Lazard, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $3.4 billion, which rose 9.0% on the year before. That growth rate was up 3.4 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 21.1% | 12.3% | 22.2% |
| FY25 Q1 | 7.3% | 12.8% | 18.6% |
| FY25 Q2 | 9.4% | 13.3% | 13.8% |
| FY25 Q3 | -1.0% | 11.3% | 14.2% |
| FY25 Q4 | 1.5% | 10.3% | 15.3% |
| FY26 Q1 | 9.0% | 11.0% | 15.1% |
| FY26 Q2 | 5.6% | 9.3% | 19.9% |
| FY26 Q3 | 9.0% | 7.9% | 20.3% |
The main points
Net income fell 32.4% over the year while free cash flow rose 55.9%, indicating that reported profit and cash are moving at different speeds. Revenue grew 9.0% but the operating margin fell 3.4 percentage points, showing that sales are rising faster than profit.
Profitability
Profit and cash are telling different stories as cash flow rose while earnings fell. The trailing operating margin was 7.9%, down 3.4 percentage points from a year earlier. The trailing net margin was 5.5%. Net income over the twelve months was $184.7 million, which fell 32.4% on the year before.
Where the cash went
The cash flow statement shows growth. Operating cash flow over the twelve months was $700.3 million, up 45.1% on the year before. Capital spending was $15.3 million, or 0.5% of revenue. Free cash flow, operating cash flow less capital spending, was $685.0 million, up 55.9% on the year before. The free-cash-flow margin was 20.3% of revenue, up 6.1 percentage points from a year earlier.
The share base
The average diluted share count rose 1.2% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 20.3% is higher than 45% of the company’s own past quarterly readings, which have ranged from 3.7% to 37.3%. Today’s operating margin of 7.9% is higher than 26% of past readings (−17.0% to 41.2%). Today’s twelve-month revenue growth rate of 9.0% is higher than 69% of past readings (−20.3% to 27.9%).
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 25.5%, and 5 percentage points higher would raise it by 33.1%. A free-cash-flow margin 1 percentage point lower would lower it by 4.6%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
