Lazard, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Lazard, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,384	2,698	2,885	2,667	2,647	3,274	2,855	2,593	3,140	3,186
Selling and marketing	83.2	89.2	109	115	42.4	42.8	83.1	99.4	99.4	118
Operating income	517	825	681	393	502	724	517	-80	386	328
Interest expense	50.3	53.5	58.5	80.2	80.6	80.8	81.5	77.7	88.1	87.3
Pre-tax income								-80	386	328
Income tax	124	566	148	95	99.4	181	124	-22.7	99.8	76.6
Net income to minority interests	5.99	6.26	5.32	11.2	0.23	14.5	35	18.2	6.8	14.2
Net income	388	254	527	287	402	528	358	-75.5	280	237
EBITDA	551	857	715	428	537	762	559	-37.1	423	362
EPS, basic	3.11	2.09	4.43	2.57	3.69	4.90	3.68	-0.90	2.93	2.37
EPS, diluted	2.92	1.91	4.06	2.44	3.54	4.63	3.51	-0.90	2.68	2.17
Shares, basic (weighted)	125	122	119	110	107	106	95.7	89	93.1	97.5
Shares, diluted (weighted)	133	132	130	116	113	114	101	89	102	106
Dividend per share	2.69	2.81	3.03	2.35	1.88	1.88	1.94	2.00	2.00	2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,159	1,484	1,247	1,232	1,390	1,465	1,235	971	1,308	1,469
Property, plant and equipment	209	205	213	220	258	250	250	233	160	168
Lease right-of-use assets				552	514	466	432	407	435	413
Goodwill	373	385	372	372	384	379	377	395	394	395
Intangible assets	8.91	6.07	3.76	1.82	0.21	0.15
Total assets	4,557	4,929	4,997	5,640	5,972	7,147	5,853	4,636	4,794	4,936
Total liabilities	3,263	3,670	4,027	4,958	4,972	5,494	4,594	4,066	4,029	3,952
Total debt	1,189	1,190	1,434	1,680	1,683	1,685	1,688	1,690	1,687	1,688
Paid-in capital	688	788	751	41	135	145	168	247	328	306
Retained earnings	1,134	1,080	1,196	1,194	1,295	1,561	1,677	1,403	1,472	1,518
Treasury stock									-838	-684
Other comprehensive income	-314	-233	-274	-294	-238	-224	-296	-290	-327	-272
Shareholders' equity	1,236	1,200	917	610	912	975	556	424	636	869
Minority interests	57.8	59.1	53.2	71.6	87.7	103	119	58.4	48.9	37.1
Total equity	1,294	1,259	970	682	999	1,078	675	482	681	906
Total liabilities and equity	4,557	4,929	4,997	5,640	5,972	7,147	5,853	4,636	4,794	4,936

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	394	260	532	298	403	543	392	-57.3	287	251
Depreciation and amortization	33.3	31.5	34.1	35.6	35.1	38.3	42.3	42.9	36.3	34.2
Stock-based compensation	261	273	268	253	218	234	241	251	278	360
Deferred income tax	63.7	501	45.4	24.9	47.1	90.6	42.7	-81.1	11.1	21.6
Change in receivables	-156	96	-132	35.7	-72.2	-81.6	141	-101	-3.58	-62.3
Cash from operations	633	1,029	699	678	576	866	834	165	743	519
Capital expenditures	-38.7	-27.7	-49.6	-42.8	-64.3	-39.7	-49.5	-28.3	-45.5	-31.9
Acquisitions						0	0	-10.5	0	0
Purchases of investments							0	0	-98.4	0
Sales and maturities of investments							0	0	100	0
Cash from investing	-37.7	-26.9	-46.2	-42.2	-62.9	-39.1	-56.4	-38.3	134	-82
Debt issued	297		491	492			0	0	396	300
Debt repaid	-101		-256	-256			0	0	-399	-298
Share buybacks	-300	-307	-553	-495	-95.2	-406	-692	-102	-59.5	-91
Dividends paid	-336	-341	-360	-255	-197	-196	-182	-173	-179	-187
Cash from financing	-480	-319	-726	-444	-547	196	-1,382	-1,571	-440	-464
Net change in cash	50.6	847	-163	164	113	861	-791	-1,414	384	61.2
Free cash flow	594	1,001	649	635	512	826	784	136	697	487
Interest paid	46.3	49.6	50.8	70.4	78.3	78	77.4	73.7	84.4	80.3
Income taxes paid	72.4	48.7	102	89.4	43.8	74.1	144	44.2	34	119

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $36.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.0%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	15.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Return on equity (ROE)	31.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.5%	Net income / average total assets.
Return on invested capital (ROIC)	18.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	11.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-15.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-10.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-9.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	36.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.92x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.8%	Total debt / total assets.
Liabilities / assets	77.5%	Total liabilities / total assets.
Net debt	$668.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.07x	Operating income / interest expense.
Goodwill and intangibles / assets	9.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$486.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	20.6x	Revenue / average property, plant and equipment.
FCF conversion	179.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.87	Revenue / diluted weighted shares.
FCF per share	$4.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.85	Cash from operations / diluted weighted shares.
Book value per share	$8.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.56	Tangible book value / shares outstanding.
Cash per share	$9.56	(Cash + short-term investments) / shares outstanding.
Payout ratio	68.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	11.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.58B	Share price x shares outstanding.
Enterprise value	$4.25B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/S	1.09x	Market cap / revenue.
P/B	4.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.35x	Market cap / tangible book value, when positive.
P/FCF	7.20x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.91x	Market cap / cash from operations, when positive.
EV/Sales	1.29x	Enterprise value / revenue.
EV/EBIT	11.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.54x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.9%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.3%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.

What was Lazard, Inc.'s revenue in fiscal 2025?

Lazard, Inc. reported revenue of $3.19B for fiscal 2025, 1.5% higher than the year before.

Was Lazard, Inc. profitable in fiscal 2025?

Yes. Net income was $236.8M, a net margin of 7.4%.

How much free cash flow did Lazard, Inc. generate in fiscal 2025?

Cash from operations of $519.3M minus capital expenditures of $31.9M left free cash flow of $487.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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