Lazard (LAZ) Financials

$45.11 +1.35 (+3.09%)

Closing price 03:59 PM Eastern

Extended Trading

$45.12 +0.00 (+0.00%)

As of 05:41 PM Eastern

Annual Income Statements for Lazard

This table shows Lazard's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,973	388	254	527	287	402	528	358	-75	280	237
Consolidated Net Income / (Loss)	6.56	394	260	532	298	403	543	392	-57	287	251
Net Income / (Loss) Continuing Operations	993	394	260	532	298	403	543	392	-57	287	251
Total Pre-Tax Income	-17	517	825	681	393	502	724	517	-80	386	328
Total Operating Income	-17	517	825	681	393	502	724	517	-80	386	328
Total Gross Profit	1,085	1,043	1,185	1,370	1,104	1,096	1,378	1,199	647	1,137	1,101
Total Revenue	2,405	2,384	2,698	2,885	2,667	2,647	3,274	2,855	2,593	3,140	3,186
Operating Revenue	2,405	2,384	2,698	2,885	2,667	2,647	3,274	2,855	2,593	3,140	3,186
Total Cost of Revenue	1,320	1,341	1,513	1,515	1,563	1,551	1,896	1,656	1,946	2,003	2,085
Operating Cost of Revenue	1,320	1,341	1,513	1,515	1,563	1,551	1,896	1,656	1,946	2,003	2,085
Total Operating Expenses	1,102	526	360	689	711	594	654	682	727	750	773
Selling, General & Admin Expense	149	87	92	291	260	239	270	286	352	331	331
Marketing Expense	-	83	89	109	115	42	43	83	99	99	118
Other Operating Expenses / (Income)	866	320	169	306	317	311	342	313	276	320	324
Total Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	-1,010	124	566	148	95	99	181	124	-23	100	77
Net Income / (Loss) Attributable to Noncontrolling Interest	6.56	5.99	6.26	5.32	11	0.23	14	35	18	6.80	14
Basic Earnings per Share	$7.87	$3.11	$2.09	$4.43	$2.57	$3.69	$4.90	$3.68	($0.90)	$2.93	$2.37
Weighted Average Basic Shares Outstanding	125.37M	124.77M	121.57M	119.01M	110.19M	106.86M	106.04M	95.66M	88.99M	93.14M	97.48M
Diluted Earnings per Share	$7.40	$2.92	$1.91	$4.06	$2.44	$3.54	$4.63	$3.51	($0.90)	$2.68	$2.17
Weighted Average Diluted Shares Outstanding	133.24M	132.63M	132.48M	129.77M	116.08M	113.48M	113.67M	101.00M	88.99M	102.39M	106.34M
Weighted Average Basic & Diluted Shares Outstanding	134.22M	137.85M	141.04M	149.53M	121.79M	121.23M	126.25M	140.49M	138.11M	135.63M	129.55M
Cash Dividends to Common per Share	$2.35	$2.69	$2.81	$3.03	$2.35	$1.88	$1.88	$1.94	$2.00	$2.00	$2.00

This table shows Lazard's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-124	7.14	64	36	50	108	86	60	55	71	50
Consolidated Net Income / (Loss)	-120	6.77	71	40	52	116	78	62	61	74	54
Net Income / (Loss) Continuing Operations	-120	6.77	71	40	52	116	78	62	61	74	54
Total Pre-Tax Income	-110	-4.86	72	55	64	161	107	55	93	95	85
Total Operating Income	-110	-4.86	72	55	64	161	107	55	93	95	85
Total Gross Profit	90	179	267	235	255	342	305	239	298	273	292
Total Revenue	662	543	826	785	708	807	839	669	817	771	929
Operating Revenue	662	543	826	785	708	807	839	669	817	771	929
Total Cost of Revenue	572	365	559	551	453	465	534	430	519	498	638
Operating Cost of Revenue	572	365	559	551	453	465	534	430	519	498	638
Total Operating Expenses	200	183	195	180	192	181	198	184	205	155	229
Selling, General & Admin Expense	91	82	90	77	85	74	95	73	90	85	83
Marketing Expense	29	21	27	24	25	22	29	28	30	26	35
Other Operating Expenses / (Income)	81	80	77	80	82	85	74	83	85	44	111
Total Other Income / (Expense), net	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	-23	23
Income Tax Expense	10	-12	0.40	14	12	45	29	-7.35	32	21	31
Net Income / (Loss) Attributable to Noncontrolling Interest	3.64	-0.37	7.93	4.47	2.14	8.20	-8.01	1.61	5.97	2.25	4.35
Basic Earnings per Share	($1.41)	$0.07	$0.71	$0.38	$0.53	$1.13	$0.89	$0.61	$0.56	$0.71	$0.49
Weighted Average Basic Shares Outstanding	88.73M	89.43M	88.99M	91.26M	92.89M	93.63M	93.14M	95.26M	97.53M	98.11M	97.48M
Diluted Earnings per Share	($1.41)	$0.06	$0.72	$0.35	$0.49	$1.02	$0.82	$0.56	$0.52	$0.65	$0.44
Weighted Average Diluted Shares Outstanding	88.73M	94.31M	88.99M	99.35M	100.63M	103.48M	102.39M	104.83M	104.91M	108.00M	106.34M
Weighted Average Basic & Diluted Shares Outstanding	138.66M	138.12M	138.11M	135.33M	135.36M	135.06M	135.63M	131.38M	131.17M	130.62M	129.55M

This table details how cash moves in and out of Lazard's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	66	51	684	-73	192	-34	861	-791	-1,414	384	61
Net Cash From Operating Activities	887	633	1,029	699	678	576	866	834	165	743	519
Net Cash From Continuing Operating Activities	887	633	1,029	699	678	576	866	834	165	743	519
Net Income / (Loss) Continuing Operations	993	394	260	532	298	403	543	392	-57	287	251
Consolidated Net Income / (Loss)	993	394	260	532	298	403	543	392	-57	287	251
Depreciation Expense	33	33	31	34	36	35	38	42	43	36	34
Amortization Expense	326	377	369	356	385	413	394	406	430	448	460
Non-Cash Adjustments To Reconcile Net Income	383	-9.52	-203	0.03	66	-0.44	100	59	71	-56	54
Changes in Operating Assets and Liabilities, net	-848	-162	571	-223	-107	-275	-209	-67	-322	27	-280
Net Cash From Investing Activities	-26	-38	-27	-46	-42	-63	-39	-56	-38	134	-82
Net Cash From Continuing Investing Activities	-26	-38	-27	-46	-42	-63	-39	-56	-38	134	-82
Purchase of Property, Plant & Equipment	-27	-39	-28	-50	-43	-64	-40	-50	-28	-45	-32
Acquisitions	-	-	-	-	-	-	0.00	0.00	-11	-17	0.00
Purchase of Investments	-	-	-	-	-	-	-	0.00	0.00	-98	0.00
Sale of Property, Plant & Equipment	0.68	1.10	0.75	3.38	0.51	1.35	0.64	0.57	0.49	196	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	100	0.00
Other Investing Activities, net	-	-	-	-	-	0.00	0.00	-7.50	0.00	-0.99	-50
Net Cash From Financing Activities	-747	-480	-319	-726	-444	-547	196	-1,382	-1,571	-440	-464
Net Cash From Continuing Financing Activities	-747	-480	-319	-726	-444	-547	196	-1,382	-1,571	-440	-464
Repayment of Debt	-511	-103	0.00	-256	-256	-	-	0.00	0.00	-399	-298
Repurchase of Common Equity	-173	-300	-307	-553	-495	-95	-406	-692	-688	-60	-91
Payment of Dividends	-307	-338	-347	-373	-268	-199	-207	-214	-179	-181	-189
Issuance of Debt	396	321	0.00	491	492	-	-	0.00	0.00	396	300
Issuance of Common Equity	0.28	0.09	0.00	1.71	1.77	0.42	575	0.51	2.08	2.41	3.71
Other Financing Activities, net	-153	-60	335	-38	81	-253	234	-477	-706	-199	-189
Effect of Exchange Rate Changes	-49	-65	-	-	-	-	-162	-186	30	-53	87

This table details how cash moves in and out of Lazard's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	24	-173	218	-20	-120	429	96	-402	41	175	248
Net Cash From Operating Activities	201	33	342	-90	176	294	363	-218	50	287	400
Net Cash From Continuing Operating Activities	201	33	342	-90	176	294	363	-218	50	287	400
Net Income / (Loss) Continuing Operations	-120	6.77	71	40	52	116	78	62	61	74	54
Consolidated Net Income / (Loss)	-120	6.77	71	40	52	116	78	62	61	74	54
Depreciation Expense	11	11	11	9.13	9.19	8.97	9.00	8.44	8.63	8.48	8.64
Amortization Expense	142	104	76	121	137	119	71	104	133	122	101
Non-Cash Adjustments To Reconcile Net Income	25	18	12	16	17	-97	8.67	16	18	-4.07	25
Changes in Operating Assets and Liabilities, net	144	-106	171	-277	-38	147	196	-408	-171	88	211
Net Cash From Investing Activities	-7.28	-7.26	-8.65	-6.61	-103	209	34	-23	-26	-15	-18
Net Cash From Continuing Investing Activities	-7.28	-7.26	-8.65	-6.61	-103	209	34	-23	-26	-15	-18
Purchase of Property, Plant & Equipment	-7.38	-7.52	-8.79	-6.62	-6.44	-18	-15	-14	-12	-2.86	-3.58
Other Investing Activities, net	-	-	-	0.00	-	-	-	-8.87	-15	-12	-14
Net Cash From Financing Activities	-172	-177	-150	98	-193	-112	-234	-192	-40	-97	-135
Net Cash From Continuing Financing Activities	-172	-177	-150	98	-193	-112	-234	-192	-40	-97	-135
Repurchase of Common Equity	-0.17	-2.95	-	-22	-19	-3.11	-16	-36	-3.76	-1.08	-50
Payment of Dividends	-45	-44	-44	-45	-46	-47	-43	-45	-47	-49	-48
Issuance of Common Equity	0.13	1.07	0.83	0.18	0.05	1.76	0.42	0.10	1.26	0.11	2.24
Other Financing Activities, net	-126	-130	-107	2.29	-128	-63	-9.56	-111	9.71	-49	-39
Effect of Exchange Rate Changes	1.81	-23	36	-22	-0.95	38	-68	30	57	-0.39	0.54

This table presents Lazard's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,478	4,557	4,929	4,997	5,640	5,972	7,147	5,853	4,636	4,794	4,941
Total Current Assets	1,556	1,723	2,399	1,748	1,769	2,012	3,142	2,426	2,234	2,564	2,801
Cash & Equivalents	1,132	1,159	1,484	1,247	1,232	1,390	1,465	1,235	971	1,308	1,469
Short-Term Investments	-	-	427	-	-	-	1,007	699	702	615	626
Accounts Receivable	424	564	488	501	537	622	669	492	561	641	706
Plant, Property, & Equipment, net	207	209	205	213	220	258	250	250	233	160	168
Total Noncurrent Assets	2,715	2,624	2,325	3,036	3,651	3,703	3,755	3,177	2,169	2,070	1,971
Goodwill	327	382	391	375	374	384	380	377	395	394	395
Noncurrent Deferred & Refundable Income Taxes	1,131	1,076	650	598	587	538	435	408	497	480	459
Other Noncurrent Operating Assets	1,257	1,167	1,283	2,063	2,690	2,780	2,940	2,392	1,277	1,197	1,117
Total Liabilities & Shareholders' Equity	4,478	4,557	4,929	4,997	5,640	5,972	7,147	5,853	4,636	4,794	4,941
Total Liabilities	3,110	3,263	3,670	4,027	4,958	4,972	5,494	4,594	4,066	4,029	3,952
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	3,110	3,263	3,670	4,027	4,958	4,972	5,494	4,594	4,066	4,029	3,952
Long-Term Debt	989	1,189	1,190	1,434	1,680	1,683	1,685	1,688	1,690	1,687	1,688
Noncurrent Deferred & Payable Income Tax Liabilities	11	9.17	9.41	5.57	3.51	1.04	1.83	3.92	3.86	1.08	1.37
Noncurrent Employee Benefit Liabilities	570	542	594	585	603	735	972	736	781	845	795
Other Noncurrent Operating Liabilities	1,531	1,523	1,876	2,002	2,672	2,554	2,835	2,166	1,590	1,496	1,467
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00	575	583	88	80	78
Total Equity & Noncontrolling Interests	1,367	1,294	1,259	970	682	999	1,078	675	482	685	911
Total Preferred & Common Equity	1,313	1,236	1,200	917	610	912	975	556	424	636	874
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,313	1,236	1,200	917	610	912	975	556	424	636	874
Common Stock	601	690	789	752	42	137	146	169	248	329	341
Retained Earnings	1,124	1,134	1,080	1,196	1,194	1,295	1,561	1,677	1,403	1,472	1,488
Treasury Stock	-	-	-	-	-	-	-	-	-	-838	-684
Accumulated Other Comprehensive Income / (Loss)	-234	-314	-233	-274	-294	-238	-224	-296	-290	-327	-272
Noncontrolling Interest	54	58	59	53	72	88	103	119	58	49	37

This table presents Lazard's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	6,208	4,568	4,603	4,296	4,587	4,527	4,820	4,232	4,493	4,634
Total Current Assets	2,210	1,848	1,916	1,817	2,004	2,090	2,383	1,947	2,194	2,409
Cash & Equivalents	1,000	597	698	653	923	848	1,166	909	978	1,172
Short-Term Investments	639	742	690	658	621	688	688	506	637	624
Accounts Receivable	571	510	528	506	460	555	529	531	579	614
Plant, Property, & Equipment, net	219	246	237	230	228	221	158	168	176	173
Total Noncurrent Assets	3,779	2,474	2,450	2,249	2,356	2,217	2,278	2,117	2,123	2,051
Goodwill	376	394	395	394	394	394	395	394	395	395
Noncurrent Deferred & Refundable Income Taxes	391	368	524	508	506	508	527	497	492	474
Other Noncurrent Operating Assets	3,013	1,712	1,531	1,347	1,456	1,315	1,357	1,226	1,235	1,182
Total Liabilities & Shareholders' Equity	6,208	4,568	4,603	4,296	4,587	4,527	4,820	4,232	4,493	4,634
Total Liabilities	4,952	3,970	4,103	3,794	4,050	3,932	4,056	3,500	3,623	3,677
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	4,952	3,970	4,103	3,794	4,050	3,932	4,056	3,500	3,623	3,677
Long-Term Debt	1,687	1,688	1,689	1,690	1,851	1,852	1,853	1,688	1,689	1,687
Noncurrent Deferred & Payable Income Tax Liabilities	8.96	4.79	6.58	5.38	2.18	3.94	2.17	1.08	0.64	0.96
Noncurrent Employee Benefit Liabilities	531	443	602	497	496	550	634	248	391	506
Other Noncurrent Operating Liabilities	2,725	1,834	1,806	1,602	1,700	1,526	1,567	1,563	1,543	1,483
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	578	89	84	82	88	81	84	84	84	79
Total Equity & Noncontrolling Interests	677	508	416	420	449	514	680	649	786	879
Total Preferred & Common Equity	561	451	360	361	393	459	624	603	742	842
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	561	451	360	361	393	459	624	603	742	842
Common Stock	128	95	169	204	136	220	285	133	226	294
Retained Earnings	1,682	1,605	1,431	1,389	1,385	1,383	1,438	1,478	1,478	1,493
Accumulated Other Comprehensive Income / (Loss)	-334	-283	-282	-293	-304	-306	-272	-307	-269	-273
Other Equity Adjustments	-915	-966	-958	-938	-824	-837	-827	-701	-693	-673
Noncontrolling Interest	117	57	56	58	56	56	56	46	45	37

This table displays calculated financial ratios and metrics derived from Lazard's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.77%	-0.88%	13.18%	6.93%	-7.55%	-0.76%	23.69%	-12.79%	-9.17%	21.08%	1.48%
EBITDA Growth	-60.00%	170.92%	32.12%	-12.68%	-24.00%	16.86%	21.63%	-16.50%	-59.32%	121.83%	-5.70%
EBIT Growth	-103.20%	3,213.48%	59.52%	-17.53%	-42.32%	27.87%	44.15%	-28.60%	-115.47%	583.35%	-15.23%
NOPAT Growth	-102.68%	3,483.98%	-34.00%	104.91%	-44.09%	35.26%	34.73%	-27.66%	-114.26%	612.25%	-12.45%
Net Income Growth	-98.49%	5,902.32%	-34.00%	104.91%	-44.09%	35.26%	34.73%	-27.66%	-114.60%	600.30%	-12.45%
EPS Growth	131.25%	-60.54%	-34.59%	112.57%	-39.90%	45.08%	30.79%	-24.19%	-125.64%	397.78%	-19.03%
Operating Cash Flow Growth	20.55%	-28.70%	62.68%	-32.07%	-3.02%	-15.05%	50.38%	-3.71%	-80.26%	351.12%	-30.09%
Free Cash Flow Firm Growth	-192.06%	163.08%	103.52%	-44.97%	-4.14%	-26.40%	303.86%	-74.67%	50.76%	-6.83%	-42.66%
Invested Capital Growth	61.50%	7.30%	-27.06%	19.92%	-2.44%	14.41%	-33.00%	16.98%	-42.07%	-9.90%	10.08%
Revenue Q/Q Growth	-1.81%	4.42%	-0.50%	0.42%	1.49%	6.22%	3.62%	-8.96%	3.76%	0.42%	2.92%
EBITDA Q/Q Growth	-13.06%	4.44%	17.38%	-16.13%	-5.95%	21.42%	29.58%	-32.42%	0.45%	3.42%	0.87%
EBIT Q/Q Growth	-138.10%	3.50%	32.33%	-22.90%	-8.68%	24.41%	7.55%	-27.41%	-1.58%	10.02%	-6.33%
NOPAT Q/Q Growth	-101.15%	-6.27%	-44.92%	58.56%	-10.29%	40.09%	3.14%	-28.21%	-1.58%	2.43%	-8.75%
Net Income Q/Q Growth	-99.35%	169.52%	-44.92%	58.56%	-10.29%	40.09%	3.14%	-28.21%	20.11%	2.43%	-8.75%
EPS Q/Q Growth	-1.46%	-6.71%	-45.43%	60.47%	-7.92%	37.74%	4.51%	-28.22%	21.05%	3.88%	-14.90%
Operating Cash Flow Q/Q Growth	5.63%	-5.16%	-0.94%	13.64%	-6.62%	-6.35%	18.03%	-14.24%	19.85%	2.95%	7.64%
Free Cash Flow Firm Q/Q Growth	-191.04%	-9.13%	0.79%	56.49%	-6.49%	-30.08%	650.32%	-81.05%	0.28%	-13.02%	4.32%
Invested Capital Q/Q Growth	-9.29%	-8.45%	-25.99%	-18.63%	-19.67%	-4.31%	-57.82%	-22.32%	-33.30%	-30.73%	-31.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.12%	43.76%	43.92%	47.49%	41.38%	41.41%	42.09%	41.98%	24.96%	36.20%	34.56%
EBITDA Margin	14.24%	38.92%	45.44%	37.10%	30.50%	35.92%	35.32%	33.82%	15.15%	27.75%	25.78%
Operating Margin	-0.69%	21.71%	30.60%	23.60%	14.72%	18.97%	22.11%	18.10%	-3.08%	12.31%	10.28%
EBIT Margin	-0.69%	21.71%	30.60%	23.60%	14.72%	18.97%	22.11%	18.10%	-3.08%	12.31%	10.28%
Profit (Net Income) Margin	0.27%	16.52%	9.63%	18.46%	11.16%	15.21%	16.57%	13.75%	-2.21%	9.13%	7.88%
Tax Burden Percent	-39.46%	76.08%	31.48%	78.21%	75.81%	80.20%	74.95%	75.94%	71.67%	74.19%	76.62%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	23.92%	68.52%	21.79%	24.19%	19.81%	25.05%	24.06%	0.00%	25.81%	23.38%
Return on Invested Capital (ROIC)	-1.16%	30.79%	22.70%	50.15%	26.03%	33.26%	50.28%	41.78%	-7.00%	51.41%	45.20%
ROIC Less NNEP Spread (ROIC-NNEP)	-27.17%	30.79%	22.70%	50.15%	26.03%	33.26%	50.28%	41.78%	-5.83%	51.41%	45.20%
Return on Net Nonoperating Assets (RNNOA)	1.78%	-1.20%	-2.34%	-2.38%	10.02%	14.66%	-9.37%	-14.83%	0.73%	-8.44%	-16.58%
Return on Equity (ROE)	0.61%	29.59%	20.36%	47.77%	36.05%	47.91%	40.91%	26.96%	-6.27%	42.96%	28.62%
Cash Return on Invested Capital (CROIC)	-48.20%	23.75%	54.00%	32.03%	28.50%	19.81%	89.80%	26.13%	46.27%	61.83%	35.61%
Operating Return on Assets (OROA)	-0.43%	11.46%	17.41%	13.72%	7.38%	8.65%	11.04%	7.95%	-1.52%	8.20%	6.73%
Return on Assets (ROA)	0.17%	8.72%	5.48%	10.73%	5.60%	6.94%	8.27%	6.04%	-1.09%	6.08%	5.16%
Return on Common Equity (ROCE)	0.58%	28.35%	19.43%	45.37%	33.33%	43.37%	29.10%	14.18%	-3.36%	34.12%	24.64%
Return on Equity Simple (ROE_SIMPLE)	0.50%	31.85%	21.66%	58.07%	48.81%	44.17%	55.63%	70.53%	-13.52%	45.06%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	394	260	532	298	403	543	392	-56	287	251
NOPAT Margin	-0.48%	16.52%	9.63%	18.46%	11.16%	15.21%	16.57%	13.75%	-2.16%	9.13%	7.88%
Net Nonoperating Expense Percent (NNEP)	26.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.17%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.61%	-2.58%	12.09%	9.66%
Cost of Revenue to Revenue	54.88%	56.24%	56.08%	52.51%	58.62%	58.59%	57.91%	58.02%	75.04%	63.80%	65.45%
SG&A Expenses to Revenue	6.18%	3.64%	3.41%	10.07%	9.73%	9.02%	8.24%	10.02%	13.57%	10.54%	10.40%
R&D to Revenue	3.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	45.81%	22.05%	13.33%	23.90%	26.65%	22.44%	19.98%	23.88%	28.04%	23.89%	24.27%
Earnings before Interest and Taxes (EBIT)	-17	517	825	681	393	502	724	517	-80	386	328
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	342	928	1,226	1,070	814	951	1,156	965	393	871	822
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.83	7.20
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.38	13.14
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.19	1.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.61	26.55
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.92%	4.16%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.06%	3.77%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.82	10.30
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.16	1.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.78	7.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.54	18.30
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.65	23.88
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.13	11.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.66	30.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.92	0.95	1.48	2.46	1.68	1.02	1.34	2.97	2.21	1.71
Long-Term Debt to Equity	0.73	0.92	0.95	1.48	2.46	1.68	1.02	1.34	2.97	2.21	1.71
Financial Leverage	-0.07	-0.04	-0.10	-0.05	0.38	0.44	-0.19	-0.35	-0.13	-0.16	-0.37
Leverage Ratio	3.65	3.39	3.72	4.45	6.44	6.91	4.95	4.46	5.74	7.07	5.55
Compound Leverage Factor	3.65	3.39	3.72	4.45	6.44	6.91	4.95	4.46	5.74	7.07	5.55
Debt to Total Capital	42.20%	47.88%	48.60%	59.65%	71.13%	62.74%	50.48%	57.28%	74.79%	68.81%	63.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	42.20%	47.88%	48.60%	59.65%	71.13%	62.74%	50.48%	57.28%	74.79%	68.81%	63.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.28%	2.33%	2.41%	2.21%	3.03%	3.27%	20.30%	23.84%	6.46%	5.24%	4.31%
Common Equity to Total Capital	55.52%	49.79%	48.99%	38.13%	25.83%	33.99%	29.21%	18.89%	18.75%	25.95%	32.63%
Debt to EBITDA	2.92	1.28	0.97	1.34	2.06	1.77	1.46	1.75	4.30	1.94	2.05
Net Debt to EBITDA	-0.39	0.03	-0.24	0.18	0.55	0.31	-0.68	-0.25	0.04	-0.27	-0.50
Long-Term Debt to EBITDA	2.92	1.28	0.97	1.34	2.06	1.77	1.46	1.75	4.30	1.94	2.05
Debt to NOPAT	-85.82	3.02	4.58	2.69	5.64	4.18	3.11	4.30	-30.20	5.88	6.72
Net Debt to NOPAT	11.49	0.08	-1.13	0.35	1.50	0.73	-1.45	-0.63	-0.30	-0.82	-1.62
Long-Term Debt to NOPAT	-85.82	3.02	4.58	2.69	5.64	4.18	3.11	4.30	-30.20	5.88	6.72
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.02	2.92
Noncontrolling Interest Sharing Ratio	5.48%	4.20%	4.58%	5.04%	7.56%	9.47%	28.86%	47.40%	46.40%	20.58%	13.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-481	304	618	340	326	240	969	245	370	345	198
Operating Cash Flow to CapEx	3,418.99%	1,680.08%	3,822.86%	1,512.77%	1,604.70%	915.06%	2,217.53%	1,704.16%	592.16%	0.00%	1,625.63%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.53	0.57	0.58	0.50	0.46	0.50	0.44	0.49	0.67	0.65
Accounts Receivable Turnover	5.30	4.82	5.13	5.83	5.13	4.57	5.07	4.92	4.93	5.23	4.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.19	11.45	13.02	13.79	12.32	11.09	12.90	11.42	10.75	15.98	19.41
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	68.87	75.65	71.17	62.58	71.09	79.94	71.99	74.23	74.07	69.81	77.14
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	68.87	75.65	71.17	62.58	71.09	79.94	71.99	74.23	74.07	69.81	77.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,234	1,324	965	1,158	1,130	1,292	866	1,013	587	529	582
Invested Capital Turnover	2.41	1.86	2.36	2.72	2.33	2.19	3.03	3.04	3.24	5.63	5.74
Increase / (Decrease) in Invested Capital	470	90	-358	192	-28	163	-426	147	-426	-58	53
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6,780	5,995
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6,888	6,287
Book Value per Share	$9.80	$9.07	$8.60	$6.48	$5.06	$7.57	$7.95	$3.99	$3.07	$4.71	$6.69
Tangible Book Value per Share	$7.36	$6.27	$5.79	$3.83	$1.96	$4.38	$4.86	$1.28	$0.21	$1.80	$3.66
Total Capital	2,366	2,482	2,449	2,404	2,361	2,682	3,338	2,947	2,260	2,452	2,677
Total Debt	998	1,189	1,190	1,434	1,680	1,683	1,685	1,688	1,690	1,687	1,688
Total Long-Term Debt	998	1,189	1,190	1,434	1,680	1,683	1,685	1,688	1,690	1,687	1,688
Net Debt	-134	30	-293	188	448	293	-787	-246	17	-236	-407
Capital Expenditures (CapEx)	26	38	27	46	42	63	39	49	28	-151	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	424	564	488	501	537	622	669	492	561	641	706
Debt-free Net Working Capital (DFNWC)	1,556	1,723	1,972	1,748	1,769	2,012	3,142	2,426	2,234	2,564	2,801
Net Working Capital (NWC)	1,556	1,723	1,972	1,748	1,769	2,012	3,142	2,426	2,234	2,564	2,801
Net Nonoperating Expense (NNE)	-18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.34	0.00	0.00
Net Nonoperating Obligations (NNO)	-134	30	-293	188	448	293	-787	-246	17	-236	-407
Total Depreciation and Amortization (D&A)	359	410	400	390	421	449	432	449	473	485	494
Debt-free, Cash-free Net Working Capital to Revenue	17.62%	23.67%	18.08%	17.38%	20.15%	23.50%	20.45%	17.23%	21.62%	20.40%	22.16%
Debt-free Net Working Capital to Revenue	64.70%	72.29%	73.08%	60.59%	66.33%	76.01%	95.97%	84.96%	86.14%	81.65%	87.92%
Net Working Capital to Revenue	64.70%	72.29%	73.08%	60.59%	66.33%	76.01%	95.97%	84.96%	86.14%	81.65%	87.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.87	$3.11	$2.09	$4.43	$2.57	$3.69	$4.90	$3.68	($0.90)	$2.93	$2.37
Adjusted Weighted Average Basic Shares Outstanding	125.37M	124.77M	121.57M	119.01M	110.19M	106.86M	106.04M	95.66M	88.99M	93.14M	97.48M
Adjusted Diluted Earnings per Share	$7.40	$2.92	$1.91	$4.06	$2.44	$3.54	$4.63	$3.51	($0.90)	$2.68	$2.17
Adjusted Weighted Average Diluted Shares Outstanding	133.24M	132.63M	132.48M	129.77M	116.08M	113.48M	113.67M	101.00M	88.99M	102.39M	106.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	134.22M	137.85M	141.04M	149.53M	121.79M	121.23M	126.25M	140.49M	138.11M	135.63M	129.55M
Normalized Net Operating Profit after Tax (NOPAT)	-12	394	578	532	298	403	543	392	-56	287	251
Normalized NOPAT Margin	-0.48%	16.52%	21.42%	18.46%	11.16%	15.21%	16.57%	13.75%	-2.16%	9.13%	7.88%
Pre Tax Income Margin	-0.69%	21.71%	30.60%	23.60%	14.72%	18.97%	22.11%	18.10%	-3.08%	12.31%	10.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4,680.29%	85.92%	133.40%	69.97%	90.08%	49.53%	38.22%	54.51%	-312.14%	63.07%	75.36%
Augmented Payout Ratio	7,314.41%	162.17%	251.45%	173.80%	256.24%	73.18%	113.08%	230.75%	-1,512.59%	83.83%	111.62%

This table displays calculated financial ratios and metrics derived from Lazard's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.25%	-27.23%	12.83%	39.79%	6.90%	48.65%	1.61%	-14.81%	15.42%	-4.54%	10.77%
EBITDA Growth	-83.63%	-62.21%	1.12%	124.39%	395.54%	164.18%	18.18%	-9.68%	12.11%	-22.19%	3.76%
EBIT Growth	-187.47%	-103.07%	-1.70%	247.77%	157.82%	3,418.65%	48.94%	0.14%	46.26%	-41.11%	-20.67%
NOPAT Growth	-184.07%	-102.77%	25.29%	255.62%	167.56%	3,515.84%	9.51%	54.11%	17.80%	-36.71%	-30.76%
Net Income Growth	-231.34%	-94.48%	25.29%	364.65%	143.24%	1,614.42%	9.51%	54.11%	17.80%	-36.71%	-30.76%
EPS Growth	-253.26%	-94.34%	50.00%	229.63%	134.75%	1,600.00%	13.89%	60.00%	6.12%	-36.27%	-46.34%
Operating Cash Flow Growth	-32.69%	-92.29%	8.68%	78.13%	-12.32%	777.09%	6.22%	-141.73%	-71.81%	-2.13%	10.15%
Free Cash Flow Firm Growth	-43.07%	-51.72%	653.20%	-89.60%	-111.54%	-44.71%	-72.58%	-168.73%	151.21%	-105.18%	-99.32%
Invested Capital Growth	-42.60%	-32.53%	-42.07%	-10.88%	13.96%	-13.25%	-9.90%	19.01%	3.37%	11.21%	10.08%
Revenue Q/Q Growth	17.87%	-17.99%	52.03%	-4.88%	-9.87%	14.04%	3.91%	-20.24%	22.12%	-5.68%	20.58%
EBITDA Q/Q Growth	-48.72%	158.60%	44.84%	16.83%	13.24%	37.86%	-35.20%	-10.71%	40.56%	-4.32%	-13.59%
EBIT Q/Q Growth	-198.11%	95.59%	1,580.28%	-24.11%	16.64%	153.28%	-33.57%	-48.98%	70.37%	1.99%	-10.51%
NOPAT Q/Q Growth	-198.11%	95.59%	2,202.83%	-43.74%	29.41%	123.11%	-32.58%	-20.83%	-1.08%	19.87%	-26.24%
Net Income Q/Q Growth	-692.00%	105.63%	955.42%	-43.74%	29.41%	123.11%	-32.58%	-20.83%	-1.08%	19.87%	-26.24%
EPS Q/Q Growth	-422.22%	104.26%	1,100.00%	-51.39%	40.00%	108.16%	-19.61%	-31.71%	-7.14%	25.00%	-32.31%
Operating Cash Flow Q/Q Growth	148.85%	-83.34%	920.05%	-126.34%	295.85%	66.66%	23.54%	-159.95%	122.84%	478.65%	39.04%
Free Cash Flow Firm Q/Q Growth	-62.50%	-18.62%	18.25%	-71.18%	-141.63%	489.80%	-41.37%	-172.24%	131.02%	-139.46%	107.71%
Invested Capital Q/Q Growth	-15.54%	9.90%	-33.30%	43.94%	8.01%	-16.34%	-30.73%	90.12%	-6.18%	-9.99%	-31.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.60%	32.87%	32.28%	29.87%	36.08%	42.36%	36.30%	35.70%	36.46%	35.36%	31.38%
EBITDA Margin	6.39%	20.15%	19.19%	23.57%	29.62%	35.80%	22.33%	24.99%	28.77%	29.18%	20.91%
Operating Margin	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%	9.14%
EBIT Margin	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%	9.14%
Profit (Net Income) Margin	-18.18%	1.25%	8.66%	5.12%	7.35%	14.38%	9.33%	9.26%	7.50%	9.54%	5.83%
Tax Burden Percent	109.36%	-139.47%	99.44%	73.72%	81.79%	72.05%	73.12%	113.46%	65.87%	77.43%	63.82%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.56%	26.28%	18.21%	27.95%	26.88%	-13.46%	34.13%	22.57%	36.18%
Return on Invested Capital (ROIC)	-28.65%	-1.43%	28.07%	16.10%	24.58%	54.75%	52.54%	30.29%	25.34%	36.63%	33.47%
ROIC Less NNEP Spread (ROIC-NNEP)	-58.23%	3.34%	28.07%	16.10%	24.58%	54.75%	52.54%	30.29%	25.34%	36.63%	33.47%
Return on Net Nonoperating Assets (RNNOA)	-8.97%	0.81%	-3.52%	9.32%	13.88%	16.31%	-8.63%	13.85%	6.75%	-2.33%	-12.28%
Return on Equity (ROE)	-37.61%	-0.62%	24.55%	25.42%	38.45%	71.06%	43.91%	44.13%	32.09%	34.30%	21.20%
Cash Return on Invested Capital (CROIC)	58.16%	33.80%	46.27%	11.30%	6.87%	48.26%	61.83%	16.00%	30.94%	23.52%	35.61%
Operating Return on Assets (OROA)	-7.94%	-0.43%	4.31%	4.27%	5.64%	13.70%	8.50%	5.60%	7.91%	8.07%	5.98%
Return on Assets (ROA)	-8.68%	0.59%	4.28%	3.15%	4.61%	9.87%	6.21%	6.35%	5.21%	6.25%	3.82%
Return on Common Equity (ROCE)	-21.27%	-0.33%	13.16%	18.91%	28.76%	55.33%	34.87%	34.62%	26.29%	29.20%	18.25%
Return on Equity Simple (ROE_SIMPLE)	12.30%	-19.85%	0.00%	-0.48%	37.18%	44.84%	0.00%	51.15%	42.84%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-77	-3.40	71	40	52	116	78	62	61	74	54
NOPAT Margin	-11.63%	-0.63%	8.66%	5.12%	7.35%	14.38%	9.33%	9.26%	7.50%	9.54%	5.83%
Net Nonoperating Expense Percent (NNEP)	29.59%	-4.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.29%	-	-	-	3.30%	2.65%	2.48%	2.86%	2.09%
Cost of Revenue to Revenue	86.40%	67.13%	67.72%	70.13%	63.92%	57.64%	63.70%	64.30%	63.54%	64.64%	68.62%
SG&A Expenses to Revenue	13.67%	15.16%	10.96%	9.77%	11.93%	9.19%	11.38%	10.98%	11.06%	10.99%	8.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.22%	33.77%	23.57%	22.93%	27.09%	22.40%	23.54%	27.54%	25.07%	20.10%	24.69%
Earnings before Interest and Taxes (EBIT)	-110	-4.86	72	55	64	161	107	55	93	95	85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42	109	158	185	210	289	187	167	235	225	194
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	14.37	11.14	10.92	10.83	9.74	8.50	8.23	7.20
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	78.97	29.69	28.38	28.11	18.20	15.51	13.14
Price to Revenue (P/Rev)	0.00	0.00	0.00	2.00	1.78	2.18	2.19	1.94	2.01	2.24	1.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	32.67	26.52	24.61	19.29	20.34	25.33	26.55
Dividend Yield	0.00%	0.00%	0.00%	1.22%	2.65%	2.98%	3.92%	4.62%	4.17%	3.79%	4.16%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	3.06%	3.77%	4.06%	5.19%	4.92%	3.95%	3.77%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	7.22	6.10	9.12	12.82	6.24	6.90	8.17	10.30
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.16	1.94	2.23	2.16	2.08	2.08	2.24	1.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	12.31	8.39	8.26	7.78	7.35	7.40	8.51	7.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	528.87	30.03	19.81	17.54	16.23	15.64	19.82	18.30
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	32.61	24.86	23.65	20.34	20.47	25.19	23.88
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	12.54	12.06	9.64	9.13	10.20	13.31	14.36	11.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	60.20	94.58	17.55	19.66	42.42	22.67	36.57	30.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.38	3.37	2.97	3.45	3.11	2.42	2.21	2.30	1.94	1.76	1.71
Long-Term Debt to Equity	3.38	3.37	2.97	3.45	3.11	2.42	2.21	2.30	1.94	1.76	1.71
Financial Leverage	0.15	0.24	-0.13	0.58	0.56	0.30	-0.16	0.46	0.27	-0.06	-0.37
Leverage Ratio	5.95	5.98	5.74	8.07	8.34	7.20	7.07	6.95	6.16	5.49	5.55
Compound Leverage Factor	5.95	5.98	5.74	8.07	8.34	7.20	7.07	6.95	6.16	5.49	5.55
Debt to Total Capital	77.18%	77.12%	74.79%	77.52%	75.68%	70.79%	68.81%	69.74%	66.00%	63.81%	63.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	77.18%	77.12%	74.79%	77.52%	75.68%	70.79%	68.81%	69.74%	66.00%	63.81%	63.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.37%	6.39%	6.46%	6.04%	5.58%	5.36%	5.24%	5.34%	5.02%	4.37%	4.31%
Common Equity to Total Capital	16.45%	16.49%	18.75%	16.44%	18.74%	23.85%	25.95%	24.92%	28.98%	31.82%	32.63%
Debt to EBITDA	2.96	4.32	4.30	3.74	2.79	2.20	1.94	1.98	1.92	2.07	2.05
Net Debt to EBITDA	0.53	0.97	0.04	0.62	0.48	0.00	-0.27	0.32	0.08	-0.13	-0.50
Long-Term Debt to EBITDA	2.96	4.32	4.30	3.74	2.79	2.20	1.94	1.98	1.92	2.07	2.05
Debt to NOPAT	38.14	-30.66	-30.20	-982.72	10.86	6.62	5.88	5.47	5.31	6.13	6.72
Net Debt to NOPAT	6.80	-6.87	-0.30	-163.26	1.86	0.00	-0.82	0.88	0.23	-0.39	-1.62
Long-Term Debt to NOPAT	38.14	-30.66	-30.20	-982.72	10.86	6.62	5.88	5.47	5.31	6.13	6.72
Altman Z-Score	0.00	0.00	0.00	2.44	2.44	2.78	2.83	2.80	2.86	2.94	2.76
Noncontrolling Interest Sharing Ratio	43.45%	47.53%	46.40%	25.62%	25.21%	22.14%	20.58%	21.56%	18.08%	14.86%	13.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	517	421	498	143	-60	233	136	-99	31	-12	0.93
Operating Cash Flow to CapEx	2,760.93%	461.08%	3,947.26%	-1,361.98%	3,893.97%	0.00%	2,458.69%	-1,573.54%	425.12%	10,065.58%	11,164.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.53	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.67	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.55	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.48	0.49	0.62	0.63	0.69	0.67	0.69	0.69	0.66	0.65
Accounts Receivable Turnover	4.86	4.64	4.93	5.81	5.29	6.04	5.23	6.10	5.53	5.42	4.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.54	11.15	10.75	11.90	12.52	16.11	15.98	15.28	15.79	18.67	19.41
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	75.03	78.65	74.07	62.82	69.03	60.43	69.81	59.83	66.01	67.38	77.14
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	75.03	78.65	74.07	62.82	69.03	60.43	69.81	59.83	66.01	67.38	77.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	800	880	587	845	912	763	529	1,005	943	849	582
Invested Capital Turnover	2.46	2.29	3.24	3.14	3.34	3.81	5.63	3.27	3.38	3.84	5.74
Increase / (Decrease) in Invested Capital	-594	-424	-426	-103	112	-117	-58	161	31	86	53
Enterprise Value (EV)	0.00	0.00	0.00	6,097	5,562	6,958	6,780	6,275	6,505	6,931	5,995
Market Capitalization	0.00	0.00	0.00	5,645	5,108	6,820	6,888	5,873	6,304	6,923	6,287
Book Value per Share	$2.59	$2.61	$3.07	$4.30	$3.39	$4.61	$4.71	$4.45	$5.64	$6.42	$6.69
Tangible Book Value per Share	($0.25)	($0.24)	$0.21	($0.02)	$0.48	$1.70	$1.80	$1.54	$2.64	$3.40	$3.66
Total Capital	2,188	2,191	2,260	2,388	2,447	2,617	2,452	2,420	2,559	2,644	2,677
Total Debt	1,689	1,690	1,690	1,851	1,852	1,853	1,687	1,688	1,689	1,687	1,688
Total Long-Term Debt	1,689	1,690	1,690	1,851	1,852	1,853	1,687	1,688	1,689	1,687	1,688
Net Debt	301	378	17	308	317	-1.29	-236	273	73	-108	-407
Capital Expenditures (CapEx)	7.28	7.26	8.65	6.61	4.53	-177	15	14	12	2.86	3.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	528	506	561	460	555	529	641	531	579	614	706
Debt-free Net Working Capital (DFNWC)	1,916	1,817	2,234	2,004	2,090	2,383	2,564	1,947	2,194	2,409	2,801
Net Working Capital (NWC)	1,916	1,817	2,234	2,004	2,090	2,383	2,564	1,947	2,194	2,409	2,801
Net Nonoperating Expense (NNE)	43	-10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	301	378	17	308	317	-1.29	-236	273	73	-108	-407
Total Depreciation and Amortization (D&A)	152	114	87	131	146	128	80	113	142	130	109
Debt-free, Cash-free Net Working Capital to Revenue	19.54%	20.25%	21.62%	16.32%	19.38%	16.93%	20.40%	17.58%	18.47%	19.82%	22.16%
Debt-free Net Working Capital to Revenue	70.90%	72.71%	86.14%	71.13%	73.00%	76.23%	81.65%	64.38%	70.04%	77.82%	87.92%
Net Working Capital to Revenue	70.90%	72.71%	86.14%	71.13%	73.00%	76.23%	81.65%	64.38%	70.04%	77.82%	87.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.41)	$0.07	$0.71	$0.38	$0.53	$1.13	$0.89	$0.61	$0.56	$0.71	$0.49
Adjusted Weighted Average Basic Shares Outstanding	88.73M	89.43M	88.99M	91.26M	92.89M	93.63M	93.14M	95.26M	97.53M	98.11M	97.48M
Adjusted Diluted Earnings per Share	($1.41)	$0.06	$0.72	$0.35	$0.49	$1.02	$0.82	$0.56	$0.52	$0.65	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	88.73M	94.31M	88.99M	99.35M	100.63M	103.48M	102.39M	104.83M	104.91M	108.00M	106.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	138.66M	138.12M	138.11M	135.33M	135.36M	135.06M	135.63M	131.38M	131.17M	130.62M	129.55M
Normalized Net Operating Profit after Tax (NOPAT)	-77	-3.40	71	40	52	116	78	38	61	74	54
Normalized NOPAT Margin	-11.63%	-0.63%	8.66%	5.12%	7.35%	14.38%	9.33%	5.72%	7.50%	9.54%	5.83%
Pre Tax Income Margin	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%	9.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.18	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.24	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.06	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.11	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	455.67%	-254.25%	-312.14%	-9,512.47%	105.33%	65.11%	63.07%	58.64%	57.36%	66.99%	75.36%
Augmented Payout Ratio	2,717.33%	-1,324.11%	-1,512.59%	-10,846.39%	130.99%	80.80%	83.83%	82.52%	75.80%	87.56%	111.62%

Financials Breakdown Chart

Key Financial Trends

Lazard, Inc. (NYSE: LAZ) delivered a mixed but largely constructive Q4 2025 reading. The company posted solid top-line growth and stronger cash generation, while earnings per share and margins show some pressure versus prior-year periods. Below are the key trends from the last four years of quarterly statements, with a focus on the latest quarter and how it fits into longer-running patterns.

Revenue growth: Q4 2025 operating revenue was $929.4M, up from $839.0M in Q4 2024 (approx. +10.7% year over year).
Operating cash flow strength: Net cash from continuing operating activities rose to $399.7M in Q4 2025, up from $287.5M in Q3 2025 (and higher vs. prior-year levels), signaling robust cash generation.
Liquidity improvement: Cash and cash equivalents increased to about $1.17B by Q3 2025, versus roughly $0.78B at the end of 2024, improving liquidity coverage.
Balance sheet equity growth: Total Common Equity rose to about $841.5M in Q3 2025 (vs. around $603.0M earlier in 2025), indicating a growing equity base from earnings and capital actions.
Dividend per share maintained: Cash dividends per share remained at $0.50 in Q4 2025, supporting an income-oriented thesis for some investors.
S&GA efficiency: Selling, General & Administrative expense declined slightly QoQ to $82.97M in Q4 2025 from $84.70M in Q3 2025, hinting at modest efficiency gains.
Debt stability: Long-term debt remained around the $1.69B level across recent quarters, suggesting manageable leverage without a sharp uptick.
Net change in cash: Net change in cash and equivalents for Q4 2025 was a positive $247.5M, benefiting from stronger operating cash flow and contributing to liquidity.
Non-operating income contribution: Total Other Income / (Expense), net contributed approximately $22.7M in Q4 2025, providing a modest offset to pretax income (neutral to overall operating trend).
Earnings per share and margins softness: Net income attributable to common shareholders in Q4 2025 was $49.9M (basic) and $0.49 per share (basic) vs. Q4 2024 levels of $86.3M and $0.89 per share, signaling weaker quarterly profitability and margin pressure despite higher revenue.

Bottom line for investors: Lazard’s latest quarter shows stronger revenue and better cash generation, supported by a sturdier balance sheet and continued dividend support. However, earnings and margins have softened versus the prior-year period, and the company is navigating higher operating expenses as a share of revenue. If Lazard can sustain the cash-flow gains while gradually restoring margin discipline, the stock could offer a compelling mix of growth and income for patient retail investors.

05/05/26 07:13 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Lazard's Financials

When does Lazard's fiscal year end?

According to the most recent income statement we have on file, Lazard's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Lazard's net income changed over the last 10 years?

Over the last 10 years, Lazard's net income changed from $6.56 million in 2015 to $251.02 million in 2025, a change of 3,727.1%. See Lazard's forecast for analyst expectations on whatâ€™s next for the company.

What is Lazard's operating income?

Lazard's total operating income in 2025 was $327.60 million, based on the following breakdown:

Total Gross Profit: $1.10 billion
Total Operating Expenses: $773.48 million

How has Lazard's revenue changed over the last 10 years?

Over the last 10 years, Lazard's total revenue changed from $2.40 billion in 2015 to $3.19 billion in 2025, a change of 32.5%.

How much debt does Lazard have?

Lazard's total liabilities were at $3.95 billion at the end of 2025, a 1.9% decrease from 2024, and a 27.0% increase since 2015.

How much cash does Lazard have?

In the past 10 years, Lazard's cash and equivalents has ranged from $971.32 million in 2023 to $1.48 billion in 2017, and is currently $1.47 billion as of their latest financial filing in 2025.

How has Lazard's book value per share changed over the last 10 years?

Over the last 10 years, Lazard's book value per share changed from 9.80 in 2015 to 6.69 in 2025, a change of -31.7%.

Related Companies

Financial statements for NYSE:LAZ last updated on 4/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lazard (LAZ) Financials

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