Filing Flows › Lazard (LAZ) › Q1 2025
Lazard (LAZ) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Lazard (LAZ) reported revenue of $669M for the first quarter 2025 (Q1 2025), -15% from a year earlier and -20% from the quarter before. Operating margin was 8.2%, net earnings $60.4M (9.0% of revenue).
Lazard, Q1 2025: revenue $669M (-15% year over year), operating margin 8.2%, net earnings $60.4M, operating cash flow −$218M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $669M | -20% | -15% |
| Operating profit | $54.6M | -49% | +0.1% |
| Net earnings | $60.4M | -30% | +69% |
| Operating cash flow | −$218M | — | — |
What changed
Revenue was $669.2M in Q1 2025, down 15% year over year and down 20% from the previous quarter.
Operating profit was $54.6M, a 8.2% margin (up 1.2 points year over year). Total costs fell 16% while revenue fell 15%. The fastest-growing cost line was Sales & marketing (+18%). Net earnings were $60.4M, up 69% year over year. The effective tax rate was -13.5%.
Operating cash flow was −$217.5M. Non-cash charges added back $8.4M of depreciation and amortization and $77.2M of share-based compensation. Working capital and other items used $365.1M. Capital expenditures of $13.8M exceeded it, leaving free cash flow of −$231.3M.
Questions
What was Lazard's revenue in the first quarter 2025?
Lazard (LAZ) reported revenue of $669M for the first quarter 2025 (Q1 2025), -15% from a year earlier and -20% from the quarter before.
Was Lazard profitable in the first quarter 2025?
Operating profit was $54.6M (8.2% of revenue) and net earnings $60.4M.
Source: Lazard 10-Q on SEC EDGAR.