The Goldman Sachs Group, Inc.

GS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$263,637	$179,751	$125,804	$116,280	$127,610	$87,968	$76,700	$55,724	$84,982	$79,875	$76,875	$88,949	$88,284	$63,295	$50,360	$98,424	$93,014	$34,519	$104,526	$96,244	$64,123	$51,319	$46,925	$41,415	$48,220	$42,009	$36,792
Enterprise value	$248,644	($125,144)	($216,006)	($171,126)	($163,348)	($79,549)	($57,867)	($84,623)	$228,224	$163,513	$178,660	$209,694	$243,415	$266,078	$232,102	$294,770	($23,022)	($117,480)	$474,811	$376,487	$274,495	$337,416	$277,977	$225,800	$203,221	$178,786	$45,563
P/E (TTM) at period end	16.17×	13.29×	15.91×	10.80×	6.03×	9.87×	9.71×	5.65×	23.06×	11.27×	13.81×	11.01×	11.43×	8.68×	20.06×	12.76×	7.63×	16.91×	9.16×	10.09×	11.40×	11.27×	15.62×	19.59×	20.87×	13.70×	13.59×
P/S (TTM) at period end	4.52×	3.36×	2.72×	2.45×	2.15×	1.97×	2.10×	1.52×	2.60×	2.59×	2.27×	2.58×	2.58×	1.85×	1.75×	2.14×	1.80×	0.64×	1.19×	1.39×	1.48×	1.72×	1.99×	1.81×	1.55×	1.27×	1.45×
P/B at period end	2.11×	1.47×	1.08×	0.99×	1.16×	0.92×	0.85×	0.62×	1.03×	0.92×	0.89×	1.07×	1.13×	0.84×	0.72×	1.27×	1.32×	0.54×	2.44×	2.69×	2.29×	2.05×	2.17×	2.18×	2.64×	2.54×	3.63×
EV / EBITDA (TTM)	10.35×	(6.02×)	(13.85×)	(10.73×)	(5.62×)	(5.53×)	(4.71×)	(6.13×)	18.58×	14.47×	18.29×	15.31×	18.64×	20.55×	28.89×	19.92×	(1.06×)	(29.66×)	25.29×	24.20×	30.08×	46.22×	49.73×	56.49×	44.48×	32.47×	19.56×
EV / Sales (TTM)	4.27×	(2.34×)	(4.67×)	(3.61×)	(2.75×)	(1.79×)	(1.58×)	(2.31×)	6.97×	5.31×	5.28×	6.07×	7.12×	7.79×	8.06×	6.41×	(0.45×)	(2.19×)	5.40×	5.43×	6.33×	11.31×	11.77×	9.88×	6.53×	5.42×	1.80×
Returns
Return on equity	13.0%	11.1%	6.8%	9.2%	19.2%	9.3%	8.7%	10.9%	4.5%	8.2%	6.4%	9.8%	9.8%	9.6%	3.6%	10.0%	17.2%	3.2%	26.7%	26.7%	20.1%	18.2%	13.9%	11.1%	12.7%	18.6%	26.7%
Return on invested capital	3.0%	2.6%	1.9%	3.6%	6.4%	2.6%	2.4%	3.2%	1.2%	2.6%	1.9%	2.6%	2.0%	1.8%	1.0%	1.8%	3.0%	0.6%	2.4%	2.4%	1.7%	1.3%	1.1%	0.8%	1.1%	1.6%	1.8%
Dividend yield	2.0%	2.5%	3.3%	3.2%	2.1%	2.7%	2.7%	3.2%	2.1%	2.1%	2.2%	1.6%	1.5%	1.7%	5.5%	1.5%	2.4%	2.5%	0.8%	0.8%	0.8%	1.0%	0.7%	0.6%	0.5%	0.5%	0.3%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.12×	0.97×	0.42×	0.42×	0.44×	0.25×	0.21×	0.29×	0.25×	0.32×	1.19×
Debt / equity	–	–	–	–	–	–	–	–	–	–	2.80×	2.83×	–	3.22×	3.69×	3.37×	5.30×	5.01×	10.76×	10.30×	10.87×	13.35×	12.25×	12.37×	10.40×	10.77×	10.65×
Effective tax rate	21.4%	22.4%	20.7%	16.5%	20.0%	24.2%	20.0%	16.2%	61.5%	28.2%	30.7%	31.4%	31.5%	33.3%	28.0%	35.2%	32.5%	0.6%	34.1%	34.5%	32.0%	31.8%	32.4%	35.0%	37.5%	38.9%	(35.9%)
Share count
Diluted shares outstanding	318	334	346	358	356	360	376	390	409	435	459	473	500	516	557	585	551	456	461	477	500	510	512	525	542	511	486

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$88,721	$58,283	$53,512	$46,254	$47,365	$59,339	$44,560	$36,546	$36,616	$32,730	$30,790	$33,820	$34,528	$34,206	$34,163	$28,811	$45,967	$51,673	$53,579	$87,968	$69,353	$43,391	$29,839	$23,623	$22,854	$31,138	$33,000	$25,363
Cost of revenue	–	–	–	–	–	($6,007)	–	–	–	–	–	–	–	–	–	–	($6,806)	($6,500)	($31,357)	($41,981)	($31,688)	($18,153)	($8,888)	($7,600)	($8,868)	($15,327)	($16,410)	($12,018)
Gross profit	–	–	–	–	–	$58,982	–	–	–	–	–	–	–	–	–	–	$39,161	$45,173	$22,222	$45,987	$37,665	$25,238	$20,951	$16,023	$13,986	$15,811	$16,590	$13,345
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($28,841)	($19,616)	($17,352)	($16,128)	($15,960)	($18,272)	($13,710)	($13,092)	($13,068)	($12,241)	($11,905)	($13,235)	($13,240)	($13,330)	($14,051)	($13,392)	($16,304)	($16,535)	($11,144)	($20,791)	($16,949)	($12,136)	($10,055)	($7,657)	($7,050)	($8,106)	($8,279)	($6,823)
Total operating expenses	($38,462)	–	–	–	–	($31,938)	–	–	–	–	–	–	–	–	–	–	($26,269)	($25,344)	($19,886)	($28,383)	($23,105)	($16,965)	($14,275)	($11,578)	($10,733)	($12,115)	($11,570)	($11,353)
Total costs and expenses	($57,853)	($36,431)	($35,115)	($35,515)	($33,879)	($32,295)	($32,081)	($25,963)	($24,135)	($21,598)	($20,486)	($25,042)	($22,171)	($22,469)	($22,956)	($22,642)	($33,075)	($31,844)	($51,243)	($70,364)	($54,793)	($35,118)	($23,163)	($19,178)	($19,601)	($27,442)	($27,980)	($23,371)
Operating income	$30,868	$21,852	$18,397	$10,739	$13,486	$27,044	$12,479	$10,583	$12,481	$11,132	$10,304	$8,778	$12,357	$11,737	$11,207	$6,169	$12,892	$19,829	$2,336	$17,604	$14,560	$8,273	$6,676	$4,445	$3,253	$3,696	$5,020	$1,992
Earnings
EBITDA	–	$24,034	$20,789	$15,595	$15,941	$29,059	$14,381	$12,287	$13,809	$12,284	$11,302	$9,769	$13,694	$13,059	$12,945	$8,034	$14,796	$21,772	$3,961	$18,771	$15,555	$9,127	$7,300	$5,590	$3,997	$4,569	$5,506	$2,329
Interest income	$29,142	$7,597	$5,998	$3,856	$2,199	$1,589	$13,689	$21,738	$19,679	$13,113	$9,691	$8,452	$9,604	$10,060	$11,381	$13,174	$12,309	$13,907	$35,633	$45,968	$35,186	$21,250	$11,914	$10,751	$11,269	$16,620	$17,396	$12,722
Interest expense	($70,869)	($66,814)	($73,341)	($62,164)	($21,346)	($5,650)	($8,938)	($17,376)	($15,912)	($10,181)	($7,104)	($5,388)	($5,557)	($6,668)	($7,501)	($7,982)	($6,806)	($6,500)	($31,357)	($41,981)	($31,688)	($18,153)	($8,888)	($7,600)	($8,868)	($15,327)	($16,410)	($12,018)
Pre-tax income	$27,907	$21,852	$18,397	$10,739	$13,486	$27,044	$12,479	$10,583	$12,481	$11,132	$10,304	$8,778	$12,357	$11,737	$11,207	$6,169	$12,892	$19,829	$2,336	$17,604	$14,560	$8,273	$6,676	$4,445	$3,253	$3,696	$5,020	$1,992
Income tax expense	($5,738)	($4,676)	($4,121)	($2,223)	($2,225)	($5,409)	($3,020)	($2,117)	($2,022)	($6,846)	($2,906)	($2,695)	($3,880)	($3,697)	($3,732)	($1,727)	($4,538)	($6,444)	($14)	($6,005)	($5,023)	($2,647)	($2,123)	($1,440)	($1,139)	($1,386)	($1,953)	$716
Net income	$22,169	$17,176	$14,276	$8,516	$11,261	$21,635	$9,459	$8,466	$10,459	$4,286	$7,398	$6,083	$8,477	$8,040	$7,475	$4,442	$8,354	$13,385	$2,322	$11,599	$9,537	$5,626	$4,553	$3,005	$2,114	$2,310	$3,067	$2,708
Per share
Diluted EPS (GAAP)	$69.54	$51.32	$40.54	$22.87	$30.06	$59.45	$24.74	$21.03	$25.27	$9.01	$16.29	$12.14	$17.07	$15.46	$14.13	$4.51	$13.18	$22.13	$4.47	$24.73	$19.98	$11.25	$8.92	$5.87	$4.03	$4.26	$6.00	$5.57
Basic EPS (GAAP)	$70.46	$51.95	$41.07	$23.05	$30.42	$60.25	$24.94	$21.18	$25.53	$9.12	$16.53	$12.35	$17.55	$16.34	$14.63	$4.71	$14.15	$23.74	$4.67	$26.34	$19.98	$11.25	$8.92	$5.87	$4.03	$4.26	$6.00	$5.57
Basic shares outstanding	303	313	328	341	352	350	356	372	385	402	427	449	459	471	496	525	542	512	437	433	477	478	489	488	525	542	511	476
Margins
Gross margin	–	–	–	–	–	99.4%	–	–	–	–	–	–	–	–	–	–	85.2%	87.4%	41.5%	52.3%	54.3%	58.2%	70.2%	67.8%	61.2%	50.8%	50.3%	52.6%
Operating margin	34.8%	37.5%	34.4%	23.2%	28.5%	45.6%	28.0%	29.0%	34.1%	34.0%	33.5%	26.0%	35.8%	34.3%	32.8%	21.4%	28.0%	38.4%	4.4%	20.0%	21.0%	19.1%	22.4%	18.8%	14.2%	11.9%	15.2%	7.9%
Net margin	25.0%	29.5%	26.7%	18.4%	23.8%	36.5%	21.2%	23.2%	28.6%	13.1%	24.0%	18.0%	24.6%	23.5%	21.9%	15.4%	18.2%	25.9%	4.3%	13.2%	13.8%	13.0%	15.3%	12.7%	9.3%	7.4%	9.3%	10.7%

Analyst consensus

Hold55 analysts

Bearish · 3 · Hold · 30 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$11.95	$8.03	Beat
Q1 2025	$14.12	$12.32	Beat
Q2 2025	$10.91	$9.65	Beat
Q3 2025	$12.25	$11.03	Beat
Q4 2025	$14.01	$11.70	Beat
Q1 2026	$17.55	$16.47	Beat
Q2 2026	$20.98	$14.54	Beat
Q3 2026	$17.01	$12.86	Beat

Peers

Company overview

IPO dateMay 4, 1999

CEODavid Michael Solomon

Employees47,400

SectorFinancial Services

IndustryFinancial - Capital Markets

CountryUS

ExchangeNew York Stock Exchange

Websitewww.goldmansachs.com

The Goldman Sachs Group, Inc. (GS) operates as a prominent global financial services firm, offering an extensive array of services to corporations, financial institutions, governmental bodies, and individuals worldwide. The company's operations are organized into four primary divisions: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The Investment Banking segment furnishes strategic advisory services covering intricate transactions such as mergers, acquisitions, divestitures, corporate defense strategies, restructurings, and spin-offs. It also extends various lending facilities, including middle-market, relationship, and acquisition financing, in addition to transaction banking services. This division further specializes in underwriting, assisting clients with equity offerings for common, preferred, and convertible securities, as well as debt offerings encompassing investment-grade, high-yield, bank/bridge loans, and emerging market debt instruments, alongside the creation of structured securities. Within its Global Markets division, Goldman Sachs engages in client execution activities for both cash and derivative instruments, provides solutions for credit and interest rate products, and offers comprehensive equity intermediation, financing, clearing, settlement, and custody services. This segment also transacts in products linked to mortgages, foreign exchange, commodities, and equities. The Asset Management segment is responsible for managing assets across a diverse spectrum of classes, including equities, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities. It delivers tailored investment advisory solutions and makes direct investments in corporate entities, real estate ventures, and infrastructure projects. The Consumer & Wealth Management segment provides individual clients with wealth advisory and banking services. These include financial planning, investment management, deposit-taking, and lending. It also offers private banking services, unsecured loans, and accepts savings and time deposits. Founded in 1869, the company's corporate headquarters are located in New York, New York.

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