Filing Flows › Lazard (LAZ) › Q4 2025
Lazard (LAZ) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Lazard (LAZ) reported revenue of $929M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +21% from the quarter before. Operating margin was 9.1%, net earnings $49.9M (5.4% of revenue).
Lazard, Q4 2025: revenue $929M (+11% year over year), operating margin 9.1%, net earnings $49.9M, operating cash flow $400M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $929M | +21% | +11% |
| Operating profit | $85.0M | -11% | -21% |
| Net earnings | $49.9M | -30% | -42% |
| Operating cash flow | $400M | +39% | +10% |
| Free cash flow | $396M | +39% | +14% |
What changed
Revenue was $929.4M in Q4 2025, up 11% year over year and up 21% from the previous quarter.
Operating profit was $85.0M, a 9.1% margin (down 3.6 points year over year). Operating profit fell $22.1M even though revenue rose $90.4M versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+23%). Net earnings were $49.9M, down 42% year over year. The effective tax rate was 36.2%.
Operating cash flow was $399.7M (up 10% year over year), 737% of net income including minority interests. Non-cash charges added back $8.6M of depreciation and amortization and $79.4M of share-based compensation. Working capital and other items added $257.4M. Capital expenditures of $3.6M left free cash flow of $396.1M.
Questions
What was Lazard's revenue in the fourth quarter 2025?
Lazard (LAZ) reported revenue of $929M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +21% from the quarter before.
Was Lazard profitable in the fourth quarter 2025?
Operating profit was $85.0M (9.1% of revenue) and net earnings $49.9M.
Source: Lazard 10-K on SEC EDGAR.