Filing Flows › Lazard (LAZ) › Q3 2026 › vs Q3 2025
Lazard (LAZ) Q3 2026 vs Q3 2025 (year over year)
Lazard's revenue rose $65.6M (+9%) from $771M in Q3 2025 to $836M in Q3 2026. Operating margin 6.5% against 12.3% (-5.8 pts).
Lazard, Q3 2026: revenue $836M (+8% year over year), operating margin 6.5%, net earnings $29.2M, operating cash flow $316M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.5% | 12.3% | -5.8 pts |
| Net margin | 3.5% | 9.2% | -5.8 pts |
| Free cash flow margin | 37.2% | 36.9% | +0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $836M | $771M | $65.6M | +9% |
| Operating profit | $54.8M | $94.9M | −$40.2M | -42% |
| Costs & expenses | $782M | $676M | $106M | +16% |
| Pre-tax earnings | $54.8M | $94.9M | −$40.2M | -42% |
| Sales & marketing | $27.5M | $26.1M | $1.5M | +6% |
| Other operating costs | $754M | $650M | $104M | +16% |
| Net earnings | $29.2M | $71.2M | −$42.1M | -59% |
| Minority interests | $510K | $2.3M | −$1.7M | -77% |
| Income tax | $25.1M | $21.4M | $3.7M | +17% |
| Depreciation & amortization | $7.4M | $8.5M | −$1.1M | -13% |
| Share-based compensation | $103M | $96.1M | $7.2M | +8% |
| Working capital & other | $177M | $112M | $64.9M | +58% |
| Operating cash flow | $316M | $287M | $29.0M | +10% |
| Free cash flow (OCF − capex) | $311M | $285M | $26.2M | +9% |
| Capital expenditures | $5.6M | $2.9M | $2.8M | +97% |
Questions
How much did Lazard's revenue grow year over year in Q3 2026?
Lazard's revenue rose $65.6M (+9%) from $771M in Q3 2025 to $836M in Q3 2026. Operating margin 6.5% against 12.3% (-5.8 pts).