NYSE : GS
The Goldman Sachs Group, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 894.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 270.84B
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Financial statements
The Goldman Sachs Group, Inc. (GS) reported revenue of 71.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 85.86B | 80.37B | 81.40B | 68.52B | 29.02B | 12.12B |
| Total Interest Expense | 70.87B | 66.81B | 73.34B | 62.16B | 21.35B | 5.65B |
| Net Interest Income | 14.99B | 13.56B | 8.06B | 6.35B | 7.68B | 6.47B |
| Brokerage Commission | 4.87B | 4.04B | 4.09B | 3.79B | 4.03B | 3.59B |
| Trading & Principal Transactions | 23.92B | 19.59B | 23.04B | 20.36B | 19.29B | 26.97B |
| Asset Management Fee | 13.86B | 11.75B | 10.60B | 9.53B | 9.01B | 8.17B |
| Underwriting & Investment Banking Fee | 12.06B | 9.35B | 7.74B | 6.22B | 7.36B | 14.14B |
| Revenue Before Loan Losses | 69.70B | 58.28B | 53.51B | 46.25B | 47.37B | 59.34B |
| Provision for Loan Losses | -1.34B | -1.11B | 1.35B | 1.03B | 2.71B | 357.00M |
| Revenue | 71.04B | 59.40B | 52.16B | 45.23B | 44.65B | 58.98B |
| Salaries & Employee Benefits | 21.30B | 18.91B | 16.71B | 15.50B | 15.15B | 17.72B |
| Cost of Services Provided | 16.72B | 13.61B | 11.99B | 10.92B | 10.85B | 9.46B |
| Other Operating Expenses | 2.82B | 2.64B | 2.52B | 2.57B | 2.72B | 2.74B |
| Total Operating Expenses | 42.73B | 37.15B | 33.37B | 32.27B | 30.85B | 31.80B |
| Operating Income | 28.31B | 22.25B | 18.79B | 12.96B | 13.80B | 27.19B |
| EBT Excluding Unusual Items | 28.31B | 22.25B | 18.79B | 12.96B | 13.80B | 27.19B |
| Impairment of Goodwill | -504.00M | |||||
| Asset Writedown | -184.00M | -184.00M | -228.00M | -1.07B | -314.00M | -143.00M |
| Legal Settlements | -215.00M | -215.00M | -166.00M | -115.00M | ||
| Other Unusual Items | -529.00M | |||||
| Pretax Income | 27.91B | 21.85B | 18.40B | 10.74B | 13.49B | 27.04B |
| Income Tax Expense | 5.74B | 4.68B | 4.12B | 2.22B | 2.23B | 5.41B |
| Net Income | 22.17B | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B |
| Preferred Dividends & Other Adjustments | 917.00M | 932.00M | 800.00M | 660.00M | 550.00M | 519.00M |
| Net Income to Common | 21.25B | 16.24B | 13.48B | 7.86B | 10.71B | 21.12B |
| Shares Outstanding (Basic) | 301.68M | 312.70M | 328.10M | 340.80M | 352.10M | 350.50M |
| Shares Outstanding (Diluted) | 306.65M | 317.60M | 333.60M | 345.80M | 358.10M | 355.80M |
| EPS (Basic) | 70.45 | 51.95 | 41.07 | 23.05 | 30.42 | 60.25 |
| EPS (Diluted) | 69.49 | 51.32 | 40.54 | 22.87 | 30.06 | 59.45 |
| Free Cash Flow | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B | |
| Free Cash Flow Per Share | -148.67 | -45.87 | -43.10 | 13.85 | 4.58 | |
| Dividend Per Share | 18.00 | 14.00 | 11.50 | 10.50 | 9.00 | 6.50 |
| Operating Margin | 39.85% | 37.46% | 36.02% | 28.66% | 30.91% | 46.09% |
| Profit Margin | 29.92% | 27.35% | 25.83% | 17.37% | 23.99% | 35.80% |
| Free Cash Flow Margin | -79.50% | -29.34% | -32.95% | 11.11% | 2.77% | |
| Effective Tax Rate | 20.56% | 21.40% | 22.40% | 20.70% | 16.50% | 20.00% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 177.00B | 164.26B | 182.09B | 241.58B | 241.82B | 261.04B |
| Short-Term Investments | 334.21B | 374.71B | 423.23B | 414.16B | 384.47B | |
| Trading Asset Securities | 832.00B | 498.15B | 422.14B | 366.94B | 261.10B | 307.71B |
| Accounts Receivable | 226.00B | 185.84B | 133.72B | 132.50B | 135.45B | 160.67B |
| Other Receivables | 276.00B | 253.39B | 209.72B | 195.53B | 189.79B | 166.35B |
| Property, Plant & Equipment | 9.52B | 9.99B | 13.41B | 19.25B | 20.39B | |
| Goodwill | 5.95B | 5.85B | 5.92B | 6.37B | 4.29B | |
| Other Intangible Assets | 842.00M | 847.00M | 1.18B | 2.01B | 418.00M | |
| Investments in Debt & Equity Securities | 273.00B | 197.50B | 186.91B | 149.47B | 130.66B | 88.84B |
| Other Current Assets | 359.00B | 158.76B | 148.93B | 111.08B | 40.43B | 69.23B |
| Other Long-Term Assets | 39.00B | 887.00M | 1.06B | 762.00M | 766.00M | 593.00M |
| Total Assets | 2.18T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Accounts Payable | 289.00B | 231.87B | 223.25B | 230.73B | 262.05B | 251.93B |
| Accrued Expenses | 20.66B | 18.20B | 18.26B | 15.98B | 18.59B | |
| Short-Term Debt | 92.00B | 418.68B | 457.52B | 400.91B | 224.98B | 302.35B |
| Current Portion of Long-Term Debt | 30.52B | 38.52B | 49.36B | 38.63B | 18.12B | |
| Current Portion of Leases | 381.00M | 295.00M | 325.00M | 325.00M | 305.00M | |
| Other Current Liabilities | 331.00B | 336.93B | 127.58B | 143.60B | 136.59B | 129.78B |
| Long-Term Debt | 747.00B | 296.21B | 249.87B | 247.87B | 254.25B | 263.47B |
| Long-Term Leases | 1.79B | 1.77B | 1.91B | 1.83B | 1.98B | |
| Long-Term Unearned Revenue | 113.00M | |||||
| Other Long-Term Liabilities | 598.00B | 342.64B | 433.01B | 428.42B | 386.67B | 364.23B |
| Total Liabilities | 2.06T | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T |
| Common Stock | 110.22B | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M |
| Additional Paid-In Capital | 61.91B | 61.38B | 60.25B | 59.05B | 56.40B | |
| Retained Earnings | 165.29B | 153.41B | 143.69B | 139.37B | 131.81B | |
| Comprehensive Income & Other | 3.54B | 2.45B | 2.20B | 2.69B | 2.14B | |
| Total Common Equity | 110.22B | 109.82B | 108.74B | 105.70B | 106.49B | 99.22B |
| Minority Interest | 446.00M | 417.00M | 363.00M | 649.00M | 840.00M | |
| Shareholders' Equity | 125.00B | 125.42B | 122.41B | 117.27B | 117.84B | 110.77B |
| Total Liabilities & Equity | 2.18T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Total Debt | 839.00B | 747.58B | 747.98B | 700.37B | 520.01B | 586.22B |
| Net Cash (Debt) | 170.00B | 249.05B | 230.96B | 331.37B | 397.07B | 367.00B |
| Net Cash Per Share | 554.38 | 784.15 | 692.33 | 958.28 | 1,108.84 | 1,031.47 |
| Filing Date Shares Outstanding | 296.10M | 308.35M | 325.83M | 340.87M | 352.75M | 353.86M |
| Total Common Shares Outstanding | 296.10M | 308.07M | 324.45M | 338.68M | 352.25M | 349.51M |
| Working Capital | 1.16T | 551.36B | 602.40B | 624.72B | 601.53B | 626.03B |
| Book Value Per Share | 372.25 | 356.47 | 335.17 | 312.10 | 302.31 | 283.89 |
| Tangible Book Value | 110.22B | 103.03B | 102.04B | 98.61B | 98.10B | 94.52B |
| Tangible Book Value Per Share | 372.25 | 334.43 | 314.52 | 291.15 | 278.51 | 270.44 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B | |
| Depreciation & Amortization, Total | 2.00B | 2.16B | 3.28B | 2.14B | 2.02B | |
| Stock-Based Compensation | 3.44B | 2.66B | 2.08B | 4.08B | 2.35B | |
| Change in Accounts Receivable | -43.21B | -8.37B | -28.22B | 35.01B | 21.97B | |
| Change in Other Net Operating Assets | 44.16B | 68.91B | 167.61B | -89.77B | -49.00B | |
| Other Operating Activities | 2.06B | -7.44B | -4.66B | -2.33B | -8.26B | |
| Operating Cash Flow | -45.15B | -13.21B | -12.59B | 8.71B | 6.30B | |
| Capital Expenditures | -2.06B | -2.09B | -2.32B | -3.75B | -4.67B | |
| Cash Acquisitions | -2.12B | |||||
| Investment in Securities | -5.15B | -35.72B | -13.41B | -47.58B | 5.79B | |
| Investing Cash Flow | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B | |
| Short-Term Debt Issued | 2.99B | 14.64B | 2.72B | 321.00M | 2.14B | |
| Long-Term Debt Issued | 94.71B | 72.50B | 50.20B | 86.32B | 97.51B | |
| Total Debt Issued | 97.69B | 87.14B | 52.92B | 86.64B | 99.65B | |
| Short-Term Debt Repaid | -3.88B | -2.28B | -1.32B | |||
| Long-Term Debt Repaid | -74.83B | -76.56B | -57.64B | -46.21B | -59.20B | |
| Total Debt Repaid | -78.71B | -76.56B | -57.64B | -48.50B | -60.52B | |
| Net Debt Issued (Repaid) | 18.98B | 10.58B | -4.71B | 38.15B | 39.13B | |
| Repurchase of Common Stock | -14.52B | -9.33B | -7.14B | -5.09B | -6.18B | |
| Preferred Dividends Paid | -599.00M | |||||
| Common Dividends Paid | -3.59B | |||||
| Dividends Paid | -5.28B | -4.50B | -4.19B | -3.68B | -2.73B | |
| Other Financing Activities | 65.01B | 8.52B | 43.34B | 30.23B | 105.02B | |
| Financing Cash Flow | 66.10B | 7.32B | 27.80B | 59.60B | 134.74B | |
| Foreign Exchange Rate Adjustments | 5.45B | -3.97B | 1.85B | -11.56B | -5.38B | |
| Net Cash Flow | -17.83B | -59.48B | -248.00M | -19.21B | 105.19B | |
| Free Cash Flow | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B | |
| Free Cash Flow Margin | -79.50% | -29.34% | -32.95% | 11.11% | 2.77% | |
| Free Cash Flow Per Share | -148.67 | -45.87 | -43.10 | 13.85 | 4.58 | |
| Cash Interest Paid | 65.49B | 72.62B | 60.03B | 19.02B | 5.52B | |
| Cash Income Tax Paid | 3.99B | 3.67B | 2.39B | 4.55B | 6.20B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 272.10B | 275.76B | 188.52B | 132.49B | 121.75B | 133.43B |
| Last Close Price | 898.72 | 866.32 | 553.07 | 363.79 | 313.87 | 340.68 |
| PE Ratio | 12.93 | 16.98 | 13.99 | 16.86 | 11.37 | 6.32 |
| PS Ratio | 3.83 | 4.64 | 3.61 | 2.93 | 2.73 | 2.26 |
| PB Ratio | 2.41 | 2.20 | 1.54 | 1.13 | 1.03 | 1.21 |
| P/FCF Ratio | 24.55 | 81.81 | ||||
| P/OCF Ratio | 13.98 | 21.19 | ||||
| Debt / Equity Ratio | 6.71 | 5.96 | 6.11 | 5.97 | 4.41 | 5.29 |
| Debt / FCF Ratio | 104.84 | 359.42 | ||||
| Net Debt / Equity Ratio | -1.36 | -1.99 | -1.89 | -2.83 | -3.37 | -3.31 |
| Net Debt / FCF Ratio | 5.27 | 15.09 | 22.23 | -80.06 | -225.01 | |
| Asset Turnover | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 |
| Quick Ratio | 2.12 | 1.38 | 1.52 | 1.61 | 1.82 | 1.77 |
| Current Ratio | 2.63 | 1.53 | 1.69 | 1.74 | 1.88 | 1.86 |
| Return on Equity (ROE) | 17.75% | 13.86% | 11.91% | 7.24% | 9.85% | 20.77% |
| Return on Assets (ROA) | 1.11% | 0.99% | 0.86% | 0.55% | 0.78% | 1.65% |
| Return on Invested Capital (ROIC) | 2.27% | 2.01% | 1.73% | 1.41% | 1.73% | 3.36% |
| Earnings Yield | 7.73% | 6.23% | 7.57% | 6.43% | 9.25% | 16.21% |
| FCF Yield | -15.26% | -17.12% | -8.12% | -11.25% | 4.07% | 1.22% |
| Dividend Yield | 2.23% | 1.56% | 1.98% | 2.68% | 2.60% | 1.70% |
| Payout Ratio | 27.34% | 30.72% | 31.50% | 49.19% | 32.70% | 12.60% |
| Buyback Yield / Dilution | 4.64% | 4.80% | 3.53% | 3.44% | -0.65% | 1.25% |
| Total Shareholder Return | 6.87% | 6.36% | 5.51% | 6.12% | 1.96% | 2.95% |