Filing Flows › Lazard (LAZ) › Q1 2026
Lazard (LAZ) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Lazard (LAZ) reported revenue of $779M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -16% from the quarter before. Operating margin was 11.5%, net earnings $101M (12.9% of revenue).
Lazard, Q1 2026: revenue $779M (+16% year over year), operating margin 11.5%, net earnings $101M, operating cash flow −$219M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $779M | -16% | +16% |
| Operating profit | $89.6M | +5% | +64% |
| Net earnings | $101M | +102% | +67% |
| Operating cash flow | −$219M | -155% | — |
What changed
Revenue was $779.4M in Q1 2026, up 16% year over year and down 16% from the previous quarter.
Operating profit was $89.6M, a 11.5% margin (up 3.3 points year over year). Of the extra revenue versus Q1 2025, 32% reached operating profit, above the 8% margin then. Total costs grew 12% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $100.9M, up 67% year over year. The effective tax rate was -12.3%.
Operating cash flow was −$219.3M. Non-cash charges added back $7.8M of depreciation and amortization and $103.9M of share-based compensation. Working capital and other items used $431.5M. Capital expenditures of $2.2M exceeded it, leaving free cash flow of −$221.5M.
Questions
What was Lazard's revenue in the first quarter 2026?
Lazard (LAZ) reported revenue of $779M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -16% from the quarter before.
Was Lazard profitable in the first quarter 2026?
Operating profit was $89.6M (11.5% of revenue) and net earnings $101M.
Source: Lazard 10-Q on SEC EDGAR.