Goldman Sachs Group Inc Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 30/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Goldman Sachs Group Inc's revenue surged 15.7% year-over-year to $53.5B, reflecting rapid business expansion. This strong growth earns a score of 73/100.

Leverage

Goldman Sachs Group Inc has elevated debt relative to equity (D/E of 12.74), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

While Goldman Sachs Group Inc generated -$13.2B in operating cash flow, capex of $2.1B consumed most of it, leaving -$15.3B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Goldman Sachs Group Inc's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 47/100. This is up from 7.3% the prior year.

Piotroski F-Score Neutral

4/9

Goldman Sachs Group Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-0.93x

For every $1 of reported earnings, Goldman Sachs Group Inc generates $-0.93 in operating cash flow (-$13.2B OCF vs $14.3B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Goldman Sachs Group Inc (GS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

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Key Financial Metrics

Revenue

$53.5B

YoY+15.7%

5Y CAGR+7.9%

10Y CAGR+4.5%

Goldman Sachs Group Inc generated $53.5B in revenue in fiscal year 2024. This represents an increase of 15.7% from the prior year.

EBITDA

N/A

Free Cash Flow

-$15.3B

YoY-2.7%

Goldman Sachs Group Inc generated -$15.3B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 2.7% from the prior year.

Net Income

$14.3B

YoY+67.6%

5Y CAGR+11.0%

10Y CAGR+5.4%

Goldman Sachs Group Inc reported $14.3B in net income in fiscal year 2024. This represents an increase of 67.6% from the prior year.

EPS (Diluted)

$40.54

YoY+77.3%

5Y CAGR+14.0%

10Y CAGR+9.0%

Goldman Sachs Group Inc earned $40.54 per diluted share (EPS) in fiscal year 2024. This represents an increase of 77.3% from the prior year.

Cash & Debt

$182.1B

YoY-24.6%

5Y CAGR+6.4%

10Y CAGR+9.3%

Goldman Sachs Group Inc held $182.1B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$11.50

YoY+9.5%

5Y CAGR+22.6%

10Y CAGR+17.7%

Goldman Sachs Group Inc paid $11.50 per share in dividends in fiscal year 2024. This represents an increase of 9.5% from the prior year.

Shares Outstanding

312M

YoY-4.2%

5Y CAGR-2.0%

10Y CAGR-3.3%

Goldman Sachs Group Inc had 312M shares outstanding in fiscal year 2024. This represents a decrease of 4.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

26.7%

YoY+8.3pp

5Y CAGR+3.5pp

10Y CAGR+2.1pp

Goldman Sachs Group Inc's net profit margin was 26.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 8.3 percentage points from the prior year.

Return on Equity

11.7%

YoY+4.4pp

5Y CAGR+2.3pp

10Y CAGR+1.5pp

Goldman Sachs Group Inc's ROE was 11.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 4.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$8.0B

YoY+38.0%

5Y CAGR+8.4%

10Y CAGR+3.9%

Goldman Sachs Group Inc spent $8.0B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 38.0% from the prior year.

Capital Expenditures

$2.1B

YoY-9.7%

5Y CAGR-24.4%

10Y CAGR+11.9%

Goldman Sachs Group Inc invested $2.1B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 9.7% from the prior year.

GS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$53.5B+15.7%	$46.3B-2.3%	$47.4B-20.2%	$59.3B+33.2%	$44.6B+21.9%	$36.5B
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	$73.3B+18.0%	$62.2B+191.2%	$21.3B+277.8%	$5.7B-36.8%	$8.9B-48.6%	$17.4B
Income Tax	$4.1B+85.4%	$2.2B-0.1%	$2.2B-58.9%	$5.4B+79.1%	$3.0B+42.7%	$2.1B
Net Income	$14.3B+67.6%	$8.5B-24.4%	$11.3B-48.0%	$21.6B+128.7%	$9.5B+11.7%	$8.5B
EPS (Diluted)	$40.54+77.3%	$22.87-23.9%	$30.06-49.4%	$59.45+140.3%	$24.74+17.6%	$21.03

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$15.2B+4.1%	$14.6B-3.2%	$15.1B+8.6%	$13.9B+8.9%	$12.7B-10.4%	$14.2B+25.6%	$11.3B-4.2%	$11.8B
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	$17.0B+1.7%	$16.7B+1.2%	$16.5B-6.4%	$17.6B-4.6%	$18.4B+1.5%	$18.2B+6.0%	$17.1B+2.6%	$16.7B
Income Tax	$1.3B+4.8%	$1.2B+35.9%	$909.0M-20.7%	$1.1B+31.3%	$873.0M-21.0%	$1.1B+349.2%	$246.0M-64.8%	$698.0M
Net Income	$4.1B+10.1%	$3.7B-21.4%	$4.7B+15.3%	$4.1B+35.1%	$3.0B-26.4%	$4.1B+105.8%	$2.0B-2.4%	$2.1B
EPS (Diluted)	$12.25+12.3%	$10.91-22.7%	$14.12+18.3%	$11.94+38.5%	$8.62-25.6%	$11.58+109.4%	$5.53+1.1%	$5.47

GS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.7T+2.1%	$1.6T+13.9%	$1.4T-1.5%	$1.5T+25.9%	$1.2T+17.1%	$993.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$182.1B-24.6%	$241.6B-0.1%	$241.8B-7.4%	$261.0B+67.5%	$155.8B+16.7%	$133.5B
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	$5.9B-1.1%	$5.9B-7.2%	$6.4B+48.8%	$4.3B-1.1%	$4.3B+3.2%	$4.2B
Total Liabilities	$1.6T+1.9%	$1.5T+15.1%	$1.3T-2.2%	$1.4T+26.9%	$1.1T+18.2%	$902.7B
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	$122.0B+4.4%	$116.9B-0.2%	$117.2B+6.6%	$109.9B+14.6%	$95.9B+6.3%	$90.3B
Retained Earnings	$153.4B+6.8%	$143.7B+3.1%	$139.4B+5.7%	$131.8B+16.7%	$112.9B+6.1%	$106.5B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.8T+1.3%	$1.8T+1.1%	$1.8T+5.4%	$1.7T+1.4%	$1.7T-2.7%	$1.7T+3.5%	$1.6T+4.1%	$1.6T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$169.6B+10.9%	$153.0B-8.6%	$167.4B-8.1%	$182.1B-11.7%	$206.3B-1.5%	$209.4B-13.3%	$241.6B+0.7%	$239.9B
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	$6.0B0.0%	$6.0B+1.1%	$5.9B+0.6%	$5.9B-0.7%	$5.9B-0.1%	$5.9B-0.3%	$5.9B+0.1%	$5.9B
Total Liabilities	$1.7T+1.4%	$1.7T+1.2%	$1.6T+5.7%	$1.6T+1.3%	$1.5T-2.9%	$1.6T+3.6%	$1.5T+4.4%	$1.5T
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	$124.4B+0.2%	$124.1B-0.2%	$124.3B+1.9%	$122.0B+2.1%	$119.5B+0.8%	$118.5B+1.4%	$116.9B-0.3%	$117.3B
Retained Earnings	$162.1B+1.6%	$159.5B+1.6%	$157.0B+2.4%	$153.4B+3.2%	$148.7B+1.3%	$146.7B+2.1%	$143.7B+0.7%	$142.7B

GS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$13.2B-5.0%	-$12.6B-244.5%	$8.7B+38.3%	$6.3B+134.0%	-$18.5B-177.7%	$23.9B
Capital Expenditures	$2.1B-9.7%	$2.3B-38.2%	$3.7B-19.7%	$4.7B-26.0%	$6.3B-25.3%	$8.4B
Free Cash Flow	-$15.3B-2.7%	-$14.9B-400.5%	$5.0B+204.1%	$1.6B+106.6%	-$24.8B-261.1%	$15.4B
Investing Cash Flow	-$49.6B-186.6%	-$17.3B+77.2%	-$76.0B-149.3%	-$30.5B+11.3%	-$34.4B-41.8%	-$24.2B
Financing Cash Flow	$7.3B-73.7%	$27.8B-53.4%	$59.6B-55.8%	$134.7B+91.4%	$70.4B+1990.3%	$3.4B
Dividends Paid	$4.5B+7.4%	$4.2B+13.8%	$3.7B+35.1%	$2.7B+16.7%	$2.3B+11.0%	$2.1B
Share Buybacks	$8.0B+38.0%	$5.8B+65.6%	$3.5B-32.7%	$5.2B+169.7%	$1.9B-63.9%	$5.3B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$2.7B-52.8%	$5.7B+115.2%	-$37.2B-179.6%	$46.8B+664.2%	$6.1B+121.8%	-$28.0B+1.1%	-$28.4B-11.1%	-$25.5B
Capital Expenditures	$558.0M+17.2%	$476.0M-4.6%	$499.0M-14.8%	$586.0M+8.1%	$542.0M+9.1%	$497.0M-9.0%	$546.0M+7.7%	$507.0M
Free Cash Flow	$2.1B-59.2%	$5.2B+113.8%	-$37.7B-181.7%	$46.2B+727.9%	$5.6B+119.5%	-$28.5B+1.3%	-$28.9B-11.0%	-$26.0B
Investing Cash Flow	-$5.1B+54.9%	-$11.3B+50.2%	-$22.7B-219.7%	-$7.1B-35.7%	-$5.2B+34.3%	-$8.0B-138.8%	-$3.3B+58.4%	-$8.0B
Financing Cash Flow	$19.8B+249.2%	-$13.3B-131.0%	$42.8B+647.9%	-$7.8B-229.7%	-$2.4B-133.1%	$7.2B-74.4%	$28.0B+334.9%	$6.4B
Dividends Paid	$1.5B+20.7%	$1.2B+9.7%	$1.1B-3.3%	$1.2B+9.6%	$1.1B-6.3%	$1.1B+5.4%	$1.1B-3.1%	$1.1B
Share Buybacks	$2.0B-33.3%	$3.0B-31.2%	$4.4B+118.0%	$2.0B-42.9%	$3.5B+133.3%	$1.5B+50.0%	$1.0B-33.3%	$1.5B

GS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	26.7%+8.3pp	18.4%-5.4pp	23.8%-12.7pp	36.5%+15.2pp	21.2%-1.9pp	23.2%
Return on Equity	11.7%+4.4pp	7.3%-2.3pp	9.6%-10.1pp	19.7%+9.8pp	9.9%+0.5pp	9.4%
Return on Assets	0.9%+0.3pp	0.5%-0.3pp	0.8%-0.7pp	1.5%+0.7pp	0.8%-0.0pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	12.74-0.3	13.04+1.7	11.30-1.0	12.32+1.2	11.12+1.1	10.00
FCF Margin	-28.6%+3.6pp	-32.2%-42.7pp	10.5%+7.7pp	2.8%+58.5pp	-55.8%-98.0pp	42.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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	27.0%+1.5pp	25.5%-5.9pp	31.5%+1.8pp	29.6%+5.7pp	23.9%-5.2pp	29.1%+11.3pp	17.7%+0.3pp	17.4%
Return on Equity	3.3%+0.3pp	3.0%-0.8pp	3.8%+0.4pp	3.4%+0.8pp	2.5%-0.9pp	3.5%+1.8pp	1.7%-0.0pp	1.8%
Return on Assets	0.2%+0.0pp	0.2%-0.1pp	0.3%+0.0pp	0.3%+0.1pp	0.2%-0.1pp	0.2%+0.1pp	0.1%-0.0pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	13.53+0.1	13.38+0.2	13.21+0.5	12.74-0.1	12.84-0.5	13.33+0.3	13.04+0.6	12.45
FCF Margin	14.0%-21.6pp	35.6%+286.1pp	-250.5%-583.5pp	333.0%+289.2pp	43.8%+244.6pp	-200.8%+54.6pp	-255.4%-35.0pp	-220.4%

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Frequently Asked Questions

What is Goldman Sachs Group Inc's annual revenue?

Goldman Sachs Group Inc (GS) reported $53.5B in total revenue for fiscal year 2024. This represents a 15.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Goldman Sachs Group Inc's revenue growing?

Goldman Sachs Group Inc (GS) revenue grew by 15.7% year-over-year, from $46.3B to $53.5B in fiscal year 2024.

Is Goldman Sachs Group Inc profitable?

Yes, Goldman Sachs Group Inc (GS) reported a net income of $14.3B in fiscal year 2024, with a net profit margin of 26.7%.

What is Goldman Sachs Group Inc's earnings per share (EPS)?

Goldman Sachs Group Inc (GS) reported diluted earnings per share of $40.54 for fiscal year 2024. This represents a 77.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Goldman Sachs Group Inc's net profit margin?

Goldman Sachs Group Inc (GS) had a net profit margin of 26.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Goldman Sachs Group Inc pay dividends?

Yes, Goldman Sachs Group Inc (GS) paid $11.50 per share in dividends during fiscal year 2024.

What is Goldman Sachs Group Inc's return on equity (ROE)?

Goldman Sachs Group Inc (GS) has a return on equity of 11.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Goldman Sachs Group Inc's free cash flow?

Goldman Sachs Group Inc (GS) generated -$15.3B in free cash flow during fiscal year 2024. This represents a -2.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Goldman Sachs Group Inc's operating cash flow?

Goldman Sachs Group Inc (GS) generated -$13.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Goldman Sachs Group Inc's total assets?

Goldman Sachs Group Inc (GS) had $1.7T in total assets as of fiscal year 2024, including both current and long-term assets.

What are Goldman Sachs Group Inc's capital expenditures?

Goldman Sachs Group Inc (GS) invested $2.1B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Goldman Sachs Group Inc buy back shares?

Yes, Goldman Sachs Group Inc (GS) spent $8.0B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Goldman Sachs Group Inc have outstanding?

Goldman Sachs Group Inc (GS) had 312M shares outstanding as of fiscal year 2024.

What is Goldman Sachs Group Inc's debt-to-equity ratio?

Goldman Sachs Group Inc (GS) had a debt-to-equity ratio of 12.74 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Goldman Sachs Group Inc's return on assets (ROA)?

Goldman Sachs Group Inc (GS) had a return on assets of 0.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Goldman Sachs Group Inc's cash runway?

Based on fiscal year 2024 data, Goldman Sachs Group Inc (GS) had $182.1B in cash against an annual operating cash burn of $13.2B. This gives an estimated cash runway of approximately 165 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Goldman Sachs Group Inc's Piotroski F-Score?

Goldman Sachs Group Inc (GS) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Goldman Sachs Group Inc's earnings high quality?

Goldman Sachs Group Inc (GS) has an earnings quality ratio of -0.93x, 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 Goldman Sachs Group Inc?

Goldman Sachs Group Inc (GS) scores 30 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.