Lazard, Inc. (LAZ) · Oct 22, 2026 · Earnings

Lazard earnings miss as costs blunt advisory and AUM gains

Miss — Adjusted EPS $0.36 vs ~$0.42 consensus; adjusted revenue $805M vs ~$844M consensus

Lazard’s Q3 earnings missed consensus: revenue grew, but compensation costs and weaker flows squeezed adjusted profit and margins.

Lazard is midway through its Lazard 2030 rebuild: expanding Financial Advisory, reviving Asset Management, and adding private-capital capabilities through Campbell Lutyens while trying to restore profitability. Its strategy is aimed at broader, more diversified growth, but the current operating model is still carrying a heavy compensation burden.

The quarter missed on both major earnings benchmarks. Adjusted diluted EPS was $0.36, below the published consensus of roughly $0.42, while adjusted net revenue was $805 million versus consensus of roughly $844 million. That makes this a straightforward earnings miss, even though revenue still rose 11% year over year.

Metric	Q3 2026	Q3 2025 / expectation	Read
Adjusted net revenue	$805M	$725M; ~$844M consensus	Up year over year, below consensus
Adjusted diluted EPS	$0.36	$0.56; ~$0.42 consensus	Miss
Financial Advisory revenue	$465M	$422M	Up 10%
Asset Management revenue	$330M	$294M	Up 12%
Adjusted operating margin	10.8%	14.0%	Down 3.2 percentage points
Adjusted compensation ratio	69.9%	65.5%	Up 4.4 percentage points
Ending AUM	$284B	$265B	Up 7%; flat sequentially

The underlying businesses improved, but not enough to overcome cost inflation. Financial Advisory revenue rose 10% year over year, helped partly by revenue pulled forward from transactions closing just after quarter-end. Asset Management revenue increased 12%, and average AUM rose 11%, but third-quarter net flows turned negative at $2.3 billion after positive flows in the first half. (Financial Advisory and Asset Management results; AUM rollforward)

The more important miss is margin execution. Adjusted compensation expense grew 18% year over year against 11% adjusted revenue growth, lifting the compensation ratio to 69.9% from 65.5%. Lazard’s stated long-term goal is 60% or below, so the firm remains materially above its target even as it says its modernization and AI initiatives should improve margins over time. 〔0〕 (Adjusted compensation and benefits expense)

Asset Management growth is real but less clean than the headline suggests. Year-to-date adjusted Asset Management revenue rose 17% and average AUM increased 14%, with positive nine-month net flows of $5.1 billion. But quarter-end AUM was essentially unchanged from June, because $2.3 billion of net outflows offset most of the $1.9 billion of market appreciation. (AUM rollforward)

The strategic buildout continues, but it adds near-term expense before it adds earnings. Lazard recorded $4.1 million of third-quarter costs related to the pending Campbell Lutyens acquisition, and management expects the new Lazard CL private-capital advisory business to launch in early November. The transaction remains strategically relevant to diversification, but this quarter shows the current cost of building that platform rather than its eventual contribution. (Reconciliation of U.S. GAAP to Adjusted Results; management commentary)

Bottom line: Lazard is producing better revenue across both operating businesses, but the earnings miss shows that compensation costs are absorbing too much of that growth. The strategic story is advancing, yet near-term profitability remains the weak link.

What to watch next

Lazard CL launch, early November

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Lazard earnings miss as costs blunt advisory and AUM gains

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