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Lazard (LAZ) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Lazard (LAZ) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $836M · 3¢ of every $1 of revenue kept as net profit · operating margin 6.5%
Lazard made $836M in Q3 2026 (+8% Y/Y). Operating margin 6.5%, net earnings $29.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $836.4M in Q3 2026, up 9% year over year and up 1% from the previous quarter.
Operating profit was $54.8M, a 6.5% margin (down 5.8 points year over year). Operating profit fell $40.2M even though revenue rose $65.6M versus Q3 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $29.2M, down 59% year over year. The effective tax rate was 45.8%.
Operating cash flow was $316.5M (up 10% year over year), 1067% of net earnings. Non-cash charges added back $7.4M of depreciation and amortization and $103.3M of share-based compensation. Working capital and other items added $176.1M. Capital expenditures of $5.6M left free cash flow of $310.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 26, 2026 | $836M | +8% | 6.5% | $29.2M | $316M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $830M | +2% | 4.5% | $4.8M | $203M |
| Q1 2026 | 10-Q | May 4, 2026 | $779M | +16% | 11.5% | $101M | −$219M |
| Q4 2025 | 10-K | Feb 23, 2026 | $929M | +11% | 9.1% | $49.9M | $400M |
| Q3 2025 | 10-Q | Oct 27, 2025 | $771M | -4% | 12.3% | $71.2M | $287M |
| Q2 2025 | 10-Q | Jul 25, 2025 | $817M | +15% | 11.4% | $55.3M | $49.7M |
| Q1 2025 | 10-Q | May 1, 2025 | $669M | -15% | 8.2% | $60.4M | −$218M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Lazard
Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha—the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today.
In its own words, from its 10-K, filed Feb 23, 2026.
Lazard against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +6%. Operating margin: 6.5% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LAZ Lazard | Q3 2026 | $836M | +8% | 6.5% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Lazard 10-Q on SEC EDGAR · CIK 1311370 · Investment Advice
Guidance and outlook
13F: who owns LAZ and who is buying
More on LAZ
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results