Lazard, Inc. filings document the regulatory record for a financial advisory and asset management company listed on the NYSE under LAZ. Form 8-K reports furnish quarterly and annual results, Regulation FD strategy updates, material agreements, executive officer changes, compensation arrangements, and other material-event disclosures tied to the firm’s advisory and asset management businesses.
Proxy materials cover board elections, governance practices, executive compensation and shareholder voting matters. The company’s risk-factor disclosures address conditions in global and regional financial markets, M&A activity, assets under management, liquidity, third-party exposures and competition, alongside capital-structure and reporting matters.
Lazard, Inc. reported Q2 2026 net revenue of $807.7 million, slightly above Q2 2025, but operating expenses grew faster, leaving operating income of $37.6 million and net income attributable to Lazard of $4.8 million, or $0.03 diluted EPS.
For the first six months of 2026, net revenue was $1.56 billion and net income attributable to Lazard was $105.7 million. The company recorded a $75.5 million pre-tax gain on the sale and deconsolidation of Edgewater, agreed to acquire Campbell Lutyens with initial $460 million consideration plus $115 million deferred and up to $85 million of earn-out, and ended June 30, 2026 with $1.30 billion in cash, cash equivalents and restricted cash against $1.70 billion of senior notes. Shares outstanding were 110.5 million as of July 17, 2026 after repurchasing 1.18 million shares in the first half.
Lazard, Inc. granted an equity award to director Kathy Elsesser. She received 3,982 Deferred Stock Units (DSUs) at $0.00 per unit under Lazard, Inc.'s 2018 Incentive Compensation Plan as part of the Non-Executive Director Compensation arrangement. These DSUs convert into an equal number of common shares on a one-for-one basis after she leaves the Board, bringing her directly held DSU balance to 3,982.
Lazard, Inc. reported second-quarter 2026 net revenue of $808 million and adjusted net revenue of $786 million, modestly above a year earlier, while U.S. GAAP net income fell to $5 million or $0.03 per diluted share. For the first half of 2026, net revenue was $1,564 million and adjusted net revenue $1,459 million, with GAAP net income of $106 million and adjusted net income of $60 million.
Financial Advisory net revenue declined, with Q2 2026 revenue of $450 million (down 9% year over year) and first-half revenue of $810 million, reflecting softer activity despite high-profile mandates including the $420 billion NextEra Energy–Dominion Energy combination and several multi‑billion‑dollar healthcare and other transactions.
Asset Management was the growth driver: Q2 2026 net revenue was $351 million, up 20% year over year, and first-half revenue was $761 million, up 31%. Assets under management reached a record $285 billion as of June 30, 2026, 15% above a year earlier, supported by average AUM of $271 billion in the first half and positive net flows of $7.4 billion.
Expenses remained elevated. The adjusted compensation ratio was 69.9% and the adjusted non‑compensation ratio 22.0% for the first half, contributing to an adjusted operating margin of 8.1%. The effective tax rate for Q2 was unusually high at 63.5% on a GAAP basis and 69.7% on an adjusted basis, which management describes as affected by anomalous factors. Lazard returned $277 million to shareholders in the first half, authorized an additional $200 million of share repurchases (total authorization about $257 million), and declared a quarterly dividend of $0.50 per share, ending the quarter with cash and cash equivalents of about $1.1 billion.
Lazard, Inc. filed an initial statement of beneficial ownership for Kathy Elsesser, who is identified as a director of the company. The Form 3 does not list any equity transactions or derivative positions and reflects no reported changes in ownership at this time.
Lazard, Inc. announced a planned transition on its Board of Directors. Andrew M. Alper, a director for more than 13 years and Chair of the Compensation Committee as well as a member of the Audit Committee, has retired from the Board effective July 7, 2026. The company states his decision was not due to any disagreement regarding operations, policies, or practices.
On July 2, 2026, the Board elected Kathy Elsesser as a director, effective July 7, 2026. She will serve on the Compensation Committee and become its Chair upon Mr. Alper’s retirement. Elsesser is a retired Goldman Sachs Partner, former Global Chair of its Consumer Retail and Healthcare Groups, and currently serves on TPG Inc.’s Board and as Audit Chair of Sesame Workshop’s Board of Trustees.
Lazard notes she will receive compensation under its existing non-employee director program. The 8-K also furnishes, under Regulation FD, a press release (Exhibit 99.1) announcing her election and committee appointment, which is incorporated by reference but not deemed filed for liability purposes.
Lazard, Inc. director Ann-Kristin Achleitner received a grant of 3,777 Deferred Stock Units as part of the non-executive director compensation arrangement under the company’s 2018 Incentive Compensation Plan.
These DSUs will convert into an equal number of common shares after she leaves the Board, bringing her total deferred units to 27,036.
Lazard, Inc. director Andrew M. Alper received a grant of 4,068 Deferred Stock Units (DSUs) at a price of $0.00 under the company’s 2018 Incentive Compensation Plan as part of non-executive director compensation. Each DSU will convert into one share of common stock when he leaves the board, bringing his total reported DSU holdings to 103,774.
Lazard, Inc. director Peter Harrison received a grant of 3,777 Deferred Stock Units as part of the company’s Non-Executive Director compensation. Following this award, he holds 8,669 Deferred Stock Units in total. According to the plan, these units convert into common stock on a one-for-one basis when he leaves the board.
Lazard, Inc. director Michelle Jarrard received a grant of 4,010 Deferred Stock Units as part of the company’s non-executive director compensation program. These units carry no cash exercise price and will convert into Common Stock on a one-for-one basis when she leaves the Board. Following this award, she directly holds 47,389 Deferred Stock Units tied to Lazard common shares.
Lazard, Inc. director Iris Knobloch received a grant of Deferred Stock Units as part of her non-executive director compensation. She was awarded 4,010 Deferred Stock Units, bringing her reported holdings of these units to 42,160.
The Deferred Stock Units were granted under Lazard, Inc.'s 2018 Incentive Compensation Plan and will convert into an equal number of shares of common stock on a one-for-one basis after she resigns from, or otherwise ceases to be, a member of the Board of Directors.