NYSE : LAZ
Lazard, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 39.54 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.86B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Lazard, Inc. (LAZ) reported revenue of 3.27B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 31.99M | 38.49M | 53.60M | 42.02M | 29.46M | 5.55M |
| Total Interest Expense | 90.21M | 87.62M | 88.07M | 77.67M | 81.52M | 80.77M |
| Net Interest Income | -58.22M | -49.13M | -34.46M | -35.65M | -52.06M | -75.22M |
| Asset Management Fee | 1.36B | 1.20B | 1.12B | 1.08B | 1.13B | 1.35B |
| Underwriting & Investment Banking Fee | 1.81B | 1.82B | 1.75B | 1.38B | 1.66B | 1.79B |
| Gain on Sale of Investments (Rev) | 12.56M | 47.64M | -6.33M | 36.30M | -92.69M | 14.31M |
| Other Revenue | 141.56M | 83.39M | 227.57M | 58.86M | 132.90M | 114.10M |
| Revenue | 3.27B | 3.10B | 3.05B | 2.52B | 2.77B | 3.19B |
| Salaries & Employee Benefits | 2.19B | 2.04B | 1.96B | 1.75B | 1.62B | 1.88B |
| Cost of Services Provided | 701.53M | 654.43M | 610.19M | 620.33M | 556.57M | 523.65M |
| Other Operating Expenses | 54.46M | 50.20M | 60.20M | 73.00M | 44.91M | 45.32M |
| Total Operating Expenses | 2.95B | 2.74B | 2.63B | 2.45B | 2.22B | 2.45B |
| Operating Income | 318.92M | 358.19M | 422.00M | 74.50M | 548.26M | 742.20M |
| Currency Exchange Gains | 18.21M | 757.00K | 2.85M | -5.57M | 399.00K | -1.23M |
| Other Non-Operating Income (Expenses) | -1.37M | 18.77M | 8.24M | 43.89M | 1.21M | -2.20M |
| EBT Excluding Unusual Items | 335.76M | 377.72M | 433.08M | 112.82M | 549.87M | 738.77M |
| Merger & Restructuring Charges | -46.61M | -182.10M | -14.92M | |||
| Other Unusual Items | -68.88M | -50.12M | -10.67M | -33.02M | ||
| Pretax Income | 266.88M | 327.60M | 386.47M | -79.96M | 516.85M | 723.85M |
| Income Tax Expense | 68.70M | 76.58M | 99.76M | -22.65M | 124.36M | 181.30M |
| Earnings From Continuing Ops. | 198.18M | 251.02M | 286.71M | -57.31M | 392.48M | 542.54M |
| Minority Interest in Earnings | -13.43M | -14.19M | -6.80M | -18.17M | -34.97M | -14.48M |
| Net Income | 184.75M | 236.83M | 279.91M | -75.48M | 357.52M | 528.06M |
| Preferred Dividends & Other Adjustments | 7.71M | 5.92M | 6.89M | 4.44M | 5.73M | 8.65M |
| Net Income to Common | 177.04M | 230.91M | 273.03M | -79.92M | 351.79M | 519.42M |
| Shares Outstanding (Basic) | 100.22M | 97.48M | 93.14M | 88.99M | 95.66M | 106.04M |
| Shares Outstanding (Diluted) | 107.26M | 106.34M | 102.39M | 88.99M | 101.00M | 113.67M |
| EPS (Basic) | 1.77 | 2.37 | 2.93 | -0.90 | 3.68 | 4.90 |
| EPS (Diluted) | 1.65 | 2.17 | 2.68 | -0.90 | 3.51 | 4.63 |
| Free Cash Flow | 684.97M | 487.38M | 697.33M | 136.37M | 784.47M | 826.38M |
| Free Cash Flow Per Share | 6.39 | 4.58 | 6.81 | 1.53 | 7.77 | 7.27 |
| Dividend Per Share | 2.00 | 2.00 | 2.00 | 2.00 | 1.94 | 1.88 |
| Operating Margin | 9.76% | 11.56% | 13.84% | 2.96% | 19.77% | 23.23% |
| Profit Margin | 5.42% | 7.45% | 8.96% | -3.17% | 12.68% | 16.26% |
| Free Cash Flow Margin | 20.97% | 15.73% | 22.87% | 5.41% | 28.29% | 25.87% |
| Effective Tax Rate | 25.74% | 23.38% | 25.81% | 24.06% | 25.05% | |
| Revenue as Reported | 3.38B | 3.19B | 3.14B | 2.59B | 2.86B | 3.27B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.26B | 1.47B | 1.31B | 971.32M | 1.23B | 1.47B |
| Trading Asset Securities | 2.25M | 14.55M | 922.00K | |||
| Accounts Receivable | 843.01M | 897.79M | 753.62M | 762.32M | 652.76M | 805.81M |
| Other Receivables | 52.88M | 46.69M | 69.70M | 73.67M | 49.28M | |
| Property, Plant & Equipment | 549.41M | 580.59M | 595.34M | 639.73M | 681.68M | 716.06M |
| Goodwill | 439.42M | 395.26M | 393.57M | 394.90M | 377.24M | 379.42M |
| Other Intangible Assets | 12.39M | 30.00K | 90.00K | 150.00K | ||
| Investments in Debt & Equity Securities | 305.81M | 322.07M | 224.05M | 214.96M | 250.20M | 533.27M |
| Restricted Cash | 6.33M | 34.02M | 32.47M | 34.09M | 625.38M | 617.45M |
| Other Current Assets | 182.45M | 330.51M | 475.92M | 453.00M | 997.09M | 1.59B |
| Long-Term Deferred Tax Assets | 453.72M | 459.09M | 479.58M | 497.34M | 407.66M | 435.31M |
| Other Long-Term Assets | 489.17M | 399.11M | 484.53M | 598.40M | 537.47M | 558.79M |
| Total Assets | 4.55B | 4.94B | 4.79B | 4.64B | 5.85B | 7.15B |
| Accrued Expenses | 379.32M | 828.79M | 788.22M | 611.53M | 605.92M | 810.86M |
| Short-Term Debt | 138.47M | 218.94M | 274.28M | 368.67M | 327.16M | 372.25M |
| Current Portion of Leases | 20.00M | 80.67M | ||||
| Other Current Liabilities | 4.24M | 3.43M | 4.53M | 4.81M | 4.65M | 6.83M |
| Long-Term Debt | 1.69B | 1.69B | 1.69B | 1.69B | 1.69B | 1.69B |
| Long-Term Leases | 450.75M | 404.48M | 505.48M | 485.19M | 513.69M | 552.52M |
| Long-Term Unearned Revenue | 4.29M | 139.02M | 136.54M | 140.42M | 137.33M | 130.66M |
| Long-Term Deferred Tax Liabilities | 7.64M | 1.37M | 1.08M | 3.86M | 3.92M | 1.83M |
| Other Long-Term Liabilities | 803.25M | 407.81M | 420.12M | 599.36M | 1.17B | 1.71B |
| Total Liabilities | 3.50B | 3.95B | 4.03B | 4.07B | 4.59B | 5.49B |
| Common Stock | 1.10M | 1.12M | 1.13M | 1.13M | 1.13M | 1.13M |
| Additional Paid-In Capital | 219.42M | 340.35M | 327.81M | 247.20M | 167.89M | 144.73M |
| Retained Earnings | 1.48B | 1.49B | 1.47B | 1.40B | 1.68B | 1.56B |
| Comprehensive Income & Other | -275.42M | -271.51M | -326.74M | -289.95M | -295.85M | -223.85M |
| Total Common Equity | 948.79M | 873.65M | 636.24M | 423.76M | 556.46M | 975.22M |
| Minority Interest | 100.91M | 115.47M | 128.54M | 146.10M | 702.41M | 677.74M |
| Shareholders' Equity | 1.05B | 989.13M | 764.78M | 569.86M | 1.26B | 1.65B |
| Total Liabilities & Equity | 4.55B | 4.94B | 4.79B | 4.64B | 5.85B | 7.15B |
| Total Debt | 2.30B | 2.39B | 2.47B | 2.54B | 2.53B | 2.61B |
| Net Cash (Debt) | -1.03B | -922.76M | -1.16B | -1.57B | -1.28B | -1.14B |
| Net Cash Per Share | -9.63 | -8.68 | -11.32 | -17.67 | -12.67 | -10.06 |
| Filing Date Shares Outstanding | 97.66M | 93.91M | 89.90M | 87.43M | 85.04M | 99.28M |
| Total Common Shares Outstanding | 97.66M | 93.91M | 90.30M | 87.43M | 85.95M | 100.72M |
| Working Capital | 1.76B | 1.52B | 1.39B | 1.17B | 2.54B | 3.16B |
| Book Value Per Share | 9.71 | 9.30 | 7.05 | 4.85 | 6.47 | 9.68 |
| Tangible Book Value | 496.98M | 478.39M | 242.66M | 28.83M | 179.13M | 595.65M |
| Tangible Book Value Per Share | 5.09 | 5.09 | 2.69 | 0.33 | 2.08 | 5.91 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 184.75M | 236.83M | 279.91M | -75.48M | 357.52M | 528.06M |
| Depreciation & Amortization, Total | 31.20M | 34.19M | 36.28M | 42.85M | 42.34M | 38.38M |
| Gain (Loss) On Sale of Investments | 40.91M | |||||
| Change in Accounts Receivable | -48.24M | -62.25M | -3.58M | -100.50M | 140.75M | -81.61M |
| Change in Other Net Operating Assets | -3.73M | -230.62M | 19.84M | -140.37M | -250.04M | -217.86M |
| Other Operating Activities | 103.82M | 81.35M | 76.15M | -41.41M | 137.12M | 204.99M |
| Operating Cash Flow | 700.29M | 519.33M | 742.83M | 164.66M | 833.98M | 866.08M |
| Capital Expenditures | -15.32M | -31.95M | -45.50M | -28.30M | -49.51M | -39.70M |
| Cash Acquisitions | -1.81M | -10.52M | ||||
| Investment in Securities | -15.84M | |||||
| Other Investing Activities | -51.71M | -50.04M | -985.00K | -7.50M | ||
| Investing Cash Flow | -87.02M | -81.98M | 134.07M | -38.32M | -56.44M | -39.06M |
| Long-Term Debt Issued | 300.00M | 395.96M | ||||
| Long-Term Debt Repaid | -298.35M | -399.15M | ||||
| Net Debt Issued (Repaid) | 1.65M | -3.19M | ||||
| Repurchase of Common Stock | -134.99M | -91.01M | -59.50M | -102.05M | -691.71M | -406.15M |
| Common Dividends Paid | -192.31M | -186.58M | -179.02M | -173.07M | -181.88M | -195.94M |
| Other Financing Activities | -235.26M | -187.69M | -197.96M | -1.30B | -508.45M | 797.93M |
| Financing Cash Flow | -562.56M | -463.64M | -439.67M | -1.57B | -1.38B | 195.84M |
| Foreign Exchange Rate Adjustments | -21.02M | 87.50M | -52.85M | 30.44M | -186.12M | -161.67M |
| Net Cash Flow | 29.69M | 61.20M | 384.38M | -1.41B | -790.61M | 861.19M |
| Free Cash Flow | 684.97M | 487.38M | 697.33M | 136.37M | 784.47M | 826.38M |
| Free Cash Flow Margin | 20.97% | 15.73% | 22.87% | 5.41% | 28.29% | 25.87% |
| Free Cash Flow Per Share | 6.39 | 4.58 | 6.81 | 1.53 | 7.77 | 7.27 |
| Cash Interest Paid | 80.33M | 80.33M | 84.42M | 73.68M | 77.44M | 77.99M |
| Cash Income Tax Paid | 118.75M | 118.75M | 33.97M | 44.23M | 144.31M | 74.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.75B | 4.61B | 4.66B | 3.04B | 2.98B | 4.49B |
| Last Close Price | 38.35 | 47.07 | 47.85 | 30.91 | 28.90 | 34.50 |
| PE Ratio | 23.25 | 19.95 | 17.06 | 8.47 | 8.64 | |
| PS Ratio | 1.15 | 1.49 | 1.53 | 1.21 | 1.07 | 1.41 |
| PB Ratio | 3.95 | 4.66 | 6.09 | 5.34 | 2.37 | 2.71 |
| P/FCF Ratio | 5.47 | 9.45 | 6.68 | 22.31 | 3.80 | 5.43 |
| P/OCF Ratio | 5.35 | 8.87 | 6.27 | 18.47 | 3.57 | 5.18 |
| Debt / Equity Ratio | 2.19 | 2.42 | 3.23 | 4.46 | 2.01 | 1.58 |
| Debt / FCF Ratio | 3.36 | 4.91 | 3.54 | 18.66 | 3.22 | 3.16 |
| Net Debt / Equity Ratio | 0.98 | 0.93 | 1.51 | 2.76 | 1.02 | 0.69 |
| Net Debt / FCF Ratio | 1.51 | 1.89 | 1.66 | 11.53 | 1.63 | 1.38 |
| Asset Turnover | 0.71 | 0.64 | 0.65 | 0.48 | 0.43 | 0.49 |
| Quick Ratio | 3.89 | 1.91 | 1.72 | 1.61 | 1.87 | 1.71 |
| Current Ratio | 4.24 | 2.19 | 2.13 | 2.04 | 3.41 | 3.33 |
| Return on Equity (ROE) | 19.75% | 28.62% | 42.96% | -6.27% | 26.96% | 40.91% |
| Return on Assets (ROA) | 4.32% | 5.16% | 6.08% | -1.09% | 6.04% | 8.27% |
| Return on Invested Capital (ROIC) | 7.11% | 8.30% | 9.87% | 2.16% | 10.34% | 14.14% |
| Earnings Yield | 4.30% | 5.14% | 6.01% | -2.48% | 12.00% | 11.77% |
| FCF Yield | 18.29% | 10.58% | 14.97% | 4.48% | 26.34% | 18.41% |
| Dividend Yield | 5.21% | 4.08% | 3.88% | 5.75% | 5.60% | 4.22% |
| Payout Ratio | 121.27% | 78.78% | 63.95% | 50.87% | 37.11% | |
| Buyback Yield / Dilution | -1.22% | -3.85% | -15.05% | 11.88% | 11.15% | -0.17% |
| Total Shareholder Return | 4.00% | 0.22% | -11.18% | 17.63% | 16.75% | 4.05% |