Lazard Ltd (LAZ) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -219.27M | 403.42M | 287.47M | 49.68M | -217.53M | 362.85M | 383.74M | 176.24M | -89.99M | 341.6M | 33.49M | 201M | -411.42M | 314.32M | 434.56M | 298.63M | -213.53M | 452.86M | 398.15M | 138.42M |
| Operating CF Margin % | -28.42% | 43.41% | 37.67% | 6.15% | -33.08% | 44% | 48.43% | 25.35% | -11.63% | 41.72% | 6.3% | 30.86% | -74.9% | 43.88% | 58.86% | 45.48% | -29.89% | 44.78% | 54.06% | 16.44% |
| Operating CF Growth % | -0.8% | 11.18% | -25.09% | -71.81% | -141.73% | 6.22% | 1045.89% | -12.32% | 78.13% | 8.68% | -92.29% | -32.69% | -92.67% | -30.59% | 9.15% | 115.75% | -73.12% | 41.29% | 55.7% | -11.08% |
| Net Income | 100.56M | 48.21M | 73.5M | 61.32M | 61.99M | 84.16M | 105.36M | 52.05M | 34.48M | 71.49M | 7.14M | -124.78M | -15.2M | 57.06M | 122.79M | 95.48M | 120.97M | 211.29M | 105.4M | 145.8M |
| Depreciation & Amortization | 7.82M | 8.64M | 8.48M | 8.63M | 8.44M | 8.81M | 8.94M | 9.2M | 9.15M | 10.77M | 10.61M | 27.96M | 26.35M | 10.46M | 10.87M | 132.71M | 27.36M | 78.48M | 105.12M | 9.59M |
| Stock-Based Compensation | 0 | 0 | 254.88M | 0 | 104.17M | 0 | 0 | 89.35M | 70.2M | 40.94M | 58.36M | 0 | 108.25M | 0 | 74.92M | 0 | 90.63M | 38.18M | 51.89M | 75.7M |
| Deferred Taxes | -15.5M | 0 | 15.47M | 8.25M | -26.09M | 37.04M | -19.53M | 0 | 0 | 60.11M | 13.57M | 0 | 40.23M | -14.22M | 12.33M | 17.14M | 26.26M | 36.88M | 0 | 13.97M |
| Other Non-Cash Items | 64.26M | 155.43M | -140.82M | 151.06M | 10.64M | 82.19M | 122.55M | 90.01M | 122.66M | 6.81M | 63.3M | -883K | 475K | 87.49M | 59.34M | 11.7M | 0 | -14.45M | -15.34M | 75.68M |
| Working Capital Changes | -376.41M | 191.14M | 75.96M | -179.58M | -376.68M | 150.66M | 166.43M | -64.37M | -326.47M | 151.47M | -119.5M | 298.69M | -571.53M | 173.54M | 154.32M | 41.61M | -478.76M | 102.47M | 151.07M | -182.32M |
| Change in Receivables | 109.94M | -107.83M | -7.57M | -35.22M | 88.37M | -89.39M | 54.29M | 24.83M | 6.69M | -118.97M | 36.55M | 25.61M | -43.69M | 97.51M | -3.11M | 61.5M | -15.16M | -108.06M | 110.44M | -76.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -47.51M | -15.79M | -14.94M | -26.32M | -22.69M | 34.26M | 209.3M | -102.83M | -6.43M | -8.65M | -7.26M | -7.28M | -15.13M | -24.22M | -12.73M | -5.98M | -13.51M | -14.46M | -7.82M | -9.9M |
| Capital Expenditures | -2.19M | -3.58M | 11.69M | -11.69M | -13.82M | -14.87M | 13.06M | -6.44M | -6.62M | -8.79M | -7.51M | -7.38M | -4.61M | -24.52M | -5.29M | -6.19M | -13.51M | -14.41M | -7.92M | -9.87M |
| CapEx % of Revenue | 0.28% | 0.39% | 1.53% | 1.45% | 2.1% | 1.8% | 1.65% | 0.93% | 0.86% | 1.07% | 1.41% | 1.13% | 0.84% | 3.42% | 0.72% | 0.94% | 1.89% | 1.42% | 1.08% | 1.17% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 723.76M | 792.98M | 841.32M | 844.86M | 743.3M | 824.4M | 941.88M | 833.64M | 809.04M | 859.86M | 977.26M | 1.14B | 1.26B | 1.42B | 1.93B | 2.43B | 2.51B | 2.31B | 2.28B | 1.98B |
| Other Investing | 905K | -14.45M | -26.62M | -14.63M | -8.87M | -870K | 165.88M | 0 | 0 | -691K | 252K | 98K | 2K | 301K | -7.44M | -17K | -191K | 79K | -97K | -316K |
| Cash from Financing | -153.39M | -136.92M | -97.41M | -39.97M | -191.57M | -233.87M | -111.67M | -192.66M | 98.31M | -150.27M | -176.73M | -171.77M | -1.07B | -781.2M | -538.66M | -42.93M | -19.24M | -125.44M | 120.46M | -43.7M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -127.15M | -50M | -115.87M | -3.76M | -36.16M | -15.57M | -3.11M | -18.81M | -22M | 0 | -2.95M | -172K | -98.92M | -79.53M | -236.99M | -199.39M | -175.8M | -119.96M | -52.45M | -111.09M |
| Dividends Paid | -46.95M | -47.38M | -47.18M | -47.07M | -44.95M | -45.19M | -45.09M | -45.02M | -43.72M | -43.71M | -43.44M | -43.4M | -42.52M | -42.97M | -46.24M | -46.01M | -46.66M | -48.35M | -48.63M | -49.52M |
| Share Repurchases | -1.69M | -50M | -115.87M | -3.76M | -36.16M | -15.57M | -3.11M | -18.81M | -22M | 0 | -2.95M | -172K | -98.92M | -79.53M | -236.99M | -199.39M | -175.8M | -119.96M | -52.45M | -111.09M |
| Other Financing | 20.72M | -39.54M | 363.99M | 10.86M | -110.46M | -6.98M | -63.47M | -128.79M | -231.79M | -106.56M | -130.34M | -128.2M | -930.97M | -658.71M | -255.43M | 202.47M | 203.22M | 42.87M | 221.53M | 116.91M |
| Net Change in Cash | -436.11M | 298M | 194.74M | 40.53M | -401.59M | 95.63M | 519.3M | -120.2M | -20.33M | 218.21M | -173.13M | 23.75M | -1.48B | -323.31M | -262.77M | 93.58M | -298.1M | 268.99M | 455.49M | 101.61M |
| Free Cash Flow | -221.45M | 399.84M | 312.98M | 37.99M | -231.35M | 347.98M | 396.8M | 169.8M | -96.61M | 332.8M | 25.97M | 193.62M | -416.03M | 289.8M | 429.27M | 292.44M | -227.04M | 438.45M | 390.23M | 128.54M |
| FCF Margin % | -28.7% | 43.02% | 41.01% | 4.7% | -35.19% | 42.19% | 50.07% | 24.43% | -12.48% | 40.64% | 4.89% | 29.72% | -75.74% | 40.45% | 58.14% | 44.54% | -31.78% | 43.36% | 52.98% | 15.27% |
| FCF Growth % | 4.28% | 14.9% | -21.12% | -77.62% | -139.48% | 4.56% | 1427.72% | -12.3% | 76.78% | 14.84% | -93.95% | -33.79% | -83.24% | -33.9% | 10.01% | 127.5% | -73.53% | 50.95% | 58.37% | -9.97% |
| FCF per Share | -2.07 | 3.72 | 2.96 | 0.36 | -2.21 | 3.28 | 3.83 | 1.69 | -0.97 | 3.50 | 0.28 | 2.18 | -4.75 | 3.08 | 4.34 | 2.85 | -2.10 | 3.90 | 3.45 | 1.13 |
| FCF Conversion (FCF/Net Income) | -2.17x | 8.09x | 4.03x | 0.90x | -3.60x | 4.20x | 3.56x | 3.53x | -2.52x | 5.37x | 4.69x | -1.62x | 18.56x | 7.42x | 4.11x | 3.13x | -1.88x | 2.15x | 3.71x | 1.12x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |