Filing Flows › Lazard (LAZ) › Q2 2026
Lazard (LAZ) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Lazard (LAZ) reported revenue of $830M for the second quarter 2026 (Q2 2026), +2% from a year earlier and +7% from the quarter before. Operating margin was 4.5%, net earnings $4.8M (0.6% of revenue).
Lazard, Q2 2026: revenue $830M (+2% year over year), operating margin 4.5%, net earnings $4.8M, operating cash flow $203M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $830M | +7% | +2% |
| Operating profit | $37.6M | -58% | -60% |
| Net earnings | $4.8M | -95% | -91% |
| Operating cash flow | $203M | — | +309% |
| Free cash flow | $199M | — | +425% |
What changed
Revenue was $830.2M in Q2 2026, up 2% year over year and up 7% from the previous quarter.
Operating profit was $37.6M, a 4.5% margin (down 6.9 points year over year). Operating profit fell $55.5M even though revenue rose $13.0M versus Q2 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 2%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $4.8M, down 91% year over year. The effective tax rate was 63.5%.
Operating cash flow was $203.4M (up 309% year over year), 1481% of net income including minority interests. Non-cash charges added back $7.4M of depreciation and amortization and $129.4M of share-based compensation. Working capital and other items added $52.9M. Capital expenditures of $3.9M left free cash flow of $199.5M.
Questions
What was Lazard's revenue in the second quarter 2026?
Lazard (LAZ) reported revenue of $830M for the second quarter 2026 (Q2 2026), +2% from a year earlier and +7% from the quarter before.
Was Lazard profitable in the second quarter 2026?
Operating profit was $37.6M (4.5% of revenue) and net earnings $4.8M.
Source: Lazard 10-Q on SEC EDGAR.