Goldman Sachs Physical Gold ETF (AAAU) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AAAU SEC filings page.
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).
The fund’s dominant mechanic is asset-value expansion with minimal liabilities, not revenue-driven operating growth.
FY2025 pairs$783M of net income with operating cash flow reported at$0 ; earnings-to-cash conversion is therefore not visible in the statements, so the result should not be interpreted like recurring operating cash profit. The simultaneous expansion of assets to$2.5B and ROA to30.8% points to returns being shaped by the value of the held asset base, not by a conventional sales-and-cost model.
The capital structure is exceptionally light on obligations: FY2025 liabilities were only
Shares outstanding rose from 34.5M shares in FY2024 to 59.8M shares in FY2025, making share issuance a visible part of scale expansion. Assets also increased from
Financial Health Signals
Goldman Sachs Physical Gold ETF does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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).
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
Earnings & Revenue
Goldman Sachs Physical Gold ETF reported -$353.1M in net income in Q2 2026. This represents a decrease of 603.4% from the same quarter a year earlier. Against the prior quarter it is down 315.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Goldman Sachs Physical Gold ETF held $0 in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Goldman Sachs Physical Gold ETF's ROE was -14.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 19.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 20.5 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
AAAU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Diluted), Diluted Shares (Avg).
AAAU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+55.4% | $2.8B+117.9% | $2.5B+183.1% | $2.0B+120.4% | $1.5B+113.9% | $1.3B+103.9% | $898.1M+40.2% | $893.6M+70.5% |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $381K+70.5% | $461K+151.3% | $381K-95.5% | $272K-97.6% | $223K+111.5% | $183K+94.8% | $8.5M+17.7% | $11.4M+13984.4% |
| Total Equity | $2.4B+55.4% | $2.8B+117.9% | $2.5B+185.8% | $2.0B+123.3% | $1.5B+113.9% | $1.3B+103.9% | $889.6M+40.5% | $882.2M+68.4% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
AAAU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
AAAU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -14.7%-19.3pp | 5.8%-8.7pp | N/A | 13.4%+2.7pp | 4.5%0.0pp | 14.5%+7.8pp | N/A | 10.7%+13.0pp |
| Return on Assets | -14.7%-19.3pp | 5.8%-8.7pp | N/A | 13.4%+2.9pp | 4.5%0.0pp | 14.5%+7.8pp | N/A | 10.6%+12.8pp |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.010.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where Goldman Sachs Physical Gold ETF Ranks
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.
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.