Lazard (LAZ) Operating Expenses (2009 - 2026)
Lazard (LAZ) recorded Operating Expenses of $770.07 million in Q2 2026, up 9.6% from $702.92 million a year earlier and up 15.5% from the prior quarter.
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Analysis
Lazard (LAZ) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Lazard's Operating Expenses came in at $2.91 billion as of Jun 30, 2026, up 10.7% year-over-year; for FY2025, it was $2.77 billion, up 4.0% from FY2024.
- Annual Operating Expenses has increased for three straight years, with a five-year compound annual growth rate of 6.1% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $2.67 billion in FY2024 (+2.7%), $2.6 billion in FY2023 (+15.0%), $2.26 billion in FY2022 (-8.6%) and $2.47 billion in FY2021 (+19.6%).
- Quarterly Operating Expenses has ranged from $513.71 million in Q2 2022 to $821.77 million in Q4 2025 over the past five years.
- On a year-over-year basis, Operating Expenses has increased for five consecutive quarters, with growth averaging 6.7% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 46.6% in Q2 2023, against a decline of 21.8% in Q2 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $667.01 million (Q1 2026), $821.77 million (Q4 2025) and $653.15 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 105.82 Bn | 93.92 Bn | - | 599.10 Mn |
| 2 | Intercontinental Exchange | 89.41 Bn | 83.14 Bn | - | 1.28 Bn |
| 3 | Robinhood Markets | 86.77 Bn | 67.81 Bn | - | 734.00 Mn |
| 4 | Nasdaq | 52.58 Bn | 50.01 Bn | 1.50 Bn | 788.00 Mn |
| 5 | Interactive Brokers | 36.48 Bn | 13.59 Bn | - | 440.00 Mn |
| 6 | Cboe Global Markets | 32.16 Bn | 23.82 Bn | 731.60 Mn | 255.60 Mn |
| 7 | LPL Financial Holdings | 25.21 Bn | 20.53 Bn | - | 4.67 Bn |
| 8 | Tradeweb Markets | 24.34 Bn | 16.35 Bn | - | 313.68 Mn |
| 9 | Circle Internet | 20.17 Bn | 14.05 Bn | 288.85 Mn | 254.49 Mn |
| 10 | Lazard | 3.62 Bn | -1.15 Bn | - | 770.07 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 770.07 Mn |
| Mar 31, 2026 | 667.01 Mn |
| Dec 31, 2025 | 821.77 Mn |
| Sep 30, 2025 | 653.15 Mn |
| Jun 30, 2025 | 702.92 Mn |
| Mar 31, 2025 | 593.42 Mn |
| Dec 31, 2024 | 709.79 Mn |
| Sep 30, 2024 | 623.68 Mn |
| Jun 30, 2024 | 621.71 Mn |
| Mar 31, 2024 | 710.19 Mn |
| Dec 31, 2023 | 734.12 Mn |
| Sep 30, 2023 | 528.78 Mn |
| Jun 30, 2023 | 753.19 Mn |
| Mar 31, 2023 | 579.36 Mn |
| Dec 31, 2022 | 639.25 Mn |
| Sep 30, 2022 | 568.60 Mn |
| Jun 30, 2022 | 513.71 Mn |
| Mar 31, 2022 | 535.16 Mn |
| Dec 31, 2021 | 724.04 Mn |
| Sep 30, 2021 | 562.47 Mn |
API Access
Lazard Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=LAZ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "LAZ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=LAZ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();