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Lazard, Inc.

LAZ Clue Score41
United States Fiscal year ends December CIK 0001311370
$36.75 +2.60% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $36.75 −24.74% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,383.7Operating income517.5Net income387.7EPS, diluted2.92Fiscal year 2017Revenue2,697.8 +13.2%Operating income825.4Net income253.6 −34.6%EPS, diluted1.91 −34.6%Fiscal year 2018Revenue2,884.8 +6.9%Operating income680.8Net income527.1 +107.9%EPS, diluted4.06 +112.6%Fiscal year 2019Revenue2,667.0 −7.6%Operating income392.7Net income286.5 −45.6%EPS, diluted2.44 −39.9%Fiscal year 2020Revenue2,646.8 −0.8%Operating income502.1Net income402.5 +40.5%EPS, diluted3.54 +45.1%Fiscal year 2021Revenue3,273.8 +23.7%Operating income723.8Net income528.1 +31.2%EPS, diluted4.63 +30.8%Fiscal year 2022Revenue2,855.1 −12.8%Operating income516.8Net income357.5 −32.3%EPS, diluted3.51 −24.2%Fiscal year 2023Revenue2,593.2 −9.2%Operating income−80.0Net income−75.5 −121.1%EPS, diluted−0.90 −125.6%Fiscal year 2024Revenue3,139.9 +21.1%Operating income386.5Net income279.9EPS, diluted2.68Fiscal year 2025Revenue3,186.5 +1.5%Operating income327.6Net income236.8 −15.4%EPS, diluted2.17 −19.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,383.7 2,697.8 2,884.8 2,667.0 2,646.8 3,273.8 2,855.1 2,593.2 3,139.9 3,186.5
Growth +13.2% +6.9% −7.6% −0.8% +23.7% −12.8% −9.2% +21.1% +1.5%
Operating income 517.5 825.4 680.8 392.7 502.1 723.8 516.8 −80.0 386.5 327.6
Net income 387.7 253.6 527.1 286.5 402.5 528.1 357.5 −75.5 279.9 236.8
Growth −34.6% +107.9% −45.6% +40.5% +31.2% −32.3% −121.1% −15.4%
EPS, diluted 2.92 1.91 4.06 2.44 3.54 4.63 3.51 −0.90 2.68 2.17
Growth −34.6% +112.6% −39.9% +45.1% +30.8% −24.2% −125.6% −19.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin21.7%Net margin16.3%Free cash flow margin24.9%Fiscal year 2017Operating margin30.6%Net margin9.4%Free cash flow margin37.1%Fiscal year 2018Operating margin23.6%Net margin18.3%Free cash flow margin22.5%Fiscal year 2019Operating margin14.7%Net margin10.7%Free cash flow margin23.8%Fiscal year 2020Operating margin19.0%Net margin15.2%Free cash flow margin19.3%Fiscal year 2021Operating margin22.1%Net margin16.1%Free cash flow margin25.2%Fiscal year 2022Operating margin18.1%Net margin12.5%Free cash flow margin27.5%Fiscal year 2023Operating margin−3.1%Net margin−2.9%Free cash flow margin5.3%Fiscal year 2024Operating margin12.3%Net margin8.9%Free cash flow margin22.2%Fiscal year 2025Operating margin10.3%Net margin7.4%Free cash flow margin15.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 21.7% 30.6% 23.6% 14.7% 19.0% 22.1% 18.1% −3.1% 12.3% 10.3%
Net margin 16.3% 9.4% 18.3% 10.7% 15.2% 16.1% 12.5% −2.9% 8.9% 7.4%
Free cash flow margin 24.9% 37.1% 22.5% 23.8% 19.3% 25.2% 27.5% 5.3% 22.2% 15.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow632.6Capital expenditure−38.7Free cash flow593.9Buybacks−300.2Dividends paid−336.1Fiscal year 2017Operating cash flow1,029.1Capital expenditure−27.7Free cash flow1,001.4 +68.6%Buybacks−306.7Dividends paid−341.5Fiscal year 2018Operating cash flow699.0Capital expenditure−49.6Free cash flow649.4 −35.1%Buybacks−552.9Dividends paid−359.6Fiscal year 2019Operating cash flow678.0Capital expenditure−42.8Free cash flow635.2 −2.2%Buybacks−494.7Dividends paid−254.9Fiscal year 2020Operating cash flow575.9Capital expenditure−64.3Free cash flow511.6 −19.5%Buybacks−95.2Dividends paid−196.6Fiscal year 2021Operating cash flow866.1Capital expenditure−39.7Free cash flow826.4 +61.5%Buybacks−406.1Dividends paid−195.9Fiscal year 2022Operating cash flow834.0Capital expenditure−49.5Free cash flow784.5 −5.1%Buybacks−691.7Dividends paid−181.9Fiscal year 2023Operating cash flow164.7Capital expenditure−28.3Free cash flow136.4 −82.6%Buybacks−102.1Dividends paid−173.1Fiscal year 2024Operating cash flow742.8Capital expenditure−45.5Free cash flow697.3 +411.4%Buybacks−59.5Dividends paid−179.0Fiscal year 2025Operating cash flow519.3Capital expenditure−31.9Free cash flow487.4 −30.1%Buybacks−91.0Dividends paid−186.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 632.6 1,029.1 699.0 678.0 575.9 866.1 834.0 164.7 742.8 519.3
Capital expenditure −38.7 −27.7 −49.6 −42.8 −64.3 −39.7 −49.5 −28.3 −45.5 −31.9
Free cash flow 593.9 1,001.4 649.4 635.2 511.6 826.4 784.5 136.4 697.3 487.4
Growth +68.6% −35.1% −2.2% −19.5% +61.5% −5.1% −82.6% +411.4% −30.1%
Buybacks −300.2 −306.7 −552.9 −494.7 −95.2 −406.1 −691.7 −102.1 −59.5 −91.0
Dividends paid −336.1 −341.5 −359.6 −254.9 −196.6 −195.9 −181.9 −173.1 −179.0 −186.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1,158.8Total debt1,188.6Net cash (debt)−29.8Shareholders’ equity1,236.0Debt to equity0.96Fiscal year 2017Cash1,483.8Total debt1,190.4Net cash (debt)293.5Shareholders’ equity1,199.8Debt to equity0.99Fiscal year 2018Cash1,246.5Total debt1,434.3Net cash (debt)−187.7Shareholders’ equity916.9Debt to equity1.56Fiscal year 2019Cash1,231.6Total debt1,679.6Net cash (debt)−448.0Shareholders’ equity610.0Debt to equity2.75Fiscal year 2020Cash1,389.9Total debt1,682.7Net cash (debt)−292.9Shareholders’ equity911.8Debt to equity1.85Fiscal year 2021Cash1,465.0Total debt1,685.2Net cash (debt)−220.2Shareholders’ equity975.2Debt to equity1.73Fiscal year 2022Cash1,234.8Total debt1,687.7Net cash (debt)−452.9Shareholders’ equity556.5Debt to equity3.03Fiscal year 2023Cash971.3Total debt1,690.2Net cash (debt)−718.9Shareholders’ equity423.8Debt to equity3.99Fiscal year 2024Cash1,308.2Total debt1,687.1Net cash (debt)−378.8Shareholders’ equity636.2Debt to equity2.65Fiscal year 2025Cash1,469.4Total debt1,688.1Net cash (debt)−218.7Shareholders’ equity873.7Debt to equity1.93
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1,158.8 1,483.8 1,246.5 1,231.6 1,389.9 1,465.0 1,234.8 971.3 1,308.2 1,469.4
Total debt 1,188.6 1,190.4 1,434.3 1,679.6 1,682.7 1,685.2 1,687.7 1,690.2 1,687.1 1,688.1
Net cash (debt) −29.8 293.5 −187.7 −448.0 −292.9 −220.2 −452.9 −718.9 −378.8 −218.7
Shareholders’ equity 1,236.0 1,199.8 916.9 610.0 911.8 975.2 556.5 423.8 636.2 873.7
Debt to equity 0.96 0.99 1.56 2.75 1.85 1.73 3.03 3.99 2.65 1.93

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2,383.7 2,697.8 2,884.8 2,667.0 2,646.8 3,273.8 2,855.1 2,593.2 3,139.9 3,186.5
Growth +13.2% +6.9% −7.6% −0.8% +23.7% −12.8% −9.2% +21.1% +1.5%
517.5 825.4 680.8 392.7 502.1 723.8 516.8 −80.0 386.5 327.6
Growth +59.5% −17.5% −42.3% +27.9% +44.2% −28.6% −115.5% −15.2%
n/a n/a n/a n/a n/a n/a n/a −80.0 386.5 327.6
123.8 565.6 148.3 95.0 99.4 181.3 124.4 −22.7 99.8 76.6
387.7 253.6 527.1 286.5 402.5 528.1 357.5 −75.5 279.9 236.8
Growth −34.6% +107.9% −45.6% +40.5% +31.2% −32.3% −121.1% −15.4%
Per share
3.11 2.09 4.43 2.57 3.69 4.90 3.68 −0.90 2.93 2.37
2.92 1.91 4.06 2.44 3.54 4.63 3.51 −0.90 2.68 2.17
Growth −34.6% +112.6% −39.9% +45.1% +30.8% −24.2% −125.6% −19.0%
124.8 121.6 119.0 110.2 106.9 106.0 95.7 89.0 93.1 97.5
132.6 132.5 129.8 116.1 113.5 113.7 101.0 89.0 102.4 106.3
Growth −0.1% −2.0% −10.5% −2.2% +0.2% −11.2% −11.9% +15.1% +3.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.8% a year over five years, and earnings per share fell 9.3% a year.
  • The diluted share count fell 6.3% in five years, so buybacks did some of the work per share.
  • Operating margin is down 8.7 points on five years ago, at 10.3%.
  • A net loss in 1 of 10 years on file.