LAZ

MKT CAP:$4B

Lazard Ltd

Market Cap

$4B

Financial Services·Financial - Capital Markets·🇧🇲 Bermuda·NYSE

Financials·Financial·🇧🇲·NYSE

Stock Price

$47.30-$2.44 (-4.91%)

Apr 24, 2026

Company Details

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Manag...

CEO

Peter R. Orszag

IPO Date

May 5, 2005

Website

www.lazard.com

Key Metrics TTM

Revenue

$3.2B

+2.3% YoY

Net Income

$237M

EPS (Diluted)

$2.20

Free Cash Flow

$519M

Revenue / Share

$29.35

Gross Margin

31.2%

Operating Margin

11.1%

Net Margin

7.5%

FCF Margin

16.4%

P/S

1.4x

P/E

18.9x

Earnings Reports

FY 2025

Feb 23, 2026

$3.2B+3.2%EPS $2.17

Q4 2025

Feb 23, 2026

$929M+12.7%EPS $0.45

Q3 2025

Oct 27, 2025

$763M-3.7%EPS $0.67

Q2 2025

Jul 25, 2025

$808M+16.2%EPS $0.52

Q1 2025

Apr 30, 2025

$658M-15.1%EPS $0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$714M	$318M	$160M
Q2 22	$657M	$293M	$126M
Q3 22	$738M	$317M	$158M
Q4 22	$716M	$242M	$73M
Q1 23	$549M	$99M	-$37M
Q2 23	$651M	$79M	-$110M
Q3 23	$532M	$167M	-$5M
Q4 23	$819M	$232M	$72M
Q1 24	$774M	$223M	$55M
Q2 24	$695M	$243M	$64M
Q3 24	$792M	$327M	$161M
Q4 24	$825M	$290M	$107M
Q1 25	$658M	$227M	$55M
Q2 25	$808M	$289M	$93M
Q3 25	$763M	$265M	$95M
Q4 25	$929M	$204M	$108M

Valuation

Quarter	P/S	P/E
Q1 22	1.4x	8.1x
Q2 22	1.4x	8.5x
Q3 22	1.4x	8.5x
Q4 22	1.6x	12.5x
Q1 23	1.7x	20.2x
Q2 23	1.7x	2267.8x
Q3 23	1.8x	—
Q4 23	1.8x	—
Q1 24	1.6x	—
Q2 24	1.6x	28.7x
Q3 24	1.5x	17.4x
Q4 24	1.5x	16.0x
Q1 25	1.5x	14.7x
Q2 25	1.5x	14.5x
Q3 25	1.5x	16.4x
Q4 25	1.4x	18.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$214M	-$227M
Q2 22	$299M	$292M
Q3 22	$435M	$429M
Q4 22	$314M	$290M
Q1 23	-$411M	-$416M
Q2 23	$201M	$194M
Q3 23	$33M	$26M
Q4 23	$342M	$333M
Q1 24	-$90M	-$97M
Q2 24	$176M	$170M
Q3 24	$384M	$397M
Q4 24	$363M	$348M
Q1 25	-$218M	-$231M
Q2 25	$50M	$38M
Q3 25	$287M	$313M
Q4 25	$403M	$400M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$6M
Q3 22	$5M
Q4 22	$25M
Q1 23	$5M
Q2 23	$7M
Q3 23	$8M
Q4 23	$9M
Q1 24	$7M
Q2 24	$6M
Q3 24	$13M
Q4 24	$15M
Q1 25	$14M
Q2 25	$12M
Q3 25	$26M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.3%	+1.9%
Q2 22	-22.0%	-21.5%
Q3 22	+0.2%	-0.2%
Q4 22	-29.2%	-13.4%
Q1 23	-23.1%	+5.7%
Q2 23	-0.8%	+43.5%
Q3 23	-28.0%	-7.5%
Q4 23	+14.3%	+16.1%
Q1 24	+40.9%	+22.7%
Q2 24	+6.7%	-17.1%
Q3 24	+49.1%	+17.7%
Q4 24	+0.7%	-3.9%
Q1 25	-15.1%	-16.2%
Q2 25	+16.2%	+13.2%
Q3 25	-3.7%	+5.9%
Q4 25	+12.7%	+14.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$91M	12.7%
Q2 22	$0	0.0%
Q3 22	$75M	10.1%
Q4 22	$0	0.0%
Q1 23	$108M	19.7%
Q2 23	$0	0.0%
Q3 23	$58M	11.0%
Q4 23	$41M	5.0%
Q1 24	$70M	9.1%
Q2 24	$89M	12.9%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$104M	15.8%
Q2 25	$0	0.0%
Q3 25	$255M	33.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	—	$77M	$14M
Q2 22	—	$75M	$23M
Q3 22	—	$73M	$20M
Q4 22	—	$77M	$27M
Q1 23	—	$83M	$23M
Q2 23	—	$83M	$29M
Q3 23	$571.0K	$81M	$21M
Q4 23	—	$57M	$27M
Q1 24	—	$79M	$24M
Q2 24	—	$83M	$25M
Q3 24	—	$82M	$22M
Q4 24	—	$84M	$29M
Q1 25	—	$81M	$28M
Q2 25	—	$88M	$30M
Q3 25	—	$85M	$26M
Q4 25	—	—	$35M

Revenue Segments

Quarter	Asset Management1	Financial Advisory Fees	Asset Management
Q1 22	$315M	$390M	—
Q2 22	$269M	$405M	—
Q3 22	$279M	$454M	—
Q1 23	$261M	$277M	—
Q2 23	—	$350M	$272M
Q3 23	—	$265M	$266M
Q2 24	—	$409M	$268M
Q4 24	—	$519M	$292M
Q1 25	—	$360M	$265M
Q2 25	—	$493M	$276M
Q3 25	—	$426M	$308M
Q4 25	—	$541M	$348M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$878M	$1.6B	$2.5B
Q2 22	$907M	$1.7B	$2.6B
Q3 22	$1.0B	$1.3B	$2.3B
Q4 22	$1.2B	$779M	$2.0B
Q1 23	$597M	$523M	$1.1B
Q2 23	$698M	$447M	$1.1B
Q3 23	$653M	$319M	$973M
Q4 23	$971M	$220M	$1.2B
Q1 24	$923M	$248M	$1.2B
Q2 24	$848M	$204M	$1.1B
Q3 24	$1.2B	$313M	$1.5B
Q4 24	$1.3B	$269M	$1.6B
Q1 25	$909M	$265M	$1.2B
Q2 25	$978M	$237M	$1.2B
Q3 25	$1.2B	$218M	$1.4B
Q4 25	$1.5B	$167M	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	108M	-3.6%	-6.6%
Q2 22	103M	-5.0%	-9.6%
Q3 22	99M	-3.8%	-12.5%
Q4 22	94M	-4.7%	-16.1%
Q1 23	88M	-7.0%	-19.0%
Q2 23	89M	+1.3%	-13.6%
Q3 23	94M	+6.3%	-4.6%
Q4 23	95M	+0.7%	+0.9%
Q1 24	99M	+4.6%	+13.4%
Q2 24	101M	+1.3%	+13.4%
Q3 24	103M	+2.8%	+9.7%
Q4 24	106M	+2.6%	+11.7%
Q1 25	105M	-1.2%	+5.5%
Q2 25	105M	+0.1%	+4.3%
Q3 25	106M	+1.0%	+2.4%
Q4 25	108M	+1.6%	+1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$224.7K	3K
Q2 22	$206.5K	3K
Q3 22	$232.2K	3K
Q4 22	$210.6K	3K
Q1 23	$161.5K	3K
Q2 23	$191.5K	3K
Q3 23	$156.3K	3K
Q4 23	$248.8K	3K
Q1 24	$235.2K	3K
Q2 24	$211.2K	3K
Q3 24	$240.8K	3K
Q4 24	$252.8K	3K
Q1 25	$201.5K	3K
Q2 25	$247.6K	3K
Q3 25	$233.9K	3K
Q4 25	$280.9K	3K

Revenue / Employee