Lazard Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	251.02	286.71	-57.31	392.48	542.55
Depreciation & Amortization	107.19	103.09	106.41	102.96	112.4
Stock-Based Compensation	459.82	448.49	429.86	406.3	394.11
Other Adjustments	-5.83	-109.89	-75.25	41.53	116.49
Changes in Trading Assets	-17.85	72.72	-145.01	178.03	-458.59
Change in Receivables	-62.25	-3.58	-100.5	140.75	-81.61
Changes in Accrued Expenses	-208.04	12.47	52.31	-372.62	274.15
Changes in Other Operating Activities	-4.72	-65.34	-47.67	-55.44	-33.41
Operating Cash Flow	519.33	742.83	164.66	833.98	866.08
Operating Cash Flow Growth	-30.09%	351.12%	-80.26%	-3.71%	50.38%
Capital Expenditures	-31.95	-45.5	-28.3	-49.51	-39.7
Sale of Property, Plant & Equipment	-	196.39	0.49	0.57	0.64
Purchases of Investments	-	-115.84	-	-	-
Proceeds from Sale of Investments	-	100	-	-	-
Payments for Business Acquisitions	-	-	-10.52	-	-
Other Investing Activities	-50.04	-0.99	-	-7.5	-
Investing Cash Flow	-81.98	134.07	-38.32	-56.44	-39.06
Long-Term Debt Issued	300	395.96	-	-	-
Long-Term Debt Repaid	-298.35	-399.15	-	-	-
Net Long-Term Debt Issued (Repaid)	1.65	-3.19	-	-	-
Issuance of Common Stock	-	-	-	-	575
Repurchase of Common Stock	-206.16	-123.84	-156.58	-753.62	-474.16
Net Common Stock Issued (Repurchased)	-206.16	-123.84	-156.58	-753.62	100.84
Common Dividends Paid	-186.58	-179.02	-173.08	-181.88	-195.94
Other Financing Activities	-103.49	-134.88	-1,209	-446.53	290.94
Financing Cash Flow	-463.64	-439.67	-1,571	-1,382	195.84
Effect of Exchange Rate Changes on Cash and Cash Equivalents	87.5	-52.85	30.44	-186.13	-161.67
Net Cash Flow	61.2	384.39	-1,414	-790.61	861.19
Free Cash Flow	487.38	697.33	136.37	784.47	826.38
Free Cash Flow Growth	-30.11%	411.37%	-82.62%	-5.07%	61.52%
FCF Margin	15.30%	22.21%	5.26%	27.48%	25.24%
Free Cash Flow Per Share	4.58	6.81	1.53	7.77	7.27
Levered Free Cash Flow	83.1	354.16	-137.74	160.93	382.91
Unlevered Free Cash Flow	67.68	334.7	-130.73	172.6	374.62

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.