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Lazard LAZ Incentive Fees — Revenue

Other product segments

Management Fees
$329.63M+21.9%

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Other financials

Income statement

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Revenue$807.7M+1.5%
Operating income$37.6M-59.6%
Net income$4.8M-91.3%
EPS (diluted)$0.03-94.2%

Balance sheet

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Cash & equivalents$1.1B+12.4%
Total debt$2.2B-2.4%
Total equity$914.3M+23.3%
Total assets$4.4B-2.9%

Cash flow

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Operating cash flow-$219.3M-0.8%
CapEx$3.9M-66.4%
Free cash flow-$221.5M+4.3%

Valuation

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Market cap$4.22B-13.4%
Enterprise value$5.27B-13.6%
P/E18.6×+2.9×
P/S1.3×-0.3×

Profitability

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Operating margin9.5%-4.1pp
Net margin7%-3.1pp
FCF margin15.5%-3.7pp

Returns & leverage

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Return on equity27.4%-24.3pp
Debt / equity2.4×-0.6×

Where this comes from

Reported directly by Lazard in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Lazard’s 10-Q, filed July 28, 2026.

Filed
Jul 28, 2026, 4:33 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001311370-26-000022
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Net Revenue:
Financial Advisory (a)$448,923$497,306$807,092$864,665
Asset Management:
Management fees (b)$329,633$270,327$645,108$525,027
Incentive fees (c)5,2645,28117,08815,189
Other (d)7,28616,87018,25940,362
Total Asset Management$342,183$292,478$680,455$580,578

Item 1. Financial Statements (Unaudited)

FAQ

What is Lazard's incentive fees — revenue?
Lazard (LAZ) reported incentive fees — revenue of $5.26M in Q2 2026.
How has Lazard's incentive fees — revenue changed year-over-year?
Lazard's incentive fees — revenue decreased by 0.3% year-over-year, from $5.28M to $5.26M.
What is the long-term trend for Lazard's incentive fees — revenue?
Over 4 years (2021 to 2025), Lazard's incentive fees — revenue has grown at a -12.2% compound annual growth rate (CAGR), from $120.4M to $71.54M.
What does incentive fees — revenue mean?
This metric represents the performance-based fees earned by an asset management firm when investment returns exceed specified benchmarks or hurdles. It reflects the firm's ability to generate alpha for clients and serves as a variable, high-margin component of total revenue. Fluctuations in this figure typically correlate with market volatility and the relative performance of the firm's managed investment strategies.

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