Goldman Sachs Physical Gold ETF Financials

AAAU

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Goldman Sachs Physical Gold ETF (AAAU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AAAU FY2025 2026-05-13

This physical-gold ETF behaves like a pass-through asset pool, with results driven by holdings value and share issuance.

From FY2023 to FY2025, net income jumped from $56.4M to $783.4M while operating cash flow stayed at $0, showing that reported earnings here mainly reflect changes in portfolio value rather than cash produced by an operating business. At the same time, shares outstanding rose from 31.0M to 59.8M, so the asset base scaled through investor subscriptions alongside market gains, not through borrowing.

Liabilities were only $381K against $2.54B of assets in FY2025, and ROA and ROE were both 30.8%. When those two return measures converge, leverage is contributing almost nothing, so shareholders are getting the asset performance almost directly.

Equity expanded from $889.6M in FY2024 to $2.54B in FY2025 while debt-to-equity fell to 0.0001, which points to a balance sheet funded by investors rather than creditors. That makes the economics much more about the value of the holdings than about spread income or financial engineering.

Financial Health Signals

Financial health score pending refresh

We are recalculating Goldman Sachs Physical Gold ETF's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

Goldman Sachs Physical Gold ETF passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.00x

For every $1 of reported earnings, Goldman Sachs Physical Gold ETF generates $0.00 in operating cash flow ($0 OCF vs $783.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$783.4M

YoY+383.4%

5Y CAGR+68.4%

Goldman Sachs Physical Gold ETF reported $783.4M in net income in fiscal year 2025. This represents an increase of 383.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

Goldman Sachs Physical Gold ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

60M

YoY+73.5%

5Y CAGR+17.1%

Goldman Sachs Physical Gold ETF had 60M shares outstanding in fiscal year 2025. This represents an increase of 73.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

30.8%

YoY+12.6pp

5Y CAGR+19.5pp

Goldman Sachs Physical Gold ETF's ROE was 30.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 12.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AAAU Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$783.4M+383.4%	$162.1M+187.3%	$56.4M+618.8%	-$10.9M+39.0%	-$17.8M-130.8%	$57.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$164.1M	N/A	$264.7M+277.4%	$70.1M-62.7%	$187.9M	N/A	$94.5M+188.5%	$32.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AAAU Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.5B+183.1%	$898.1M+40.2%	$640.6M+46.6%	$437.0M+3.0%	$424.3M-16.9%	$510.8M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$381K-95.5%	$8.5M+17.7%	$7.2M+10920.8%	$66K+3.2%	$64K+40.8%	$45K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.5B+185.8%	$889.6M+40.5%	$633.3M+44.9%	$436.9M+3.0%	$424.2M-16.9%	$510.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.8B+10.9%	$2.5B+29.1%	$2.0B+27.6%	$1.5B+19.3%	$1.3B+44.1%	$898.1M+0.5%	$893.6M+23.7%	$722.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$461K+21.0%	$381K+40.3%	$272K+21.5%	$223K+21.9%	$183K-97.9%	$8.5M-25.4%	$11.4M+10728.1%	$106K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.8B+10.9%	$2.5B+29.1%	$2.0B+27.6%	$1.5B+19.3%	$1.3B+45.5%	$889.6M+0.8%	$882.2M+22.2%	$722.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AAAU Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$0	$0	$0	$0	$0	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$0	$0	$0	$0	$0	$0	$0	$0
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AAAU Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	30.8%+12.6pp	18.2%+9.3pp	8.9%+11.4pp	-2.5%+1.7pp	-4.2%-15.5pp	11.3%
Return on Assets	30.8%+12.8pp	18.0%+9.2pp	8.8%+11.3pp	-2.5%+1.7pp	-4.2%-15.5pp	11.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.01+0.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.8%	N/A	13.4%+8.9pp	4.5%-10.0pp	14.5%	N/A	10.7%+6.2pp	4.5%
Return on Assets	5.8%	N/A	13.4%+8.9pp	4.5%-10.0pp	14.5%	N/A	10.6%+6.0pp	4.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.010.0	0.01+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Goldman Sachs Physical Gold ETF profitable?

Yes, Goldman Sachs Physical Gold ETF (AAAU) reported a net income of $783.4M in fiscal year 2025.

What is Goldman Sachs Physical Gold ETF's return on equity (ROE)?

Goldman Sachs Physical Gold ETF (AAAU) has a return on equity of 30.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Goldman Sachs Physical Gold ETF's operating cash flow?

Goldman Sachs Physical Gold ETF (AAAU) generated $0 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Goldman Sachs Physical Gold ETF's total assets?

Goldman Sachs Physical Gold ETF (AAAU) had $2.5B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Goldman Sachs Physical Gold ETF have outstanding?

Goldman Sachs Physical Gold ETF (AAAU) had 60M shares outstanding as of fiscal year 2025.

What is Goldman Sachs Physical Gold ETF's debt-to-equity ratio?

Goldman Sachs Physical Gold ETF (AAAU) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Goldman Sachs Physical Gold ETF's return on assets (ROA)?

Goldman Sachs Physical Gold ETF (AAAU) had a return on assets of 30.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Goldman Sachs Physical Gold ETF's Piotroski F-Score?

Goldman Sachs Physical Gold ETF (AAAU) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Goldman Sachs Physical Gold ETF's earnings high quality?

Goldman Sachs Physical Gold ETF (AAAU) has an earnings quality ratio of 0.00x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.