Source SEC Filings (10-K/10-Q)Updated Dec 31, 2025Currency USDFYE September
This page shows SPDR® Gold Shares (GLD) financial statements, including the
income statement, balance sheet, cash flow statement, and key financial ratios.
View 19 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).
Financial Health Signals
Piotroski F-ScoreWeak
2/9
SPDR® Gold Shares passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Earnings QualityLow Quality
0.00x
For every $1 of reported earnings, SPDR® Gold Shares generates $0.00 in operating cash flow ($0 OCF vs $35.6B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SPDR® Gold Shares reported $35.6B in net income in fiscal year 2025. This represents an increase of 74.6% from the prior year.
EPS (Diluted)
N/A
Cash & Balance Sheet
Free Cash Flow
N/A
Cash & Debt
$0
SPDR® Gold Shares held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Dividends Per Share
N/A
Shares Outstanding
N/A
Margins & Returns
Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
28.5%
YoY+0.9pp
5Y CAGR+11.5pp
10Y CAGR+39.5pp
SPDR® Gold Shares's ROE was 28.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Capital Allocation
R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A
GLD 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
$35.6B+74.6%
$20.4B+267.0%
$5.5B+288.4%
-$2.9B+48.8%
-$5.7B-143.9%
$13.1B
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
$15.5B-7.9%
$16.8B+232.9%
$5.1B-64.6%
$14.3B+2461.6%
-$604.3M-107.4%
$8.2B+169.9%
$3.0B-23.0%
$3.9B
EPS (Diluted)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
GLD Balance Sheet
Metric
FY25
FY24
FY23
FY22
FY21
FY20
Total Assets
$124.6B+69.0%
$73.7B+40.3%
$52.5B+3.6%
$50.7B-8.6%
$55.5B-27.9%
$77.0B
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
$38.3M+62.4%
$23.6M+31.6%
$17.9M-91.2%
$202.8M+981.6%
$18.7M-26.3%
$25.4M
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
$124.5B+69.0%
$73.7B+40.3%
$52.5B+4.0%
$50.5B-9.0%
$55.5B-27.9%
$77.0B
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
$148.5B+19.2%
$124.6B+23.4%
$100.9B+8.0%
$93.5B+27.6%
$73.2B-0.7%
$73.7B+18.7%
$62.1B+5.1%
$59.1B
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
$247.9M+548.1%
$38.3M-86.1%
$275.7M+830.2%
$29.6M+18.1%
$25.1M+6.5%
$23.6M+15.6%
$20.4M+4.9%
$19.4M
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
$148.2B+19.0%
$124.5B+23.7%
$100.6B+7.7%
$93.5B+27.6%
$73.2B-0.7%
$73.7B+18.7%
$62.1B+5.1%
$59.1B
Retained Earnings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
GLD Cash Flow Statement
Metric
FY25
FY24
FY23
FY22
FY21
FY20
Operating Cash Flow
$0
$0
$0
$0
$0
$0
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
GLD 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
28.5%+0.9pp
27.6%+17.1pp
10.6%+16.4pp
-5.8%+4.5pp
-10.4%-27.4pp
17.0%
Return on Assets
28.5%+0.9pp
27.6%+17.1pp
10.6%+16.4pp
-5.8%+4.5pp
-10.4%-27.4pp
17.0%
Current Ratio
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
0.00
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
10.4%-3.1pp
13.5%+8.5pp
5.0%-10.3pp
15.3%+16.1pp
-0.8%-11.9pp
11.1%+6.2pp
4.9%-1.8pp
6.6%
Return on Assets
10.4%-3.1pp
13.5%+8.5pp
5.0%-10.3pp
15.3%+16.1pp
-0.8%-11.9pp
11.1%+6.2pp
4.9%-1.8pp
6.6%
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
0.000.0
0.000.0
0.00
FCF Margin
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Frequently Asked Questions
Is SPDR® Gold Shares profitable?
Yes, SPDR® Gold Shares (GLD) reported a net income of $35.6B in fiscal year 2025.
What is SPDR® Gold Shares's return on equity (ROE)?
SPDR® Gold Shares (GLD) has a return on equity of 28.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SPDR® Gold Shares's operating cash flow?
SPDR® Gold Shares (GLD) generated $0 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SPDR® Gold Shares's total assets?
SPDR® Gold Shares (GLD) had $124.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is SPDR® Gold Shares's debt-to-equity ratio?
SPDR® Gold Shares (GLD) 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 SPDR® Gold Shares's return on assets (ROA)?
SPDR® Gold Shares (GLD) had a return on assets of 28.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SPDR® Gold Shares's Piotroski F-Score?
SPDR® Gold Shares (GLD) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SPDR® Gold Shares's earnings high quality?
SPDR® Gold Shares (GLD) 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.
