Financials

Lazard Inc. financials

LAZ Capital Markets

Lazard Inc., founded in 1848, is a global financial advisory and asset management firm that specializes in M&A advisory, restructuring, and investment management. It earns revenue from advisory fees and asset management services provided to corporations, governments, and institutional investors. Under the leadership of CEO Kenneth M. Jacobs since 2009, the firm leverages its deep industry expertise and extensive global network. Lazard is now actively investing in growth initiatives including expansion in alternative asset management and technology integration.

Snapshot

Lazard Inc. reported $6.20B in revenue in fiscal 2025, up 3.3% year over year, with an operating margin of 5.3%.

Revenue (FY2025)
$6.20B
YoY growth
+3.3%
Operating margin
5.3%
Direction
Expanding

Financial statements

In thousands, USD · annual
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Transaction-Based Revenues6,202,6506,002,1205,054,7105,640,130
Net Interest Income126,111141,671119,695110,979
Other Revenues131,791224,08889,58840,602
Total Revenues3,098,8503,051,8402,515,4902,773,570
Cost of Sales2,085,3802,003,2101,946,0101,656,450
Gross Profit1,013,4601,048,630569,4791,117,120
Selling, General & Administrative Expenses654,435610,187620,330556,569
Other Operating Expenses31,43051,96629,10643,703
Operating Profit327,598386,472(79,957)516,848
Income Before Provision for Income Taxes327,598386,472(79,957)516,848
Provision for Income Taxes76,57899,764(22,650)124,365
Consolidated Net Income251,020286,708(57,307)392,483
Net Income Attributable to Minority Interests and Other14,1896,79618,17234,966
Net Income Attributable to Common Shareholders236,831279,912(75,479)357,517
Basic EPS2.372.93-0.903.68
Diluted EPS2.172.68-0.903.51
Basic Weighted Average Shares Outstanding97,47993,13988,99495,664
Diluted Weighted Average Shares Outstanding106,338102,39288,994100,998
Shares Outstanding93,90790,29987,42685,952
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents1,469,4201,308,220971,3161,234,770
Short-Term Investments167,134268,684219,576779,246
Total Cash and Cash Equivalents1,636,5501,576,9001,190,8902,014,020
Restricted Cash and Segregated Assets34,02132,46634,091625,381
Accounts Receivable897,786753,623762,319652,758
Total Current Assets2,568,3602,362,9901,987,3003,292,160
Net Property, Plant & Equipment580,589595,340639,729681,681
Goodwill395,262393,575394,928377,330
Long-Term Investments625,846614,947701,964698,977
Other Long-Term Assets770,680827,140911,858802,415
Total Assets4,940,7304,793,9904,635,7805,852,560
Accounts Payable330,852308,213443,262921,834
Accrued Expenses794,754844,953781,375735,576
Total Current Liabilities1,125,6101,153,1701,224,6401,657,410
Long-Term Debt1,688,0901,687,0501,690,2001,687,710
Leases485,149505,483485,191513,688
Other Long-Term Liabilities652,763683,509665,891734,879
Total Long-Term Liabilities2,826,0002,876,0402,841,2802,936,280
Total Liabilities3,951,6004,029,2104,065,9204,593,690
Common Stock1,1171,1281,1281,128
Treasury Stock(684,411)(838,069)(937,259)(993,414)
Additional Paid-in Capital340,351327,810247,204167,890
Accumulated Other Comprehensive Income(271,509)(326,742)(289,950)(295,854)
Retained Earnings1,488,1101,472,1101,402,6401,676,710
Total Common Shareholders' Equity873,655636,240423,759556,463
Minority Interests and Other115,475128,543146,103702,407
Total Shareholders' Equity989,130764,783569,8621,258,870
Total Liabilities and Shareholders' Equity4,940,7304,793,9904,635,7805,852,560
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income251,020286,708(57,307)392,483
Depreciation & Amortization34,18936,28142,85342,336
Share-Based Compensation Expense459,821448,487429,857406,302
Other Adjustments67,165(44,913)(9,873)102,156
Changes in Trading Assets(17,853)72,716(145,010)178,025
Changes in Trade Receivables(62,252)(3,577)(100,501)140,745
Changes in Accrued Expenses(208,042)12,46752,314(372,619)
Changes in Other Operating Activities(4,723)(65,341)(47,671)(55,444)
Cash from Operating Activities519,325742,828164,662833,984
Capital Expenditure(31,946)(45,498)(28,297)(49,511)
Proceeds from Sale of Property, Plant & Equipment—196,393490573
Purchases of Investments—(115,838)——
Proceeds from Sale of Investments—100,000——
Payments for Business Acquisitions——(10,516)—
Other Investing Activities(50,037)(985)—(7,500)
Cash from Investing Activities(81,983)134,072(38,323)(56,438)
Issuance of Long-Term Debt300,000395,961——
Repayments of Long-Term Debt(298,354)(399,149)——
Net Issuance / (Repayments) of Long-Term Debt1,646(3,188)——
Repurchases of Common Shares(206,164)(123,844)(156,580)(753,621)
Net Issuance / (Repurchases) of Common Shares(206,164)(123,844)(156,580)(753,621)
Common Share Dividends Paid(186,579)(179,017)(173,075)(181,880)
Other Financing Activities(72,540)(133,620)(1,241,540)(446,534)
Cash from Financing Activities(463,637)(439,669)(1,571,190)(1,382,040)
Effect of Exchange Rate Changes on Cash and Cash Equivalents87,498(52,846)30,438(186,125)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash61,203384,385(1,414,420)(790,614)

Quarterly trend

last 8 quarters
QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$1.46B+13.1%6.1%$90M
Q4 2025$1.82B+10.2%4.7%$85M
Q3 2025$1.50B+3.6%6.3%$95M
Q2 2025$1.59B+14.5%5.9%$93M
Q1 2025$1.29B—4.2%$55M
Q4 2024$1.65B—6.5%$107M
Q3 2024$1.45B—11.1%$161M
Q2 2024$1.38B—4.6%$64M
Revenue by quarter$M
$1.38B
Q2 '24
$1.45B
Q3 '24
$1.65B
Q4 '24
$1.29B
Q1 '25
$1.59B
Q2 '25
$1.50B
Q3 '25
$1.82B
Q4 '25
$1.46B
Q1 '26
16.3%
Gross margin
5.3%
Operating margin
4.0%
Net margin
SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated

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