Lazard Ltd (LAZ) Earnings
Lazard Ltd is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.52. LAZ has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +15.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.52 | $0.42 | -19.2% | $673M | -4.9% |
| Jan 29, 2026 | $0.68 | $0.80 | +17.6% | $929M | +22.9% |
| Oct 23, 2025 | $0.44 | $0.56 | +26.0% | $782M | +7.7% |
| Jul 24, 2025 | $0.38 | $0.52 | +36.8% | $808M | +9.2% |
| Apr 25, 2025 | $0.29 | $0.56 | +93.1% | $658M | -5.2% |
| Jan 30, 2025 | $0.69 | $0.78 | +13.0% | $825M | +14.1% |
| Oct 31, 2024 | $0.41 | $0.38 | -7.3% | $792M | +21.5% |
| Jul 25, 2024 | $0.35 | $0.52 | +48.6% | $695M | +4.3% |
| Apr 25, 2024 | $0.58 | $0.66 | +13.8% | $780M | +14.9% |
| Feb 1, 2024 | $0.41 | $0.66 | +61.0% | $826M | +26.5% |
| Oct 26, 2023 | $0.19 | $0.10 | -47.4% | $532M | -8.6% |
| Jul 27, 2023 | $0.11 | $0.24 | +118.2% | $651M | +14.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Announced acquisition of Campbell Lutyens to establish Lazard CL as a new private capital advisory unit, underscoring Lazard's building on core advisory franchise and diversifying business model. Lazard 2030 plan focuses on enhancing M&A and building platforms in restructuring, liability management, capital solutions, and private capital advisory. Retained, promoted, and recruited top talent, with 28 net additions to financial advisory MD group in 2025. Asset management's strategy of active management in areas like quantitative strategies and emerging markets is successful, with strong net inflows and one-but-not-yet-funded pipeline.
Guidance
Anticipate Campbell Lutyens acquisition to close before end of calendar year. Expect the acquisition to be EPS-accretive in 2027 with no assumed synergies. Currently expect effective tax rate for full year 2026 to be in the high 20s percent range. Asset management expects to continue to see client demand and growth, with confidence in delivering net inflows for the full year.
Segment performance
Financial advisory adjusted net revenue was $356 million for the first quarter of 2026, 4% lower than the prior year. Building on momentum in private capital advisory, but several transactions moved to later in the year. Asset management delivered net inflows of $9 billion this quarter, the highest level of quarterly net flows in almost 20 years. Revenues reflected management fees and market appreciation. Robust growth in restructuring and liability management, along with solid M&A performance in Europe, supported overall results in financial advisory. Asset management's strategy of active management in areas with imperfect information saw strong client demand and net inflows.
Risks & headwinds
Financial advisory activity can be uneven from quarter to quarter. Conflict clearances for deals above $5 billion are up but don't guarantee revenue conversion. Geopolitical uncertainties and market volatility pose risks to business performance. Private credit challenges and their impact on transactions and financing solutions are potential risks.
Analyst Q&A
Q: About comp ratio dynamic and leverage.
A: Tracy discussed comp ratio math and opportunities for operational efficiency.
Q: About network effects from Campbell-Lutchins acquisition.
A: Peter talked about flywheel effect between M&A/restructuring and fundraising business, and data-rich environment coupled with AI systems.
Q: About business mix of Campbell and geographical split.
A: Peter highlighted complementarity in secondaries, asset classes, and geographies.
Q: About asset management flow outlook and fee rates.
A: Chris Hogben discussed strong first quarter inflows, strong pipeline, and fee rate of 44.6 basis points in quarter with expectation to stay around that level.