogen's $5.6 billion acquisition of Apellis Pharmaceuticals Lone Star Funds' $3.0 billion acquisiti...

NEW YORK, April 30, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 22, 2026, to stockholders of record on May 11, 2026. 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 follow Lazard on LinkedIn. View original content to download multimedia:https://www.prnewswire.com/news-releases/lazard-declares-quarterly-dividend-of-0-50-per-share-302759408.html

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Investor attention on Lazard (LAZ) has sharpened after expectations for its upcoming quarterly report pointed to a 7.1% year over year EPS decline, with recent downward estimate revisions adding to the caution. See our latest analysis for Lazard. Lazard's recent 17.73% 1 month share price return contrasts with a weaker 11.73% 3 month share price return and a 4.54% year to date share price decline. Its 1 year total shareholder return of 27.20% and 3 year total shareholder return of 84.35% point to stronger longer term momentum despite current earnings concerns weighing on the latest move. If Lazard's recent swings have you thinking about what else is moving, now could be a good moment to scan the market for 18 top founder-led companies With Lazard trading at a discount to both analyst price targets and some intrinsic value estimates, yet facing a forecast EPS decline, the key question is simple: is there mispricing here, or is the market already baking in future growth? With Lazard last closing at $47.48 against a narrative fair value of $56.89, the widely followed thesis sees meaningful upside still on the table. Read the complete narrative. Curious what earnings and margin profile sits behind that fair value, and what kind of future P/E multiple this narrative quietly builds in. Result: Fair Value of $56.89 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you also need to weigh the risk that expansion efforts, including new offices and alliances, may lift costs faster than revenues and could pressure margins and earnings. Find out about the key risks to this Lazard narrative. This story about Lazard reflects a blend of optimism and caution. If you want to move quickly and form your own view, start by weighing the 2 key rewards and 2 important warning signs. If Lazard is only one part of your watchlist, this is the moment to broaden your search and uncover fresh ideas that could reshape your portfolio. Target potential mispricing by scanning for companies that combine quality fundamentals with attractive valuations through the 53 high quality undervalued stocks. Strengthen your income stream by reviewing businesses that feature robust yields and staying power using the 12 dividend fortresses...