Filing Flows › Lazard (LAZ) › Q2 2026 › vs Q2 2025
Lazard (LAZ) Q2 2026 vs Q2 2025 (year over year)
Lazard's revenue rose $13.0M (+2%) from $817M in Q2 2025 to $830M in Q2 2026. Operating margin 4.5% against 11.4% (-6.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.5% | 11.4% | -6.9 pts |
| Net margin | 0.6% | 6.8% | -6.2 pts |
| Free cash flow margin | 24.0% | 4.6% | +19.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $830M | $817M | $13.0M | +2% |
| Operating profit | $37.6M | $93.1M | −$55.5M | -60% |
| Costs & expenses | $793M | $724M | $68.5M | +9% |
| Pre-tax earnings | $37.6M | $93.1M | −$55.5M | -60% |
| Sales & marketing | $34.4M | $29.6M | $4.8M | +16% |
| Other operating costs | $758M | $694M | $63.7M | +9% |
| Net earnings | $4.8M | $55.3M | −$50.5M | -91% |
| Minority interests | $8.9M | $6.0M | $3.0M | +49% |
| Income tax | $23.9M | $31.8M | −$7.9M | -25% |
| Depreciation & amortization | $7.4M | $8.6M | −$1.3M | -15% |
| Share-based compensation | $129M | $107M | $22.4M | +21% |
| Working capital & other | $61.9M | −$121M | $183M | — |
| Operating cash flow | $203M | $49.7M | $154M | +309% |
| Free cash flow (OCF − capex) | $199M | $38.0M | $161M | +425% |
| Capital expenditures | $3.9M | $11.7M | −$7.8M | -66% |
Questions
How much did Lazard's revenue grow year over year in Q2 2026?
Lazard's revenue rose $13.0M (+2%) from $817M in Q2 2025 to $830M in Q2 2026. Operating margin 4.5% against 11.4% (-6.9 pts).