Lazard, Inc. (LAZ) financial statements: income statement, balance sheet and cash flow
Lazard, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lazard, Inc. reported revenue of $3.2B (+1.5% year on year) and net income of $251.0M (-12.4% year on year).
Income statement
Lazard, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$3.0B
$2.9B
$2.5B
$2.8B
Interest income
$38.5M
$53.6M
$42.0M
$29.5M
Other
$131.8M
$224.1M
$89.6M
$40.6M
Total revenue
$3.2B
$3.1B
$2.6B
$2.9B
Interest expense
$87.6M
$88.1M
$77.7M
$81.5M
Net revenue
$3.1B
$3.1B
$2.5B
$2.8B
Compensation and benefits
$2.1B
$2.0B
$1.9B
$1.7B
Occupancy and equipment
$132.6M
$132.9M
$131.1M
$122.3M
Marketing and business development
$118.5M
$99.4M
$99.4M
$83.1M
Technology and information services
$193.2M
$183.5M
$189.7M
$171.7M
Professional services
$88.1M
$87.1M
$89.3M
$69.5M
Fund administration and outsourced services
$122.1M
$107.2M
$110.9M
$110.0M
Benefit pursuant to tax receivable agreement obligation
($18.8M)
($8.2M)
($43.9M)
($1.2M)
Other
$50.2M
$60.2M
$72.7M
$44.9M
Total operating expenses
$2.8B
$2.7B
$2.6B
$2.3B
OPERATING INCOME (LOSS)
$327.6M
$386.5M
($80.0M)
$516.8M
Provision (benefit) for income taxes
$76.6M
$99.8M
($22.6M)
$124.4M
NET INCOME (LOSS)
$251.0M
$286.7M
($57.3M)
$392.5M
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
$14.2M
$6.8M
$18.2M
$35.0M
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD
$236.8M
$279.9M
($75.5M)
$357.5M
Basic (in shares)
97.5M
93.1M
89.0M
95.7M
Diluted (in shares)
106.3M
102.4M
89.0M
101.0M
Basic (in usd per share)
$2.37
$2.93
-$0.90
$3.68
Diluted (in usd per share)
$2.17
$2.68
-$0.90
$3.51
Lazard, Inc. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Revenue
$814.8M
$783.1M
$684.7M
$733.9M
Interest income
$7.0M
$7.3M
$7.8M
$7.7M
Other
$14.6M
$39.9M
$86.9M
$29.2M
Total revenue
$836.4M
$830.2M
$779.4M
$770.8M
Interest expense
$22.2M
$22.5M
$22.8M
$22.7M
Net revenue
$814.2M
$807.7M
$756.6M
$748.1M
Compensation and benefits
$569.0M
$562.4M
$491.9M
$498.2M
Occupancy and equipment
$33.9M
$33.8M
$31.4M
$31.9M
Marketing and business development
$27.5M
$34.4M
$28.7M
$26.1M
Technology and information services
$49.8M
$52.6M
$48.3M
$48.9M
Professional services
$22.3M
$32.9M
$20.7M
$21.0M
Fund administration and outsourced services
$41.3M
$38.1M
$33.5M
$32.4M
Benefit pursuant to tax receivable agreement obligation
$0
—
—
—
Other
$15.5M
$15.9M
$12.6M
$14.9M
Total operating expenses
$759.4M
$770.1M
$667.0M
$653.1M
OPERATING INCOME
$54.8M
$37.6M
$89.6M
$94.9M
Provision for income taxes
$25.1M
$23.9M
($11.0M)
$21.4M
NET INCOME
$29.7M
$13.7M
$100.6M
$73.5M
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
$510.0K
$8.9M
($353.0K)
$2.3M
NET INCOME ATTRIBUTABLE TO LAZARD
$29.2M
$4.8M
$100.9M
$71.2M
Basic (in shares)
101.0M
101.4M
99.5M
98.1M
Diluted (in shares)
107.3M
107.3M
106.8M
108.0M
Basic (in USD per share)
$0.27
$0.03
$0.98
$0.71
Diluted (in USD per share)
$0.26
$0.03
$0.91
$0.65
Balance sheet
Lazard, Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.5B
$1.3B
$971.3M
$1.2B
Deposits with banks and short-term investments
$167.1M
$268.7M
$219.6M
$779.2M
Restricted cash
$34.0M
$32.5M
$34.1M
$625.4M
Fees
$706.2M
$640.6M
$560.6M
$491.9M
Customers and other
$191.6M
$113.1M
$201.8M
$160.9M
Receivables, net
$897.8M
$753.6M
$762.3M
$652.8M
Investments (including $48,966 pledged at December 31, 2025)
$625.8M
$614.9M
$702.0M
$699.0M
Property (net of accumulated amortization and depreciation of $286,235 and $332,840 at December 31, 2025 and 2024, respectively)
$168.0M
$160.4M
$232.5M
$250.1M
Operating lease right-of-use assets
$412.6M
$434.9M
$407.2M
$431.6M
Goodwill and other intangible assets (net of accumulated amortization of $67,711 at both December 31, 2025 and 2024, respectively)
$395.3M
$393.6M
$394.9M
$377.3M
Deferred tax assets
$459.1M
$479.6M
$497.3M
$407.7M
Other assets
$311.6M
$347.6M
$414.5M
$394.8M
Total Assets
$4.9B
$4.8B
$4.6B
$5.9B
Deposits and other customer payables
$330.9M
$308.2M
$443.3M
$921.8M
Accrued compensation and benefits
$794.8M
$845.0M
$781.4M
$735.6M
Operating lease liabilities
$485.1M
$505.5M
$485.2M
$513.7M
Senior debt
$1.7B
$1.7B
$1.7B
$1.7B
Deferred tax liabilities
$1.4M
$1.1M
$3.9M
$3.9M
Other liabilities
$651.4M
$606.5M
$546.9M
$539.8M
Total Liabilities
$4.0B
$4.0B
$4.1B
$4.6B
Redeemable noncontrolling interests
$78.4M
$79.6M
$87.7M
$583.5M
Preferred stock, par value $.01 per share; 15,000,000 shares authorized: no shares issued and outstanding at December 31, 2025 and 2024
$0.00
$0.00
$0.00
—
Par value $.01 per share (500,000,000 shares authorized; 111,728,757 and 112,766,091 shares issued at December 31, 2025 and 2024, including shares held in treasury)
$1117000.00
$1128000.00
$1128000.00
$1128000.00
Additional paid-in-capital
$340.4M
$327.8M
$247.2M
$167.9M
Retained earnings
$1.5B
$1.5B
$1.4B
$1.7B
Accumulated other comprehensive loss, net of tax
($271.5M)
($326.7M)
($289.9M)
($295.9M)
Stockholders' equity subtotal before common stock held in treasury and Noncontrolling interests
$1.6B
—
—
—
Common stock held in treasury, at cost (17,822,122 and 22,467,315 shares at December 31, 2025 and 2024, respectively)
-684.4M
—
—
—
Total Lazard Stockholders’ Equity
$873.7M
$636.2M
$423.8M
$556.5M
Noncontrolling interests
$37.1M
$48.9M
$58.4M
$118.9M
Total Stockholders’ Equity
$910.8M
$685.2M
$482.2M
$675.4M
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$4.9B
$4.8B
$4.6B
$5.9B
Lazard, Inc. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$1.3B
$1.1B
$1.0B
$1.2B
Deposits with banks and short-term investments
$182.5M
$197.2M
$207.2M
$217.6M
Restricted cash
$6.3M
$5.8M
$6.6M
$33.5M
Fees
$606.4M
$578.8M
$574.0M
$613.7M
Customers and other
$236.6M
$186.4M
$199.8M
$161.0M
Receivables
$843.0M
$765.2M
$773.8M
$774.7M
Investments (including $36,916 and $48,966 pledged at September 30, 2026 and December 31, 2025, respectively)
$520.8M
$540.6M
$516.6M
$623.7M
Property (net of accumulated amortization and depreciation of $298,800 and $286,235 at September 30, 2026 and December 31, 2025, respectively)
$151.3M
$152.7M
$160.1M
$173.3M
Operating lease right-of-use assets
$398.2M
$393.6M
$402.5M
$437.0M
Goodwill and other intangible assets (net of accumulated amortization of $3,959 and $67,711 at September 30, 2026 and December 31, 2025, respectively)
$451.8M
$447.6M
$394.6M
$395.3M
Deferred tax assets
$453.7M
$468.8M
$463.5M
$473.9M
Other assets
$276.5M
$293.4M
$295.1M
$333.1M
Total Assets
$4.5B
$4.4B
$4.2B
$4.6B
Deposits and other customer payables
$368.8M
$362.9M
$357.7M
$346.9M
Accrued compensation and benefits
$495.7M
$365.8M
$214.1M
$505.9M
Operating lease liabilities
$470.8M
$463.5M
$472.6M
$510.8M
Senior debt
$1.7B
$1.7B
$1.7B
$1.7B
Deferred tax liabilities
$7.6M
$11.1M
$1.1M
$959.0K
Other liabilities
$465.1M
$456.0M
$552.5M
$569.3M
Total Liabilities
$3.5B
$3.3B
$3.3B
$3.7B
Redeemable noncontrolling interests
$109.2M
$111.3M
$81.4M
$78.5M
Preferred stock, par value $0.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025
$0.00
$0.00
$0.00
$0.00
Par value $0.01 per share (500,000,000 shares authorized; 109,783,028 and 111,728,757 shares issued at September 30, 2026 and December 31, 2025, respectively, including shares held in treasury)
$1098000.00
$1105000.00
$1117000.00
$1127000.00
Additional paid-in-capital
$219.4M
$195.1M
$106.5M
$293.0M
Retained earnings
$1.5B
$1.5B
$1.6B
$1.5B
Accumulated other comprehensive loss, net of tax
($275.4M)
($278.8M)
($276.7M)
($272.9M)
Stockholders' equity subtotal before common stock held in treasury and noncontrolling interests
$1.4B
$1.4B
$1.4B
—
Common stock held in treasury, at cost (12,120,709 and 17,822,122 shares at September 30, 2026 and December 31, 2025, respectively)
-474.3M
-509.0M
-508.9M
—
Total Lazard Stockholders’ Equity
$948.8M
$914.3M
$881.3M
$841.5M
Noncontrolling interests
($8.3M)
($9.8M)
($8.8M)
$37.1M
Total Stockholders’ Equity
$940.5M
$904.5M
$872.5M
$878.6M
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$4.5B
$4.4B
$4.2B
$4.6B
Cash flow statement
Lazard, Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$251.0M
$286.7M
($57.3M)
$392.5M
Amortization of deferred expenses and share-based incentive compensation
$459.8M
$448.5M
$429.5M
$406.2M
Noncash lease expense
$73.0M
$66.8M
$63.6M
$60.6M
Depreciation and amortization of property
$34.2M
$36.3M
$42.9M
$42.3M
Currency translation adjustment reclassification
$0
$0
$1.8M
$32.0K
Deferred tax provision (benefit)
$21.6M
$11.1M
($81.1M)
$42.7M
Benefit pursuant to tax receivable agreement obligation
($18.8M)
($8.2M)
($43.9M)
($1.2M)
Gain on sale of owned office building
$0
($114.3M)
—
—
Impairment of equity method investments and other receivables
$0
$0
$23.0M
—
Impairment of assets associated with cost-saving initiatives
$0
$0
$8.8M
—
Loss on LGAC liquidation
$0
$0
$17.9M
—
Other adjustments
($8.6M)
($280.0K)
—
—
Receivables-net
($62.3M)
($3.6M)
($100.5M)
$140.7M
Investments
($17.9M)
$72.7M
($145.0M)
$178.0M
Other assets
($4.7M)
($65.3M)
($47.7M)
($55.4M)
Accrued compensation and benefits and other liabilities
($208.0M)
$12.5M
$52.3M
($372.6M)
Net cash provided by operating activities
$519.3M
$742.8M
$164.7M
$834.0M
Additions to property
($31.9M)
($45.5M)
($28.3M)
($49.5M)
Proceeds from sale of property
$0
$194.3M
—
—
Purchase of equity method investment
$0
($17.5M)
—
—
Purchase of debt securities
$0
($98.3M)
—
—
Proceeds from sales and maturities of debt securities
$0
$100.0M
—
—
Other disposals of property
$0
$2.1M
—
—
Acquisition of business, net of cash acquired
$0
$0
($10.5M)
—
Other investing activities
($50.0M)
($985.0K)
$0
($7.5M)
Net cash provided by (used in) investing activities
($82.0M)
$134.1M
($38.3M)
($56.4M)
Proceeds from (payments for) customer deposits, net
($20.4M)
($48.5M)
—
—
Issuance of senior debt
$300.0M
$396.0M
—
—
Contributions from noncontrolling interests
$3.7M
$2.4M
$2.1M
$514.0K
Extinguishment of senior debt
($298.4M)
($399.1M)
—
—
Distributions to noncontrolling interests
($2.6M)
($1.8M)
($5.8M)
($32.1M)
Tax receivable agreement obligation
$0
($31.0M)
($32.2M)
($21.0M)
Distribution to redeemable noncontrolling interests in connection with LGAC redemption
$0
$0
($585.9M)
—
Purchase of common stock
($91.0M)
($59.5M)
($102.1M)
($691.7M)
Common stock dividends
($186.6M)
($179.0M)
($173.1M)
($181.9M)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements
($115.2M)
($64.3M)
($54.5M)
($61.9M)
LFI Consolidated Funds redemptions
($33.2M)
($35.6M)
($35.2M)
($10.0M)
Other financing activities
($20.0M)
($19.2M)
($12.5M)
($10.9M)
Net cash used in financing activities
($463.6M)
($439.7M)
($1.6B)
($1.4B)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
$87.5M
($52.8M)
$30.4M
($186.1M)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
$61.2M
$384.4M
($1.4B)
($790.6M)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1
$1.6B
$1.2B
$2.6B
$3.4B
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31
$1.7B
$1.6B
$1.2B
$2.6B
Lazard, Inc. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$144.0M
$114.3M
$100.6M
$196.8M
Amortization of deferred expenses and share-based incentive compensation
$407.2M
$281.8M
$128.1M
$359.1M
Noncash lease expense
$47.3M
$29.3M
$13.8M
$49.6M
Depreciation and amortization of property
$22.6M
$15.2M
$7.8M
$25.5M
Deferred tax benefit
($3.7M)
($14.9M)
($15.5M)
($2.4M)
Gain on sale and deconsolidation of business
($75.5M)
($75.5M)
($78.0M)
—
Benefit pursuant to tax receivable agreement obligation
$0
—
—
—
Other adjustments
($1.8M)
($470.0K)
$394.0K
($8.6M)
Receivables-net
$59.6M
$121.5M
$109.9M
$45.6M
Investments
$53.5M
$33.4M
$77.1M
($14.1M)
Other assets
($23.0M)
($23.0M)
($806.0K)
($7.9M)
Accrued compensation and benefits and other liabilities
($329.5M)
($497.5M)
($562.7M)
($503.9M)
Net cash provided by operating activities
$300.6M
($15.9M)
($219.3M)
$119.6M
Additions to property
($11.7M)
($6.1M)
($2.2M)
($28.4M)
Purchase and consolidation of business, net of cash acquired
($1.8M)
$179.0K
—
—
Sale and deconsolidation of business, net of cash proceeds
($46.2M)
($46.2M)
($46.2M)
—
Proceeds from sale of property
$3.6M
$3.6M
—
$0
Proceeds from (payments for) customer loans, net
($12.8M)
($2.7M)
$914.0K
—
Other investing activities
($9.0K)
($9.0K)
($9.0K)
($35.6M)
Net cash used in investing activities
($69.0M)
($51.3M)
($47.5M)
($64.0M)
Proceeds from (payments for) customer deposits, net
($8.6M)
$43.2M
$46.6M
$12.5M
Issuance of senior debt
$0
—
—
$300.0M
Contributions from noncontrolling interests
$151.0K
$151.0K
$151.0K
$1.5M
Extinguishment of senior debt
$0
—
—
($298.4M)
Distributions to noncontrolling interests
($1.9M)
($1.9M)
($15.0K)
($2.0M)
Tax receivable agreement obligation
($10.2M)
($10.2M)
($10.2M)
$0
Purchase of common stock
($85.0M)
($51.7M)
($1.7M)
($41.0M)
Common stock dividends
($144.9M)
($96.2M)
($47.0M)
($139.2M)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements
($135.8M)
($129.4M)
($125.5M)
($114.8M)
LFI Consolidated Funds redemptions
($28.6M)
($24.7M)
($11.9M)
($30.2M)
Other financing activities
($13.0M)
($6.8M)
($3.9M)
($17.3M)
Net cash used in financing activities
($427.9M)
($277.6M)
($153.4M)
($329.0M)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
($21.6M)
($23.1M)
($15.9M)
$87.0M
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
($217.8M)
($367.8M)
($436.1M)
($186.3M)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1
$1.7B
$1.7B
$1.7B
$1.6B
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30