Goldman Sachs
GS · NYSESecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31
Goldman Sachs reported revenue of $58.3B in the fiscal year ended Dec 2025, up 8.9% from the year before. Net income was $17.2B. Operating cash flow of −$45.2B less capital expenditure of $2.1B left free cash flow of −$47.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $59.3B | $47.4B | $46.3B | $53.5B | $58.3B |
| Net interest incomeBanks | $6.5B | $7.7B | $6.4B | $8.1B | $13.6B |
| Interest expense | $5.7B | $21.3B | $62.2B | $73.3B | $66.8B |
| Pre-tax income | $27B | $13.5B | $10.7B | $18.4B | $21.9B |
| Income tax | $5.4B | $2.2B | $2.2B | $4.1B | $4.7B |
| Net income | $21.6B | $11.3B | $8.5B | $14.3B | $17.2B |
| Diluted EPS | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 |
| Diluted shares | 356M | 358M | 346M | 334M | 318M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $261B | $242B | $242B | $182B | $164B |
| Net PP&E | – | $17.1B | $11.2B | $8B | $7.5B |
| Goodwill | $4.3B | $6.4B | $5.9B | $5.9B | $5.9B |
| Total assets | $1,464B | $1,442B | $1,642B | $1,676B | $1,809B |
| Deferred revenue | $0 | $113M | $0 | $0 | $132M |
| Short-term debt | – | $61B | $75.9B | $69.7B | – |
| DepositsBanks | $364B | $387B | $428B | $433B | $501B |
| Total liabilities | $1,354B | $1,325B | $1,525B | $1,554B | $1,684B |
| Shareholders' equity | $110B | $117B | $117B | $122B | $125B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6.3B | $8.7B | −$12.6B | −$13.2B | −$45.2B |
| Capital expenditure | $4.7B | $3.7B | $2.3B | $2.1B | $2.1B |
| Free cash flow | $1.6B | $5B | −$14.9B | −$15.3B | −$47.2B |
| Depreciation & amortisation | $2B | $2.5B | $4.9B | $2.4B | $2.2B |
| Stock-based compensation | $2.3B | $4.1B | $2.1B | $2.7B | $3.4B |
| Acquisitions | $0 | $2.1B | −$487M | – | – |
| Share buybacks | $5.2B | $3.5B | $5.8B | $8B | $12.4B |
| Dividends paid | $2.7B | $3.7B | $4.2B | $4.5B | $5.3B |
| Dividend per share | 6.50 | 9.00 | 10.50 | 11.50 | 14.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −20.2% | −2.3% | 15.7% | 8.9% |
| EPS growth (YoY) | – | −49.4% | −23.9% | 77.3% | 26.6% |
| Net margin | 36.5% | 23.8% | 18.4% | 26.7% | 29.5% |
| Return on equityBlank when equity is negative | 19.7% | 9.6% | 7.3% | 11.7% | 13.7% |
| Free cash flow margin | 2.7% | 10.5% | −32.2% | −28.6% | −81.0% |
| Cash conversion (CFO ÷ net income) | 0.29x | 0.77x | −1.48x | −0.93x | −2.63x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.