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Lazard cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$311M in Q3 2026 · $685M over twelve months

Operating cash flow$316M
Capital spending−$5.6M
Free cash flow+$311M
Cash / net income10.7×

Analysis

In Q3 2026, Lazard generated $316M of operating cash flow and spent $5.6M on capital projects, leaving free cash flow of $311M. That is $26.2M more than in Q3 2025 ($285M).

Over the twelve months to Sep 30, 2026, operating cash flow was $700M; the largest uses were dividends ($192M), taxes on employees’ shares ($136M), buybacks ($135M); the cash balance rose by $29.7M.

Operating cash flow was $316M against net income of $29.7M — 10.7× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$168M, stock-based pay +$103M, receivables −$61.9M.

Free cash flow

Lazard: free cash flow by quarterLazard: free cash flow by quarter$348MQ4 2024−$231MQ1 2025$38.0MQ2 2025$285MQ3 2025$396MQ4 2025−$221MQ1 2026$199MQ2 2026$311MQ3 2026
Operating cash flow less capital spending.
Lazard: operating cash flow against capital spendingLazard: operating cash flow against capital spendingOperating cash flowCapital spending$363M$14.9MQ4 2024−$218M$13.8MQ1 2025$49.7M$11.7MQ2 2025$287M$2.9MQ3 2025$400M$3.6MQ4 2025−$219M$2.2MQ1 2026$203M$3.9MQ2 2026$316M$5.6MQ3 2026
Latest (Q3 2026): Operating cash flow $316M, Capital spending $5.6M.

Capital allocation, year by year

Lazard: where the cash came from (up) and went (down), by fiscal yearLazard: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $866MFY2021: Shares issued $575MFY2021: Asset sales $642KFY2021: Capital spending −$39.7MFY2021: Buybacks −$406MFY2021: Dividends −$196M$1.4BFY2021FY2022: Operating cash flow $834MFY2022: Asset sales $573KFY2022: Capital spending −$49.5MFY2022: Buybacks −$692MFY2022: Dividends −$182M$835MFY2022FY2023: Operating cash flow $165MFY2023: Asset sales $490KFY2023: Capital spending −$28.3MFY2023: Acquisitions −$10.5MFY2023: Buybacks −$102MFY2023: Dividends −$173M$165MFY2023FY2024: Operating cash flow $743MFY2024: Net borrowing −$3.2MFY2024: Asset sales $2.1MFY2024: Capital spending −$45.5MFY2024: Buybacks −$59.5MFY2024: Dividends −$179M$745MFY2024FY2025: Operating cash flow $519MFY2025: Net borrowing $1.6MFY2025: Capital spending −$31.9MFY2025: Buybacks −$91.0MFY2025: Dividends −$187M$521MFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were buybacks ($1.4B) and dividends ($916M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$1.7B
Net debt$426M

Lazard funds itself: free cash flow was $685M over the last twelve months, and $1.3B of cash and investments stands against $1.7B of debt.

Where the cash came from and went

Lazard: sources (+) and uses (−) of cash, Q3 2026Lazard: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$316MCash drawn (+) / kept (−)−$150MOther financing−$61.9MDividends−$48.7MBuybacks−$33.3MOther investing−$10.1MTaxes on employees’ shares−$6.4MCapital spending−$5.6MAcquisitions−$2.0MExchange rates$1.5MPartners−$6K
Lazard: sources (+) and uses (−) of cash, TTM to Q3 2026Lazard: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$700MDividends−$192MTaxes on employees’ shares−$136MBuybacks−$135MOther financing−$99.1MOther investing−$69.9MCash drawn (+) / kept (−)−$29.7MExchange rates−$21.0MCapital spending−$15.3MAcquisitions−$1.8MPartners−$34K

From profit to cash

Lazard: net income to operating cash flow, Q3 2026Lazard: net income to operating cash flow, Q3 2026Net income$29.7MDepreciation & amortization$7.4MStock-based pay$103MDeferred taxes$11.2MReceivables−$61.9MAccrued liabilities$168MPrepaid and other assets$3KOperating cash flow$316M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$316M−$5.6M−$2.0M−$33.3M−$48.7M—−$150M$311M
Q2 2026$203M−$3.9M—−$50.0M−$49.3M—−$68.3M$199M
Q1 2026−$219M−$2.2M—−$1.7M−$47.0M—$436M−$221M
Q4 2025$400M−$3.6M—−$50.0M−$47.4M—−$248M$396M
Q3 2025$287M−$2.9M—−$1.1M−$47.2M$1.6M−$175M$285M
Q2 2025$49.7M−$11.7M—−$3.8M−$47.1M—−$40.5M$38.0M
Q1 2025−$218M−$13.8M—−$36.2M−$45.0M—$402M−$231M
Q4 2024$363M−$14.9M—−$15.6M−$45.2M−$166M−$95.6M$348M

Lazard: income statement and cash flow

Lazard, Q3 2026: revenue $836M (+8% year over year), operating margin 6.5%. The chart follows the revenue to costs, profit and cash.

Lazard: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.