Lazard Ltd (LAZ) Revenue History
Annual and quarterly revenue from 2004 to present
LAZ Revenue Over Time (2004–2025)
LAZ Revenue Growth History
13 of 21 years with positive growth- FY2004 revenue growth
- N/A
- FY2005 revenue growth
- +18.9%
- FY2006 revenue growth
- +14.8%
- FY2007 revenue growth
- +28.4%
- FY2008 revenue growth
- -18.8%
- FY2009 revenue growth
- -1.7%
- FY2010 revenue growth
- +29.5%
- FY2011 revenue growth
- -3.9%
- FY2012 revenue growth
- +4.4%
- FY2013 revenue growth
- +3.6%
- FY2014 revenue growth
- +14.4%
- FY2015 revenue growth
- +1.8%
- FY2016 revenue growth
- -0.9%
- FY2017 revenue growth
- +13.1%
- FY2018 revenue growth
- +6.7%
- FY2019 revenue growth
- -7.7%
- FY2020 revenue growth
- -0.4%
- FY2021 revenue growth
- +23.7%
- FY2022 revenue growth
- -13.5%
- FY2023 revenue growth
- -9.7%
- FY2024 revenue growth
- +21.0%
- FY2025 revenue growth
- +3.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $929.4M | — |
| Q3 2025 | $763.1M | — |
| Q2 2025 | $808.0M | — |
| Q1 2025 | $657.5M | — |
| Q4 2024 | $824.7M | — |
| Q3 2024 | $792.4M | — |
| Q2 2024 | $695.1M | — |
| Q1 2024 | $774.0M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
LAZ's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
LAZ Revenue Analysis (2004–2025)
Current Revenue & Growth
As of June 21, 2026, Lazard Ltd (LAZ) generated trailing twelve-month (TTM) revenue of $3.16 billion, reflecting strong growth of +12.7% year-over-year. The most recent quarter (Q4 2025) recorded $929.4 million in revenue, up 21.8% sequentially.
Historical Growth Trajectory
LAZ's 5-year compound annual growth rate (CAGR) stands at +3.8%, indicating moderate growth over time. The 3-year CAGR of +4.1% is in line with the 5-year average, suggesting consistent growth. Lazard Ltd's highest annual revenue of $3.27 billion was recorded in 2021.
Revenue by Segment
LAZ's revenue is primarily driven by Financial Advisory Fees (60%), and Asset Management (40%). With over half of revenue concentrated in Financial Advisory Fees, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Financial Services sector peers — including EVR, PJT, and MC. Compare LAZ vs EVR →
LAZ Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| LAZCurrent | $3.2B | +12.7% | +3.8% | 13.0% | |
 EVR | $3.9B | - | - | 20.5% | |
 PJT | $1.7B | - | - | 21.2% | |
 MC | $1.5B | - | - | 18.1% | |
 HLI | $2.4B | - | - | 21.0% | |
 PWP | $751M | - | - | 6.4% |
LAZ Historical Revenue Data (2004–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $3.19B | - | $1.01B | 31.8% | $415.3M | 13.0% |
| 2024 | $3.09B | - | $1.08B | 35.1% | $386.5M | 12.5% |
| 2023 | $2.55B | - | $605.1M | 23.7% | $-79,957,000 | -3.1% |
| 2022 | $2.83B | - | $1.17B | 41.4% | $516.8M | 18.3% |
| 2021 | $3.27B | - | $1.37B | 42.0% | $723.8M | 22.1% |
| 2020 | $2.64B | - | $1.09B | 41.3% | $502.1M | 19.0% |
| 2019 | $2.65B | - | $1.09B | 41.0% | $392.7M | 14.8% |
| 2018 | $2.87B | - | $1.36B | 47.3% | $680.8M | 23.7% |
| 2017 | $2.69B | - | $1.18B | 43.8% | $825.4M | 30.7% |
| 2016 | $2.38B | - | $1.04B | 43.6% | $517.5M | 21.8% |
| 2015 | $2.40B | - | $1.08B | 45.0% | $-16,620,000 | -0.7% |
| 2014 | $2.36B | - | $1.04B | 44.3% | $519.5M | 22.0% |
| 2013 | $2.06B | - | $781.5M | 37.9% | $216.8M | 10.5% |
| 2012 | $1.99B | - | $636.9M | 32.0% | $123.9M | 6.2% |
| 2011 | $1.91B | - | $736.1M | 38.6% | $235.5M | 12.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
22+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
LAZ — Frequently Asked Questions
Quick answers to the most common questions about buying LAZ stock.
Is LAZ's revenue growth accelerating or slowing?
LAZ revenue growth is holding steady at +12.7% year-over-year. TTM revenue is $3.2B. The current growth rate closely tracks the 5-year CAGR of +3.8%, signalling consistent execution.
What is LAZ's revenue history from 2004 to 2026?
Lazard Ltd (LAZ) revenue history spans 2004 to 2026. TTM revenue as of 2026 is $3.2B, growing at +12.7% YoY. The 5-year CAGR is +3.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is LAZ's long-term revenue growth rate (CAGR)?
Lazard Ltd's 5-year revenue CAGR of +3.8% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +12.7% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for LAZ.
Why does LAZ's quarterly revenue fluctuate?
LAZ quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Lazard Ltd's revenue data from 2004 to 2026 shows full historical quarterly detail on this page.
How is LAZ's revenue distributed by segment?
LAZ reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does LAZ's revenue compare to industry peers?
Lazard Ltd (LAZ) with TTM revenue of $3.2B and +12.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.