Lazard Ltd (LAZ) Income Statement
LAZ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLAZ revenue and net income
Where LAZ's revenue goes
2025Each bar shows an amount and its share of revenue. LAZ kept 7.4% of revenue as net income.
LAZ profit margins
LAZ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.2% | +4.1% | +3.8% | +2.9% |
| Gross profit | −6.5% | −4.7% | −1.5% | −0.6% |
| Operating income | +7.5% | −7.0% | −3.7% | — |
| Net income | −15.4% | −12.8% | −10.1% | −13.3% |
| EPS (diluted) | +4.3% | −13.0% | −7.4% | −3.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LAZ quarterly EPS vs estimates
Lazard beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 22, 2026 (estimate $0.49).
LAZ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.19B | $3.09B | $2.55B | $2.83B | $3.27B | $2.64B | $2.65B | $2.87B | $2.69B | $2.38B |
| Cost of revenue | $2.17B | $2.00B | $1.95B | $1.66B | $1.90B | $1.55B | $1.56B | $1.51B | $1.51B | $1.34B |
| Gross profit | $1.01B | $1.08B | $605.1M | $1.17B | $1.37B | $1.09B | $1.09B | $1.36B | $1.18B | $1.04B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $579.7M | $426.7M | $430.7M | $384.9M | $379.0M | $339.5M | $424.1M | $424.1M | $333.3M | $301.4M |
| Total operating expenses | $597.8M | $696.6M | $685.1M | $652.3M | $648.6M | $588.3M | $695.1M | $676.2M | $352.4M | $520.4M |
| Operating income | $415.3M | $386.5M | −$80.0M | $516.8M | $723.8M | $502.1M | $392.7M | $680.8M | $825.4M | $517.5M |
| Interest income | $38.5M | $53.6M | $50.6M | $29.5M | $5.6M | $5.7M | $15.8M | — | — | — |
| Interest expense | $87.6M | $88.1M | $77.7M | $81.5M | $80.8M | $80.6M | $80.2M | $58.5M | $53.5M | $50.3M |
| Income before taxes | $327.6M | $386.5M | −$80.0M | $516.8M | $723.8M | $502.1M | $392.7M | $680.8M | $825.4M | $517.5M |
| Income taxes | $76.6M | $99.8M | −$22.6M | $124.4M | $181.3M | $99.4M | $95.0M | $148.3M | $565.6M | $123.8M |
| Net income | $236.8M | $279.9M | −$75.5M | $357.5M | $528.1M | $402.5M | $286.5M | $527.1M | $253.6M | $387.7M |
| EBITDA | $449.4M | $510.8M | $40.6M | $701.4M | $843.0M | $619.7M | $527.9M | $757.5M | $920.0M | $636.3M |
| EPS (diluted) | $2.44 | $2.34 | $0.74 | $3.71 | $5.05 | $3.58 | $3.27 | $4.16 | $3.78 | $3.09 |
| Gross margin | 31.8% | 35.1% | 23.7% | 41.4% | 42.0% | 41.3% | 41.0% | 47.3% | 43.8% | 43.6% |
| Operating margin | 13.0% | 12.5% | −3.1% | 18.3% | 22.1% | 19.0% | 14.8% | 23.7% | 30.7% | 21.8% |
| Net margin | 7.4% | 9.1% | −3.0% | 12.7% | 16.2% | 15.2% | 10.8% | 18.4% | 9.4% | 16.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $830.2M | $771.6M | $929.4M | $763.1M | $808.0M | $657.5M | $824.7M | $792.4M | $695.1M | $774.0M | $818.8M | $531.6M |
| Cost of revenue | $22.5M | $491.9M | $725.8M | $498.2M | $519.2M | $430.3M | $534.4M | $465.4M | $452.6M | $550.8M | $586.7M | $364.6M |
| Gross profit | $807.7M | $279.7M | $203.6M | $264.9M | $288.7M | $227.2M | $290.3M | $327.0M | $242.6M | $223.2M | $232.2M | $167.0M |
| Research & development | — | — | — | — | — | — | — | — | — | — | — | $571,000 |
| Sales, general & admin | $34.4M | $114.3M | $123.4M | $111.3M | $117.9M | $108.5M | $112.2M | $103.6M | $108.4M | $102.5M | $83.8M | $102.2M |
| Total operating expenses | $770.1M | $175.1M | $96.0M | $170.0M | $195.7M | $172.6M | $183.2M | $165.8M | $178.9M | $168.6M | $160.3M | $171.9M |
| Operating income | $37.6M | $104.6M | $107.6M | $94.9M | $93.1M | $54.6M | $107.1M | $161.2M | $63.6M | $54.6M | $71.9M | −$4.9M |
| Interest income | — | $7.8M | $10.0M | $7.7M | $9.2M | $11.7M | $14.3M | $15.0M | $12.9M | $11.5M | $6.9M | $11.5M |
| Interest expense | $22.5M | $22.8M | $22.7M | $22.7M | $21.2M | $21.1M | $22.1M | $22.5M | $22.6M | $20.7M | $19.7M | $19.3M |
| Income before taxes | $37.6M | $89.6M | $85.0M | $94.9M | $93.1M | $54.6M | $107.1M | $161.2M | $63.6M | $54.6M | $71.9M | −$4.9M |
| Income taxes | $23.9M | −$11.0M | $30.7M | $21.4M | $31.8M | −$7.4M | $28.8M | $45.1M | $11.6M | $14.3M | $403,000 | −$11.6M |
| Net income | $4.8M | $100.9M | $49.9M | $71.2M | $55.3M | $60.4M | $86.3M | $107.9M | $49.9M | $35.8M | $63.6M | $7.1M |
| EBITDA | $45.0M | $120.2M | $116.2M | $126.1M | $122.9M | $84.2M | $138.0M | $192.8M | $95.5M | $84.5M | $102.4M | $25.0M |
| EPS (diluted) | $0.12 | $0.42 | $0.80 | $0.56 | $0.52 | $0.56 | $0.78 | $0.38 | $0.52 | $0.66 | $0.66 | $0.10 |
| Gross margin | 97.3% | 36.2% | 21.9% | 34.7% | 35.7% | 34.6% | 35.2% | 41.3% | 34.9% | 28.8% | 28.4% | 31.4% |
| Operating margin | 4.5% | 13.6% | 11.6% | 12.4% | 11.5% | 8.3% | 13.0% | 20.3% | 9.2% | 7.0% | 8.8% | −0.9% |
| Net margin | 0.6% | 13.1% | 5.4% | 9.3% | 6.9% | 9.2% | 10.5% | 13.6% | 7.2% | 4.6% | 7.8% | 1.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LAZ's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LAZ financial results
In fiscal year 2025 (ended December 31, 2025), Lazard reported revenue of $3.2 billion, up 3.2% from the year before. It had net income of $236.8 million (down 15.4%), a net profit margin of 7.4%. Diluted earnings per share came to $2.44. Over five years revenue grew at an average rate of 3.8% a year.
See the LAZ stock overview for the latest quote and news, or the LAZ chart for price history and technical indicators.
LAZ income statement FAQ
What is Lazard's annual revenue?
Lazard reported total revenue of $3.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.2% from $3.1 billion the previous year.
Is Lazard profitable?
Yes. Lazard reported net income of $236.8 million in fiscal 2025, a net profit margin of 7.4%; its operating margin was 13.0%.
What is Lazard's gross margin?
Lazard's gross margin was 31.8% in fiscal 2025: for every $100 of revenue, Lazard kept $32 after the direct cost of its products and services.
How fast is Lazard growing?
Revenue grew 3.8% a year on average over the last five fiscal years, from $2.6 billion to $3.2 billion.
What are Lazard's earnings per share?
Lazard earned $2.44 per diluted share in fiscal 2025, compared with $2.34 a year earlier.
When will Lazard report its next earnings?
Lazard is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Lazard's fiscal year end?
Lazard's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.