The Goldman Sachs Group, Inc. (GS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$14.5	$21	+44.3%	—	—	—
Q4 26	$16.2	$17.6	+8.1%	—	—	—
Q3 26	$11.8	$14	+19.1%	—	—	—
Q2 26	$11.1	$12.3	+10.5%	—	—	—
Q1 26	$9.62	$10.9	+13.4%	—	—	—
Q4 25	$12.3	$14.1	+14.9%	—	—	—
Q3 25	$8.29	$11	+32.3%	—	—	—
Q2 25	$7.31	$9.02	+23.4%	—	—	—
Q1 25	$8.4	$8.41	+0.1%	—	—	—
Q4 24	$8.7	$11.6	+33.1%	—	—	—
Q3 24	$4.27	$5.48	+28.3%	—	—	—
Q2 24	$5.53	$5.47	-1.1%	—	—	—
Q1 24	$3.83	$3.08	-19.6%	—	—	—
Q4 23	$8.06	$8.79	+9.1%	—	—	—
Q3 23	$5.77	$3.32	-42.5%	—	—	—
Q2 23	$7.52	$8.25	+9.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$52	—	—	$58.3B	—
FY24	—	$41.1	—	—	$53.5B	—
FY23	—	$23.1	—	—	$46.3B	—
FY22	—	$30.4	—	—	$47.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$30.8B	$32.6B	$36.5B	$36.5B	$44.6B	$59.3B	$47.4B	$46.3B	$53.5B	$58.3B
YoY change	-8.87%	+5.93%	+11.8%	+0.19%	+22%	+33.2%	-20.2%	-2.35%	+15.7%	+8.92%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	30.8B	32.6B	36.5B	36.5B	44.6B	59.3B	47.4B	46.3B	53.5B	58.3B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	11.9B	12.2B	13.1B	13.1B	13.7B	18.3B	16B	16.1B	17.4B	19.6B
Operating expenses	11.9B	12.2B	13.1B	13.1B	13.7B	18.3B	16B	16.1B	17.4B	19.6B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	10.3B	11.1B	12.5B	10.6B	12.5B	27B	13.5B	10.7B	18.4B	21.9B
Income tax	2.9B	6.8B	2B	2.1B	3B	5.4B	2.2B	2.2B	4.1B	4.7B
Net income	7.4B	4.3B	10.5B	8.5B	9.5B	21.6B	11.3B	8.5B	14.3B	17.2B
Net margin	24%	13.1%	28.7%	23.2%	21.2%	36.5%	23.8%	18.4%	26.7%	29.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	16.5	9.12	25.5	21.2	24.9	60.3	30.4	23.1	41.1	52
Diluted EPS	16.3	9.01	25.3	21	24.7	59.5	30.1	22.9	40.5	51.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	11.8B	11.3B	14.2B	12.7B	12.7B	13.9B	15.1B	14.6B	15.2B	13.5B	17.2B	20.3B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.3B	3.8B	4.7B	4.4B	4.3B	3.9B	5B	4.9B	4.9B	4.9B	5.6B	6.3B
Operating expenses	4.3B	3.8B	4.7B	4.4B	4.3B	3.9B	5B	4.9B	4.9B	4.9B	5.6B	6.3B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	2.8B	2.3B	5.2B	3.9B	4B	5.3B	5.6B	5B	5.4B	5.9B	6.5B	8.6B
Income tax	698M	246M	1.1B	873M	997M	1.1B	909M	1.2B	1.3B	1.2B	856M	1.9B
Net income	2.1B	2B	4.1B	3B	3B	4.1B	4.7B	3.7B	4.1B	4.6B	5.6B	6.6B
Net margin	17.4%	17.7%	29.1%	23.9%	23.5%	29.6%	31.5%	25.5%	27%	34.3%	32.7%	32.6%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	5.52	5.52	11.7	8.73	8.52	12.1	14.3	11	12.4	14.2	17.7	21.3
Diluted EPS	5.47	5.48	11.6	8.62	8.4	11.9	14.1	10.9	12.3	14	17.6	21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	102.3B	102.3B	64.4B	85.4B	94B	132.6B	120.9B	131.5B	187.9B	274.9B	266.8B
Enterprise value	231.1B	281.7B	219.9B	228.9B	232B	193.4B	190.1B	190B	311.9B	481.7B	37.9B
Shares outstanding	427.4M	401.6M	385.4M	371.6M	356.4M	346.6M	352.1M	340.8M	328.1M	312.7M	312.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.8	23.9	6.16	10.1	9.94	6.13	10.7	15.4	13.2	16	14.5
P/S	3.32	3.14	1.77	2.34	2.11	2.23	2.55	2.84	3.51	4.72	4.03
P/B	1.18	1.24	0.71	0.95	0.98	1.21	1.03	1.12	1.54	2.2	2.58
EV/Sales	7.51	8.64	6.03	6.27	5.21	3.26	4.01	4.11	5.83	8.26	0.56
Earnings yield	7.23%	4.19%	16.2%	9.91%	10.1%	16.3%	9.31%	6.48%	7.6%	6.25%	6.92%
FCF yield	3.55%	-23.1%	13.3%	18.1%	-26.4%	1.23%	4.1%	-11.3%	-8.15%	-17.2%	6.11%
PEG	—	—	—	—	—	—	—	—	—	—	0.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	42.2%
Net margin	24%	13.1%	28.7%	23.2%	21.2%	36.5%	23.8%	18.4%	26.7%	29.5%	31%
ROE	8.51%	5.21%	11.6%	9.38%	9.86%	19.7%	9.61%	7.28%	11.7%	13.7%	16.9%
ROA	—	—	—	—	—	—	—	—	0.85%	0.95%	1.07%
Return on tangible assets	—	—	—	—	—	—	—	—	0.86%	0.96%	0.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	1.56
Debt / equity	2.88	3.52	3.17	3.07	3.07	2.93	2.77	2.85	2.81	3.09	7.25
Debt / assets	—	—	—	—	—	—	—	—	0.2	0.21	0.22
Effective tax rate	28.2%	61.5%	16.2%	20%	24.2%	20%	16.5%	20.7%	22.4%	21.4%	20.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	72	81.2	94.6	98.3	125	171.2	134.5	135.7	163.1	186.4	221.5
EPS (basic)	16.5	9.12	25.5	21.2	24.9	60.3	30.4	23.1	41.1	52	52
EPS (diluted)	16.3	9.01	25.3	21	24.7	59.5	30.1	22.9	40.5	51.3	64.7
Book value per share	203.3	204.8	234	242.9	269.2	317.2	332.8	343	371.8	399.7	362
FCF per share	8.49	-58.9	22.3	41.5	-69.7	4.71	14.1	-43.7	-46.6	-151	-136.2
Cash per share	284.8	274	338.7	359.5	438.7	753.2	724.2	806.2	666.1	573.5	3.8K
Capex per share	5.81	6.5	11.1	4.87	9.37	2.12	2.96	2.82	1.46	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.07%	8%	11.7%	4.96%	7.49%	1.24%	2.2%	2.08%	0.89%	—	—
Capex / operating cash flow	-25.9%	-4.44%	-34.1%	-2.56%	-32%	0.9%	1%	-0.55%	-0.57%	—	—
Payout ratio	23.1%	41.3%	17.3%	24.9%	24.7%	12.6%	32.7%	49.2%	31.5%	30.7%	26.3%
Dividend yield	1.67%	1.73%	2.81%	2.46%	2.49%	2.06%	3.05%	3.19%	2.39%	1.92%	2.18%

Yield

2.18%

trailing twelve months

Frequency

Quarterly

Last dividend

$5.00

ex-dividend Sep 1, 2026

Payout ratio

26%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$5.00
Jun 1, 2026	$4.50
Mar 2, 2026	$4.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$11.8B	$11.3B	$14.2B	$12.7B	$12.7B	$13.9B	$15.1B	$14.6B	$15.2B	$13.5B	$17.2B	$20.3B
YoY change	-1.32%	+6.84%	+16.3%	+16.9%	+7.46%	+22.5%	+5.97%	+14.5%	+19.6%	-2.99%	+14.4%	+39.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	121.7B	110.1B	130.5B	133.6B	156.4B	261.1B	255B	274.8B	218.6B	179.3B
Receivables	47.8B	84.8B	72.5B	74.6B	121.3B	160.7B	135.4B	132.5B	133.7B	185.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	12.1B	15.1B	18.3B	24.2B	25.4B	20.4B	19.2B	13.4B	10B	9.5B
Goodwill & intangibles	8.2B	8.1B	8.2B	9.7B	9.9B	9.4B	16.8B	14.2B	13.4B	13.6B
Total assets	—	—	—	—	—	—	—	—	1.7T	1.8T
Accounts payable	188.5B	178.2B	180.2B	174.8B	190.7B	251.9B	262B	230.7B	223.3B	231.9B
Short-term debt	52.4B	61.8B	50.1B	55.6B	66.1B	56.1B	67.8B	83.1B	90.6B	87.8B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	198.1B	227.6B	236B	221.4B	228.3B	265.8B	256.4B	250.1B	251.9B	298.4B
Total liabilities	—	—	—	—	—	—	—	—	1.6T	1.7T
Shareholders' equity	86.9B	82.2B	90.2B	90.3B	95.9B	109.9B	117.2B	116.9B	122B	125B
Total debt	250.5B	289.4B	286.1B	277B	294.4B	321.9B	324.2B	333.2B	342.6B	386.1B
Net debt	128.7B	179.3B	155.5B	143.5B	138.5B	60.8B	82.4B	91.7B	160.5B	221.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	280.3B	274.8B	232.5B	230.2B	178.7B	218.6B	191.7B	166.7B	190.5B	179.3B	194B	207.7B
Receivables	140.9B	132.5B	160.4B	142B	144.9B	133.7B	165.1B	181.5B	176.6B	185.8B	209.5B	230.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	15.3B	13.4B	12.6B	11.8B	10.6B	10B	9.9B	9.8B	9.8B	9.5B	9.5B	9.4B
Goodwill & intangibles	14.5B	14.2B	13.8B	13.8B	13.7B	13.4B	13.5B	13.7B	13.6B	13.6B	15B	18.5B
Total assets	—	—	1.7T	1.7T	1.7T	1.7T	1.8T	1.8T	1.8T	1.8T	2.1T	2.1T
Accounts payable	252.3B	230.7B	256.7B	243B	250.4B	223.3B	253.8B	259.3B	256.8B	231.9B	293B	300.1B
Short-term debt	78.7B	83.1B	86.6B	91.3B	90.8B	90.6B	89B	84.3B	88.4B	87.8B	106.2B	113.4B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	232.3B	250.1B	243.1B	245.4B	260.5B	251.9B	271.7B	288.7B	287.8B	298.4B	328.6B	361.6B
Total liabilities	—	—	—	1.5T	1.6T	1.6T	1.6T	1.7T	1.7T	1.7T	1.9T	2T
Shareholders' equity	117.3B	116.9B	118.5B	119.5B	121.2B	122B	124.3B	124.1B	124.4B	125B	122.8B	122.7B
Total debt	311B	333.2B	329.7B	336.6B	351.3B	342.6B	360.7B	373B	376.3B	386.1B	434.7B	475B
Net debt	71.1B	91.7B	120.3B	130.3B	196.6B	160.5B	193.3B	220B	206.7B	221.9B	255.2B	287.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.4B	4.3B	10.5B	8.5B	9.5B	21.6B	11.3B	8.5B	14.3B	17.2B
Depreciation & amortization	998M	1.2B	1.3B	1.7B	1.9B	2B	2.5B	4.9B	2.4B	2.2B
Stock-based compensation	2.1B	1.8B	1.8B	2B	1.9B	2.3B	4.1B	2.1B	2.7B	3.4B
Change in working capital	-20.6B	-71.4B	-23.5B	-82.6B	-22.9B	55.6B	88.4B	-189.6B	-102.2B	-55.5B
Operating cash flow	-9.6B	-58.8B	-12.5B	-70.7B	-10.4B	81.6B	103.8B	-175.5B	-83.7B	-45.2B
Capital expenditure	-2.5B	-2.6B	-4.3B	-1.8B	-3.3B	-734M	-1B	962M	-478M	—
Investing cash flow	14B	-9.3B	-5.8B	-14.6B	-23.2B	5.1B	-50.7B	-12B	-32.6B	-3.6B
Dividends paid	-1.7B	-1.8B	-1.8B	-2.1B	-2.3B	-2.7B	-3.7B	-4.2B	-4.5B	-5.3B
Share repurchases	-7.2B	-7.6B	-3.9B	-6.4B	-2.3B	-7.9B	-3.5B	-6.8B	-10.2B	-12.4B
Financing cash flow	2B	20.7B	2.5B	-27.8B	3B	31.2B	31.5B	-11.9B	1.4B	3.3B
Net change in cash	6.4B	-47.4B	-15.7B	-113.1B	-30.6B	117.8B	84.6B	-199.4B	-114.8B	-45.5B
Free cash flow	3.6B	-23.7B	8.6B	15.4B	-24.8B	1.6B	5B	-14.9B	-15.3B	-47.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.1B	2B	4.1B	3B	3B	4.1B	4.7B	3.7B	4.1B	4.6B	5.6B	6.6B
Depreciation & amortization	1.5B	780M	627M	646M	621M	498M	506M	618M	531M	527M	495M	509M
Stock-based compensation	228M	77M	1.8B	595M	120M	104M	2.4B	533M	237M	258M	2.5B	439M
Change in working capital	-38.9B	-26.2B	-34.5B	-10.4B	-50.1B	-7.2B	7.5B	-17B	-9.8B	-36.2B	-19.2B	-33.1B
Operating cash flow	-35.5B	-23.3B	-27.8B	-6.7B	-46.6B	-2.6B	11.7B	-8.6B	2.7B	-16.3B	-31.9B	6.1B
Capital expenditure	-18M	1.6B	-98M	-94M	-161M	-125M	-354M	-229M	—	—	—	—
Investing cash flow	-7.7B	2.6B	-4.1B	-4.6B	-21.8B	-2.1B	-9.8B	-5.2B	2.2B	8.5B	-42.8B	-20.9B
Dividends paid	-1.1B	-1.1B	-1.1B	-1.1B	-1.2B	-1.2B	-1.1B	-1.2B	-1.5B	-1.5B	-1.6B	-1.6B
Share repurchases	-2.5B	-1B	-1.5B	-4.2B	-1B	-3.5B	-4.4B	-3B	-2B	-3B	-6.5B	-4.7B
Financing cash flow	1.5B	4.2B	-5B	2.9B	-140M	1.4B	6.5B	-4.2B	-4.8B	5.8B	43.5B	34.2B
Net change in cash	-41.7B	-16.5B	-36.8B	-8.4B	-68.5B	-3.3B	8.4B	-17.9B	64M	-1.9B	-31.2B	19.3B
Free cash flow	-26B	-28.9B	-28.5B	5.6B	-38.5B	46.2B	-37.7B	5.2B	2.1B	-16.8B	-32.4B	5.6B

The Goldman Sachs Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement