Lazard, Inc. — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Lazard reported Q3 2026 net revenue of $814M (9% YoY growth) and adjusted net revenue of $805M (11% YoY growth), but GAAP net income fell 59% to $29M ($0.26/share) due to higher compensation ratios (69.9% vs 65.5% prior year) and elevated non-compensation expenses. Nine-month 2026 net revenue was $2,378M (+8% YoY), but net income declined 28% to $135M ($1.20/share). AUM grew 7% YoY to $284B with $5.1B positive net flows YTD. Lazard returned $366M to shareholders in 9M 2026 ($145M dividends, $85M buybacks at avg $43.68/share; 1.9M shares repurchased; $224M remaining authorization).
Why this rating
Revenue growth modest but margin compression severe; compensation 4.4pp higher pressures profitability despite top-line expansion. Material but not transformational.
See more from October 22, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.