Lazard LAZ Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net Revenue (Loss) by Business | ||||||
| Asset Management | $409.76M+42.2% | $367.12M+17.6% | $327.03M+11.3% | $292.48M+2.4% | $288.1M-2.5% | |
| Corporate | -$12.75M-72.1% | -$2.7M— | -$6.29M-105% | $6.21M+154% | -$7.41M-147% | |
| Financial Advisory | $359.57M-2.1% | $542.3M+4.2% | $427.34M+15.2% | $497.31M+20.9% | $367.36M-19.0% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Asset Management | $100.93M+328% | $28.53M+14.5% | $32.84M+46.8% | $23.99M+18.3% | $23.61M+20.8% | |
| Corporate | -$20.73M-25.2% | -$14.59M— | -$14.47M-113% | -$3.8M+83.4% | -$16.56M-101% | |
| Financial Advisory | $3.4M+256% | $675K-94.7% | $5.06M+140% | $5.95M+76.4% | -$2.18M-132% | |
| Revenue by Business | ||||||
| Asset Management | $338.27M+17.4% | $367.12M+17.6% | $327.03M+11.3% | $292.48M+2.4% | $288.1M-2.5% | |
| Financial Advisory | $358.17M-2.5% | $542.3M+4.2% | $427.34M+15.2% | $497.31M+20.9% | $367.36M-19.0% | |
| Adjusted Operating Income by Business | ||||||
| Asset Management | $84.64M+35.5% | $67.84M+25.7% | $73.76M+8.9% | $65.24M-13.3% | $62.46M-10.3% | |
| Corporate | -$66.06M-0.9% | -$64.65M+1.8% | -$69.38M-2.8% | -$78.9M-8.8% | -$65.45M-39.8% | |
| Financial Advisory | $35.14M-54.4% | $145.37M+5.6% | $96.97M+19.5% | $121.9M+49.6% | $77.01M-20.3% | |
| Adjusted Non-compensation Expense by Business | ||||||
| Asset Management | $63.8M+7.8% | $68.35M+12.7% | $64.51M+11.1% | $63.6M+14.2% | $59.21M+6.5% | |
| Corporate | $33.79M-6.4% | $35.6M-10.3% | $32.05M+3.9% | $41.35M-1.1% | $36.11M+17.0% | |
| Financial Advisory | $51.09M-2.8% | $54.94M+2.3% | $52.1M+5.6% | $52.43M+2.6% | $52.56M+9.8% | |
| Interest Income by Business | ||||||
| Asset Management | $2.32M-5.4% | $2.17M-30.9% | $2.16M-43.2% | $2.14M-43.9% | $2.45M-34.1% | |
| Corporate | $4.1M-48.9% | $6.31M-36.0% | $4.88M-51.4% | $5.17M-33.2% | $8.02M+18.0% | |
| Financial Advisory | $1.4M+16.9% | $1.49M+15.9% | $618K-47.0% | $1.9M+45.3% | $1.2M+23.9% | |
| Adjusted Compensation and Benefits Expense by Business | ||||||
| Asset Management | $160.39M+12.3% | $202.4M+17.3% | $155.92M+7.0% | $139.66M+4.0% | $142.83M-5.2% | |
| Corporate | $40.25M+4.6% | $40.94M-6.3% | $45.51M+7.7% | $47.57M+12.7% | $38.49M-3.7% | |
| Financial Advisory | $269.95M+12.5% | $341.32M+7.9% | $273.21M+14.6% | $317.04M+15.2% | $239.97M-20.6% | |
| Depreciation and amortization of property (included in adjusted non-compensation expense) by Business | ||||||
| Asset Management | $1.45M+5.0% | $1.7M+5.1% | $1.56M+10.9% | $1.41M+1.1% | $1.38M+7.1% | |
| Corporate | $4.54M-9.9% | $5M-7.3% | $5.1M-7.9% | $5.04M-10.7% | $5.04M-9.2% | |
| Financial Advisory | $1.81M-9.9% | $1.93M-2.6% | $1.81M-10.1% | $2.17M0.0% | $2.01M-10.6% | |
| Goodwill, Written off Related to Sale of Business Unit by Business | ||||||
| Asset Management | $359K— | —— | —— | —— | $0— | |
| Financial Advisory | $0— | —— | —— | —— | $0— | |
| Goodwill by Business | ||||||
| Asset Management | $80.91M-0.4% | $81.27M0.0% | $81.27M0.0% | $81.27M0.0% | $81.27M0.0% | |
| Financial Advisory | $313.68M+0.3% | $313.99M+0.5% | $313.98M+0.2% | $313.96M+0.4% | $312.83M0.0% | |
| Foreign currency translation adjustments by Business | ||||||
| Asset Management | $0— | $0— | $0— | $0— | $0— | |
| Financial Advisory | -$312K-159% | $11K+101% | $26K— | $1.12M+956% | $528K+166% | |
| Revenue by Product | ||||||
| Incentive Fees | $11.82M+19.3% | $40.87M+20.4% | $15.49M+206% | $5.28M+46.9% | $9.91M+10.9% | |
| Management Fees | $315.48M+23.9% | —— | —— | —— | $254.7M— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Lazard break its business down?
- Lazard (LAZ) reports net revenue (loss) by business across 3 parts — Asset Management, Corporate and Financial Advisory. Each is extracted from the segment footnotes and tracked over time.
- Where does Lazard's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Lazard's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
