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Yes it will.
I did just that in a test.
I took the lid off of an 86qt and put it on a 94 qt. -- It fit perfectly

I then took the lid from the 94qt and put it on the 86qt. -- It fit perfectly.

All the hinge screws from both lids fit even perfectly into the other cooler.

The only difference.
The 94qt has 2 latches in the front.
The 86qt only has the one latch....
So, you would have to move the latch(s)... but not sure how that would work.