Pricing Log in Create free account
Friday 6 November 2026 Export GS’s income statement to Excel — free account

The Goldman Sachs Group, Inc.

GS Financial Capital Markets

The Goldman Sachs Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $58.3 billion, up 8.92% from fiscal 2024.

Revenue
+23.0%
EPS
+38.8%
Free cash flow
+63.7%
Total debt
+27.3%

Quarter to September 2026, against a year earlier

872.20 55.80 −6.01%
Market cap
$250.6B
P/E
12.4×
Fwd P/E
12.5×
Dividend yield
2.06%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Global Banking & Markets
  • Asset & Wealth Management
  • Platform Solutions

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 159.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 7 3 — 2 5 — 1 2 — 3 —
Insider Ownership 3.07%

Capital & Financial Ratios $m

Size
Market Cap 250,640.00
Revenue ttm 69,698.00
Net income ttm 22,169.00
Free cash flow ttm (39,473.00)
Net debt Q (183,325.00)
Valuation
P/E 12.38
Forward P/E 12.50
Price / sales 3.71
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.34
Financial health
Current ratio Q 0.61
Debt / equity Q 2.82
Interest coverage Q —
Growth
Revenue growth Q +23.02% (above 0%: growing)
Operating income growth Q +29.88% (above 0%: growing)
EPS, this year +39.21% (at or above 15%: strong)
EPS, next year A +4.51%
Revenue, next year A +25.59% (at or above 10%: strong)
EPS, past 5 yrs +15.71% (at or above 15%: strong)
EPS, next 5 yrs A +16.09% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 48.70%
10-year low 10-year high
P/S against its own 10 years 85.04%
10-year low 10-year high
P/B against its own 10 years 91.86%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.06%
Annual rate
18.00
Payout ratio
25.9%
Growth, 2017–25
+21.7%/yr
  1. 2.90 ’17
  2. 3.15 ’18 +9
  3. 4.15 ’19 +32
  4. 5.00 ’20 +20
  5. 6.50 ’21 +30
  6. 9.00 ’22 +38
  7. 10.50 ’23 +17
  8. 11.50 ’24 +10
  9. 14.00 ’25 +22
  10. 19.06 ’26e +36
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 664,802 556,799 498,474 535,795
Receivables 132,495 133,717 185,842 224,988
Inventory — — — —
Other — — — —
980,655 886,716 922,050 1,036,428
2023 2024 2025 Q'26
Payables 230,728 223,255 231,865 287,307
ST’ Debt — — — —
Other 976,139 1,018,378 1,096,524 1,323,374
1,282,812 1,311,342 1,398,848 1,703,027

Compound Annual Growth %

10y 5y 3y
Sales 5.59% 5.52% 7.16%
Cash Flow 0.00% 0.00% 0.00%
Earnings 11.34% 12.83% 14.83%
Book Value 3.72% 5.43% 2.17%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 12.90 Actual 17.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 11.77 14.01 Beat by 2.24
Q1 FY26 16.34 17.55 Beat by 1.21
Q2 FY26 14.47 20.98 Beat by 6.51
Q3 FY26 12.90 17.01 Beat by 4.11
Q4 FY26 15.54 — Reports 21 January 2027

EPS $

Mar Jun Sep Dec Year
’26 17.55 20.98 17.01 — —
’25 14.12 10.91 12.25 14.01 51.32
’24 11.58 8.62 8.40 11.95 40.54
’23 8.79 3.08 5.47 5.48 22.87
’22 10.76 7.73 8.25 3.32 30.06
’21 18.60 15.02 14.93 10.81 59.45
’20 3.11 6.26 9.68 12.08 24.74
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 17,227 20,338 18,679 — —
’25 15,062 14,583 15,184 13,454 58,283
’24 14,213 12,731 12,699 13,869 53,512
’23 12,224 10,895 11,817 11,318 46,254
’22 12,933 11,864 11,975 10,593 47,365
’21 17,704 15,388 13,608 12,639 59,339
’20 8,743 13,295 10,781 11,741 44,560
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (31,868) 6,105 4,181 — —
’25 (37,230) 5,672 2,680 (16,276) (45,154)
’24 (28,038) 6,120 (38,060) 46,766 (13,212)
’23 9,404 31,901 (25,534) (28,358) (12,587)
’22 (19,534) 45,394 16,010 (33,162) 8,708
’21 (5,183) 20,467 (39,260) 30,274 6,298
’20 (53,031) (11,647) 34,936 11,207 (18,535)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (32,370) 5,749 3,656 — —
’25 (37,584) 5,443 2,234 (16,508) (46,415)
’24 (28,136) 6,026 (38,221) 46,641 (13,690)
’23 9,224 31,480 (25,552) (26,777) (11,625)
’22 (20,059) 44,854 15,353 (32,482) 7,666
’21 (6,303) 19,657 (37,767) 29,977 5,564
’20 (55,477) (12,287) 34,388 11,502 (21,874)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 15.7% a year for ten years. It grew 16.3% a year over the last ten.

Implied
15.7%
10 years, reported
16.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 30,790 32,730 36,616 36,546 44,560 59,339 47,365 46,254 53,512 58,283 69,698 +7.3% 73,197 74,202 74,939 +8.7%
Gross margin, % 90.83 91.21 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +9.2 pt
EBT 10,304 11,132 12,481 10,583 12,479 27,044 13,486 10,739 18,397 21,852 27,907 +8.7%
EBT margin, % 33.47 34.01 34.09 28.96 28.00 45.58 28.47 23.22 34.38 37.49 40.04 +4.0 pt
Net income 7,398 4,286 10,459 8,466 9,459 21,635 11,261 8,516 14,276 17,176 22,169 +9.8%
Per share, $
Per share, $ Revenue 72.04 81.50 95.01 98.35 125.03 169.30 134.52 135.72 163.10 186.39 235.39 +11.1%
Earnings 16.53 9.12 25.53 21.18 24.94 60.25 30.42 23.05 41.07 51.95 70.46 +13.6%
Cash flow 15.19 (51.02) 42.98 64.23 (52.01) 17.97 24.73 (36.93) (40.27) (144.40) (127.86) n/m
Capex (5.81) (6.50) (11.08) (4.87) (9.37) (2.09) (2.96) 2.82 (1.46) (4.03) (5.45) (4.0%)
Free cash flow 9.38 (57.52) 31.90 59.36 (61.37) 15.87 21.77 (34.11) (41.73) (148.43) (133.31) n/m
Book value 203.31 204.79 234.00 242.91 269.17 313.63 332.83 343.03 371.83 399.65 421.91 +7.8%
Shares, m 427 402 385 372 356 351 352 341 328 313 303 (3.4%)
Valuation, ×
Valuation, × P/E 14.54 29.02 6.55 10.87 8.40 6.36 11.40 16.88 13.95 16.93 12.38 13.5
P/S 3.35 3.14 1.76 2.34 2.11 2.26 2.57 2.86 3.51 4.72 3.71 2.9
P/B 1.36 1.46 0.82 1.08 1.11 1.35 1.14 1.25 1.73 2.50 2.34 1.4
EV/Sales (4.25) (3.10) (3.18) (1.72) (2.21) (4.34) (6.06) (6.28) (2.36) 1.06 — (3.2)
EV/FCF (32.64) 4.39 (9.48) (2.85) 4.51 (46.25) (37.43) 25.00 9.22 (1.33) — (8.7)
Cash, $m
Cash, $m Operating cash flow 6,494 (20,489) 16,564 23,868 (18,535) 6,298 8,708 (12,587) (13,212) (45,154) (37,858) n/m
Capex (2,484) (2,610) (4,271) (1,811) (3,339) (734) (1,042) 962 (478) (1,261) (1,615) (7.3%)
Free cash flow 4,010 (23,099) 12,293 22,057 (21,874) 5,564 7,666 (11,625) (13,690) (46,415) (39,473) n/m
Balance, $m
Balance, $m Working capital (45,454) (44,404) (42,080) (156,810) (210,107) (135,225) (106,755) (302,157) (424,626) (476,798) (666,599) +29.8%
Net debt (234,150) (204,034) (180,941) (148,232) (192,581) (391,418) (408,845) (422,925) (314,165) (212,974) (183,325) (1.0%)
Shareholders’ equity 86,893 82,243 90,185 90,265 95,932 109,926 117,189 116,905 121,996 124,972 124,929 +4.1%
Returns, %
Returns, % ROA 0.82 0.41 1.07 0.82 0.83 1.61 0.74 0.51 0.82 0.94 1.07 +0.1 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 9.37 5.05 13.20 9.99 10.89 23.00 10.47 7.45 12.61 14.92 19.42 +5.5 pt
People
People Employees 34,400 36,600 36,600 38,300 40,500 43,900 48,500 45,300 46,500 47,400 — +3.6%
Revenue/emp, $m 0.90 0.89 1.00 0.95 1.10 1.35 0.98 1.02 1.15 1.23 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Goldman Sachs is a global financial institution serving corporations, financial institutions, governments and individuals. Founded in 1869, it is headquartered in New York. David M. Solomon is chief executive.

The company operates through Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets advises companies and public-sector clients on mergers, sales, restructurings and other strategic transactions; helps them raise equity and debt; and trades, clears and finances securities and other financial products for institutional clients. It also provides corporate lending, acquisition financing, transaction banking, payments and cash-management services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Global Banking & Markets 41,453 71.12%
Asset & Wealth Management 16,679 28.62%
Platform Solutions 151 0.26%
Gross margin 100.00%
Operating margin 37.49%
Pre-tax margin 37.49%

Revenue by segment since 2011

The Goldman Sachs Group, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MS Morgan Stanley $286.5B 14.4× 14.3× +6.69% (above 0%: growing) +8.48% (above 0%: growing) −132.22% (below 0%: shrinking) 95.59% 58.35% Compare
GS The Goldman Sachs Group, Inc. $250.6B 12.4× 12.5× +23.02% (above 0%: growing) +38.81% (above 0%: growing) +63.65% (above 0%: growing) 100.00% 37.49%
SCHW The Charles Schwab Corporation $160.1B 15.7× 14.2× +16.89% (above 0%: growing) +29.37% (above 0%: growing) +34.96% (above 0%: growing) 100.00% 57.89% Compare
HOOD Robinhood Markets, Inc. $70.6B 35.8× 40.8× +11.77% (above 0%: growing) −15.86% (below 0%: shrinking) +175.82% (above 0%: growing) 95.22% 48.10% Compare
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36% Compare
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06% Compare
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
Median of peers $31.3B 22.5× 21.7× +15.29% +8.48% +18.65% 94.95% 52.99%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • On Goldman Sachs’ Q2 call, CEO David Solomon said its investment banking backlog had increased, supported by advisory work, while client demand for financing exceeded the firm’s appetite.
  • CFO Denis Coleman said Goldman Sachs had invested in equities financing in Asia and saw opportunities to improve pricing, while remaining selective about growth.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Goldman Sachs Oct 29, 2026 Reiterated Buy 106.00
BMO Capital Markets Oct 12, 2026 Target cut Hold 972.00 → 970.00
TD Cowen Oct 9, 2026 Initiated Buy 1,050.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.68%
Held by the ten largest 39.53%
Holder Shares Stake Change
Vanguard 28.53m 9.79% +10.07k
BlackRock 23.90m 8.20% −88.99k
State Street 18.83m 6.46% −424.59k
JPMorgan Chase 8.04m 2.76% +823.61k
Morgan Stanley 7.03m 2.41% +214.38k
Fisher Investments 6.96m 2.39% +136.80k
Geode Capital Management 6.95m 2.38% −166.25k
Bank of America 6.68m 2.29% +225.80k
UBS 4.40m 1.51% −135.42k
Fidelity (FMR) 3.87m 1.33% +525.41k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 118.89m 309.81m 375.00
2024 31.29m 119.99m 240.00
2023 27.00m 12.68m 158.00
2022 32.17m 27.31m 136.00
2021 40.68m 97.37m 148.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

The Goldman Sachs Group, Inc. (GS) Latest News

29 Oct

Impact 4 · · privatebankerinternational.com
Impact 4 · · offshore-technology.com
Impact 3 · · blockspace.media
Impact 3 · · 24/7 Wall St.

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · blockspace.media

27 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · just-food.com
Impact 3 · · Bloomberg
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

26 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Proactive Investors
Impact 4 · · Zacks
Impact 4 · · Investing.com
Impact 3 · · beincrypto.com
Impact 3 · · Benzinga
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · The Daily Upside

25 Oct

Impact 3 · · beincrypto.com
Impact 3 · · Investing.com

24 Oct

Impact 4 · · TheStreet
Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · Zacks earnings
Impact 4 · · TIKR earnings
Impact 3 · · The Motley Fool

22 Oct

Impact 4 · · TheStreet
Impact 3 · · Fortune

GS metrics, ten years each

stockrow.com/GS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com