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Asset management · Financial Services · Fiscal year ends Dec 31
Lazard reported revenue of $3.2B in the fiscal year ended Dec 2025, up 1.5% from the year before. Operating income was $328M, an operating margin of 10.3%, and net income was $237M. Operating cash flow of $519M less capital expenditure of $32M left free cash flow of $487M. Net debt was $219M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,274 | 2,855 | 2,593 | 3,140 | 3,186 |
| Operating income | 724 | 517 | −80.0 | 386 | 328 |
| Interest expense | 80.8 | 81.5 | 77.7 | 88.1 | 87.3 |
| Pre-tax income | – | – | −80.0 | 386 | 328 |
| Income tax | 181 | 124 | −22.7 | 99.8 | 76.6 |
| Net income | 528 | 358 | −75.5 | 280 | 237 |
| Diluted EPS | 4.63 | 3.51 | −0.90 | 2.68 | 2.17 |
| Diluted shares | 114 | 101 | 89.0 | 102 | 106 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,465 | 1,235 | 971 | 1,308 | 1,469 |
| Net PP&E | 250 | 250 | 233 | 160 | 168 |
| Goodwill | 379 | 377 | 395 | 394 | 395 |
| Total assets | 7,147 | 5,853 | 4,636 | 4,794 | 4,936 |
| Deferred revenue | 131 | 137 | 140 | 137 | 139 |
| Long-term debt | 1,685 | 1,688 | 1,690 | 1,687 | 1,688 |
| Total liabilities | 5,494 | 4,594 | 4,066 | 4,029 | 3,952 |
| Shareholders' equity | 975 | 556 | 424 | 636 | 869 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 866 | 834 | 165 | 743 | 519 |
| Capital expenditure | 39.7 | 49.5 | 28.3 | 45.5 | 31.9 |
| Free cash flow | 826 | 784 | 136 | 697 | 487 |
| Depreciation & amortisation | 38.3 | 42.3 | 42.9 | 36.3 | 34.2 |
| Stock-based compensation | 234 | 241 | 251 | 278 | 360 |
| Acquisitions | 0.0 | 0.0 | 10.5 | 0.0 | 0.0 |
| Share buybacks | 406 | 692 | 102 | 59.5 | 91.0 |
| Dividends paid | 196 | 182 | 173 | 179 | 187 |
| Dividend per share | 1.88 | 1.94 | 2.00 | 2.00 | 2.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.8% | −9.2% | 21.1% | 1.5% |
| Operating income growth (YoY) | – | −28.6% | −115.5% | – | −15.2% |
| EPS growth (YoY) | – | −24.2% | −125.6% | – | −19.0% |
| Operating margin | 22.1% | 18.1% | −3.1% | 12.3% | 10.3% |
| Net margin | 16.1% | 12.5% | −2.9% | 8.9% | 7.4% |
| Return on equityBlank when equity is negative | 54.1% | 64.2% | −17.8% | 44.0% | 27.2% |
| Free cash flow margin | 25.2% | 27.5% | 5.3% | 22.2% | 15.3% |
| Cash conversion (CFO ÷ net income) | 1.64x | 2.33x | −2.18x | 2.65x | 2.19x |
| Interest cover | 8.96x | 6.34x | −1.03x | 4.39x | 3.75x |
| Debt ÷ equity | 1.73x | 3.03x | 3.99x | 2.65x | 1.94x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 220 | 453 | 719 | 379 | 219 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.