Filing Flows › Lazard (LAZ) › Q3 2026
Lazard (LAZ) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 26, 2026
Lazard (LAZ) reported revenue of $836M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +0.7% from the quarter before. Operating margin was 6.5%, net earnings $29.2M (3.5% of revenue).
Lazard, Q3 2026: revenue $836M (+8% year over year), operating margin 6.5%, net earnings $29.2M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $836M | +0.7% | +9% |
| Operating profit | $54.8M | +46% | -42% |
| Net earnings | $29.2M | +506% | -59% |
| Operating cash flow | $316M | +56% | +10% |
| Free cash flow | $311M | +56% | +9% |
What changed
Revenue was $836.4M in Q3 2026, up 9% year over year and up 1% from the previous quarter.
Operating profit was $54.8M, a 6.5% margin (down 5.8 points year over year). Operating profit fell $40.2M even though revenue rose $65.6M versus Q3 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $29.2M, down 59% year over year. The effective tax rate was 45.8%.
Operating cash flow was $316.5M (up 10% year over year), 1067% of net earnings. Non-cash charges added back $7.4M of depreciation and amortization and $103.3M of share-based compensation. Working capital and other items added $176.1M. Capital expenditures of $5.6M left free cash flow of $310.8M.
Questions
What was Lazard's revenue in the third quarter 2026?
Lazard (LAZ) reported revenue of $836M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +0.7% from the quarter before.
Was Lazard profitable in the third quarter 2026?
Operating profit was $54.8M (6.5% of revenue) and net earnings $29.2M.
Source: Lazard 10-Q on SEC EDGAR.