Goldman Sachs Group Inc Financials
Goldman Sachs Group Inc (GS) reported $58.3B in revenue for fiscal year 2025, up 8.9% from the prior fiscal year. 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).
Goldman’s balance-sheet intermediation drives results: thin asset returns become stronger equity returns through leverage, while cash moves with funding.
Across the recent recovery, net income and ROE recovered even as operating cash flow stayed negative and cash fell from$241.6B to$164.3B . That mix means the earnings rebound came with a larger, more actively funded balance sheet, so accounting profit and near-term liquidity moved in opposite directions.
This is a low-ROA, high-leverage model: return on assets was only
Capital returns rely on the funding machine: buybacks and dividends totaled
Financial Health Signals
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.
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.
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
Earnings & Revenue
Goldman Sachs Group Inc generated $58.3B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.
Goldman Sachs Group Inc reported $17.2B in net income in fiscal year 2025. This represents an increase of 20.3% from the prior year.
Goldman Sachs Group Inc earned $51.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 26.6% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Goldman Sachs Group Inc recorded an outflow of $47.2B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 208.6% from the prior year.
Goldman Sachs Group Inc held $164.3B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Goldman Sachs Group Inc paid $14.00 per share in dividends in fiscal year 2025. This represents an increase of 21.7% from the prior year.
Margins & Returns
Goldman Sachs Group Inc's net profit margin was 29.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.8 percentage points from the prior year.
Goldman Sachs Group Inc's ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Goldman Sachs Group Inc spent $12.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 54.5% from the prior year.
Goldman Sachs Group Inc invested $2.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.3% from the prior year.
Not reported for fiscal year 2025.
GS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (Diluted) | — | $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 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
GS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
GS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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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.
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 cash runway?
Based on fiscal year 2025 data, Goldman Sachs Group Inc (GS) had $164.3B in cash against an annual operating cash burn of $45.2B. This gives an estimated cash runway of approximately 44 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 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 36 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.