Filing Flows › Lazard (LAZ) › How it makes money
How Lazard (LAZ) makes money
Lazard (LAZ) made $836M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Of every dollar of revenue, 7¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $836M | 100.0% |
| Operating profit | $54.8M | 6.5% |
| Income tax | $25.1M | 3.0% |
| Net earnings | $29.2M | 3.5% |
| Operating cash flow | $316M | 37.8% |
| Free cash flow | $311M | 37.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $836M | +8% |
| Q2 2026 | $830M | +2% |
| Q1 2026 | $779M | +16% |
| Q4 2025 | $929M | +11% |
| Q3 2025 | $771M | -4% |
| Q2 2025 | $817M | +15% |
| Q1 2025 | $669M | -15% |
From Lazard's 10-Q filed Oct 26, 2026 (on EDGAR).
Questions
How does Lazard make money?
Lazard (LAZ) made $836M of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Of every dollar of revenue, 7¢ was left as operating profit, 3¢ was left as net earnings.
What is Lazard's profit margin?
Net earnings were $29.2M, 3.5% of revenue, in the third quarter 2026; the operating margin was 6.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.