$LAZ

Lazard Ltd

CIK:0001311370|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Interest income	$ 7,251	$ 9,207	$ 15,063	$ 20,869
Other	39,876	39,122	126,743	71,641
Total revenue	830,200	817,160	1,609,599	1,486,324
Interest expense	22,531	21,163	45,348	42,276
Net revenue	807,669	795,997	1,564,251	1,444,048
OPERATING EXPENSES
Compensation and benefits	562,409	519,208	1,054,303	949,478
Occupancy and equipment	33,807	33,703	65,227	69,116
Marketing and business development	34,408	29,593	63,070	57,324
Technology and information services	52,633	49,272	100,908	95,488
Professional services	32,879	24,589	53,557	43,426
Fund administration and outsourced services	38,054	30,054	71,570	56,599
Other	15,876	16,497	28,439	24,901
Total operating expenses	770,066	702,916	1,437,074	1,296,332
OPERATING INCOME	37,603	93,081	127,177	147,716
Provision for income taxes	23,871	31,764	12,882	24,410
NET INCOME	13,732	61,317	114,295	123,306
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	8,924	5,971	8,571	7,585
NET INCOME ATTRIBUTABLE TO LAZARD	$ 4,808	$ 55,346	$ 105,724	$ 115,721
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	101,357,540	97,534,319	100,408,897	96,394,871
Diluted (in shares)	107,341,353	104,911,633	107,064,663	104,870,193
NET INCOME PER SHARE OF COMMON STOCK:
Basic (in USD per share)	$ 0.03	$ 0.56	$ 1.01	$ 1.17
Diluted (in USD per share)	$ 0.03	$ 0.52	$ 0.94	$ 1.08
Investment banking and other advisory fees
REVENUE
Revenue	$ 448,177	$ 493,226	$ 805,598	$ 853,593
Asset management fees
REVENUE
Revenue	$ 334,896	$ 275,605	$ 662,195	$ 540,221

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 114,295	$ 123,306
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred expenses and share-based incentive compensation	281,832	237,536
Noncash lease expense	29,261	33,512
Depreciation and amortization of property	15,183	17,070
Deferred tax benefit	(14,862)	(17,834)
Gain on sale and deconsolidation of business	(75,508)	0
Other adjustments	(470)	(5,182)
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net	121,486	53,156
Investments	33,377	(26,292)
Other assets	(22,981)	2,241
Accrued compensation and benefits and other liabilities	(497,478)	(585,359)
Net cash used in operating activities	(15,865)	(167,846)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(6,110)	(25,510)
Purchase and consolidation of business, net of cash acquired	179	0
Sale and deconsolidation of business, net of cash proceeds	(46,226)	0
Proceeds from sale of property	3,558	0
Proceeds from (payments for) customer loans, net	(2,698)	(25,170)
Other investing activities	(9)	1,666
Net cash used in investing activities	(51,306)	(49,014)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payments for) customer deposits, net	43,186	35,282
Proceeds from:
Contributions from noncontrolling interests	151	1,361
Payments for:
Distributions to noncontrolling interests	(1,873)	(112)
Tax receivable agreement obligation	(10,237)	0
Purchase of common stock	(51,694)	(39,928)
Common stock dividends	(96,208)	(92,024)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements	(129,439)	(103,014)
LFI Consolidated Funds redemptions	(24,708)	(21,657)
Other financing activities	(6,755)	(11,456)
Net cash used in financing activities	(277,577)	(231,548)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(23,067)	87,348
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(367,815)	(361,060)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1	1,670,571	1,609,368
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—June 30	$ 1,302,756	$ 1,248,308

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,099,790	$ 1,469,416
Deposits with banks and short-term investments	197,187	167,134
Restricted cash	5,779	34,021
Receivables (net of allowance for credit losses of $23,589 and $22,884 at June 30, 2026 and December 31, 2025, respectively):
Fees	578,833	706,220
Customers and other	186,395	191,566
Receivables	765,228	897,786
Investments (including $33,770 and $48,966 pledged at June 30, 2026 and December 31, 2025, respectively)	540,634	625,846
Property (net of accumulated amortization and depreciation of $291,341 and $286,235 at June 30, 2026 and December 31, 2025, respectively)	152,658	168,005
Operating lease right-of-use assets	393,617	412,584
Goodwill and other intangible assets (net of accumulated amortization of $67,711 at December 31, 2025)	447,556	395,262
Deferred tax assets	468,830	449,531
Other assets	293,382	316,687
Total Assets	4,364,661	4,936,272
Liabilities:
Deposits and other customer payables	362,909	330,852
Accrued compensation and benefits	365,776	794,754
Operating lease liabilities	463,473	485,149
Senior debt	1,689,530	1,688,086
Deferred tax liabilities	11,135	1,368
Other liabilities	456,020	651,395
Total Liabilities	3,348,843	3,951,604
Commitments and contingencies
Redeemable noncontrolling interests	111,286	78,379
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock:
Par value $0.01 per share (500,000,000 shares authorized; 110,548,172 and 111,728,757 shares issued at June 30, 2026 and December 31, 2025, respectively, including shares held in treasury)	1,105	1,117
Additional paid-in-capital	195,119	306,425
Retained earnings	1,505,836	1,517,571
Accumulated other comprehensive loss, net of tax	(278,753)	(271,509)
Stockholders' equity subtotal before common stock held in treasury and noncontrolling interests	1,423,307	1,553,604
Common stock held in treasury, at cost (0 and 17,822,122 shares at June 30, 2026 and December 31, 2025, respectively)	(509,002)	(684,411)
Total Lazard Stockholders’ Equity	914,305	869,193
Noncontrolling interests	(9,773)	37,096
Total Stockholders’ Equity	904,532	906,289
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 4,364,661	$ 4,936,272