Lazard Cash Flow Statement
NYSE: LAZFinanceInvestment ManagersUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Lazard free cash flow
In fiscal 2025, Lazard generated $519.3 million of operating cash flow and spent $31.9 million on capital expenditures. That left free cash flow of $487.4 million, a free-cash-flow margin of 15.3% of revenue. Free cash flow was down 30.1% from the prior year's $697.3 million.
Lazard returned $277.6 million to shareholders: $186.6 million in dividends and $91.0 million in share repurchases, equal to 57% of free cash flow. Free cash flow covered dividend payments 2.6 times.
Summary generated from market data by MetaCap's automated system. Methodology
Lazard cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 251.02M | 286.71M | -57.31M | 392.48M | 542.54M | 402.69M | 297.72M | 532.45M | 259.85M | 393.69M |
| Net Income growth (YoY) | -12.45% | — | -114.60% | -27.66% | +34.73% | +35.26% | -44.09% | +104.91% | -34.00% | -60.35% |
| Depreciation & Amortization | 34.19M | 36.28M | 42.85M | 42.34M | 38.31M | 35.09M | 35.57M | 34.10M | 31.50M | 33.26M |
| Stock-Based Compensation | 359.69M | 277.74M | 250.57M | 240.64M | 233.96M | 218.45M | 253.28M | 267.57M | 272.96M | 261.46M |
| Change in Working Capital | -66.97M | -68.92M | -148.17M | 85.30M | -115.02M | -70.80M | -96.01M | -270.48M | 15.43M | -211.74M |
| Operating Cash Flow | 519.33M | 742.83M | 164.66M | 833.98M | 866.08M | 575.93M | 677.95M | 699.04M | 1.03B | 632.60M |
| Capital Expenditures | -31.95M | -45.50M | -28.30M | -49.51M | -39.70M | -64.29M | -42.76M | -49.59M | -27.67M | -38.75M |
| Investing Cash Flow | -81.98M | 134.07M | -38.32M | -56.44M | -39.06M | -62.94M | -42.25M | -46.21M | -26.92M | -37.65M |
| Dividends Paid | -186.58M | -179.02M | -173.07M | -181.88M | -195.94M | -196.60M | -254.92M | -359.64M | -341.45M | -336.14M |
| Share Repurchases | -91.01M | -59.50M | -102.05M | -691.71M | -406.15M | -95.23M | -494.69M | -552.87M | -306.74M | -300.22M |
| Debt Issued | 300.00M | 395.96M | 0 | 0 | — | — | 492.03M | 490.97M | — | 296.76M |
| Debt Repaid | -298.35M | -399.15M | 0 | 0 | — | — | -255.75M | -255.54M | — | -101.44M |
| Financing Cash Flow | -463.64M | -439.67M | -1.57B | -1.38B | 195.84M | -547.35M | -444.05M | -726.10M | -318.51M | -479.75M |
| Net Change in Cash | 61.20M | 384.38M | -1.41B | -790.61M | 861.19M | 113.27M | 163.67M | -162.92M | 847.32M | 50.59M |
| Free Cash Flow | 487.38M | 697.33M | 136.37M | 784.47M | 826.38M | 511.64M | 635.20M | 649.45M | 1.00B | 593.85M |
This table shows 10 annual periods of Lazard's cash flow statement, from FY 2025 back to FY 2016, across 14 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow LAZ's reporting calendar. What is a cash flow statement?