MARKETS / NYSE / LAZ

NYSE · INVESTMENT ADVICE · LARGE CAP

Lazard, Inc. LAZ

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$3.2B

▲ 1.5% YoY

Net income

$236.8M

▼ 15.4% YoY

Free cash flow

$487.4M

▼ 30.1% YoY

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

Compound annual growth

Revenue

+3.7%

+3.8%

+2.9%

+3.1%

Net income

−12.8%

−10.1%

−13.3%

+2.0%

EPS, diluted

−14.8%

−9.3%

−11.5%

Dividend / share

+1.0%

+1.2%

−1.6%

Returned to shareholders

−31.8%

−1.0%

−5.0%

+2.2%

3 yrs

5 yrs

10 yrs

15 yrs

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

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%

ROE

FY2025 · ROE 31.4%

Gross margin—

Operating margin10.3%

Net margin7.9%

Return on assets5.2%

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

Net buybacks $M Dividends $M

FY2025 · Dividends 186.6 · Net buybacks 91.0

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

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	3.2	3.1	2.6	2.9	3.3	2.6	2.7	2.9	2.7	2.4	2.4	2.4	2.1	2.0	1.9	2.0	1.6	1.7
Operating income $B	0.3	0.4	−0.1	0.5	0.7	0.5	0.4	0.7	0.8	0.5	−0.0	0.5	0.2	0.1	0.2	0.2	−0.2	0.0
EBITDA $B	0.4	0.4	−0.0	0.6	0.8	0.5	0.4	0.7	0.9	0.6	0.0	0.6	0.3	0.2	0.3	·	·	·
Income tax $B	0.1	0.1	−0.0	0.1	0.2	0.1	0.1	0.1	0.6	0.1	−1.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Net income $B	0.2	0.3	−0.1	0.4	0.5	0.4	0.3	0.5	0.3	0.4	1.0	0.4	0.2	0.1	0.2	0.2	−0.1	0.0
Free cash flow $B	0.5	0.7	0.1	0.8	0.8	0.5	0.6	0.6	1.0	0.6	0.9	0.7	0.5	0.4	0.4	0.2	0.2	0.5
EPS, diluted $	2.17	2.68	−0.90	3.51	4.63	3.54	2.44	4.06	1.91	2.92	7.40	3.20	1.21	0.65	1.36	1.36	·	0.06
Dividend / sh $	2.00	2.00	2.00	1.94	1.88	1.88	2.35	3.03	2.81	2.69	2.35	1.20	1.00	1.16	0.60	0.50	0.45	0.40
Payout %	79	64	−229	51	37	49	89	68	135	87	29	34	76	160	40	29	−26	735
ROE %	31.4	52.8	−15.4	46.7	56.0	52.9	37.5	49.8	20.8	30.4	97.7	67.4	28.4	13.0	25.4	34.7	−36.6	·
Shares out B	·	·	·	·	·	·	·	·	·	·	0.13	0.13	·	0.00	0.00	0.00	·	·

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

Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 5 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityInvestment Advice

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2008