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MARKETS / NYSE / Financials / Brokerage and capital markets / LAZ
NYSE · INVESTMENT ADVICE · LARGE CAP

Lazard, Inc. LAZ

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$3.2B
▲ 1.5% YoY
$236.8M
▼ 15.4% YoY
$487.4M
▼ 30.1% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. It focuses primarily on two business segments: Financial Advisory and Asset Management. As of December 31, 2025, it employed 3,309 full-time people. It earned $1 million or more from 346 clients for the year ended December 31, 2025. Its top ten clients accounted for 24% of its total assets under management as of December 31, 2025. Founded in 1848, Lazard operates in North and South America, Europe, the Middle East, Asia, and Australia.

Written from the business description in Lazard, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 23 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.2B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 3.2 · Net income 0.2
2B3B
2008201120142017202020232025
Compound annual growth
+3.7%
+3.8%
+2.9%
+3.1%
−12.8%
−10.1%
−13.3%
+2.0%
−14.8%
−9.3%
−11.5%
+1.0%
+1.2%
−1.6%
−31.8%
−1.0%
−5.0%
+2.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +3.8% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

8 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 10.3% · Net 7.9%
20%40%-5%-10%
200820162025
ROE
FY2025 · ROE 31.4%
50%-10%-20%-30%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin10.3%
Net margin7.9%
EBITDAUSD 361.8M

Each USD of equity produced 31 cents of profit this year.

Cash & shareholders

USD 277.6M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 0.5
0.5B1.0B
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 186.6 · Net buybacks 91.0
400M800M-100M-200MDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 186.6M
Net buybacksUSD 91.0M
Share of profit117.2%
Consecutive raises·

USD 186.6M in dividends and USD 91.0M in buybacks — 117% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 4.9B
EquityUSD 873.7M
CashUSD 1.5B
Gross debtUSD 1.7B
Net debtUSD 218.7M

Net debt stands at 25% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
LAZ, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B3.23.12.62.93.32.62.72.92.72.42.42.42.12.01.92.01.61.7
Operating income $B0.30.4−0.10.50.70.50.40.70.80.5−0.00.50.20.10.20.2−0.20.0
EBITDA $B0.40.4−0.00.60.80.50.40.70.90.60.00.60.30.20.3◌◌◌
Income tax $B0.10.1−0.00.10.20.10.10.10.60.1−1.00.10.10.00.00.00.00.0
Net income $B0.20.3−0.10.40.50.40.30.50.30.41.00.40.20.10.20.2−0.10.0
Free cash flow $B0.50.70.10.80.80.50.60.61.00.60.90.70.50.40.40.20.20.5
EPS, diluted $2.172.68−0.903.514.633.542.444.061.912.927.403.201.210.651.361.36◌0.06
Dividend / sh $2.002.002.001.941.881.882.353.032.812.692.351.201.001.160.600.500.450.40
Payout %7964−2295137498968135872934761604029−26735
ROE %31.452.8−15.446.756.052.937.549.820.830.497.767.428.413.025.434.7−36.6◌
Shares out B◌◌◌◌◌◌◌◌◌◌0.130.13◌0.000.000.00◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityInvestment Advice
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

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