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Lazard, Inc. cash flow statement

In fiscal 2025, Lazard, Inc.'s operations generated $519m of cash; it spent $31.9m on capital projects, leaving free cash flow of $487m. It returned $187m in dividends and $91.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations2451693984825277368876331,029699678576866834165743519700
Depreciation and amortisation——25313534333331343635384243363431
Stock-based pay359305275310236206227261273268253218234241251278360416
Capital spending121346896122273928504364405028453215
Free cash flow2331553513934667148615941,001649635512826784136697487685
Free cash flow after stock pay−127−1507682230508634332728382382293592544−114420128269
Dividends paid335171135122146291336341360255197196182173179187192
Share buybacks50150205354132193173300307553495954066921026091135

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Lazard, Inc.'s SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lazard, Inc.