Filing Flows › Lazard (LAZ) › Q2 2026 › vs Q1 2026
Lazard (LAZ) Q2 2026 vs Q1 2026 (quarter over quarter)
Lazard's revenue rose $50.8M (+7%) from $779M in Q1 2026 to $830M in Q2 2026. Operating margin 4.5% against 11.5% (-7.0 pts).
Lazard, Q2 2026: revenue $830M (+2% year over year), operating margin 4.5%, net earnings $4.8M, operating cash flow $203M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 4.5% | 11.5% | -7.0 pts |
| Net margin | 0.6% | 12.9% | -12.4 pts |
| Free cash flow margin | 24.0% | -28.4% | +52.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $830M | $779M | $50.8M | +7% |
| Operating profit | $37.6M | $89.6M | −$52.0M | -58% |
| Costs & expenses | $793M | $690M | $103M | +15% |
| Pre-tax earnings | $37.6M | $89.6M | −$52.0M | -58% |
| Sales & marketing | $34.4M | $28.7M | $5.7M | +20% |
| Other operating costs | $758M | $661M | $97.0M | +15% |
| Net earnings | $4.8M | $101M | −$96.1M | -95% |
| Minority interests | $8.9M | −$353K | $9.3M | — |
| Income tax | $23.9M | −$11.0M | $34.9M | — |
| Depreciation & amortization | $7.4M | $7.8M | −$451K | -6% |
| Share-based compensation | $129M | $104M | $25.5M | +25% |
| Working capital & other | $61.9M | −$432M | $494M | — |
| Operating cash flow | $203M | −$219M | $423M | — |
| Free cash flow (OCF − capex) | $199M | −$221M | $421M | — |
| Capital expenditures | $3.9M | $2.2M | $1.7M | +80% |
Questions
How much did Lazard's revenue grow quarter over quarter in Q2 2026?
Lazard's revenue rose $50.8M (+7%) from $779M in Q1 2026 to $830M in Q2 2026. Operating margin 4.5% against 11.5% (-7.0 pts).