Saturday 17 October 2026 Export LAZ’s income statement to Excel — free account

Lazard, Inc.

Lazard, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 1.54% from fiscal 2024. In the quarter to June 2026, revenue grew 1.47%, EPS fell 94.6%, free cash flow grew 434.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.

36.09 0.07 −0.19%

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Market cap: $3.5B
P/E: 16.3×
Fwd P/E: 14.6×
Dividend yield: 5.54%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 8.73

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	2	—	—	—	—	1	—	—

Insider Ownership 4.73%

Capital & Financial Ratios $m

Market Cap 3,520.00

Revenue 3,219.05

Net Income 242.01

Free Cash Flow 662.32

Net Debt 386.77

Current Ratio 2.84

Debt/Equity 1.87

P/E ratio 16.33

Fwd P/E 14.60

P/S ratio 1.14

P/B ratio 4.04

Past 5Y EPS Growth (9.32%)

This Y EPS Growth (16.08%)

Next Y EPS Growth 74.76%

Next Y revenue growth 7.49%

Next 5Y EPS Growth 19.86%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 72.75%

10-year low 10-year high

P/S against its own 10 years 12.64%

10-year low 10-year high

P/B against its own 10 years 16.37%

10-year low 10-year high

Dividends

Payout Ratio 0.98

Annual Dividend Rate 2.00

Annual Dividend Yield 5.54%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.00	0.50 0.50 0.50
2025	2.00	0.50 0.50 0.50 0.50
2024	2.00	0.50 0.50 0.50 0.50
2023	2.00	0.50 0.50 0.50 0.50
2022	1.94	0.47 0.47 0.50 0.50
2021	1.88	0.47 0.47 0.47 0.47
2020	1.88	0.47 0.47 0.47 0.47
2019	1.70	0.44 0.32 0.47 0.47
2018	1.32	1.30 0.44 0.44 0.44
2017	1.23	1.20 0.41 0.41 0.41
2016	1.49	0.35 0.38 0.38 0.38

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,225	1,609	1,671	1,303
Receivables	762	754	898	765
Inventory	—	—	—	—
Other	—	—	—	—
	1,987	2,363	2,568	2,068

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	—	—	—	—
Other	443	308	331	363
	1,225	1,153	1,126	729

Compound Annual Growth %

	10y	5y	3y
Sales	2.79%	3.84%	3.77%
Cash Flow	(5.22%)	(2.05%)	(14.61%)
Earnings	(13.52%)	(10.17%)	(13.56%)
Book Value	(3.98%)	(1.84%)	10.48%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	757	808	—	—	—
’25	648	796	748	907	3,099
’24	765	685	785	817	3,052
’23	542	643	524	806	2,515
’22	695	640	727	712	2,774
’21	660	823	717	992	3,193
’20	538	572	578	878	2,566

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(219)	203	—	—	—
’25	(218)	50	287	400	519
’24	(90)	176	294	363	743
’23	(411)	201	33	342	165
’22	(214)	299	435	314	834
’21	(123)	138	398	453	866
’20	(156)	156	256	321	576

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(221)	203	—	—	—
’25	(231)	38	285	396	487
’24	(97)	172	471	348	894
’23	(416)	194	26	333	137
’22	(227)	293	429	290	785
’21	(130)	129	390	438	827
’20	(168)	143	246	292	513

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.91	0.03	—	—	—
’25	0.56	0.52	0.65	0.45	2.17
’24	0.35	0.49	1.02	0.80	2.68
’23	(0.27)	(1.41)	0.06	0.65	(0.90)
’22	1.05	0.92	1.06	0.44	3.51
’21	0.75	1.08	0.94	1.86	4.63
’20	0.56	0.66	0.66	1.64	3.54

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	26.21	40.22	33.54	31.07	20.94	38.68	30.21	25.82	34.83	31.97	Analyst estimates 2026–2028 Powerpack
	High	44.90	52.98	60.00	41.76	44.95	53.00	46.74	43.44	61.14	58.07
People
People	Employees	2,781	2,843	2,996	3,018	3,100	3,179	3,402	3,291	3,263	3,309
	Revenue/emp, $m	0.84	0.93	0.94	0.86	0.83	1.00	0.82	0.76	0.94	0.94
Income, $m
Income, $m	Revenue	2,333	2,644	2,826	2,587	2,566	3,193	2,774	2,515	3,052	3,099
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	517	825	681	393	502	724	517	(80)	386	328
	EBT margin, %	22.18	31.22	24.09	15.18	19.57	22.67	18.63	(3.18)	12.66	10.57
	Net income	394	260	532	298	403	543	392	(57)	287	251
	Depreciation	410	400	390	421	384	432	449	473	485	494
Per share, $
Per share, $	Revenue	18.70	21.75	23.75	23.48	24.01	30.11	28.99	28.27	32.77	31.79
	Earnings	3.11	2.09	4.43	2.57	3.69	4.90	3.68	(0.90)	2.93	2.37
	Cash flow	5.07	8.47	5.87	6.15	5.39	8.17	8.72	1.85	7.98	5.33
	Capex	(0.30)	(0.22)	(0.39)	(0.38)	(0.59)	(0.37)	(0.51)	(0.31)	1.62	(0.33)
	Free cash flow	4.77	8.24	5.49	5.77	4.80	7.80	8.21	1.54	9.60	5.00
	Book value	10.37	10.36	8.15	6.19	9.35	10.17	7.06	5.42	7.36	9.34
	Shares, m	125	122	119	110	107	106	96	89	93	97
Valuation, ×
Valuation, ×	P/E	13.39	25.53	8.35	15.61	11.46	8.87	9.64	0.00	17.57	20.49
	P/S	2.23	2.42	1.55	1.70	1.76	1.45	1.21	1.28	1.57	1.53
	P/B	4.02	5.08	4.53	6.46	4.52	4.29	4.96	6.67	7.00	5.22
	EV/Sales	2.05	1.94	1.25	1.40	1.42	0.90	0.86	1.46	1.60	1.53
	EV/FCF	8.03	7.43	5.41	5.71	7.08	3.48	3.05	26.89	5.45	9.75
Cash, $m
Cash, $m	Operating cash flow	633	1,029	699	678	576	866	834	165	743	519
	Capex	(38)	(27)	(46)	(42)	(63)	(39)	(49)	(28)	151	(32)
	Free cash flow	595	1,002	653	636	513	827	785	137	894	487
Balance, $m
Balance, $m	Working capital	1,232	1,440	1,238	1,270	1,376	1,821	1,635	763	1,210	1,443
	Total debt	1,189	1,190	1,434	1,680	1,683	1,685	1,688	1,690	1,687	1,688
	Net debt	(419)	(1,264)	(858)	(776)	(886)	(1,745)	(952)	465	78	18
	Shareholders’ equity	1,294	1,259	970	682	999	1,078	675	482	685	911
Returns, %
Returns, %	ROA	8.58	5.35	10.62	5.32	6.80	7.92	5.50	(1.52)	5.79	4.74
	ROIC	36.96	0.00	378.31	0.00	276.88	0.00	0.00	(5.27)	31.66	22.06
	ROE	29.14	19.87	47.30	34.28	46.97	50.01	40.78	(13.81)	46.78	28.94

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MRX Marex Group PLC	$5.2B	16.7×	11.3×	+76.97% (above 0%: growing)	+94.87% (above 0%: growing)	+54.74% (above 0%: growing)	100.00%	21.10%	Compare
PIPR Piper Sandler Companies	$4.6B	14.2×	16.3×	+24.88% (above 0%: growing)	+58.10% (above 0%: growing)	+58.77% (above 0%: growing)	98.91%	20.27%	Compare
MC Moelis & Company	$4.5B	18.0×	21.5×	+12.05% (above 0%: growing)	+16.36% (above 0%: growing)	+8.25% (above 0%: growing)	100.00%	17.79%	Compare
LAZ Lazard, Inc.	$3.5B	16.3×	14.6×	+1.47% (above 0%: growing)	−94.64% (below 0%: shrinking)	+434.39% (above 0%: growing)	100.00%	4.66%
PJT PJT Partners Inc.	$3.5B	17.9×	23.7×	+19.52% (above 0%: growing)	+34.65% (above 0%: growing)	+26.53% (above 0%: growing)	33.04%	20.99%	Compare
MARA Marathon Digital Holdings, Inc.	$3.2B	— (loss-making)	— (loss-making)	−26.67% (below 0%: shrinking)	n/m	+85.60% (above 0%: growing)	17.19%	(297.96%)	Compare
MIAX Miami International Holdings, Inc.	$3.1B	26.0×	15.2×	+18.26% (above 0%: growing)	+26.97% (above 0%: growing)	+162.65% (above 0%: growing)	36.40%	7.17%	Compare
PURR Hyperliquid Strategies Inc	$2.7B	— (loss-making)	— (loss-making)	+6,940.21% (above 0%: growing)	n/m	−6,672.51% (below 0%: shrinking)	100.00%	7,380.58%	Compare
CLSK Cleanspark, Inc.	$2.4B	— (loss-making)	— (loss-making)	−30.53% (below 0%: shrinking)	n/m	+202.37% (above 0%: growing)	38.06%	(168.40%)	Compare
Median of peers	$3.4B	17.9×	16.3×	+18.89%	+34.65%	+56.76%	68.49%	19.03%

All 93 Capital Markets stocks →

Lazard, Inc. (LAZ) key facts

Strength: Lazard, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 1.54% from fiscal 2024.
Lazard, Inc. (LAZ) is a Capital Markets company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, LAZ traded at $36.09, a market capitalization of $3.5 billion.
Lazard, Inc. pays an annual dividend of $2.00 per share, a yield of 5.54%, with a payout ratio of 98.0%.
Return on equity was 28.9% and debt-to-equity 1.87.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.