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

Goldman Sachs Group Inc. (GS) reported diluted earnings per share of $51.32 for fiscal year 2025. This represents a 26.6% 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.

Goldman Sachs Group Inc. (GS) Financials

Trailing 12 months to June 30, 2026

Revenue $66.2B +17.8% YoY

Net Income $21.0B +34.8% YoY

EPS (Diluted) $64.77 +42.9% YoY

Free Cash Flow -$41.5B -66.9% YoY

Market Cap $260.1B as of Oct 5, 2026

Price / Sales 3.9x on $66.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 12.4x on $21.0B net income, trailing 12 months to June 30, 2026

Price / Book 2.1x on $122.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 3, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GS SEC filings page.

Goldman Sachs Group Inc. (GS) reported $66.2B in revenue over the twelve months to Jun 30, 2026, up 17.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 GS FY2025 2026-10-03

Goldman earns substantial profits on a balance sheet financed heavily with liabilities, while reported cash flows remain deeply negative in FY2025.

Across FY2023-FY2025, net income recovered to $17.2B, while operating cash flow fell to -$45.2B; this earnings-quality gap indicates reported profit and cash movement are being driven by different balance-sheet mechanics. For a bank, funding and asset movements can pull reported cash in the opposite direction from accounting earnings.

At FY2025, liabilities totaled $1.7T against $125.0B of equity. Debt-to-equity was 13.5x, compared with 12.7x in FY2024, showing that elevated leverage remained structural rather than appearing only in the latest year. That structure makes a low asset-level return economically important: ROA was 1.0% while ROE reached 13.7%, showing leverage amplifies modest returns at the equity level.

Assets expanded from $1.7T in FY2024 to $1.8T in FY2025, indicating the balance sheet grew alongside the earnings rebound rather than profits simply reflecting a smaller asset base. Shares outstanding fell from 312.0M to 296.8M over the same span, so the earnings increase was spread across fewer shares.

Financial Health Signals

Financial Health Score 38/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Goldman Sachs Group Inc.'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.

Earnings

Goldman Sachs Group Inc. earned a return on assets of 0.9% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is unchanged from the prior year. Earnings ranks banks on that return over three years, and Goldman Sachs Group Inc. scores 47/100 among other banks.

Growth

Goldman Sachs Group Inc. reported revenue of $58.3B in fiscal year 2025, against $53.5B in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Goldman Sachs Group Inc. scores 66/100 among other banks.

Capital

Goldman Sachs Group Inc. funded 6.9% of its assets with shareholders' equity at the end of fiscal year 2025, holding $125.0B of equity against $1.8T of assets. Capital ranks banks on that cushion, and Goldman Sachs Group Inc. scores 5/100 among other banks.

Efficiency

Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Goldman Sachs Group Inc. scores 42/100 on it among other banks.

Credit Quality

Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. Goldman Sachs Group Inc. scores 23/100 on it among other banks.

Stability

Goldman Sachs Group Inc. reported net income of $17.2B in fiscal year 2025, against $14.3B in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Goldman Sachs Group Inc. scores 44/100 among other banks.

Piotroski F-Score Partial

4/6

Goldman Sachs Group Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

$2.63used

For every $1 of reported earnings, Goldman Sachs Group Inc. used $2.63 of operating cash (-$45.2B OCF vs $17.2B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Revenue

$20.3B

YoY+39.5%

QoQ+18.1%

5Y CAGR+5.7%

10Y CAGR+9.9%

Goldman Sachs Group Inc. generated $20.3B in revenue in Q2 2026. This represents an increase of 39.5% from the same quarter a year earlier. Against the prior quarter it is up 18.1%.

Net Income

$6.6B

YoY+78.0%

QoQ+17.7%

5Y CAGR+3.9%

10Y CAGR+13.8%

Goldman Sachs Group Inc. reported $6.6B in net income in Q2 2026. This represents an increase of 78.0% from the same quarter a year earlier. Against the prior quarter it is up 17.7%.

EPS (Diluted)

$20.98

YoY+92.3%

QoQ+19.5%

5Y CAGR+6.9%

10Y CAGR+18.9%

Goldman Sachs Group Inc. earned $20.98 per diluted share (EPS) in Q2 2026. This represents an increase of 92.3% from the same quarter a year earlier. Against the prior quarter it is up 19.5%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$5.6B

YoY+7.8%

QoQ+117.3%

5Y CAGR-21.8%

10Y CAGR-6.4%

Goldman Sachs Group Inc. generated $5.6B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 7.8% from the same quarter a year earlier. Against the prior quarter it is up 117.3%.

Cash & Debt

$187.3B

YoY+22.4%

QoQ+4.3%

5Y CAGR-4.9%

10Y CAGR+4.3%

Goldman Sachs Group Inc. held $187.3B in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$4.50

YoY+50.0%

QoQ0.0%

5Y CAGR+29.2%

10Y CAGR+21.3%

Goldman Sachs Group Inc. paid $4.50 per share in dividends in Q2 2026. This represents an increase of 50.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

291M

YoY-3.8%

QoQ-1.3%

5Y CAGR-2.9%

10Y CAGR-3.3%

Goldman Sachs Group Inc. had 291M shares outstanding in Q2 2026. This represents a decrease of 3.8% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.

Margins & Returns

Net Margin

32.6%

YoY+7.1pp

QoQ-0.1pp

5Y change-3.1pp

10Y change+9.6pp

Goldman Sachs Group Inc.'s net profit margin was 32.6% in Q2 2026, showing the share of revenue converted to profit. This is up 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Return on Equity

5.4%

YoY+2.4pp

QoQ+0.8pp

5Y change0.0pp

10Y change+3.3pp

Goldman Sachs Group Inc.'s ROE was 5.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$4.0B

YoY+33.3%

QoQ-20.0%

5Y CAGR+32.0%

10Y CAGR+8.7%

Goldman Sachs Group Inc. spent $4.0B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is down 20.0%.

Capital Expenditures

$502.0M

YoY+5.5%

QoQ-11.2%

5Y CAGR-18.0%

10Y CAGR-2.8%

Goldman Sachs Group Inc. invested $502.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.5% from the same quarter a year earlier. Against the prior quarter it is down 11.2%.

R&D Spending

Not reported for Q2 2026.

GS 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.

GS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$66.2B	$58.3B+8.9%	$53.5B+15.7%	$46.3B-2.3%	$47.4B-20.2%	$59.3B+33.2%	$44.6B+21.9%	$36.5B-0.2%	$36.6B+11.9%	$32.7B+6.3%	$30.8B-9.0%	$33.8B-2.1%	$34.5B+0.9%	$34.2B+0.1%	$34.2B+18.6%	$28.8B
SG&A Expenses	$20.9B	$18.9B+13.2%	$16.7B+7.8%	$15.5B+2.3%	$15.1B-14.5%	$17.7B+33.1%	$13.3B+7.7%	$12.4B+0.2%	$12.3B+5.8%	$11.7B+1.8%	$11.4B-9.7%	$12.7B-0.1%	$12.7B+0.6%	$12.6B-2.6%	$12.9B+5.9%	$12.2B
Interest Expense	$68.8B	$66.8B-8.9%	$73.3B+18.0%	$62.2B+191.2%	$21.3B+277.8%	$5.7B-36.8%	$8.9B-48.6%	$17.4B+9.2%	$15.9B+56.3%	$10.2B+43.3%	$7.1B+31.8%	$5.4B-3.0%	$5.6B-16.7%	$6.7B-11.1%	$7.5B-6.0%	$8.0B
Income Tax	$5.3B	$4.7B+13.5%	$4.1B+85.4%	$2.2B-0.1%	$2.2B-58.9%	$5.4B+79.1%	$3.0B+42.7%	$2.1B+4.7%	$2.0B-70.5%	$6.8B+135.6%	$2.9B+7.8%	$2.7B-30.5%	$3.9B+4.9%	$3.7B-0.9%	$3.7B+116.1%	$1.7B
Net Income	$21.0B	$17.2B+20.3%	$14.3B+67.6%	$8.5B-24.4%	$11.3B-48.0%	$21.6B+128.7%	$9.5B+11.7%	$8.5B-19.1%	$10.5B+144.0%	$4.3B-42.1%	$7.4B+21.6%	$6.1B-28.2%	$8.5B+5.4%	$8.0B+7.6%	$7.5B+68.3%	$4.4B
EPS (Basic)	N/A	$51.95+26.5%	$41.07+78.2%	$23.05-24.2%	$30.42-49.5%	$60.25+141.6%	$24.94+17.8%	$21.18-17.0%	$25.53+179.9%	$9.12-44.8%	$16.53+33.8%	$12.35-29.6%	$17.55+7.4%	$16.34+11.7%	$14.63+210.6%	$4.71
EPS (Diluted)	$64.77	$51.32+26.6%	$40.54+77.3%	$22.87-23.9%	$30.06-49.4%	$59.45+140.3%	$24.74+17.6%	$21.03-16.8%	$25.27+180.5%	$9.01-44.7%	$16.29+34.2%	$12.14-28.9%	$17.07+10.4%	$15.46+9.4%	$14.13	$4.51
Diluted Shares (Avg)	N/A	318M-4.8%	334M-3.5%	346M-3.4%	358M+0.6%	356M-1.2%	360M-4.0%	376M-3.8%	390M-4.6%	409M-6.0%	435M-5.1%	459M-3.1%	473M-5.3%	500M-3.2%	516M	557M

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
Revenue	$20.3B+39.5%	$17.2B+14.4%	$13.5B-3.0%	$15.2B+19.6%	$14.6B+14.5%	$15.1B+6.0%	$13.9B+22.5%	$12.7B+7.5%
SG&A Expenses	$6.1B+30.3%	$5.4B+11.0%	$4.7B+24.1%	$4.7B+13.5%	$4.7B+10.5%	$4.9B+6.3%	$3.8B+4.4%	$4.1B-1.6%
Interest Expense	$18.1B+8.4%	$17.1B+3.6%	$16.7B-5.3%	$17.0B-11.2%	$16.7B-9.6%	$16.5B-9.3%	$17.6B+2.7%	$19.1B+14.3%
Income Tax	$1.9B+56.7%	$856.0M-5.8%	$1.2B+8.0%	$1.3B+29.8%	$1.2B+41.5%	$909.0M-17.7%	$1.1B+365.9%	$997.0M+42.8%
Net Income	$6.6B+78.0%	$5.6B+18.8%	$4.6B+12.3%	$4.1B+37.1%	$3.7B+22.3%	$4.7B+14.7%	$4.1B+104.7%	$3.0B+45.3%
EPS (Basic)	N/A	$17.74+24.5%	$14.20+17.5%	$12.42+45.8%	$11.03+26.3%	$14.25+22.1%	$12.09+118.6%	$8.52+54.3%
EPS (Diluted)	$20.98+92.3%	$17.55+24.3%	$13.99+17.6%	$12.25+45.8%	$10.91+26.6%	$14.12+21.9%	$11.90+117.2%	$8.40+53.6%
Diluted Shares (Avg)	305M-4.2%	308M-5.1%	N/A	315M-4.8%	318M-5.1%	325M-4.4%	N/A	331M-3.8%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

GS Balance Sheet

GS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$1.8T+8.0%	$1.7T+2.1%	$1.6T+13.9%	$1.4T-1.5%	$1.5T+25.9%	$1.2T+17.1%	$993.0B+6.6%	$931.8B+1.6%	$916.8B+6.6%	$860.2B-0.1%	$861.4B+0.6%	$855.8B-6.1%	$911.1B-2.9%	$938.6B+1.7%	$923.2B
Cash & Equivalents	$164.3B-9.8%	$182.1B-24.6%	$241.6B-0.1%	$241.8B-7.4%	$261.0B+67.5%	$155.8B+16.7%	$133.5B+2.3%	$130.5B+18.6%	$110.1B-9.6%	$121.7B+30.3%	$93.4B+24.5%	$75.0B-4.9%	$78.9B+8.5%	$72.7B+29.7%	$56.0B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.9B+1.6%	$5.9B-1.1%	$5.9B-7.2%	$6.4B+48.8%	$4.3B-1.1%	$4.3B+3.2%	$4.2B+11.7%	$3.8B+2.5%	$3.7B0.0%	$3.7B+0.2%	$3.7B+0.3%	$3.6B-1.6%	$3.7B+0.1%	$3.7B-2.6%	$3.8B
Total Liabilities	$1.7T+8.4%	$1.6T+1.9%	$1.5T+15.1%	$1.3T-2.2%	$1.4T+26.9%	$1.1T+18.2%	$902.7B+7.3%	$841.6B+0.8%	$834.5B+7.9%	$773.3B-0.2%	$774.7B+0.2%	$773.0B-7.2%	$833.0B-3.5%	$862.8B+1.2%	$852.8B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$236.0B+3.7%	$227.6B+15.2%	$197.5B+6.2%	$185.9B+6.5%	$174.6B+3.6%	$168.5B-4.4%	$176.3B-3.0%	$181.7B
Total Equity	$125.0B+2.4%	$122.0B+4.4%	$116.9B-0.2%	$117.2B+6.6%	$109.9B+14.6%	$95.9B+6.3%	$90.3B+0.1%	$90.2B+9.7%	$82.2B-5.4%	$86.9B+0.2%	$86.7B+4.7%	$82.8B+5.5%	$78.5B+3.6%	$75.7B+7.6%	$70.4B
Retained Earnings	$165.3B+7.7%	$153.4B+6.8%	$143.7B+3.1%	$139.4B+5.7%	$131.8B+16.7%	$112.9B+6.1%	$106.5B+6.4%	$100.1B+9.4%	$91.5B+2.8%	$89.0B+6.8%	$83.4B+5.6%	$79.0B+9.8%	$72.0B+10.3%	$65.2B+10.9%	$58.8B

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	$2.1T+19.2%	$2.1T+16.6%	$1.8T+8.0%	$1.8T+4.6%	$1.8T+8.0%	$1.8T+4.0%	$1.7T+2.1%	$1.7T+9.6%
Cash & Equivalents	$187.3B+22.4%	$179.5B+7.2%	$164.3B-9.8%	$169.6B+9.6%	$153.0B-25.9%	$167.4B-20.0%	$182.1B-24.6%	$154.7B-35.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$7.3B+23.4%	$6.6B+12.0%	$5.9B+1.6%	$6.0B+0.7%	$6.0B+1.0%	$5.9B-0.2%	$5.9B-1.1%	$5.9B-0.1%
Total Liabilities	$2.0T+20.7%	$1.9T+18.0%	$1.7T+8.4%	$1.7T+4.8%	$1.7T+8.3%	$1.6T+3.9%	$1.6T+1.9%	$1.6T+10.1%
Total Equity	$122.7B-1.1%	$122.8B-1.2%	$125.0B+2.4%	$124.4B+2.6%	$124.1B+3.9%	$124.3B+4.9%	$122.0B+4.4%	$121.2B+3.3%
Retained Earnings	$174.4B+9.3%	$169.3B+7.8%	$165.3B+7.7%	$162.1B+7.8%	$159.5B+7.3%	$157.0B+7.0%	$153.4B+6.8%	$150.5B+5.4%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

GS Cash Flow Statement

GS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$39.4B	-$45.2B-241.8%	-$13.2B-5.0%	-$12.6B-244.5%	$8.7B+38.3%	$6.3B+134.0%	-$18.5B-177.7%	$23.9B+44.1%	$16.6B+180.8%	-$20.5B-415.5%	$6.5B-31.5%	$9.5B+219.5%	-$7.9B-274.6%	$4.5B-64.7%	$12.9B-42.8%	$22.5B
Depreciation & Amortization	N/A	$2.2B-8.8%	$2.4B-50.7%	$4.9B+97.8%	$2.5B+21.8%	$2.0B+5.9%	$1.9B+11.6%	$1.7B+28.3%	$1.3B+15.3%	$1.2B+15.4%	$998.0M+0.7%	$991.0M-25.9%	$1.3B+1.1%	$1.3B-23.9%	$1.7B-6.8%	$1.9B
Stock-Based Compensation	N/A	$3.4B+29.4%	$2.7B+27.7%	$2.1B-48.9%	$4.1B+73.9%	$2.3B+22.3%	$1.9B-4.9%	$2.0B+10.2%	$1.8B+3.5%	$1.8B-16.2%	$2.1B-7.1%	$2.3B+9.0%	$2.1B+3.5%	$2.0B+52.8%	$1.3B-53.7%	$2.8B
Capital Expenditures	$2.2B	$2.1B-1.3%	$2.1B-9.7%	$2.3B-38.2%	$3.7B-19.7%	$4.7B-26.0%	$6.3B-25.3%	$8.4B+5.8%	$8.0B+150.7%	$3.2B+11.1%	$2.9B+56.3%	$1.8B+170.4%	$678.0M-4.0%	$706.0M-26.5%	$961.0M-18.8%	$1.2B
Free Cash Flow	-$41.5B	-$47.2B-208.6%	-$15.3B-2.7%	-$14.9B-400.5%	$5.0B+204.1%	$1.6B+106.6%	-$24.8B-261.1%	$15.4B+79.7%	$8.6B+136.3%	-$23.7B-752.3%	$3.6B-52.5%	$7.6B+188.8%	-$8.6B-324.4%	$3.8B-67.8%	$11.9B-44.1%	$21.3B
Investing Cash Flow	-$95.0B	-$44.2B+10.9%	-$49.6B-186.6%	-$17.3B+77.2%	-$76.0B-149.3%	-$30.5B+11.3%	-$34.4B-41.8%	-$24.2B-28.8%	-$18.8B+28.6%	-$26.4B-372.6%	$9.7B	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$171.7B	$66.1B+802.6%	$7.3B-73.7%	$27.8B-53.4%	$59.6B-55.8%	$134.7B+91.4%	$70.4B+1990.3%	$3.4B-85.2%	$22.8B-35.4%	$35.2B+190.9%	$12.1B	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$6.1B	$5.3B+17.3%	$4.5B+7.4%	$4.2B+13.8%	$3.7B+35.1%	$2.7B+16.7%	$2.3B+11.0%	$2.1B+16.2%	$1.8B+2.3%	$1.8B+3.7%	$1.7B+1.5%	$1.7B+15.6%	$1.5B+11.7%	$1.3B+19.9%	$1.1B-60.8%	$2.8B
Share Buybacks	$14.0B	$12.4B+54.5%	$8.0B+38.0%	$5.8B+65.6%	$3.5B-32.7%	$5.2B+169.7%	$1.9B-63.9%	$5.3B+62.0%	$3.3B-51.4%	$6.8B+11.4%	$6.1B+47.0%	$4.1B-24.4%	$5.5B-11.4%	$6.2B+33.1%	$4.6B-23.3%	$6.0B

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
Operating Cash Flow	$6.1B+7.6%	-$31.9B+14.4%	-$16.3B-134.8%	$2.7B+107.0%	$5.7B-7.3%	-$37.2B-32.8%	$46.8B+264.9%	-$38.1B-49.1%
Depreciation & Amortization	$509.0M-17.6%	$495.0M-2.2%	$527.0M+5.8%	$531.0M-14.5%	$618.0M-4.3%	$506.0M-19.3%	$498.0M-36.2%	$621.0M-58.9%
Stock-Based Compensation	N/A	$2.5B+4.7%	N/A	N/A	N/A	$2.4B+31.1%	N/A	N/A
Capital Expenditures	$502.0M+5.5%	$565.0M+13.2%	$531.0M-9.4%	$558.0M+19.7%	$476.0M-12.2%	$499.0M+0.4%	$586.0M+7.3%	$466.0M-8.1%
Free Cash Flow	$5.6B+7.8%	-$32.4B+14.0%	-$16.8B-136.4%	$2.1B+105.5%	$5.2B-6.8%	-$37.7B-32.2%	$46.2B+259.8%	-$38.5B-47.9%
Investing Cash Flow	-$28.6B-152.1%	-$56.3B-147.5%	-$5.0B+29.3%	-$5.1B+82.5%	-$11.3B-116.2%	-$22.7B-185.1%	-$7.1B-112.9%	-$29.3B-264.6%
Financing Cash Flow	$30.9B+333.1%	$104.3B+143.5%	$16.8B+314.3%	$19.8B+91.3%	-$13.3B-459.3%	$42.8B+497.2%	-$7.8B-127.9%	$10.3B+60.5%
Dividends Paid	$1.6B+31.1%	$1.6B+42.4%	$1.5B+26.9%	$1.5B+26.3%	$1.2B+16.3%	$1.1B-0.7%	$1.2B+8.3%	$1.2B+6.4%
Share Buybacks	$4.0B+33.3%	$5.0B+14.7%	$3.0B+50.0%	$2.0B+100.0%	$3.0B-14.3%	$4.4B+190.7%	$2.0B+100.0%	$1.0B-33.3%

GS 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.

GS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	29.5%+2.8pp	26.7%+8.3pp	18.4%-5.4pp	23.8%-12.7pp	36.5%+15.2pp	21.2%-1.9pp	23.2%-5.4pp	28.6%+15.5pp	13.1%-10.9pp	24.0%+6.0pp	18.0%-6.6pp	24.6%+1.1pp	23.5%+1.6pp	21.9%+6.5pp	15.4%
Return on Equity	13.7%+2.0pp	11.7%+4.4pp	7.3%-2.3pp	9.6%-10.1pp	19.7%+9.8pp	9.9%+0.5pp	9.4%-2.2pp	11.6%+6.4pp	5.2%-3.3pp	8.5%+1.5pp	7.0%-3.2pp	10.2%0.0pp	10.3%+0.4pp	9.9%+3.6pp	6.3%
Return on Assets	0.9%+0.1pp	0.9%+0.3pp	0.5%-0.3pp	0.8%-0.7pp	1.5%+0.7pp	0.8%0.0pp	0.9%-0.3pp	1.1%+0.7pp	0.5%-0.4pp	0.9%+0.1pp	0.7%-0.3pp	1.0%+0.1pp	0.9%+0.1pp	0.8%+0.3pp	0.5%
Debt-to-Equity	13.48+0.7x	12.74-0.3x	13.04+1.7x	11.30-1.0x	12.32+1.2x	11.12+1.1x	10.00+7.4x	2.62-0.2x	2.77+0.5x	2.27+0.1x	2.140.0x	2.110.0x	2.15-0.2x	2.33-0.3x	2.58
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.03
FCF Margin	-81.0%-52.4pp	-28.6%+3.6pp	-32.2%-42.7pp	10.5%+7.7pp	2.8%+58.5pp	-55.8%-98.0pp	42.2%+18.8pp	23.4%+95.8pp	-72.3%-84.1pp	11.8%-10.8pp	22.6%+47.6pp	-24.9%-36.2pp	11.2%-23.7pp	34.9%-39.1pp	74.0%

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
Net Margin	32.6%+7.1pp	32.7%+1.2pp	34.3%+4.7pp	27.0%+3.4pp	25.5%+1.6pp	31.5%+2.4pp	29.6%+11.9pp	23.5%+6.1pp
Return on Equity	5.4%+2.4pp	4.6%+0.8pp	3.7%+0.3pp	3.3%+0.8pp	3.0%+0.5pp	3.8%+0.3pp	3.4%+1.7pp	2.5%+0.7pp
Return on Assets	0.3%+0.1pp	0.3%0.0pp	0.3%0.0pp	0.2%+0.1pp	0.2%0.0pp	0.3%0.0pp	0.3%+0.1pp	0.2%0.0pp
Debt-to-Equity	16.33+3.0x	15.78+2.6x	13.48+0.7x	13.53+0.3x	13.38+0.5x	13.21-0.1x	12.74-0.3x	13.26+0.8x
Asset Turnover	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x
FCF Margin	27.6%-8.1pp	-188.3%	-124.9%	14.0%	35.6%-8.2pp	-250.5%	333.0%	-303.4%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Goldman Sachs Group Inc. GS	FY2025	$58.3B	$17.2B	29.5%	$260.1B	38/100
Morgan Stanley MS	FY2025	$70.6B	$16.9B	23.9%	$298.9B	38/100
The Charles Schwab Corporation SCHW	FY2025	$23.9B	$8.9M	0.0%	$167.2B	41/100
Interactive Brokers Group, Inc. IBKR	FY2025	$6.2B	$4.4B	70.2%	$40.0B	52/100
Robinhood Markets, Inc. HOOD	FY2025	$4.5B	$1.9B	42.1%	$101.4B	47/100
LPL Financial Holdings Inc. LPLA	FY2025	$17.0B	$863.0M	5.1%	$24.9B	54/100

Where Goldman Sachs Group Inc. Ranks

Frequently Asked Questions

What is Goldman Sachs Group Inc.'s annual revenue?

Goldman Sachs Group Inc. (GS) reported $58.3B in total revenue for fiscal year 2025. This represents a 8.9% 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 8.9% year-over-year, from $53.5B to $58.3B in fiscal year 2025.

Is Goldman Sachs Group Inc. profitable?

Yes, Goldman Sachs Group Inc. (GS) reported a net income of $17.2B in fiscal year 2025, with a net profit margin of 29.5%.

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

Goldman Sachs Group Inc. (GS) had a net profit margin of 29.5% in fiscal year 2025, 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 $14.00 per share in dividends during fiscal year 2025.

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

Goldman Sachs Group Inc. (GS) has a return on equity of 13.7% for fiscal year 2025, 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) recorded an outflow of $47.2B in free cash flow during fiscal year 2025. This represents a -208.6% 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) recorded an outflow of $45.2B in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Goldman Sachs Group Inc.'s total assets?

Goldman Sachs Group Inc. (GS) had $1.8T in total assets as of fiscal year 2025, 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 2025, funding long-term assets and infrastructure.

Does Goldman Sachs Group Inc. buy back shares?

Yes, Goldman Sachs Group Inc. (GS) spent $12.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Goldman Sachs Group Inc. have outstanding?

Goldman Sachs Group Inc. (GS) had 297M shares outstanding as of fiscal year 2025.

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

Goldman Sachs Group Inc. (GS) had a debt-to-equity ratio of 13.48 as of fiscal year 2025, 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 2025, measuring how efficiently the company uses its assets to generate profit.

What is Goldman Sachs Group Inc.'s P/E ratio?

Goldman Sachs Group Inc. (GS) trades at 12.4x earnings, its market capitalization divided by net income of $21.0B net income, trailing 12 months to June 30, 2026. The market capitalization is $260.1B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Goldman Sachs Group Inc.'s price-to-sales ratio?

Goldman Sachs Group Inc. (GS) trades at 3.9x sales, its market capitalization divided by revenue of $66.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $260.1B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Goldman Sachs Group Inc. (GS) has a Piotroski F-Score of 4 out of 6 computable signals; 3 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 Group Inc.'s earnings high quality?

For every $1 of reported earnings, Goldman Sachs Group Inc. (GS) used $2.63 of operating cash (-$45.2B OCF vs $17.2B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 38 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.