SPDR® Gold Shares Financials

GLD

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE 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).

Rhea AI GLD FY2025 2026-05-05

Balance-sheet value changes, not operating cash generation, drove this equity-heavy vehicle as assets reached $124.6B.

From FY2023 to FY2025, total assets rose from $52.5B to $124.6B, so the available statements are being driven primarily by the value of assets on the balance sheet. Net income rose sharply over the same span, and operating cash flow stayed at $0, so reported earnings appear to reflect balance-sheet remeasurement more than cash generated from operations.

The structure is almost entirely equity-funded: FY2025 liabilities were only $38.3M against $124.6B of assets. That near-zero leverage is why ROA and ROE converged at about 28.5% and debt-to-equity stayed near 0.0003x: borrowing is not what is magnifying returns here.

The multiyear pattern is a full earnings reversal, from -$5.7B in FY2021 to $35.6B in FY2025, without any build in cash reserves. Cash remained at $0, which is unusual for an operating business and suggests the economics are showing up mainly as changes in net asset value rather than retained operating liquidity.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of SPDR® Gold Shares's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

SPDR® Gold Shares carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

SPDR® Gold Shares earns a strong 28.5% return on equity (ROE), meaning it generates $29 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is up from 27.6% the prior year.

Piotroski F-Score Weak

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 Quality Low 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.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$35.6B

YoY+74.6%

5Y CAGR+22.1%

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

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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	$10.2B-34.0%	$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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$155.2B+4.5%	$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
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	$56.8M-77.1%	$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
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	$155.1B+4.6%	$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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	6.6%-3.9pp	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%
Return on Assets	6.6%-3.9pp	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%
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 to 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.

How financially healthy is SPDR® Gold Shares?

SPDR® Gold Shares (GLD) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.