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Lazard LAZ Incentive Fees — Revenue

Other product segments

Management Fees
$315.48M—

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Other financials

Income statement

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Revenue$756.6M+16.7%
Operating income$89.6M+63.9%
Net income$100.9M+67.1%
EPS (diluted)$0.91+62.5%

Balance sheet

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Cash & equivalents$1.0B+12.3%
Total debt$2.2B-1.4%
Total equity$881.3M+46.1%
Total assets$4.2B+0.2%

Cash flow

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Operating cash flow-$219.3M-0.8%
CapEx$2.2M-84.2%
Free cash flow-$221.5M+4.3%

Valuation

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Market cap$4.36B+2.5%
Enterprise value$5.5B-0.9%
P/E15.7×+1.7×
P/S1.4×-0.1×

Profitability

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Operating margin11.3%-1.9pp
Net margin8.6%-1.7pp
FCF margin15.5%-3.7pp

Returns & leverage

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Return on equity37.4%-23.8pp
Debt / equity2.5×-1.2×

Where this comes from

Reported directly by Lazard in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Lazard’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lazard's incentive fees — revenue?
Lazard (LAZ) reported incentive fees — revenue of $11.82M in Q1 2026.
How has Lazard's incentive fees — revenue changed year-over-year?
Lazard's incentive fees — revenue increased by 19.3% year-over-year, from $9.91M to $11.82M.
What is the long-term trend for Lazard's incentive fees — revenue?
Over 4 years (2021 to 2025), Lazard's incentive fees — revenue has grown at a -12.2% compound annual growth rate (CAGR), from $120.4M to $71.54M.
What does incentive fees — revenue mean?
This metric represents the performance-based fees earned by an asset management firm when investment returns exceed specified benchmarks or hurdles. It reflects the firm's ability to generate alpha for clients and serves as a variable, high-margin component of total revenue. Fluctuations in this figure typically correlate with market volatility and the relative performance of the firm's managed investment strategies.