Free Trial
$100 Off Ends Tonight! MarketBeat All Access Returns to $249
  • 0Days
  • 0Hours
  • 0Minutes
  • 0Seconds
Save $100 Now
Claim MarketBeat All Access Sale Promotion

Lazard (LAZ) Financials

Lazard logo
$48.09 +0.03 (+0.06%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$48.06 -0.03 (-0.06%)
As of 05/22/2026 05:01 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Lazard

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

Quarterly Income Statements for Lazard

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 7.14 64 36 50 108 86 60 55 71 50 101
Consolidated Net Income / (Loss)		 6.77 71 40 52 116 78 62 61 74 54 101
Net Income / (Loss) Continuing Operations		 6.77 71 40 52 116 78 62 61 74 54 101
Total Pre-Tax Income 		-4.86 72 55 64 161 107 55 93 95 85 90
Total Operating Income		 -4.86 72 55 64 161 107 55 93 95 85 90
Total Gross Profit		 179 267 235 255 342 305 239 298 273 292 288
Total Revenue		 543 826 785 708 807 839 669 817 771 929 779
Operating Revenue		 543 826 785 708 807 839 669 817 771 929 779
Total Cost of Revenue		 365 559 551 453 465 534 430 519 498 638 492
Operating Cost of Revenue		 365 559 551 453 465 534 430 519 498 638 492
Total Operating Expenses		 183 195 180 192 181 198 184 205 155 229 198
Selling, General & Admin Expense		 82 90 77 85 74 95 73 90 85 83 82
Marketing Expense		 21 27 24 25 22 29 28 30 26 35 29
Other Operating Expenses / (Income)		 80 77 80 82 85 74 83 85 44 111 88
Total Other Income / (Expense), net		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 -23 23 0.00
Income Tax Expense		 -12 0.40 14 12 45 29 -7.35 32 21 31 -11
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.37 7.93 4.47 2.14 8.20 -8.01 1.61 5.97 2.25 4.35 -0.35
Basic Earnings per Share		 $0.07 $0.71 $0.38 $0.53 $1.13 $0.89 $0.61 $0.56 $0.71 $0.49 $0.98
Weighted Average Basic Shares Outstanding		 89.43M 88.99M 91.26M 92.89M 93.63M 93.14M 95.26M 97.53M 98.11M 97.48M 99.46M
Diluted Earnings per Share		 $0.06 $0.72 $0.35 $0.49 $1.02 $0.82 $0.56 $0.52 $0.65 $0.44 $0.91
Weighted Average Diluted Shares Outstanding		 94.31M 88.99M 99.35M 100.63M 103.48M 102.39M 104.83M 104.91M 108.00M 106.34M 106.79M
Weighted Average Basic & Diluted Shares Outstanding		 138.12M 138.11M 135.33M 135.36M 135.06M 135.63M 131.38M 131.17M 130.62M 129.55M 124.94M
Cash Dividends to Common per Share		 $0.50 - $0.50 $0.50 $0.50 - $0.50 $0.50 $0.50 - $0.50

Annual Cash Flow Statements for Lazard

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

Quarterly Cash Flow Statements for Lazard

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 -173 218 -20 -120 429 96 -402 41 175 248 -436
Net Cash From Operating Activities		 33 342 -90 176 294 363 -218 50 287 400 -219
Net Cash From Continuing Operating Activities		 33 342 -90 176 294 363 -218 50 287 400 -219
Net Income / (Loss) Continuing Operations		 6.77 71 40 52 116 78 62 61 74 54 101
Consolidated Net Income / (Loss)		 6.77 71 40 52 116 78 62 61 74 54 101
Depreciation Expense		 11 11 9.13 9.19 8.97 9.00 8.44 8.63 8.48 8.64 7.82
Amortization Expense		 104 76 121 137 119 71 104 133 122 101 128
Non-Cash Adjustments To Reconcile Net Income		 18 12 16 17 -97 8.67 16 18 -4.07 25 -64
Changes in Operating Assets and Liabilities, net		 -106 171 -277 -38 147 196 -408 -171 88 211 -392
Net Cash From Investing Activities		 -7.26 -8.65 -6.61 -103 209 34 -23 -26 -15 -18 -48
Net Cash From Continuing Investing Activities		 -7.26 -8.65 -6.61 -103 209 34 -23 -26 -15 -18 -48
Purchase of Property, Plant & Equipment		 -7.52 -8.79 -6.62 -6.44 -18 -15 -14 -12 -2.86 -3.58 -2.19
Other Investing Activities, net		 - - 0.00 - - - -8.87 -15 -12 -14 -45
Net Cash From Financing Activities		 -177 -150 98 -193 -112 -234 -192 -40 -97 -135 -153
Net Cash From Continuing Financing Activities		 -177 -150 98 -193 -112 -234 -192 -40 -97 -135 -153
Repurchase of Common Equity		 -2.95 - -22 -19 -3.11 -16 -36 -3.76 -1.08 -50 -1.69
Payment of Dividends		 -44 -44 -45 -46 -47 -43 -45 -47 -49 -48 -47
Issuance of Common Equity		 1.07 0.83 0.18 0.05 1.76 0.42 0.10 1.26 0.11 2.24 0.15
Other Financing Activities, net		 -130 -107 2.29 -128 -63 -9.56 -111 9.71 -49 -39 -105
Effect of Exchange Rate Changes		 -23 36 -22 -0.95 38 -68 30 57 -0.39 0.54 -16

Annual Balance Sheets for Lazard

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 4,936
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 1,967
Goodwill		 327 382 391 375 374 384 380 377 395 394 395
Noncurrent Deferred & Refundable Income Taxes		 1,131 1,076 650 598 587 538 435 408 497 480 450
Other Noncurrent Operating Assets		 1,257 1,167 1,283 2,063 2,690 2,780 2,940 2,392 1,277 1,197 1,122
Total Liabilities & Shareholders' Equity		 4,478 4,557 4,929 4,997 5,640 5,972 7,147 5,853 4,636 4,794 4,936
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 1,078 675 482 685 906
Total Preferred & Common Equity		 1,313 1,236 1,200 917 610 912 975 556 424 636 869
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 1,200 917 610 912 975 556 424 636 869
Common Stock		 601 690 789 752 42 137 146 169 248 329 308
Retained Earnings		 1,124 1,134 1,080 1,196 1,194 1,295 1,561 1,677 1,403 1,472 1,518
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

Quarterly Balance Sheets for Lazard

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 Q1 2026
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 3/31/2026
Total Assets		 6,208 4,568 4,603 4,296 4,587 4,527 4,820 4,232 4,493 4,634 4,241
Total Current Assets		 2,210 1,848 1,916 1,817 2,004 2,090 2,383 1,947 2,194 2,409 2,111
Cash & Equivalents		 1,000 597 698 653 923 848 1,166 909 978 1,172 1,021
Short-Term Investments		 639 742 690 658 621 688 688 506 637 624 517
Accounts Receivable		 571 510 528 506 460 555 529 531 579 614 574
Plant, Property, & Equipment, net		 219 246 237 230 228 221 158 168 176 173 160
Total Noncurrent Assets		 3,779 2,474 2,450 2,249 2,356 2,217 2,278 2,117 2,123 2,051 1,969
Goodwill		 376 394 395 394 394 394 395 394 395 395 395
Noncurrent Deferred & Refundable Income Taxes		 391 368 524 508 506 508 527 497 492 474 464
Other Noncurrent Operating Assets		 3,013 1,712 1,531 1,347 1,456 1,315 1,357 1,226 1,235 1,182 1,111
Total Liabilities & Shareholders' Equity		 6,208 4,568 4,603 4,296 4,587 4,527 4,820 4,232 4,493 4,634 4,241
Total Liabilities		 4,952 3,970 4,103 3,794 4,050 3,932 4,056 3,500 3,623 3,677 3,287
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		 4,952 3,970 4,103 3,794 4,050 3,932 4,056 3,500 3,623 3,677 3,287
Long-Term Debt		 1,687 1,688 1,689 1,690 1,851 1,852 1,853 1,688 1,689 1,687 1,689
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 1.12
Noncurrent Employee Benefit Liabilities		 531 443 602 497 496 550 634 248 391 506 214
Other Noncurrent Operating Liabilities		 2,725 1,834 1,806 1,602 1,700 1,526 1,567 1,563 1,543 1,483 1,383
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		 578 89 84 82 88 81 84 84 84 79 81
Total Equity & Noncontrolling Interests		 677 508 416 420 449 514 680 649 786 879 872
Total Preferred & Common Equity		 561 451 360 361 393 459 624 603 742 842 881
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		 561 451 360 361 393 459 624 603 742 842 881
Common Stock		 128 95 169 204 136 220 285 133 226 294 108
Retained Earnings		 1,682 1,605 1,431 1,389 1,385 1,383 1,438 1,478 1,478 1,493 1,559
Treasury Stock		 - - - - - - - - - - -509
Accumulated Other Comprehensive Income / (Loss)		 -334 -283 -282 -293 -304 -306 -272 -307 -269 -273 -277
Noncontrolling Interest		 117 57 56 58 56 56 56 46 45 37 -8.84

Annual Metrics And Ratios for Lazard

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%

Quarterly Metrics And Ratios for Lazard

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 129,549,634.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 129,549,634.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -27.23% 12.83% 39.79% 6.90% 48.65% 1.61% -14.81% 15.42% -4.54% 10.77% 16.47%
EBITDA Growth		 -62.21% 1.12% 124.39% 395.54% 164.18% 18.18% -9.68% 12.11% -22.19% 3.76% 34.81%
EBIT Growth		 -103.07% -1.70% 247.77% 157.82% 3,418.65% 48.94% 0.14% 46.26% -41.11% -20.67% 63.95%
NOPAT Growth		 -102.77% 25.29% 255.62% 167.56% 3,515.84% 9.51% 54.11% 17.80% -36.71% -30.76% 62.23%
Net Income Growth		 -94.48% 25.29% 364.65% 143.24% 1,614.42% 9.51% 54.11% 17.80% -36.71% -30.76% 62.23%
EPS Growth		 -94.34% 50.00% 229.63% 134.75% 1,600.00% 13.89% 60.00% 6.12% -36.27% -46.34% 62.50%
Operating Cash Flow Growth		 -92.29% 8.68% 78.13% -12.32% 777.09% 6.22% -141.73% -71.81% -2.13% 10.15% -0.80%
Free Cash Flow Firm Growth		 -51.72% 653.20% -89.60% -111.54% -44.71% -72.58% -168.73% 151.21% -105.18% -99.32% 100.22%
Invested Capital Growth		 -32.53% -42.07% -10.88% 13.96% -13.25% -9.90% 19.01% 3.37% 11.21% 10.08% 9.98%
Revenue Q/Q Growth		 -17.99% 52.03% -4.88% -9.87% 14.04% 3.91% -20.24% 22.12% -5.68% 20.58% -16.14%
EBITDA Q/Q Growth		 158.60% 44.84% 16.83% 13.24% 37.86% -35.20% -10.71% 40.56% -4.32% -13.59% 16.00%
EBIT Q/Q Growth		 95.59% 1,580.28% -24.11% 16.64% 153.28% -33.57% -48.98% 70.37% 1.99% -10.51% 5.44%
NOPAT Q/Q Growth		 95.59% 2,202.83% -43.74% 29.41% 123.11% -32.58% -20.83% -1.08% 19.87% -26.24% 85.49%
Net Income Q/Q Growth		 105.63% 955.42% -43.74% 29.41% 123.11% -32.58% -20.83% -1.08% 19.87% -26.24% 85.49%
EPS Q/Q Growth		 104.26% 1,100.00% -51.39% 40.00% 108.16% -19.61% -31.71% -7.14% 25.00% -32.31% 106.82%
Operating Cash Flow Q/Q Growth		 -83.34% 920.05% -126.34% 295.85% 66.66% 23.54% -159.95% 122.84% 478.65% 39.04% -154.86%
Free Cash Flow Firm Q/Q Growth		 -18.62% 18.25% -71.18% -141.63% 489.80% -41.37% -172.24% 131.02% -139.46% 107.71% -76.67%
Invested Capital Q/Q Growth		 9.90% -33.30% 43.94% 8.01% -16.34% -30.73% 90.12% -6.18% -9.99% -31.43% 89.96%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 32.87% 32.28% 29.87% 36.08% 42.36% 36.30% 35.70% 36.46% 35.36% 31.38% 36.89%
EBITDA Margin		 20.15% 19.19% 23.57% 29.62% 35.80% 22.33% 24.99% 28.77% 29.18% 20.91% 28.93%
Operating Margin		 -0.89% 8.71% 6.95% 8.99% 19.96% 12.76% 8.16% 11.39% 12.32% 9.14% 11.49%
EBIT Margin		 -0.89% 8.71% 6.95% 8.99% 19.96% 12.76% 8.16% 11.39% 12.32% 9.14% 11.49%
Profit (Net Income) Margin		 1.25% 8.66% 5.12% 7.35% 14.38% 9.33% 9.26% 7.50% 9.54% 5.83% 12.90%
Tax Burden Percent		 -139.47% 99.44% 73.72% 81.79% 72.05% 73.12% 113.46% 65.87% 77.43% 63.82% 112.27%
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% 0.56% 26.28% 18.21% 27.95% 26.88% -13.46% 34.13% 22.57% 36.18% -12.27%
Return on Invested Capital (ROIC)		 -1.43% 28.07% 16.10% 24.58% 54.75% 52.54% 30.29% 25.34% 36.63% 33.47% 40.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.34% 28.07% 16.10% 24.58% 54.75% 52.54% 30.29% 25.34% 36.63% 33.47% 40.31%
Return on Net Nonoperating Assets (RNNOA)		 0.81% -3.52% 9.32% 13.88% 16.31% -8.63% 13.85% 6.75% -2.33% -12.28% 10.14%
Return on Equity (ROE)		 -0.62% 24.55% 25.42% 38.45% 71.06% 43.91% 44.13% 32.09% 34.30% 21.20% 50.45%
Cash Return on Invested Capital (CROIC)		 33.80% 46.27% 11.30% 6.87% 48.26% 61.83% 16.00% 30.94% 23.52% 35.61% 17.93%
Operating Return on Assets (OROA)		 -0.43% 4.31% 4.27% 5.64% 13.70% 8.50% 5.60% 7.91% 8.07% 5.98% 8.94%
Return on Assets (ROA)		 0.59% 4.28% 3.15% 4.61% 9.87% 6.21% 6.35% 5.21% 6.25% 3.82% 10.04%
Return on Common Equity (ROCE)		 -0.33% 13.16% 18.91% 28.76% 55.33% 34.87% 34.62% 26.29% 29.20% 18.25% 44.41%
Return on Equity Simple (ROE_SIMPLE)		 -19.85% 0.00% -0.48% 37.18% 44.84% 0.00% 51.15% 42.84% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.40 71 40 52 116 78 62 61 74 54 101
NOPAT Margin		 -0.63% 8.66% 5.12% 7.35% 14.38% 9.33% 9.26% 7.50% 9.54% 5.83% 12.90%
Net Nonoperating Expense Percent (NNEP)		 -4.77% 0.00% 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% 3.93%
Cost of Revenue to Revenue		 67.13% 67.72% 70.13% 63.92% 57.64% 63.70% 64.30% 63.54% 64.64% 68.62% 63.11%
SG&A Expenses to Revenue		 15.16% 10.96% 9.77% 11.93% 9.19% 11.38% 10.98% 11.06% 10.99% 8.93% 10.46%
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		 33.77% 23.57% 22.93% 27.09% 22.40% 23.54% 27.54% 25.07% 20.10% 24.69% 25.40%
Earnings before Interest and Taxes (EBIT)		 -4.86 72 55 64 161 107 55 93 95 85 90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 109 158 185 210 289 187 167 235 225 194 225
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 14.37 11.14 10.92 10.83 9.74 8.50 8.23 7.20 6.24
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 78.97 29.69 28.38 28.11 18.20 15.51 13.14 11.31
Price to Revenue (P/Rev)		 0.00 0.00 2.00 1.78 2.18 2.19 1.94 2.01 2.24 1.97 1.67
Price to Earnings (P/E)		 0.00 0.00 0.00 32.67 26.52 24.61 19.29 20.34 25.33 26.55 19.84
Dividend Yield		 0.00% 0.00% 1.22% 2.65% 2.98% 3.92% 4.62% 4.17% 3.79% 4.16% 4.71%
Earnings Yield		 0.00% 0.00% 0.00% 3.06% 3.77% 4.06% 5.19% 4.92% 3.95% 3.77% 5.04%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 7.22 6.10 9.12 12.82 6.24 6.90 8.17 10.30 5.18
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 2.16 1.94 2.23 2.16 2.08 2.08 2.24 1.88 1.74
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 12.31 8.39 8.26 7.78 7.35 7.40 8.51 7.30 6.51
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 528.87 30.03 19.81 17.54 16.23 15.64 19.82 18.30 15.80
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 32.61 24.86 23.65 20.34 20.47 25.19 23.88 19.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 12.54 12.06 9.64 9.13 10.20 13.31 14.36 11.54 11.07
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 60.20 94.58 17.55 19.66 42.42 22.67 36.57 30.32 30.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.37 2.97 3.45 3.11 2.42 2.21 2.30 1.94 1.76 1.71 1.77
Long-Term Debt to Equity		 3.37 2.97 3.45 3.11 2.42 2.21 2.30 1.94 1.76 1.71 1.77
Financial Leverage		 0.24 -0.13 0.58 0.56 0.30 -0.16 0.46 0.27 -0.06 -0.37 0.25
Leverage Ratio		 5.98 5.74 8.07 8.34 7.20 7.07 6.95 6.16 5.49 5.55 5.02
Compound Leverage Factor		 5.98 5.74 8.07 8.34 7.20 7.07 6.95 6.16 5.49 5.55 5.02
Debt to Total Capital		 77.12% 74.79% 77.52% 75.68% 70.79% 68.81% 69.74% 66.00% 63.81% 63.05% 63.90%
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		 77.12% 74.79% 77.52% 75.68% 70.79% 68.81% 69.74% 66.00% 63.81% 63.05% 63.90%
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		 6.39% 6.46% 6.04% 5.58% 5.36% 5.24% 5.34% 5.02% 4.37% 4.31% 2.75%
Common Equity to Total Capital		 16.49% 18.75% 16.44% 18.74% 23.85% 25.95% 24.92% 28.98% 31.82% 32.63% 33.35%
Debt to EBITDA		 4.32 4.30 3.74 2.79 2.20 1.94 1.98 1.92 2.07 2.05 1.92
Net Debt to EBITDA		 0.97 0.04 0.62 0.48 0.00 -0.27 0.32 0.08 -0.13 -0.50 0.17
Long-Term Debt to EBITDA		 4.32 4.30 3.74 2.79 2.20 1.94 1.98 1.92 2.07 2.05 1.92
Debt to NOPAT		 -30.66 -30.20 -982.72 10.86 6.62 5.88 5.47 5.31 6.13 6.72 5.83
Net Debt to NOPAT		 -6.87 -0.30 -163.26 1.86 0.00 -0.82 0.88 0.23 -0.39 -1.62 0.52
Long-Term Debt to NOPAT		 -30.66 -30.20 -982.72 10.86 6.62 5.88 5.47 5.31 6.13 6.72 5.83
Altman Z-Score		 0.00 0.00 2.44 2.44 2.78 2.83 2.80 2.86 2.94 2.76 2.96
Noncontrolling Interest Sharing Ratio		 47.53% 46.40% 25.62% 25.21% 22.14% 20.58% 21.56% 18.08% 14.86% 13.91% 11.97%
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)		 421 498 143 -60 233 136 -99 31 -12 0.93 0.22
Operating Cash Flow to CapEx		 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% -10,035.10%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.53 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 12.67 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 12.55 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.48 0.49 0.62 0.63 0.69 0.67 0.69 0.69 0.66 0.65 0.78
Accounts Receivable Turnover		 4.64 4.93 5.81 5.29 6.04 5.23 6.10 5.53 5.42 4.73 5.96
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		 11.15 10.75 11.90 12.52 16.11 15.98 15.28 15.79 18.67 19.41 20.08
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)		 78.65 74.07 62.82 69.03 60.43 69.81 59.83 66.01 67.38 77.14 61.20
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)		 78.65 74.07 62.82 69.03 60.43 69.81 59.83 66.01 67.38 77.14 61.20
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 880 587 845 912 763 529 1,005 943 849 582 1,105
Invested Capital Turnover		 2.29 3.24 3.14 3.34 3.81 5.63 3.27 3.38 3.84 5.74 3.12
Increase / (Decrease) in Invested Capital		 -424 -426 -103 112 -117 -58 161 31 86 53 100
Enterprise Value (EV)		 0.00 0.00 6,097 5,562 6,958 6,780 6,275 6,505 6,931 5,995 5,727
Market Capitalization		 0.00 0.00 5,645 5,108 6,820 6,888 5,873 6,304 6,923 6,287 5,503
Book Value per Share		 $2.61 $3.07 $4.30 $3.39 $4.61 $4.71 $4.45 $5.64 $6.42 $6.69 $6.80
Tangible Book Value per Share		 ($0.24) $0.21 ($0.02) $0.48 $1.70 $1.80 $1.54 $2.64 $3.40 $3.66 $3.76
Total Capital		 2,191 2,260 2,388 2,447 2,617 2,452 2,420 2,559 2,644 2,677 2,643
Total Debt		 1,690 1,690 1,851 1,852 1,853 1,687 1,688 1,689 1,687 1,688 1,689
Total Long-Term Debt		 1,690 1,690 1,851 1,852 1,853 1,687 1,688 1,689 1,687 1,688 1,689
Net Debt		 378 17 308 317 -1.29 -236 273 73 -108 -407 152
Capital Expenditures (CapEx)		 7.26 8.65 6.61 4.53 -177 15 14 12 2.86 3.58 2.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 506 561 460 555 529 641 531 579 614 706 574
Debt-free Net Working Capital (DFNWC)		 1,817 2,234 2,004 2,090 2,383 2,564 1,947 2,194 2,409 2,801 2,111
Net Working Capital (NWC)		 1,817 2,234 2,004 2,090 2,383 2,564 1,947 2,194 2,409 2,801 2,111
Net Nonoperating Expense (NNE)		 -10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 378 17 308 317 -1.29 -236 273 73 -108 -407 152
Total Depreciation and Amortization (D&A)		 114 87 131 146 128 80 113 142 130 109 136
Debt-free, Cash-free Net Working Capital to Revenue		 20.25% 21.62% 16.32% 19.38% 16.93% 20.40% 17.58% 18.47% 19.82% 22.16% 17.41%
Debt-free Net Working Capital to Revenue		 72.71% 86.14% 71.13% 73.00% 76.23% 81.65% 64.38% 70.04% 77.82% 87.92% 64.04%
Net Working Capital to Revenue		 72.71% 86.14% 71.13% 73.00% 76.23% 81.65% 64.38% 70.04% 77.82% 87.92% 64.04%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.07 $0.71 $0.38 $0.53 $1.13 $0.89 $0.61 $0.56 $0.71 $0.49 $0.98
Adjusted Weighted Average Basic Shares Outstanding		 89.43M 88.99M 91.26M 92.89M 93.63M 93.14M 95.26M 97.53M 98.11M 97.48M 99.46M
Adjusted Diluted Earnings per Share		 $0.06 $0.72 $0.35 $0.49 $1.02 $0.82 $0.56 $0.52 $0.65 $0.44 $0.91
Adjusted Weighted Average Diluted Shares Outstanding		 94.31M 88.99M 99.35M 100.63M 103.48M 102.39M 104.83M 104.91M 108.00M 106.34M 106.79M
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		 138.12M 138.11M 135.33M 135.36M 135.06M 135.63M 131.38M 131.17M 130.62M 129.55M 124.94M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.40 71 40 52 116 78 38 61 74 54 63
Normalized NOPAT Margin		 -0.63% 8.66% 5.12% 7.35% 14.38% 9.33% 5.72% 7.50% 9.54% 5.83% 8.04%
Pre Tax Income Margin		 -0.89% 8.71% 6.95% 8.99% 19.96% 12.76% 8.16% 11.39% 12.32% 9.14% 11.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.18 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.24 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 4.06 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 3.11 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -254.25% -312.14% -9,512.47% 105.33% 65.11% 63.07% 58.64% 57.36% 66.99% 75.36% 66.02%
Augmented Payout Ratio		 -1,324.11% -1,512.59% -10,846.39% 130.99% 80.80% 83.83% 82.52% 75.80% 87.56% 111.62% 85.54%

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.

05/25/26 08:26 PM ETAI Generated. May Contain Errors.

Lazard Financials - Frequently Asked Questions

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.

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%. Check out Lazard's forecast to explore projected trends and price targets.

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

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%.

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.

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.

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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
SpaceX eyes a 1.75 trillion valuation - here's what to know
Elon Musk's team has quietly filed confidential paperwork with the SEC for what Bloomberg estimates could be a...
Brownstone Research | Sponsoredtc pixel
$30 stock to buy before Starlink goes public (WATCH NOW!)
In the next 3 minutes… James Altucher – legendary investor and venture capitalist… And someone who’s kno...
Paradigm Press | Sponsoredtc pixel
Your book attached
Bill Poulos is giving away his 'Safe Trade Options Formula' book for free - but only for a limited time throug...
Profits Run | Sponsoredtc pixel
My feud with Zohran Mamdani
Emmy-winning analyst releases his next big story Whitney Tilson shocked the nation on 60 Minutes when he ac...
Stansberry Research | Sponsoredtc pixel
SpaceX IPO hides a much bigger story
The SpaceX IPO could be the biggest in history at $1.75 trillion - but the real story isn't the IPO itself. ...
Weiss Ratings | Sponsoredtc pixel
SpaceX will mint billionaires. You won't be one of them.
By the time a company goes public, 95% of profits have already been made. Insiders bought SpaceX at $20 billio...
Behind the Markets | Sponsoredtc pixel
Satellite Images Spot Potential $10 Trillion Discovery
'Dark Energy': Elon Musk's Next Potential $10 Trillion Move A highly secure site in West Texas now houses a...
Altimetry | Sponsoredtc pixel
Hey, it's Jon Najarian. The SpaceX IPO is right around the corner. But I discovered Elon may have something BIGGER planned. Check this out before June 9th...
After being invited to the SpaceX launch headquarters in Cape Canaveral from one of Elon's top lobbyists… Hall...
Banyan Hill Publishing | Sponsoredtc pixel