Lazard Inc., founded in 1848, is a global financial advisory and asset management firm that specializes in M&A advisory, restructuring, and investment management. It earns revenue from advisory fees and asset management services provided to corporations, governments, and institutional investors. Under the leadership of CEO Kenneth M. Jacobs since 2009, the firm leverages its deep industry expertise and extensive global network. Lazard is now actively investing in growth initiatives including expansion in alternative asset management and technology integration.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Transaction-Based Revenues
6,202,650
6,002,120
5,054,710
5,640,130
Net Interest Income
126,111
141,671
119,695
110,979
Other Revenues
131,791
224,088
89,588
40,602
Total Revenues
3,098,850
3,051,840
2,515,490
2,773,570
Cost of Sales
2,085,380
2,003,210
1,946,010
1,656,450
Gross Profit
1,013,460
1,048,630
569,479
1,117,120
Selling, General & Administrative Expenses
654,435
610,187
620,330
556,569
Other Operating Expenses
31,430
51,966
29,106
43,703
Operating Profit
327,598
386,472
(79,957)
516,848
Income Before Provision for Income Taxes
327,598
386,472
(79,957)
516,848
Provision for Income Taxes
76,578
99,764
(22,650)
124,365
Consolidated Net Income
251,020
286,708
(57,307)
392,483
Net Income Attributable to Minority Interests and Other
14,189
6,796
18,172
34,966
Net Income Attributable to Common Shareholders
236,831
279,912
(75,479)
357,517
Basic EPS
2.37
2.93
-0.90
3.68
Diluted EPS
2.17
2.68
-0.90
3.51
Basic Weighted Average Shares Outstanding
97,479
93,139
88,994
95,664
Diluted Weighted Average Shares Outstanding
106,338
102,392
88,994
100,998
Shares Outstanding
93,907
90,299
87,426
85,952
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,469,420
1,308,220
971,316
1,234,770
Short-Term Investments
167,134
268,684
219,576
779,246
Total Cash and Cash Equivalents
1,636,550
1,576,900
1,190,890
2,014,020
Restricted Cash and Segregated Assets
34,021
32,466
34,091
625,381
Accounts Receivable
897,786
753,623
762,319
652,758
Total Current Assets
2,568,360
2,362,990
1,987,300
3,292,160
Net Property, Plant & Equipment
580,589
595,340
639,729
681,681
Goodwill
395,262
393,575
394,928
377,330
Long-Term Investments
625,846
614,947
701,964
698,977
Other Long-Term Assets
770,680
827,140
911,858
802,415
Total Assets
4,940,730
4,793,990
4,635,780
5,852,560
Accounts Payable
330,852
308,213
443,262
921,834
Accrued Expenses
794,754
844,953
781,375
735,576
Total Current Liabilities
1,125,610
1,153,170
1,224,640
1,657,410
Long-Term Debt
1,688,090
1,687,050
1,690,200
1,687,710
Leases
485,149
505,483
485,191
513,688
Other Long-Term Liabilities
652,763
683,509
665,891
734,879
Total Long-Term Liabilities
2,826,000
2,876,040
2,841,280
2,936,280
Total Liabilities
3,951,600
4,029,210
4,065,920
4,593,690
Common Stock
1,117
1,128
1,128
1,128
Treasury Stock
(684,411)
(838,069)
(937,259)
(993,414)
Additional Paid-in Capital
340,351
327,810
247,204
167,890
Accumulated Other Comprehensive Income
(271,509)
(326,742)
(289,950)
(295,854)
Retained Earnings
1,488,110
1,472,110
1,402,640
1,676,710
Total Common Shareholders' Equity
873,655
636,240
423,759
556,463
Minority Interests and Other
115,475
128,543
146,103
702,407
Total Shareholders' Equity
989,130
764,783
569,862
1,258,870
Total Liabilities and Shareholders' Equity
4,940,730
4,793,990
4,635,780
5,852,560
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
251,020
286,708
(57,307)
392,483
Depreciation & Amortization
34,189
36,281
42,853
42,336
Share-Based Compensation Expense
459,821
448,487
429,857
406,302
Other Adjustments
67,165
(44,913)
(9,873)
102,156
Changes in Trading Assets
(17,853)
72,716
(145,010)
178,025
Changes in Trade Receivables
(62,252)
(3,577)
(100,501)
140,745
Changes in Accrued Expenses
(208,042)
12,467
52,314
(372,619)
Changes in Other Operating Activities
(4,723)
(65,341)
(47,671)
(55,444)
Cash from Operating Activities
519,325
742,828
164,662
833,984
Capital Expenditure
(31,946)
(45,498)
(28,297)
(49,511)
Proceeds from Sale of Property, Plant & Equipment
—
196,393
490
573
Purchases of Investments
—
(115,838)
—
—
Proceeds from Sale of Investments
—
100,000
—
—
Payments for Business Acquisitions
—
—
(10,516)
—
Other Investing Activities
(50,037)
(985)
—
(7,500)
Cash from Investing Activities
(81,983)
134,072
(38,323)
(56,438)
Issuance of Long-Term Debt
300,000
395,961
—
—
Repayments of Long-Term Debt
(298,354)
(399,149)
—
—
Net Issuance / (Repayments) of Long-Term Debt
1,646
(3,188)
—
—
Repurchases of Common Shares
(206,164)
(123,844)
(156,580)
(753,621)
Net Issuance / (Repurchases) of Common Shares
(206,164)
(123,844)
(156,580)
(753,621)
Common Share Dividends Paid
(186,579)
(179,017)
(173,075)
(181,880)
Other Financing Activities
(72,540)
(133,620)
(1,241,540)
(446,534)
Cash from Financing Activities
(463,637)
(439,669)
(1,571,190)
(1,382,040)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
87,498
(52,846)
30,438
(186,125)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash