Filing Flows › Lazard (LAZ) › Q3 2025
Lazard (LAZ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 27, 2025
Lazard (LAZ) reported revenue of $771M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -6% from the quarter before. Operating margin was 12.3%, net earnings $71.2M (9.2% of revenue).
Lazard, Q3 2025: revenue $771M (-4% year over year), operating margin 12.3%, net earnings $71.2M, operating cash flow $287M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $771M | -6% | -5% |
| Operating profit | $94.9M | +2% | -41% |
| Net earnings | $71.2M | +29% | -34% |
| Operating cash flow | $287M | +479% | -2% |
| Free cash flow | $285M | +649% | +3% |
What changed
Revenue was $770.8M in Q3 2025, down 5% year over year and down 6% from the previous quarter.
Operating profit was $94.9M, a 12.3% margin (down 7.6 points year over year). Total costs grew 5% against a revenue fall of 5%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $71.2M, down 34% year over year. The effective tax rate was 22.6%.
Operating cash flow was $287.5M (down 2% year over year), 391% of net income including minority interests. Non-cash charges added back $8.5M of depreciation and amortization and $96.1M of share-based compensation. Working capital and other items added $109.4M. Capital expenditures of $2.9M left free cash flow of $284.6M.
Questions
What was Lazard's revenue in the third quarter 2025?
Lazard (LAZ) reported revenue of $771M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -6% from the quarter before.
Was Lazard profitable in the third quarter 2025?
Operating profit was $94.9M (12.3% of revenue) and net earnings $71.2M.
Source: Lazard 10-Q on SEC EDGAR.