Filing Flows › Lazard (LAZ) › Q2 2025
Lazard (LAZ) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Lazard (LAZ) reported revenue of $817M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +22% from the quarter before. Operating margin was 11.4%, net earnings $55.3M (6.8% of revenue).
Lazard, Q2 2025: revenue $817M (+15% year over year), operating margin 11.4%, net earnings $55.3M, operating cash flow $49.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $817M | +22% | +15% |
| Operating profit | $93.1M | +70% | +46% |
| Net earnings | $55.3M | -8% | +11% |
| Operating cash flow | $49.7M | — | -72% |
| Free cash flow | $38.0M | — | -78% |
What changed
Revenue was $817.2M in Q2 2025, up 15% year over year and up 22% from the previous quarter.
Operating profit was $93.1M, a 11.4% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 9% margin then. Total costs grew 12% against revenue growth of 15%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $55.3M, up 11% year over year. The effective tax rate was 34.1%.
Operating cash flow was $49.7M (down 72% year over year), 81% of net income including minority interests. Non-cash charges added back $8.6M of depreciation and amortization and $107.0M of share-based compensation. Working capital and other items used $127.2M. Capital expenditures of $11.7M left free cash flow of $38.0M.
Questions
What was Lazard's revenue in the second quarter 2025?
Lazard (LAZ) reported revenue of $817M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +22% from the quarter before.
Was Lazard profitable in the second quarter 2025?
Operating profit was $93.1M (11.4% of revenue) and net earnings $55.3M.
Source: Lazard 10-Q on SEC EDGAR.