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Financials · LAZ

Lazard Inc. (LAZ) financials

For the twelve months ended Sep 30, 2026, Lazard Inc. reported $3.38B of revenue and $184.75M of net income.

Revenue, TTM
$3.38B
Revenue growth, YoY
+9.0%
Net income, TTM
$184.75M
Net income growth, YoY
-32.4%
Net margin
5.5%
Free cash flow, TTM
$684.97M
EPS, diluted, TTM
$1.64
EPS growth, YoY
-35.7%
Cash
$1.26B
Total debt
$1.69B
P/E
22.25
P/S
1.22
Market cap
$4.11B
Annual revenue$3.19B
FY2016FY2025
Annual net income$236.83M
FY2016FY2025
Annual free cash flow$487.38M
FY2016FY2025

LAZ revenue and earnings growth

LAZ revenueQ3 2026$836.38M

Quarter YoY
+8.5%
QoQ
+0.7%
FY YoY
+1.5%
5Y CAGR
+3.8%
10Y CAGR
+2.9%

LAZ revenue was $836.38M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.5% from a year earlier and up 0.7% from the prior quarter. For the full fiscal 2025 it was $3.19B, up 1.5% from fiscal 2024. Compound annual growth was +3.8% over 5 years and +2.9% over 10 years. It rose in 5 of the last 10 fiscal years.

LAZ net incomeQ3 2026$29.16M

Quarter YoY
-59.1%
QoQ
+506.5%
FY YoY
-15.4%
5Y CAGR
-10.1%
10Y CAGR
-13.3%

LAZ net income was $29.16M in fiscal Q3 2026 (ended Sep 30, 2026), down 59.1% from a year earlier and up 506.5% from the prior quarter. For the full fiscal 2025 it was $236.83M, down 15.4% from fiscal 2024. Compound annual growth was -10.1% over 5 years and -13.3% over 10 years.

LAZ EPSQ3 2026$0.26

Quarter YoY
-60.0%
QoQ
+766.7%
FY YoY
-19.0%
5Y CAGR
-9.3%
10Y CAGR
-11.5%

LAZ diluted EPS was $0.26 in fiscal Q3 2026 (ended Sep 30, 2026), down 60.0% from a year earlier and up 766.7% from the prior quarter. For the full fiscal 2025 it was $2.17, down 19.0% from fiscal 2024. Compound annual growth was -9.3% over 5 years and -11.5% over 10 years.

LAZ free cash flowQ3 2026$310.82M

Quarter YoY
+9.2%
QoQ
+55.8%
FY YoY
-30.1%
5Y CAGR
-1.0%
10Y CAGR
-5.5%

LAZ free cash flow was $310.82M in fiscal Q3 2026 (ended Sep 30, 2026), up 9.2% from a year earlier and up 55.8% from the prior quarter. For the full fiscal 2025 it was $487.38M, down 30.1% from fiscal 2024. Compound annual growth was -1.0% over 5 years and -5.5% over 10 years. It rose in 3 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$3.19B$3.14B$2.59B$2.86B$3.27B$2.65B$2.67B$2.88B$2.70B$2.38B
Operating income$327.60M$386.47M-$79.96M$516.85M$723.85M$502.14M$392.70M$680.77M$825.45M$517.46M
Interest expense$87.28M$87.80M$77.46M$81.52M$80.77M$80.63M$80.19M$58.48M$53.52M$50.29M
Pre-tax income$327.60M$386.47M-$79.96M-------
Income tax$76.58M$99.76M-$22.65M$124.36M$181.30M$99.45M$94.98M$148.32M$565.60M$123.77M
Net income$236.83M$279.91M-$75.48M$357.52M$528.06M$402.46M$286.50M$527.13M$253.58M$387.70M
EPS, basic$2.37$2.93-$0.90$3.68$4.90$3.69$2.57$4.43$2.09$3.11
EPS, diluted$2.17$2.68-$0.90$3.51$4.63$3.54$2.44$4.06$1.91$2.92
Diluted shares106.3M102.4M89.0M101.0M113.7M113.5M116.1M129.8M132.5M132.6M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$1.47B$1.31B$971.32M$1.23B$1.47B$1.39B$1.23B$1.25B$1.48B$1.16B
Goodwill$395.26M$393.57M$394.90M$377.24M$379.42M$383.86M$371.77M$371.56M$385.29M$373.12M
Total assets$4.94B$4.79B$4.64B$5.85B$7.15B$5.97B$5.64B$5.00B$4.93B$4.56B
Total debt$1.69B$1.69B$1.69B$1.69B$1.69B$1.68B$1.68B$1.43B$1.19B$1.19B
Total liabilities$3.95B$4.03B$4.07B$4.59B$5.49B$4.97B$4.96B$4.03B$3.67B$3.26B
Shareholders' equity$869.19M$680.69M$482.19M$675.40M$1.08B$999.43M$681.57M$970.09M$1.26B$1.29B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$519.33M$742.83M$164.66M$833.98M$866.08M$575.93M$677.95M$699.04M$1.03B$632.60M
Capital expenditures$31.95M$45.50M$28.30M$49.51M$39.70M$64.29M$42.76M$49.59M$27.67M$38.75M
Free cash flow$487.38M$697.33M$136.37M$784.47M$826.38M$511.64M$635.20M$649.45M$1.00B$593.85M
Investing cash flow-$81.98M$134.07M-$38.32M-$56.44M-$39.06M-$62.94M-$42.25M-$46.21M-$26.92M-$37.65M
Financing cash flow-$463.64M-$439.67M-$1.57B-$1.38B$195.84M-$547.35M-$444.05M-$726.10M-$318.51M-$479.75M
Dividends paid$186.58M$179.02M$173.07M$181.88M$195.94M$196.60M$254.92M$359.64M$341.45M$336.14M
Share repurchases$91.01M$59.50M$102.05M$691.71M$406.15M$95.23M$494.69M$552.87M$306.74M$300.22M
Depreciation and amortization$34.19M$36.28M$42.85M$42.34M$38.31M$35.09M$35.57M$34.10M$31.50M$33.26M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY1.5%21.1%-9.2%-12.8%23.7%-0.8%-7.6%6.9%13.2%-0.9%
Net income growth, YoY-15.4%---32.3%31.2%40.5%-45.6%107.9%-34.6%-60.7%
EPS growth, YoY-19.0%---24.2%30.8%45.1%-39.9%112.6%-34.6%-60.5%
Operating margin10.3%12.3%-3.1%18.1%22.1%19.0%14.7%23.6%30.6%21.7%
Net margin7.4%8.9%-2.9%12.5%16.1%15.2%10.7%18.3%9.4%16.3%
Free cash flow margin15.3%22.2%5.3%27.5%25.2%19.3%23.8%22.5%37.1%24.9%
Return on equity27.2%41.1%-15.7%52.9%49.0%40.3%42.0%54.3%20.1%30.0%
Return on assets4.8%5.8%-1.6%6.1%7.4%6.7%5.1%10.5%5.1%8.5%
Debt to equity1.942.483.512.501.561.682.461.480.950.92

Source: XBRL data Lazard Inc. files with the SEC, latest filing dated Oct 26, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

LAZ peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
LAZ$3.38B+9.0%$184.75M5.5%$4.11B
BX$16.08B+22.1%$3.56B22.1%$89.70B
KKR$21.31B+31.1%$3.15B14.8%$86.60B
APO$30.82B+12.2%-$918.00M-3.0%$68.94B
ARES$5.76B+7.6%$432.80M7.5%$44.25B
AMP$20.14B+8.8%$4.16B20.7%$43.54B
TROW$7.70B+6.9%$2.19B28.4%$23.13B
TPG$5.17B+21.6%$268.72M5.2%$17.90B

LAZ FAQ

8 questions
  • What is LAZ revenue?
    Lazard Inc. (LAZ) reported $3.38B of revenue for the twelve months ended Sep 30, 2026. That is up 9.0% from the year before. Revenue for fiscal 2025 was $3.19B.
  • Is LAZ profitable?
    Yes. Lazard Inc. earned $184.75M in net income for the twelve months ended Sep 30, 2026, a net margin of 5.5%.
  • How much cash and debt does LAZ have?
    Lazard Inc. reported $1.26B in cash and cash equivalents and $1.69B of debt on its most recent balance sheet in SEC filings.
  • How fast is LAZ revenue growing?
    Lazard Inc.'s revenue changed +1.5% in fiscal 2025, to $3.19B. Its compound annual growth rate was +3.8% over 5 years and +2.9% over 10 years.
  • What is LAZ free cash flow?
    Lazard Inc. generated $684.97M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $700.29M less capital expenditures.
  • What is LAZ earnings per share?
    Diluted earnings per share were $1.64 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did LAZ last report financial results?
    The latest statements here come from Lazard Inc.'s 10-Q filed on Oct 26, 2026, covering the period ended Sep 30, 2026.
  • Where does this LAZ financial data come from?
    Quantisnow builds these statements from the structured XBRL data Lazard Inc. files with the SEC. It is provided for information only and is not investment advice.