Lazard: 3 Key Takeaways for Long-Term Investors
On its third quarter 2026 earnings call, held on Oct. 22, 2026, Lazard (NYSE:LAZ) reported an 11% year-over-year increase in adjusted net revenue, driven by expanding deal activity in mergers and acquisitions (M&A, the business of corporate buyouts and combinations). For long-term shareholders, the advisory firm is showing signs that heavy investments in senior talent and private market advisory are beginning to expand top-line earnings power while management curbs overhead expenses. Three things management said stand out. Lazard is seeing a surge in client engagements, with its probability-weighted advisory pipeline for 2027 reaching twice the volume of its 2026 pipeline from a year ago. Management attributed this velocity to past hires of managing directors (MDs, senior executive advisors), whose productivity is accelerating past initial ramp-up costs. Continue reading