LAZ NYSE Russell 1000 Earnings call
Lazard (LAZ) · Q2 2026 results and valuation
Share price: $41.90 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 1 May 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
No financial figures for this pair
Outlook given
2 · How management spoke
Typical
Less upbeat than 58% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Lazard's Chief Executive Officer of Asset Management, Chris Hogbin, will join the earnings call to participate in the question and answer session.
Valuation
Is Lazard undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 3.7% growth a year (3-year revenue growth), the model's fair value is $59.22 a share — the stock trades 29% below it. Today's price assumes −0.6% growth a year.
Current price
$41.90
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-0.6% for 10 yrs
Fair value / share
$59.22
Buy below
$44.42
Price vs fair value
Undervalued 29%
Price vs buy-below price
Undervalued 6%
Read between the lines
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Guidance
Full-year effective tax rate still expected in the high 20s percent range on a GAAP basis.
Source quote
“It is not indicative of the full year effective tax rate, which we still expect to be in the high 20s percent range on a GAAP basis.”
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Guidance
Buybacks will continue through the year to offset employee stock compensation while funding growth investments.
Source quote
“We expect to continue buybacks throughout the year, balancing investment and growth with further offsetting share issuances from compensation over time.”
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Figure
Firm-wide adjusted net revenue was $786 million for the second quarter, contributing to a total of $1.5 billion for the first half of the year.
Source quote
“Firm-wide adjusted net revenue was $786 million for the second quarter and $1.5 billion for the first half of the year.”
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Dropped
Leadership teams and boards are seeking to create more resilience in response to the risks associated with various choke points across the global economy.
Source quote
“But even when this conflict is resolved, the risks associated with being cognizant that there are various choke points across... I would [indiscernible] say that I think even when this conflict is resolved, and we could talk more length about the various options there. And leadership teams and Boards are responding to that recognition by trying to create more resilience.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We're encouraged by the growth opportunities across financial advisory overall, with continued strength in our forward indicators and client engagement supporting a stronger second half of the year.”
“It has now been almost 3 years since we issued our Lazard 2030 plan, and so it seems appropriate to discuss where we are in our efforts to transform our...”
“This allows their expanding productivity to translate more powerfully into net revenue growth, delivering the longer-term structural improvement aligned with our Lazard 2030 Vision and bolts.”
Full figures
USD · ROIC.AI fundamentals (NYSE:LAZ, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | — | 779.4M | 817.2M | ||
| Operating income | — | 89.6M | 93.1M | ||
| Net income | — | 100.9M | 55.3M | ||
| EPS | — | 0.91 | 0.52 | ||
| P/E today 14.0 | — | 16.9 | — | 16.4 | — |
Topics
Most discussed now
- Specifically, the ramping that Lazard is seeing from its new managing directors is very encouraging.
- New As far as whether it's AI or team structures affecting the front offices, if you want to think about it...
- With its acquisition of Campbell Lutyens, Lazard will establish a third business that will be the...
- Clients also value that Lazard can connect capital distribution and technology across a broader platform.
- Asset Management delivered its best first half net inflows in nearly 20 years and reached its highest reported AUM level...
Faded since Q1 2026
- Fading That's the $460 million is based on that [ $46.50 ] reference share price.
- Dropped On both the deferred and the earn out, Lazard has the ability to pay settle in either a cash like...
- Fading Along with Lazard's existing PCA group, the transaction combines two highly complementary advisory platforms that will create the leading…
- Fading Before turning to Lazard's first quarter results and outlook for the year, I want to start with its announcement of...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Material agreement; Unregistered share sale; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K