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Saturday 17 October 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. In the quarter to September 2026, revenue grew 23.0%, EPS grew 44.0%, free cash flow grew 5.62% and total debt rose 27.1%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for ten consecutive years.

881.26 10.02 −1.12%
Market cap
$259.5B
P/E
12.4×
Fwd P/E
17.5×
Dividend yield
2.04%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

The Goldman Sachs Group, Inc. (GS) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Goldman Sachs generated revenue of $58.3 billion, operating income of $21.9 billion and net income of $17.2 billion in FY2025. Diluted EPS was $51.32 in FY2025, and shareholders’ equity was $125.0 billion in FY2025. The company’s market capitalisation was $275.0 billion as of September 28, 2026.

In Q2 FY2026, which ended June 30, 2026, revenue reached $20.3 billion, operating income was $8.6 billion and net income was $6.6 billion. Diluted EPS was $20.98 in Q2 FY2026. Revenue in Q2 FY2026 was above the $17.2 billion reported in Q1 FY2026, while operating income in Q2 FY2026 was above the $6.5 billion reported in Q1 FY2026.

Growth

Revenue increased 8.92% in FY2025 against FY2024, reaching $58.3 billion in FY2025 from $53.5 billion in FY2024. Revenue compound annual growth was 7.16% over FY2022–FY2025 and 5.52% over FY2020–FY2025. Diluted EPS increased 26.6% in FY2025 against FY2024 to $51.32 in FY2025, with compound annual growth of 19.5% over FY2022–FY2025 and 15.7% over FY2020–FY2025.

Free cash flow was −$46.4 billion in FY2025, and its year-over-year and multi-year growth rates were not meaningful for FY2025 against FY2024, FY2022–FY2025 and FY2020–FY2025 because an endpoint or earlier value was zero or negative. Revenue increased 39.5% in Q2 FY2026 against Q2 FY2025, while diluted EPS increased 92.3% in Q2 FY2026 against Q2 FY2025. Free cash flow was $5.7 billion in Q2 FY2026, compared with $5.4 billion in Q2 FY2025.

Profitability

Gross margin was 100.0% in FY2025 and was unchanged by 0.0 percentage points over FY2020–FY2025. Operating margin was 37.5% in FY2025, up 3.1 percentage points over FY2024–FY2025 and up 9.5 percentage points over FY2020–FY2025. Net margin was 29.5% in FY2025, up 2.8 percentage points over FY2024–FY2025 and up 8.2 percentage points over FY2020–FY2025.

Return on equity was 14.9% in FY2025, compared with 7.45% in FY2023 and 23.0% in FY2021. Return on assets was 0.94% in FY2025, compared with 0.51% in FY2023 and 1.61% in FY2021. Operating margin was 42.1% in Q2 FY2026, compared with 34.0% in Q2 FY2025.

Balance sheet

Total debt was $285.5 billion in FY2025, compared with $242.6 billion in FY2024. Cash and short-term investments were $498.5 billion in FY2025, compared with $556.8 billion in FY2024. Net debt was −$213.0 billion in FY2025 and moved to −$205.1 billion in Q2 FY2026. Shareholders’ equity increased to $125.0 billion in FY2025 from $122.0 billion in FY2024, while book value per share was $399.65 in FY2025.

The current ratio was 0.6× in Q2 FY2026, and debt to equity was 2.8× in Q2 FY2026. Working capital was −$476.8 billion in FY2025, compared with −$424.6 billion in FY2024.

Cash flow & capital return

Operating cash flow was −$45.2 billion in FY2025, following −$13.2 billion in FY2024. Capital expenditure was $1.3 billion in FY2025, compared with $478.0 million in FY2024. Free cash flow was −$46.4 billion in FY2025, compared with −$13.7 billion in FY2024, and free cash flow represented −270.2% of net income in FY2025.

Dividends paid were $5.3 billion in FY2025, while net share repurchases were $10.5 billion in FY2025. Capital returned to shareholders was $15.7 billion in FY2025 and $51.3 billion over FY2021–FY2025. Weighted average shares were 312.7 million shares in FY2025, versus 328.1 million shares in FY2024; the share count changed by −12.3% over FY2020–FY2025. Free cash flow was $5.7 billion in Q2 FY2026.

Valuation

As of September 28, 2026, the P/E was 14.0×, higher than the five-year median of 13.9× over the five fiscal years to FY2025 and higher than the ten-year median of 12.7× over the ten fiscal years to FY2025. The P/E of 14.0× as of September 28, 2026 was lower than the industry median P/E of 15.5× as of September 28, 2026.

The P/S of 4.2× as of September 28, 2026 was higher than the five-year median of 2.9× and ten-year median of 2.7×, and higher than the industry median P/S of 2.3×. The P/B of 2.5× as of September 28, 2026 was higher than the five-year median of 1.4×, ten-year median of 1.3× and industry median P/B of 1.8×. EV/Sales was 1.1× as of September 28, 2026, lower than the industry median of 2.3×.

What changed since last quarter

Revenue increased 18.1% in Q2 FY2026 against Q1 FY2026 and 39.5% in Q2 FY2026 against Q2 FY2025. Revenue was $20.3 billion in Q2 FY2026, compared with $17.2 billion in Q1 FY2026 and $14.6 billion in Q2 FY2025. Diluted EPS increased 19.5% in Q2 FY2026 against Q1 FY2026 and 92.3% in Q2 FY2026 against Q2 FY2025, reaching $20.98 in Q2 FY2026.

Operating margin increased by 4.5 percentage points in Q2 FY2026 against Q1 FY2026 and by 8.1 percentage points in Q2 FY2026 against Q2 FY2025. Free cash flow was $5.7 billion in Q2 FY2026, compared with −$32.4 billion in Q1 FY2026 and $5.4 billion in Q2 FY2025. Weighted average shares changed by −1.22% in Q2 FY2026 against Q1 FY2026 and by −4.34% in Q2 FY2026 against Q2 FY2025.

Open questions

  • What factors drove the changes in revenue between the latest quarter and the prior-year quarter?
  • What accounts for the movement in operating cash flow and free cash flow?
  • How are the latest debt, cash and working-capital positions distributed across the balance sheet?
  • What explains the increase in operating margin in the latest quarter?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.