Lazard (LAZ) financial statements
Lazard reported revenue of $3.2B in fiscal 2025, up 3.3% a year over 9 years.
Net income was $237M and the operating margin 10.3%, against 21.7% in 2016.
Free cash flow was $487M, and the company returned $187M in dividends and $91M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lazard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.7B | $2.9B | $2.7B | $2.6B | $3.3B | $2.9B | $2.6B | $3.1B | $3.2B |
| Operating income | $517M | $825M | $681M | $393M | $502M | $724M | $517M | -$80M | $386M | $328M |
| Interest expense | $50M | $54M | $58M | $80M | $81M | $81M | $82M | $78M | $88M | $87M |
| Pre-tax income | — | — | — | — | — | — | — | -$80M | $386M | $328M |
| Income tax | $124M | $566M | $148M | $95M | $99M | $181M | $124M | -$23M | $100M | $77M |
| Net income | $388M | $254M | $527M | $286M | $402M | $528M | $358M | -$75M | $280M | $237M |
| EPS (diluted) | $2.92 | $1.91 | $4.06 | $2.44 | $3.54 | $4.63 | $3.51 | -$0.90 | $2.68 | $2.17 |
| Diluted shares | 133M | 132M | 130M | 116M | 113M | 114M | 101M | 89M | 102M | 106M |
| Operating margin | 21.7% | 30.6% | 23.6% | 14.7% | 19.0% | 22.1% | 18.1% | -3.1% | 12.3% | 10.3% |
| Net margin | 16.3% | 9.4% | 18.3% | 10.7% | 15.2% | 16.1% | 12.5% | -2.9% | 8.9% | 7.4% |
Balance sheet
Fiscal years, from Lazard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.5B | $1.2B | $1.2B | $1.4B | $1.5B | $1.2B | $971M | $1.3B | $1.5B |
| Property, plant and equipment | $209M | $205M | $213M | $220M | $258M | $250M | $250M | $233M | $160M | $168M |
| Goodwill | $373M | $385M | $372M | $372M | $384M | $379M | $377M | $395M | $394M | $395M |
| Total assets | $4.6B | $4.9B | $5.0B | $5.6B | $6.0B | $7.1B | $5.9B | $4.6B | $4.8B | $4.9B |
| Total liabilities | $3.3B | $3.7B | $4.0B | $5.0B | $5.0B | $5.5B | $4.6B | $4.1B | $4.0B | $4.0B |
| Shareholders' equity | $1.2B | $1.2B | $917M | $610M | $912M | $975M | $556M | $424M | $636M | $869M |
| Net debt | -$1.2B | -$1.5B | -$1.2B | -$1.2B | -$1.4B | -$1.5B | -$1.2B | -$971M | -$1.3B | -$1.5B |
Cash flow
Fiscal years, from Lazard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $633M | $1.0B | $699M | $678M | $576M | $866M | $834M | $165M | $743M | $519M |
| Capital spending | $39M | $28M | $50M | $43M | $64M | $40M | $50M | $28M | $45M | $32M |
| Free cash flow | $594M | $1.0B | $649M | $635M | $512M | $826M | $784M | $136M | $697M | $487M |
| Stock-based compensation | $261M | $273M | $268M | $253M | $218M | $234M | $241M | $251M | $278M | $360M |
| Dividends paid | $336M | $341M | $360M | $255M | $197M | $196M | $182M | $173M | $179M | $187M |
| Share buybacks (net) | -$300M | -$307M | -$553M | -$495M | -$95M | -$406M | -$692M | -$102M | -$60M | -$91M |
| Free cash flow margin | 24.9% | 37.1% | 22.5% | 23.8% | 19.3% | 25.2% | 27.5% | 5.3% | 22.2% | 15.3% |
| Dividends per share | $2.53 | $2.58 | $2.77 | $2.20 | $1.73 | $1.72 | $1.80 | $1.94 | $1.75 | $1.75 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for LAZ.
Open LAZ in InvestinglyQuestions
What was Lazard's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lazard generate?
$487M in fiscal 2025 (operating cash flow minus capital spending).
From Lazard's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.