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

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The) Financials

GSCE

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Goldman Sachs Group, Inc. (The) (GSCE) 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 GSCE FY2025 2026-04-22

GSCE’s returns are balance-sheet driven: a vast asset base and heavy liability funding turn sub-1.0% asset yields into double-digit equity returns

Over the last two reported years, profit and cash moved in opposite directions: net income roughly doubled to $17.2B while operating cash flow fell further negative to -$45.2B. Financing inflows were $66.1B and reported cash fell to $164.3B, so improving earnings did not rebuild liquidity, which means the balance sheet itself is doing more work than the income statement alone suggests.

The ROA-to-ROE spread is the clearest operating clue: ROA was only 1.0% while ROE reached 13.7%. Assets stood at $1.81T against equity of just $125.0B, so small changes in asset profitability can matter disproportionately to shareholders because the funding structure is so leveraged.

Capital returns continued despite negative cash generation, with free cash flow remaining below zero for three straight years and ending FY2025 at -$47.2B. The company still paid $5.3B of dividends and repurchased $12.4B of stock, so distributions relied more on funding access and balance-sheet flexibility than on annual free cash flow.

Financial Health Signals

Financial health score pending refresh

We are recalculating Goldman Sachs Group, Inc. (The)'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Goldman Sachs Group, Inc. (The) 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 Low Quality

-2.63x

For every $1 of reported earnings, Goldman Sachs Group, Inc. (The) generates $-2.63 in operating cash flow (-$45.2B OCF vs $17.2B 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

$58.3B

YoY+8.9%

5Y CAGR+5.5%

10Y CAGR+5.6%

Goldman Sachs Group, Inc. (The) generated $58.3B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.

EBITDA

N/A

Net Income

$17.2B

YoY+20.3%

5Y CAGR+12.7%

10Y CAGR+10.9%

Goldman Sachs Group, Inc. (The) reported $17.2B in net income in fiscal year 2025. This represents an increase of 20.3% from the prior year.

EPS (Diluted)

$51.32

YoY+26.6%

5Y CAGR+15.7%

10Y CAGR+15.5%

Goldman Sachs Group, Inc. (The) earned $51.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 26.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$47.2B

YoY-208.6%

Goldman Sachs Group, Inc. (The) generated -$47.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 208.6% from the prior year.

Cash & Debt

$164.3B

YoY-9.8%

5Y CAGR+1.1%

10Y CAGR+5.8%

Goldman Sachs Group, Inc. (The) held $164.3B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$14.00

YoY+21.7%

5Y CAGR+22.9%

10Y CAGR+18.6%

Goldman Sachs Group, Inc. (The) paid $14.00 per share in dividends in fiscal year 2025. This represents an increase of 21.7% from the prior year.

Shares Outstanding

297M

YoY-4.9%

5Y CAGR-3.0%

10Y CAGR-3.5%

Goldman Sachs Group, Inc. (The) had 297M shares outstanding in fiscal year 2025. This represents a decrease of 4.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

29.5%

YoY+2.8pp

5Y CAGR+8.2pp

10Y CAGR+11.5pp

Goldman Sachs Group, Inc. (The)'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.

Return on Equity

13.7%

YoY+2.0pp

5Y CAGR+3.9pp

10Y CAGR+6.7pp

Goldman Sachs Group, Inc. (The)'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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$12.4B

YoY+54.5%

5Y CAGR+45.0%

10Y CAGR+11.6%

Goldman Sachs Group, Inc. (The) 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.

Capital Expenditures

$2.1B

YoY-1.3%

5Y CAGR-20.0%

10Y CAGR+1.2%

Goldman Sachs Group, Inc. (The) 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.

GSCE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$58.3B+8.9%	$53.5B+15.7%	$46.3B-2.3%	$47.4B-20.2%	$59.3B+33.2%	$44.6B
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	$18.9B+13.2%	$16.7B+7.8%	$15.5B+2.3%	$15.1B-14.5%	$17.7B+33.1%	$13.3B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$66.8B-8.9%	$73.3B+18.0%	$62.2B+191.2%	$21.3B+277.8%	$5.7B-36.8%	$8.9B
Income Tax	$4.7B+13.5%	$4.1B+85.4%	$2.2B-0.1%	$2.2B-58.9%	$5.4B+79.1%	$3.0B
Net Income	$17.2B+20.3%	$14.3B+67.6%	$8.5B-24.4%	$11.3B-48.0%	$21.6B+128.7%	$9.5B
EPS (Diluted)	$51.32+26.6%	$40.54+77.3%	$22.87-23.9%	$30.06-49.4%	$59.45+140.3%	$24.74

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$17.2B+28.0%	$13.5B-11.4%	$15.2B+4.1%	$14.6B-3.2%	$15.1B+8.6%	$13.9B+9.2%	$12.7B-0.3%	$12.7B
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	$5.4B+16.0%	$4.7B-0.3%	$4.7B-0.1%	$4.7B-3.9%	$4.9B+29.7%	$3.8B-8.8%	$4.1B-2.8%	$4.2B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$17.1B+2.5%	$16.7B-1.8%	$17.0B+1.7%	$16.7B+1.2%	$16.5B-6.4%	$17.6B-7.8%	$19.1B+3.5%	$18.4B
Income Tax	$856.0M-30.9%	$1.2B-4.3%	$1.3B+4.8%	$1.2B+35.9%	$909.0M-20.7%	$1.1B+14.9%	$997.0M+14.2%	$873.0M
Net Income	$5.6B+21.9%	$4.6B+12.7%	$4.1B+10.1%	$3.7B-21.4%	$4.7B+15.3%	$4.1B+37.5%	$3.0B-1.7%	$3.0B
EPS (Diluted)	$17.55	N/A	$12.25+12.3%	$10.91-22.7%	$14.12	N/A	$8.40-2.6%	$8.62

GSCE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.8T+8.0%	$1.7T+2.1%	$1.6T+13.9%	$1.4T-1.5%	$1.5T+25.9%	$1.2T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$164.3B-9.8%	$182.1B-24.6%	$241.6B-0.1%	$241.8B-7.4%	$261.0B+67.5%	$155.8B
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+1.6%	$5.9B-1.1%	$5.9B-7.2%	$6.4B+48.8%	$4.3B-1.1%	$4.3B
Total Liabilities	$1.7T+8.4%	$1.6T+1.9%	$1.5T+15.1%	$1.3T-2.2%	$1.4T+26.9%	$1.1T
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	$125.0B+2.4%	$122.0B+4.4%	$116.9B-0.2%	$117.2B+6.6%	$109.9B+14.6%	$95.9B
Retained Earnings	$165.3B+7.7%	$153.4B+6.8%	$143.7B+3.1%	$139.4B+5.7%	$131.8B+16.7%	$112.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.1T+13.9%	$1.8T+0.1%	$1.8T+1.3%	$1.8T+1.1%	$1.8T+5.4%	$1.7T-3.0%	$1.7T+4.5%	$1.7T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$179.5B+9.3%	$164.3B-3.1%	$169.6B+10.9%	$153.0B-8.6%	$167.4B-8.1%	$182.1B+17.7%	$154.7B-25.0%	$206.3B
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	$6.6B+10.8%	$5.9B0.0%	$6.0B0.0%	$6.0B+1.1%	$5.9B+0.6%	$5.9B-0.9%	$5.9B+0.3%	$5.9B
Total Liabilities	$1.9T+15.0%	$1.7T0.0%	$1.7T+1.4%	$1.7T+1.2%	$1.6T+5.7%	$1.6T-3.3%	$1.6T+4.8%	$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	$122.8B-1.8%	$125.0B+0.5%	$124.4B+0.2%	$124.1B-0.2%	$124.3B+1.9%	$122.0B+0.7%	$121.2B+1.5%	$119.5B
Retained Earnings	$169.3B+2.4%	$165.3B+1.9%	$162.1B+1.6%	$159.5B+1.6%	$157.0B+2.4%	$153.4B+2.0%	$150.5B+1.2%	$148.7B

GSCE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$45.2B-241.8%	-$13.2B-5.0%	-$12.6B-244.5%	$8.7B+38.3%	$6.3B+134.0%	-$18.5B
Capital Expenditures	$2.1B-1.3%	$2.1B-9.7%	$2.3B-38.2%	$3.7B-19.7%	$4.7B-26.0%	$6.3B
Free Cash Flow	-$47.2B-208.6%	-$15.3B-2.7%	-$14.9B-400.5%	$5.0B+204.1%	$1.6B+106.6%	-$24.8B
Investing Cash Flow	-$44.2B+10.9%	-$49.6B-186.6%	-$17.3B+77.2%	-$76.0B-149.3%	-$30.5B+11.3%	-$34.4B
Financing Cash Flow	$66.1B+802.6%	$7.3B-73.7%	$27.8B-53.4%	$59.6B-55.8%	$134.7B+91.4%	$70.4B
Dividends Paid	$5.3B+17.3%	$4.5B+7.4%	$4.2B+13.8%	$3.7B+35.1%	$2.7B+16.7%	$2.3B
Share Buybacks	$12.4B+54.5%	$8.0B+38.0%	$5.8B+65.6%	$3.5B-32.7%	$5.2B+169.7%	$1.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$31.9B-95.8%	-$16.3B-707.3%	$2.7B-52.8%	$5.7B+115.2%	-$37.2B-179.6%	$46.8B+222.9%	-$38.1B-721.9%	$6.1B
Capital Expenditures	$565.0M+6.4%	$531.0M-4.8%	$558.0M+17.2%	$476.0M-4.6%	$499.0M-14.8%	$586.0M+25.8%	$466.0M-14.0%	$542.0M
Free Cash Flow	-$32.4B-93.0%	-$16.8B-892.0%	$2.1B-59.2%	$5.2B+113.8%	-$37.7B-181.7%	$46.2B+219.9%	-$38.5B-790.7%	$5.6B
Investing Cash Flow	-$56.3B-1018.8%	-$5.0B+1.6%	-$5.1B+54.9%	-$11.3B+50.2%	-$22.7B-219.7%	-$7.1B+75.7%	-$29.3B-458.6%	-$5.2B
Financing Cash Flow	$104.3B+522.5%	$16.8B-15.3%	$19.8B+249.2%	-$13.3B-131.0%	$42.8B+647.9%	-$7.8B-175.6%	$10.3B+536.1%	-$2.4B
Dividends Paid	$1.6B+8.5%	$1.5B-0.9%	$1.5B+20.7%	$1.2B+9.7%	$1.1B-3.3%	$1.2B-1.4%	$1.2B+11.1%	$1.1B
Share Buybacks	$5.0B+66.7%	$3.0B+50.0%	$2.0B-33.3%	$3.0B-31.2%	$4.4B+118.0%	$2.0B+100.0%	$1.0B-71.4%	$3.5B

GSCE 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	29.5%+2.8pp	26.7%+8.3pp	18.4%-5.4pp	23.8%-12.7pp	36.5%+15.2pp	21.2%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	13.48+0.7	12.74-0.3	13.04+1.7	11.30-1.0	12.32+1.2	11.12
FCF Margin	-81.0%-52.4pp	-28.6%+3.6pp	-32.2%-42.7pp	10.5%+7.7pp	2.8%+58.5pp	-55.8%

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	32.7%-1.6pp	34.3%+7.3pp	27.0%+1.5pp	25.5%-5.9pp	31.5%+1.8pp	29.6%+6.1pp	23.5%-0.4pp	23.9%
Return on Equity	4.6%+0.9pp	3.7%+0.4pp	3.3%+0.3pp	3.0%-0.8pp	3.8%+0.4pp	3.4%+0.9pp	2.5%-0.1pp	2.5%
Return on Assets	0.3%+0.0pp	0.3%+0.0pp	0.2%+0.0pp	0.2%-0.1pp	0.3%+0.0pp	0.3%+0.1pp	0.2%-0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	15.78+2.3	13.48-0.1	13.53+0.1	13.38+0.2	13.21+0.5	12.74-0.5	13.26+0.4	12.84
FCF Margin	-188.3%-63.3pp	-124.9%-138.9pp	14.0%-21.6pp	35.6%+286.1pp	-250.5%-583.5pp	333.0%+636.4pp	-303.4%-347.2pp	43.8%

Frequently Asked Questions

What is Goldman Sachs Group, Inc. (The)'s annual revenue?

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s revenue growing?

Goldman Sachs Group, Inc. (The) (GSCE) revenue grew by 8.9% year-over-year, from $53.5B to $58.3B in fiscal year 2025.

Is Goldman Sachs Group, Inc. (The) profitable?

Yes, Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s net profit margin?

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The) pay dividends?

Yes, Goldman Sachs Group, Inc. (The) (GSCE) paid $14.00 per share in dividends during fiscal year 2025.

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

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s free cash flow?

Goldman Sachs Group, Inc. (The) (GSCE) generated -$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. (The)'s operating cash flow?

Goldman Sachs Group, Inc. (The) (GSCE) generated -$45.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Goldman Sachs Group, Inc. (The)'s total assets?

Goldman Sachs Group, Inc. (The) (GSCE) had $1.8T in total assets as of fiscal year 2025, including both current and long-term assets.

What are Goldman Sachs Group, Inc. (The)'s capital expenditures?

Goldman Sachs Group, Inc. (The) (GSCE) invested $2.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Goldman Sachs Group, Inc. (The) buy back shares?

Yes, Goldman Sachs Group, Inc. (The) (GSCE) 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. (The) have outstanding?

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

What is Goldman Sachs Group, Inc. (The)'s debt-to-equity ratio?

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s return on assets (ROA)?

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s cash runway?

Based on fiscal year 2025 data, Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s Piotroski F-Score?

Goldman Sachs Group, Inc. (The) (GSCE) 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. (The)'s earnings high quality?

Goldman Sachs Group, Inc. (The) (GSCE) has an earnings quality ratio of -2.63x, 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.