Annual Income Statements for The Goldman Sachs Group
This table shows The Goldman Sachs Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for The Goldman Sachs Group
This table shows The Goldman Sachs Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
1,185 |
3,087 |
1,071 |
1,882 |
1,867 |
3,931 |
2,891 |
2,780 |
3,923 |
4,583 |
3,473 |
Consolidated Net Income / (Loss) |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
Net Income / (Loss) Continuing Operations |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
Total Pre-Tax Income |
|
1,530 |
3,993 |
1,736 |
2,756 |
2,254 |
5,237 |
3,916 |
3,987 |
5,257 |
5,647 |
4,958 |
Total Revenue |
|
10,593 |
12,224 |
10,895 |
11,817 |
11,318 |
14,213 |
12,731 |
12,699 |
13,869 |
15,062 |
14,583 |
Net Interest Income / (Expense) |
|
2,074 |
1,781 |
1,684 |
1,547 |
1,339 |
1,374 |
1,990 |
2,623 |
1,583 |
2,895 |
3,104 |
Total Interest Income |
|
12,411 |
14,938 |
16,836 |
18,257 |
18,484 |
19,555 |
20,440 |
21,448 |
19,954 |
19,383 |
19,789 |
Investment Securities Interest Income |
|
12,411 |
14,938 |
16,836 |
18,257 |
18,484 |
19,555 |
20,440 |
21,448 |
19,954 |
19,383 |
19,789 |
Total Interest Expense |
|
10,337 |
13,157 |
15,152 |
16,710 |
17,145 |
18,181 |
18,450 |
18,825 |
18,371 |
16,488 |
16,685 |
Long-Term Debt Interest Expense |
|
10,337 |
13,157 |
15,152 |
16,710 |
17,145 |
18,181 |
18,450 |
18,825 |
18,371 |
16,488 |
16,685 |
Total Non-Interest Income |
|
8,519 |
10,443 |
9,211 |
10,270 |
9,979 |
12,839 |
10,741 |
10,076 |
12,286 |
12,167 |
11,479 |
Trust Fees by Commissions |
|
3,226 |
3,377 |
3,249 |
3,292 |
3,403 |
3,568 |
3,584 |
3,522 |
4,008 |
3,985 |
4,038 |
Investment Banking Income |
|
1,873 |
1,578 |
1,432 |
1,555 |
1,653 |
2,085 |
1,733 |
1,864 |
2,056 |
1,916 |
2,194 |
Other Non-Interest Income |
|
3,420 |
5,488 |
4,530 |
5,423 |
4,923 |
7,186 |
5,424 |
4,690 |
6,222 |
6,266 |
5,247 |
Provision for Credit Losses |
|
972 |
-171 |
615 |
7.00 |
577 |
318 |
282 |
397 |
351 |
287 |
384 |
Total Non-Interest Expense |
|
8,091 |
8,402 |
8,544 |
9,054 |
8,487 |
8,658 |
8,533 |
8,315 |
8,261 |
9,128 |
9,241 |
Salaries and Employee Benefits |
|
3,764 |
4,090 |
3,619 |
4,188 |
3,602 |
4,585 |
4,240 |
4,122 |
3,759 |
4,876 |
4,685 |
Net Occupancy & Equipment Expense |
|
742 |
731 |
735 |
735 |
771 |
717 |
744 |
740 |
763 |
739 |
764 |
Marketing Expense |
|
216 |
172 |
146 |
136 |
175 |
153 |
153 |
159 |
181 |
156 |
167 |
Other Operating Expenses |
|
2,642 |
2,439 |
2,450 |
2,483 |
3,159 |
2,576 |
2,750 |
2,673 |
3,060 |
2,851 |
3,007 |
Depreciation Expense |
|
727 |
970 |
1,594 |
1,512 |
780 |
627 |
646 |
621 |
498 |
506 |
618 |
Income Tax Expense |
|
204 |
759 |
520 |
698 |
246 |
1,105 |
873 |
997 |
1,146 |
909 |
1,235 |
Preferred Stock Dividends Declared |
|
141 |
147 |
145 |
176 |
141 |
201 |
152 |
210 |
188 |
155 |
250 |
Basic Earnings per Share |
|
$3.39 |
$8.87 |
$3.09 |
$5.52 |
$5.57 |
$11.67 |
$8.73 |
$8.52 |
$12.15 |
$14.25 |
$11.03 |
Weighted Average Basic Shares Outstanding |
|
352.10M |
346.60M |
342.30M |
338.70M |
340.80M |
335.60M |
329.80M |
324.80M |
328.10M |
320.80M |
313.70M |
Diluted Earnings per Share |
|
$3.32 |
$8.79 |
$3.08 |
$5.47 |
$5.53 |
$11.58 |
$8.62 |
$8.40 |
$11.94 |
$14.12 |
$10.91 |
Weighted Average Diluted Shares Outstanding |
|
358.10M |
351.30M |
347.20M |
343.90M |
345.80M |
339.50M |
335.50M |
330.80M |
333.60M |
324.50M |
318.30M |
Weighted Average Basic & Diluted Shares Outstanding |
|
335.42M |
332.45M |
329.67M |
326.11M |
325.56M |
322.46M |
315.80M |
313.91M |
312.04M |
306.84M |
302.72M |
Cash Dividends to Common per Share |
|
- |
$2.50 |
$2.50 |
$2.75 |
- |
$2.75 |
$2.75 |
$3.00 |
- |
$3.00 |
$3.00 |
Annual Cash Flow Statements for The Goldman Sachs Group
This table details how cash moves in and out of The Goldman Sachs Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-3,842 |
18,414 |
28,272 |
-11,660 |
20,496 |
2,999 |
22,296 |
105,194 |
-19,211 |
-248 |
-59,485 |
Net Cash From Operating Activities |
|
-7,932 |
9,481 |
6,494 |
-20,489 |
16,564 |
23,868 |
-18,535 |
6,298 |
8,708 |
-12,587 |
-13,212 |
Net Cash From Continuing Operating Activities |
|
-7,932 |
9,481 |
6,494 |
-20,489 |
16,564 |
23,868 |
-18,535 |
6,298 |
8,708 |
-12,587 |
-13,212 |
Net Income / (Loss) Continuing Operations |
|
8,477 |
6,083 |
7,398 |
4,286 |
10,459 |
8,466 |
9,459 |
21,635 |
11,261 |
8,516 |
14,276 |
Consolidated Net Income / (Loss) |
|
8,477 |
6,083 |
7,398 |
4,286 |
10,459 |
8,466 |
9,459 |
21,635 |
11,261 |
8,516 |
14,276 |
Provision For Loan Losses |
|
- |
- |
182 |
657 |
- |
1,065 |
3,098 |
357 |
2,715 |
1,028 |
1,348 |
Depreciation Expense |
|
1,337 |
991 |
998 |
1,152 |
1,328 |
1,704 |
1,902 |
2,015 |
2,455 |
4,856 |
2,392 |
Non-Cash Adjustments to Reconcile Net Income |
|
2,291 |
2,663 |
2,665 |
11,842 |
-1,325 |
96,424 |
45,978 |
2,353 |
1,671 |
725 |
1,863 |
Changes in Operating Assets and Liabilities, net |
|
-20,037 |
-256 |
-4,749 |
-38,426 |
6,102 |
-83,791 |
-78,972 |
-20,062 |
-9,394 |
-27,712 |
-33,091 |
Net Cash From Investing Activities |
|
-14,909 |
-18,574 |
9,675 |
-26,377 |
-18,820 |
-24,236 |
-34,356 |
-30,465 |
-75,960 |
-17,312 |
-49,624 |
Net Cash From Continuing Investing Activities |
|
-14,909 |
-18,574 |
9,675 |
-26,377 |
-18,820 |
-24,236 |
-34,356 |
-30,465 |
-75,960 |
-17,312 |
-49,624 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-678 |
-1,833 |
-2,865 |
-3,184 |
-7,982 |
-8,443 |
-6,309 |
-4,667 |
-3,748 |
-2,316 |
-2,091 |
Purchase of Investment Securities |
|
-15,775 |
-17,988 |
10,642 |
-36,798 |
-22,644 |
-40,237 |
-60,074 |
-75,432 |
-85,764 |
-45,609 |
-105,519 |
Sale of Property, Leasehold Improvements and Equipment |
|
30 |
228 |
381 |
574 |
3,711 |
6,632 |
2,970 |
3,933 |
2,706 |
3,278 |
1,613 |
Sale and/or Maturity of Investments |
|
1,514 |
1,019 |
1,517 |
13,031 |
8,095 |
17,812 |
29,057 |
45,701 |
10,846 |
27,335 |
56,373 |
Net Cash From Financing Activities |
|
18,999 |
27,507 |
12,103 |
35,206 |
22,752 |
3,367 |
70,380 |
134,738 |
59,602 |
27,800 |
7,323 |
Net Cash From Continuing Financing Activities |
|
18,999 |
27,507 |
12,103 |
35,202 |
22,752 |
3,367 |
70,380 |
134,738 |
59,602 |
27,800 |
7,323 |
Net Change in Deposits |
|
12,201 |
14,639 |
10,058 |
14,506 |
20,206 |
31,214 |
67,343 |
103,538 |
28,074 |
39,723 |
5,894 |
Issuance of Debt |
|
46,757 |
54,944 |
54,949 |
65,748 |
53,846 |
29,652 |
55,323 |
98,329 |
86,322 |
50,200 |
87,136 |
Issuance of Preferred Equity |
|
1,980 |
1,993 |
1,303 |
1,495 |
0.00 |
1,098 |
349 |
2,172 |
0.00 |
1,496 |
4,239 |
Repayment of Debt |
|
-34,952 |
-37,258 |
-46,245 |
-36,380 |
-46,725 |
-53,454 |
-48,609 |
-59,198 |
-48,175 |
-54,913 |
-76,555 |
Repurchase of Preferred Equity |
|
-1,611 |
-1.00 |
-1,171 |
-1,087 |
-685 |
-1,306 |
-361 |
-2,675 |
0.00 |
-1,000 |
-2,200 |
Repurchase of Common Equity |
|
-5,469 |
-4,135 |
-6,078 |
-6,772 |
-3,294 |
-5,335 |
-1,928 |
-5,200 |
-3,500 |
-5,796 |
-8,000 |
Payment of Dividends |
|
-1,454 |
-1,681 |
-1,706 |
-1,769 |
-1,810 |
-2,104 |
-2,336 |
-2,725 |
-3,682 |
-4,189 |
-4,497 |
Other Financing Activities, Net |
|
1,424 |
-1,253 |
987 |
-539 |
1,176 |
3,602 |
599 |
497 |
563 |
2,279 |
1,306 |
Effect of Exchange Rate Changes |
|
- |
- |
- |
- |
- |
- |
4,807 |
-5,377 |
-11,561 |
1,851 |
-3,972 |
Cash Interest Paid |
|
- |
- |
- |
11,174 |
16,721 |
18,645 |
9,091 |
5,521 |
19,022 |
60,026 |
72,623 |
Cash Income Taxes Paid |
|
- |
- |
- |
1,425 |
1,271 |
1,266 |
2,754 |
6,195 |
4,555 |
2,389 |
3,673 |
Quarterly Cash Flow Statements for The Goldman Sachs Group
This table details how cash moves in and out of The Goldman Sachs Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Change in Cash & Equivalents |
|
-42,426 |
-12,498 |
41,604 |
-31,052 |
1,698 |
-32,192 |
-3,059 |
-51,637 |
27,403 |
-14,684 |
-14,441 |
Net Cash From Operating Activities |
|
-33,162 |
9,404 |
31,901 |
-25,534 |
-28,358 |
-28,038 |
6,120 |
-38,060 |
46,766 |
-37,230 |
5,672 |
Net Cash From Continuing Operating Activities |
|
-33,162 |
9,404 |
31,901 |
-25,534 |
-28,358 |
-28,038 |
6,120 |
-38,060 |
46,766 |
-37,230 |
5,672 |
Net Income / (Loss) Continuing Operations |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
Consolidated Net Income / (Loss) |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
Provision For Loan Losses |
|
972 |
-171 |
615 |
7.00 |
577 |
318 |
282 |
397 |
351 |
287 |
384 |
Depreciation Expense |
|
727 |
970 |
1,594 |
1,512 |
780 |
627 |
646 |
621 |
498 |
506 |
618 |
Non-Cash Adjustments to Reconcile Net Income |
|
-2,140 |
1,617 |
-194 |
165,908 |
-166,606 |
1,904 |
84 |
19,562 |
-19,687 |
2,571 |
177 |
Changes in Operating Assets and Liabilities, net |
|
-34,047 |
3,754 |
28,670 |
-195,019 |
134,883 |
-35,019 |
2,065 |
-61,630 |
61,493 |
-45,332 |
770 |
Net Cash From Investing Activities |
|
-6,292 |
-1,978 |
-3,959 |
-8,033 |
-3,342 |
-7,980 |
-5,243 |
-29,286 |
-7,115 |
-22,747 |
-11,334 |
Net Cash From Continuing Investing Activities |
|
-6,292 |
-1,978 |
-3,959 |
-8,033 |
-3,342 |
-7,980 |
-5,243 |
-29,286 |
-7,115 |
-22,747 |
-11,334 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-754 |
-597 |
-666 |
-507 |
-546 |
-497 |
-542 |
-466 |
-586 |
-499 |
-476 |
Purchase of Investment Securities |
|
-9,738 |
-9,964 |
-6,186 |
-11,035 |
-18,424 |
-25,546 |
-20,040 |
-37,978 |
-18,333 |
-52,377 |
-30,114 |
Sale of Property, Leasehold Improvements and Equipment |
|
1,434 |
417 |
245 |
489 |
2,127 |
399 |
448 |
305 |
461 |
145 |
247 |
Sale and/or Maturity of Investments |
|
2,766 |
8,166 |
2,648 |
3,020 |
13,501 |
17,664 |
18,513 |
8,853 |
11,343 |
29,984 |
19,009 |
Net Cash From Financing Activities |
|
-9,576 |
-20,544 |
13,886 |
6,442 |
28,016 |
7,171 |
-2,371 |
10,340 |
-7,817 |
42,826 |
-13,262 |
Net Cash From Continuing Financing Activities |
|
-9,576 |
-20,544 |
13,886 |
6,442 |
28,016 |
7,171 |
-2,371 |
10,340 |
-7,817 |
42,826 |
-13,262 |
Net Change in Deposits |
|
-11,100 |
-11,442 |
22,416 |
4,896 |
23,853 |
12,146 |
-7,474 |
10,480 |
-9,258 |
36,332 |
-9,088 |
Issuance of Debt |
|
12,752 |
16,754 |
3,131 |
11,106 |
19,209 |
21,810 |
14,152 |
17,959 |
32,720 |
29,054 |
23,219 |
Repayment of Debt |
|
-8,755 |
-22,011 |
-10,215 |
-8,576 |
-14,111 |
-23,238 |
-6,868 |
-18,735 |
-27,219 |
-18,029 |
-22,542 |
Repurchase of Common Equity |
|
-1,500 |
-2,546 |
-750 |
-1,500 |
-1,000 |
-1,500 |
-3,500 |
-1,000 |
-2,000 |
-4,360 |
-3,000 |
Payment of Dividends |
|
-1,013 |
-1,013 |
-1,012 |
-1,099 |
-1,065 |
-1,123 |
-1,052 |
-1,169 |
-1,153 |
-1,115 |
-1,223 |
Other Financing Activities, Net |
|
40 |
-286 |
316 |
1,119 |
1,130 |
-924 |
827 |
810 |
593 |
-951 |
-628 |
Effect of Exchange Rate Changes |
|
6,604 |
620 |
-224 |
-3,927 |
5,382 |
-3,345 |
-1,565 |
5,369 |
-4,431 |
2,467 |
4,483 |
Cash Interest Paid |
|
9,140 |
13,082 |
14,495 |
15,609 |
16,840 |
17,139 |
17,994 |
18,860 |
18,864 |
15,954 |
17,004 |
Cash Income Taxes Paid |
|
1,509 |
459 |
1,057 |
299 |
574 |
525 |
1,539 |
746 |
863 |
636 |
1,721 |
Annual Balance Sheets for The Goldman Sachs Group
This table presents The Goldman Sachs Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
855,842 |
861,395 |
860,165 |
916,776 |
931,796 |
992,968 |
1,163,028 |
1,463,988 |
1,441,799 |
1,641,594 |
1,675,972 |
Cash and Due from Banks |
|
57,600 |
93,439 |
121,711 |
110,051 |
130,547 |
133,546 |
155,842 |
261,036 |
241,825 |
241,577 |
182,092 |
Federal Funds Sold |
|
127,938 |
134,308 |
116,925 |
120,822 |
139,258 |
85,691 |
108,060 |
205,703 |
225,117 |
223,805 |
180,062 |
Trading Account Securities |
|
472,970 |
491,140 |
480,552 |
506,836 |
415,480 |
491,403 |
535,790 |
554,687 |
490,286 |
796,381 |
923,371 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Other Assets |
|
52,872 |
50,671 |
43,525 |
113,134 |
148,674 |
282,328 |
247,221 |
442,562 |
484,571 |
379,831 |
390,447 |
Total Liabilities & Shareholders' Equity |
|
855,842 |
861,395 |
860,165 |
916,776 |
931,796 |
992,968 |
1,163,028 |
1,463,988 |
1,441,799 |
1,641,594 |
1,675,972 |
Total Liabilities |
|
640,962 |
659,419 |
656,129 |
834,533 |
841,611 |
902,703 |
1,067,096 |
1,354,062 |
1,324,610 |
1,524,689 |
1,553,976 |
Non-Interest Bearing Deposits |
|
82,880 |
97,519 |
124,098 |
138,604 |
158,257 |
190,019 |
259,962 |
364,227 |
386,665 |
428,417 |
433,013 |
Short-Term Debt |
|
346,326 |
339,218 |
299,536 |
309,809 |
299,460 |
340,860 |
370,099 |
464,769 |
433,355 |
556,560 |
567,344 |
Long-Term Debt |
|
195,681 |
203,789 |
218,133 |
257,268 |
257,390 |
241,338 |
260,857 |
319,141 |
291,811 |
315,554 |
326,844 |
Other Long-Term Liabilities |
|
16,075 |
18,893 |
14,362 |
128,852 |
126,504 |
130,486 |
176,178 |
205,925 |
212,779 |
224,158 |
226,775 |
Commitments & Contingencies |
|
- |
- |
- |
- |
- |
- |
- |
- |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
82,797 |
86,728 |
86,893 |
82,243 |
90,185 |
90,265 |
95,932 |
109,926 |
117,189 |
116,905 |
121,996 |
Total Preferred & Common Equity |
|
82,797 |
86,728 |
86,893 |
82,243 |
90,185 |
90,265 |
95,932 |
109,926 |
117,189 |
116,905 |
121,996 |
Preferred Stock |
|
9,200 |
11,200 |
11,203 |
11,853 |
11,203 |
11,203 |
11,203 |
10,703 |
10,703 |
11,203 |
13,253 |
Total Common Equity |
|
73,597 |
75,528 |
75,690 |
70,390 |
78,982 |
79,062 |
84,729 |
99,223 |
106,486 |
105,702 |
108,743 |
Common Stock |
|
50,058 |
51,349 |
52,647 |
53,366 |
54,014 |
54,892 |
55,688 |
56,405 |
59,059 |
60,256 |
61,385 |
Retained Earnings |
|
78,984 |
83,386 |
89,039 |
91,519 |
100,100 |
106,465 |
112,947 |
131,811 |
139,372 |
143,688 |
153,412 |
Treasury Stock |
|
-58,468 |
-62,640 |
-68,694 |
-75,392 |
-78,670 |
-84,006 |
-85,940 |
-91,136 |
-94,631 |
-100,445 |
-108,500 |
Accumulated Other Comprehensive Income / (Loss) |
|
-743 |
-718 |
-1,216 |
-1,880 |
693 |
-1,484 |
-1,434 |
-2,068 |
-3,010 |
-2,918 |
-2,702 |
Other Equity Adjustments |
|
3,766 |
4,151 |
3,914 |
2,777 |
2,845 |
3,195 |
3,468 |
4,211 |
5,696 |
5,121 |
5,148 |
Quarterly Balance Sheets for The Goldman Sachs Group
This table presents The Goldman Sachs Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Total Assets |
|
1,441,799 |
1,538,349 |
1,571,386 |
1,577,153 |
1,641,594 |
1,698,440 |
1,653,313 |
1,728,080 |
1,675,972 |
1,766,181 |
1,785,009 |
Cash and Due from Banks |
|
241,825 |
229,327 |
270,931 |
239,879 |
241,577 |
209,385 |
206,326 |
154,689 |
182,092 |
167,408 |
152,967 |
Federal Funds Sold |
|
225,117 |
202,151 |
199,864 |
190,695 |
223,805 |
231,918 |
198,626 |
212,156 |
180,062 |
186,365 |
153,849 |
Trading Account Securities |
|
490,286 |
610,572 |
588,768 |
644,985 |
796,381 |
722,631 |
726,602 |
806,048 |
923,371 |
977,244 |
1,017,383 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Other Assets |
|
484,571 |
496,299 |
511,823 |
501,594 |
379,831 |
534,506 |
521,759 |
555,187 |
390,447 |
435,164 |
460,810 |
Total Liabilities & Shareholders' Equity |
|
1,441,799 |
1,538,349 |
1,571,386 |
1,577,153 |
1,641,594 |
1,698,440 |
1,653,313 |
1,728,080 |
1,675,972 |
1,766,181 |
1,785,009 |
Total Liabilities |
|
1,324,610 |
1,420,840 |
1,454,893 |
1,459,876 |
1,524,689 |
1,579,894 |
1,533,850 |
1,606,880 |
1,553,976 |
1,641,881 |
1,660,913 |
Non-Interest Bearing Deposits |
|
386,665 |
375,531 |
398,853 |
402,962 |
428,417 |
440,662 |
433,105 |
445,311 |
433,013 |
471,134 |
466,143 |
Short-Term Debt |
|
433,355 |
528,291 |
550,882 |
548,030 |
556,560 |
602,744 |
557,894 |
587,343 |
567,344 |
573,770 |
558,473 |
Long-Term Debt |
|
291,811 |
305,624 |
292,259 |
293,678 |
315,554 |
315,232 |
321,690 |
335,875 |
326,844 |
343,995 |
360,386 |
Other Long-Term Liabilities |
|
212,779 |
211,394 |
212,899 |
215,206 |
224,158 |
221,256 |
221,161 |
238,351 |
226,775 |
252,982 |
275,911 |
Commitments & Contingencies |
|
0.00 |
- |
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
117,189 |
117,509 |
116,493 |
117,277 |
116,905 |
118,546 |
119,463 |
121,200 |
121,996 |
124,300 |
124,096 |
Total Preferred & Common Equity |
|
117,189 |
117,509 |
116,493 |
117,277 |
116,905 |
118,546 |
119,463 |
121,200 |
121,996 |
124,300 |
124,096 |
Preferred Stock |
|
10,703 |
10,703 |
10,703 |
11,203 |
11,203 |
11,203 |
12,753 |
13,253 |
13,253 |
15,153 |
15,153 |
Total Common Equity |
|
106,486 |
106,806 |
105,790 |
106,074 |
105,702 |
107,343 |
106,710 |
107,947 |
108,743 |
109,147 |
108,943 |
Common Stock |
|
59,059 |
60,152 |
60,215 |
60,242 |
60,256 |
61,323 |
61,359 |
61,381 |
61,385 |
61,841 |
61,897 |
Retained Earnings |
|
139,372 |
141,591 |
141,798 |
142,743 |
143,688 |
146,690 |
148,652 |
150,454 |
153,412 |
157,019 |
159,535 |
Treasury Stock |
|
-94,631 |
-97,159 |
-97,917 |
-99,429 |
-100,445 |
-101,917 |
-105,459 |
-106,475 |
-108,500 |
-112,843 |
-115,869 |
Accumulated Other Comprehensive Income / (Loss) |
|
-3,010 |
-2,601 |
-3,237 |
-2,599 |
-2,918 |
-3,317 |
-2,900 |
-2,503 |
-2,702 |
-2,069 |
-1,985 |
Other Equity Adjustments |
|
5,696 |
4,823 |
4,931 |
5,117 |
5,121 |
4,564 |
5,058 |
5,090 |
5,148 |
5,199 |
5,365 |
Annual Metrics And Ratios for The Goldman Sachs Group
This table displays calculated financial ratios and metrics derived from The Goldman Sachs Group's official financial filings.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
0.94% |
-2.05% |
-8.96% |
6.30% |
11.87% |
-0.19% |
21.93% |
33.17% |
-20.18% |
-2.35% |
15.69% |
EBITDA Growth |
|
4.86% |
-28.66% |
15.69% |
8.69% |
12.41% |
-11.02% |
17.04% |
102.07% |
-45.14% |
-2.17% |
33.31% |
EBIT Growth |
|
5.28% |
-28.96% |
17.38% |
8.04% |
12.12% |
-15.21% |
17.92% |
116.72% |
-50.13% |
-20.37% |
71.31% |
NOPAT Growth |
|
5.44% |
-28.24% |
21.62% |
-42.07% |
144.03% |
-19.06% |
11.73% |
128.72% |
-47.95% |
-24.38% |
67.64% |
Net Income Growth |
|
5.44% |
-28.24% |
21.62% |
-42.07% |
144.03% |
-19.06% |
11.73% |
128.72% |
-47.95% |
-24.38% |
67.64% |
EPS Growth |
|
10.41% |
-28.88% |
34.18% |
-44.69% |
180.47% |
-16.78% |
17.64% |
140.30% |
-49.44% |
-23.92% |
77.26% |
Operating Cash Flow Growth |
|
-269.27% |
219.53% |
-31.51% |
-415.51% |
180.84% |
44.10% |
-177.66% |
133.98% |
38.27% |
-244.55% |
-4.97% |
Free Cash Flow Firm Growth |
|
165.04% |
-76.41% |
70.55% |
149.94% |
-83.38% |
-233.10% |
-165.10% |
-223.16% |
143.18% |
-320.18% |
90.67% |
Invested Capital Growth |
|
-8.22% |
-1.57% |
-3.12% |
-10.03% |
-0.35% |
3.93% |
8.09% |
22.97% |
-5.76% |
17.41% |
2.75% |
Revenue Q/Q Growth |
|
-3.07% |
-1.21% |
3.63% |
0.43% |
-1.11% |
5.41% |
4.18% |
1.54% |
-4.14% |
1.59% |
5.01% |
EBITDA Q/Q Growth |
|
-3.28% |
-18.41% |
25.65% |
-3.06% |
-9.69% |
-2.38% |
29.24% |
-1.78% |
-16.96% |
5.24% |
15.06% |
EBIT Q/Q Growth |
|
-2.69% |
-19.59% |
29.14% |
-4.06% |
-10.79% |
-3.53% |
34.78% |
-1.87% |
-20.58% |
7.23% |
19.51% |
NOPAT Q/Q Growth |
|
-1.92% |
-18.72% |
27.20% |
-49.94% |
74.52% |
-6.83% |
37.69% |
-2.57% |
-18.81% |
8.71% |
17.28% |
Net Income Q/Q Growth |
|
-1.92% |
-18.72% |
27.20% |
-49.94% |
74.52% |
-6.83% |
37.69% |
-2.57% |
-18.81% |
8.71% |
17.28% |
EPS Q/Q Growth |
|
-1.22% |
-20.13% |
29.29% |
-52.90% |
79.22% |
-5.99% |
42.68% |
-2.01% |
-20.14% |
10.70% |
18.78% |
Operating Cash Flow Q/Q Growth |
|
21.99% |
96.50% |
-47.12% |
-160.84% |
344.13% |
303.67% |
-192.26% |
149.32% |
-87.93% |
27.62% |
85.04% |
Free Cash Flow Firm Q/Q Growth |
|
199.26% |
45.75% |
-13.08% |
331.21% |
-88.73% |
-420.79% |
-542.93% |
15.03% |
490.82% |
-225.19% |
82.41% |
Invested Capital Q/Q Growth |
|
-2.48% |
-3.41% |
-2.71% |
-17.13% |
-4.35% |
-2.37% |
6.03% |
1.72% |
-7.30% |
3.13% |
-2.70% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
39.66% |
28.89% |
36.71% |
37.53% |
37.71% |
33.62% |
32.27% |
48.97% |
33.66% |
33.72% |
38.85% |
EBIT Margin |
|
35.79% |
25.96% |
33.47% |
34.01% |
34.09% |
28.96% |
28.00% |
45.58% |
28.47% |
23.22% |
34.38% |
Profit (Net Income) Margin |
|
24.55% |
17.99% |
24.03% |
13.10% |
28.56% |
23.17% |
21.23% |
36.46% |
23.77% |
18.41% |
26.68% |
Tax Burden Percent |
|
68.60% |
69.30% |
71.80% |
38.50% |
83.80% |
80.00% |
75.80% |
80.00% |
83.50% |
79.30% |
77.60% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
31.40% |
30.70% |
28.20% |
61.50% |
16.20% |
20.00% |
24.20% |
20.00% |
16.50% |
20.70% |
22.40% |
Return on Invested Capital (ROIC) |
|
1.07% |
0.81% |
1.01% |
0.63% |
1.61% |
1.28% |
1.35% |
2.67% |
1.30% |
0.93% |
1.42% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
1.07% |
0.81% |
1.01% |
0.63% |
1.61% |
1.28% |
1.35% |
2.67% |
1.30% |
0.93% |
1.42% |
Return on Net Nonoperating Assets (RNNOA) |
|
9.44% |
6.37% |
7.51% |
4.44% |
10.52% |
8.10% |
8.81% |
18.35% |
8.62% |
6.35% |
10.53% |
Return on Equity (ROE) |
|
10.51% |
7.18% |
8.52% |
5.07% |
12.13% |
9.38% |
10.16% |
21.02% |
9.92% |
7.28% |
11.95% |
Cash Return on Invested Capital (CROIC) |
|
9.64% |
2.40% |
4.18% |
11.18% |
1.97% |
-2.57% |
-6.43% |
-17.93% |
7.23% |
-15.09% |
-1.29% |
Operating Return on Assets (OROA) |
|
1.40% |
1.02% |
1.20% |
1.25% |
1.35% |
1.10% |
1.16% |
2.06% |
0.93% |
0.70% |
1.11% |
Return on Assets (ROA) |
|
0.96% |
0.71% |
0.86% |
0.48% |
1.13% |
0.88% |
0.88% |
1.65% |
0.78% |
0.55% |
0.86% |
Return on Common Equity (ROCE) |
|
9.44% |
6.31% |
7.42% |
4.38% |
10.51% |
8.22% |
8.94% |
18.78% |
8.98% |
6.59% |
10.73% |
Return on Equity Simple (ROE_SIMPLE) |
|
10.24% |
7.01% |
8.51% |
5.21% |
11.60% |
9.38% |
9.86% |
19.68% |
9.61% |
7.28% |
11.70% |
Net Operating Profit after Tax (NOPAT) |
|
8,477 |
6,083 |
7,398 |
4,286 |
10,459 |
8,466 |
9,459 |
21,635 |
11,261 |
8,516 |
14,276 |
NOPAT Margin |
|
24.55% |
17.99% |
24.03% |
13.10% |
28.56% |
23.17% |
21.23% |
36.46% |
23.77% |
18.41% |
26.68% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
43.00% |
43.80% |
43.85% |
42.38% |
40.69% |
41.83% |
35.94% |
35.10% |
39.68% |
41.29% |
37.97% |
Operating Expenses to Revenue |
|
64.21% |
74.04% |
65.94% |
63.98% |
64.07% |
68.13% |
65.04% |
53.82% |
65.80% |
74.56% |
63.10% |
Earnings before Interest and Taxes (EBIT) |
|
12,357 |
8,778 |
10,304 |
11,132 |
12,481 |
10,583 |
12,479 |
27,044 |
13,486 |
10,739 |
18,397 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
13,694 |
9,769 |
11,302 |
12,284 |
13,809 |
12,287 |
14,381 |
29,059 |
15,941 |
15,595 |
20,789 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.95 |
0.86 |
1.07 |
1.18 |
0.69 |
0.92 |
0.98 |
1.20 |
1.03 |
1.16 |
1.65 |
Price to Tangible Book Value (P/TBV) |
|
0.95 |
0.86 |
1.07 |
1.18 |
0.69 |
0.92 |
0.98 |
1.20 |
1.03 |
1.16 |
1.65 |
Price to Revenue (P/Rev) |
|
2.03 |
1.91 |
2.64 |
2.54 |
1.49 |
1.99 |
1.87 |
2.01 |
2.32 |
2.66 |
3.36 |
Price to Earnings (P/E) |
|
8.67 |
11.61 |
11.47 |
22.54 |
5.52 |
9.22 |
9.32 |
5.64 |
10.22 |
15.53 |
13.29 |
Dividend Yield |
|
1.40% |
1.68% |
1.27% |
1.32% |
2.15% |
2.02% |
2.07% |
1.82% |
2.77% |
2.79% |
2.01% |
Earnings Yield |
|
11.53% |
8.62% |
8.72% |
4.44% |
18.11% |
10.84% |
10.73% |
17.72% |
9.78% |
6.44% |
7.52% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.51 |
0.53 |
0.51 |
0.66 |
0.55 |
0.66 |
0.63 |
0.50 |
0.45 |
0.55 |
0.71 |
Enterprise Value to Revenue (EV/Rev) |
|
11.12 |
11.56 |
12.07 |
13.17 |
9.63 |
12.23 |
10.35 |
7.54 |
8.00 |
11.69 |
13.55 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
28.04 |
40.03 |
32.87 |
35.10 |
25.54 |
36.38 |
32.08 |
15.39 |
23.77 |
34.68 |
34.88 |
Enterprise Value to EBIT (EV/EBIT) |
|
31.08 |
44.55 |
36.06 |
38.73 |
28.26 |
42.24 |
36.97 |
16.54 |
28.10 |
50.36 |
39.41 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
45.30 |
64.29 |
50.22 |
100.59 |
33.72 |
52.80 |
48.78 |
20.67 |
33.65 |
63.50 |
50.79 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
41.25 |
57.21 |
0.00 |
21.29 |
18.73 |
0.00 |
71.01 |
43.52 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
5.04 |
21.74 |
12.11 |
5.62 |
27.68 |
0.00 |
0.00 |
0.00 |
6.04 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
6.55 |
6.26 |
5.96 |
6.90 |
6.17 |
6.45 |
6.58 |
7.13 |
6.19 |
7.46 |
7.33 |
Long-Term Debt to Equity |
|
2.36 |
2.35 |
2.51 |
3.13 |
2.85 |
2.67 |
2.72 |
2.90 |
2.49 |
2.70 |
2.68 |
Financial Leverage |
|
8.81 |
7.86 |
7.45 |
7.11 |
6.52 |
6.31 |
6.52 |
6.87 |
6.64 |
6.82 |
7.39 |
Leverage Ratio |
|
10.96 |
10.13 |
9.92 |
10.51 |
10.72 |
10.67 |
11.58 |
12.76 |
12.79 |
13.17 |
13.89 |
Compound Leverage Factor |
|
10.96 |
10.13 |
9.92 |
10.51 |
10.72 |
10.67 |
11.58 |
12.76 |
12.79 |
13.17 |
13.89 |
Debt to Total Capital |
|
86.75% |
86.23% |
85.63% |
87.33% |
86.06% |
86.58% |
86.80% |
87.70% |
86.09% |
88.18% |
87.99% |
Short-Term Debt to Total Capital |
|
55.43% |
53.87% |
49.55% |
47.71% |
46.28% |
50.69% |
50.92% |
52.00% |
51.45% |
56.27% |
55.83% |
Long-Term Debt to Total Capital |
|
31.32% |
32.36% |
36.08% |
39.62% |
39.78% |
35.89% |
35.89% |
35.70% |
34.64% |
31.91% |
32.16% |
Preferred Equity to Total Capital |
|
1.47% |
1.78% |
1.85% |
1.83% |
1.73% |
1.67% |
1.54% |
1.20% |
1.27% |
1.13% |
1.30% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
11.78% |
11.99% |
12.52% |
10.84% |
12.21% |
11.76% |
11.66% |
11.10% |
12.64% |
10.69% |
10.70% |
Debt to EBITDA |
|
39.58 |
55.58 |
45.80 |
46.16 |
40.33 |
47.38 |
43.87 |
26.98 |
45.49 |
55.92 |
43.01 |
Net Debt to EBITDA |
|
22.25 |
32.27 |
24.69 |
27.37 |
20.79 |
29.54 |
25.52 |
10.91 |
16.20 |
26.08 |
25.59 |
Long-Term Debt to EBITDA |
|
14.29 |
20.86 |
19.30 |
20.94 |
18.64 |
19.64 |
18.14 |
10.98 |
18.31 |
20.23 |
15.72 |
Debt to NOPAT |
|
63.94 |
89.27 |
69.97 |
132.31 |
53.24 |
68.77 |
66.70 |
36.23 |
64.40 |
102.41 |
62.64 |
Net Debt to NOPAT |
|
35.95 |
51.83 |
37.72 |
78.44 |
27.44 |
42.87 |
38.80 |
14.66 |
22.93 |
47.76 |
37.27 |
Long-Term Debt to NOPAT |
|
23.08 |
33.50 |
29.49 |
60.03 |
24.61 |
28.51 |
27.58 |
14.75 |
25.91 |
37.05 |
22.89 |
Noncontrolling Interest Sharing Ratio |
|
10.17% |
12.03% |
12.90% |
13.63% |
13.37% |
12.42% |
12.03% |
10.64% |
9.43% |
9.36% |
10.24% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
76,246 |
17,987 |
30,676 |
76,671 |
12,744 |
-16,962 |
-44,966 |
-145,313 |
62,742 |
-138,148 |
-12,889 |
Operating Cash Flow to CapEx |
|
-1,224.07% |
590.72% |
261.43% |
-785.02% |
387.82% |
1,317.95% |
-555.11% |
858.04% |
835.70% |
0.00% |
-2,764.02% |
Free Cash Flow to Firm to Interest Expense |
|
13.72 |
3.34 |
4.32 |
7.53 |
0.80 |
-0.98 |
-5.03 |
-25.72 |
2.94 |
-2.22 |
-0.18 |
Operating Cash Flow to Interest Expense |
|
-1.43 |
1.76 |
0.91 |
-2.01 |
1.04 |
1.37 |
-2.07 |
1.11 |
0.41 |
-0.20 |
-0.18 |
Operating Cash Flow Less CapEx to Interest Expense |
|
-1.54 |
1.46 |
0.56 |
-2.27 |
0.77 |
1.27 |
-2.45 |
0.98 |
0.36 |
-0.19 |
-0.19 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.05 |
0.03 |
0.03 |
0.03 |
Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
756,887 |
744,983 |
721,705 |
649,320 |
647,035 |
672,463 |
726,888 |
893,836 |
842,355 |
989,019 |
1,016,184 |
Invested Capital Turnover |
|
0.04 |
0.05 |
0.04 |
0.05 |
0.06 |
0.06 |
0.06 |
0.07 |
0.05 |
0.05 |
0.05 |
Increase / (Decrease) in Invested Capital |
|
-67,769 |
-11,904 |
-23,278 |
-72,385 |
-2,285 |
25,428 |
54,425 |
166,948 |
-51,481 |
146,664 |
27,165 |
Enterprise Value (EV) |
|
383,999 |
391,085 |
371,525 |
431,130 |
352,705 |
446,986 |
461,369 |
447,250 |
378,970 |
540,764 |
725,038 |
Market Capitalization |
|
70,046 |
64,625 |
81,289 |
83,073 |
54,457 |
72,822 |
83,112 |
119,376 |
110,043 |
122,829 |
179,751 |
Book Value per Share |
|
$168.98 |
$177.07 |
$190.34 |
$186.61 |
$212.33 |
$223.28 |
$246.26 |
$296.37 |
$314.46 |
$324.13 |
$346.41 |
Tangible Book Value per Share |
|
$168.98 |
$177.07 |
$190.34 |
$186.61 |
$212.33 |
$223.28 |
$246.26 |
$296.37 |
$314.46 |
$324.13 |
$346.41 |
Total Capital |
|
624,804 |
629,735 |
604,562 |
649,320 |
647,035 |
672,463 |
726,888 |
893,836 |
842,355 |
989,019 |
1,016,184 |
Total Debt |
|
542,007 |
543,007 |
517,669 |
567,077 |
556,850 |
582,198 |
630,956 |
783,910 |
725,166 |
872,114 |
894,188 |
Total Long-Term Debt |
|
195,681 |
203,789 |
218,133 |
257,268 |
257,390 |
241,338 |
260,857 |
319,141 |
291,811 |
315,554 |
326,844 |
Net Debt |
|
304,753 |
315,260 |
279,033 |
336,204 |
287,045 |
362,961 |
367,054 |
317,171 |
258,224 |
406,732 |
532,034 |
Capital Expenditures (CapEx) |
|
648 |
1,605 |
2,484 |
2,610 |
4,271 |
1,811 |
3,339 |
734 |
1,042 |
-962 |
478 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
674,090 |
658,255 |
634,812 |
567,077 |
556,850 |
582,198 |
630,956 |
783,910 |
725,166 |
872,114 |
894,188 |
Total Depreciation and Amortization (D&A) |
|
1,337 |
991 |
998 |
1,152 |
1,328 |
1,704 |
1,902 |
2,015 |
2,455 |
4,856 |
2,392 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$17.55 |
$0.00 |
$16.53 |
$9.12 |
$25.53 |
$21.18 |
$24.94 |
$60.25 |
$30.42 |
$23.05 |
$41.07 |
Adjusted Weighted Average Basic Shares Outstanding |
|
458.90M |
0.00 |
427.40M |
401.60M |
385.40M |
371.60M |
356.40M |
350.50M |
352.10M |
340.80M |
328.10M |
Adjusted Diluted Earnings per Share |
|
$17.07 |
$0.00 |
$16.29 |
$9.01 |
$25.27 |
$21.03 |
$24.74 |
$59.45 |
$30.06 |
$22.87 |
$40.54 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
473.20M |
0.00 |
435.10M |
409.10M |
390.20M |
375.50M |
360.30M |
355.80M |
358.10M |
345.80M |
333.60M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
435.62M |
0.00 |
398.38M |
379.89M |
368.27M |
345.67M |
345.79M |
337.92M |
335.42M |
325.56M |
312.04M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
8,477 |
6,083 |
7,398 |
7,792 |
10,459 |
8,466 |
9,459 |
21,635 |
11,261 |
8,516 |
14,276 |
Normalized NOPAT Margin |
|
24.55% |
17.99% |
24.03% |
23.81% |
28.56% |
23.17% |
21.23% |
36.46% |
23.77% |
18.41% |
26.68% |
Pre Tax Income Margin |
|
35.79% |
25.96% |
33.47% |
34.01% |
34.09% |
28.96% |
28.00% |
45.58% |
28.47% |
23.22% |
34.38% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
2.22 |
1.63 |
1.45 |
1.09 |
0.78 |
0.61 |
1.40 |
4.79 |
0.63 |
0.17 |
0.25 |
NOPAT to Interest Expense |
|
1.53 |
1.13 |
1.04 |
0.42 |
0.66 |
0.49 |
1.06 |
3.83 |
0.53 |
0.14 |
0.19 |
EBIT Less CapEx to Interest Expense |
|
2.11 |
1.33 |
1.10 |
0.84 |
0.52 |
0.50 |
1.02 |
4.66 |
0.58 |
0.19 |
0.24 |
NOPAT Less CapEx to Interest Expense |
|
1.41 |
0.83 |
0.69 |
0.16 |
0.39 |
0.38 |
0.68 |
3.70 |
0.48 |
0.15 |
0.19 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
17.15% |
27.63% |
23.06% |
41.27% |
17.31% |
24.85% |
24.70% |
12.60% |
32.70% |
49.19% |
31.50% |
Augmented Payout Ratio |
|
81.67% |
95.61% |
105.22% |
199.28% |
48.80% |
87.87% |
45.08% |
36.63% |
63.78% |
117.25% |
87.54% |
Quarterly Metrics And Ratios for The Goldman Sachs Group
This table displays calculated financial ratios and metrics derived from The Goldman Sachs Group's official financial filings.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
-16.19% |
-5.48% |
-8.17% |
-1.32% |
6.84% |
16.27% |
16.85% |
7.46% |
22.54% |
5.97% |
14.55% |
EBITDA Growth |
|
-59.06% |
-3.59% |
-19.06% |
-3.48% |
34.43% |
18.15% |
37.00% |
7.97% |
89.68% |
4.93% |
22.23% |
EBIT Growth |
|
-69.55% |
-14.24% |
-51.02% |
-26.62% |
47.32% |
31.15% |
125.58% |
44.67% |
133.23% |
7.83% |
26.61% |
NOPAT Growth |
|
-66.30% |
-17.90% |
-58.46% |
-32.94% |
51.43% |
27.77% |
150.25% |
45.29% |
104.73% |
14.67% |
22.35% |
Net Income Growth |
|
-66.30% |
-17.90% |
-58.46% |
-32.94% |
51.43% |
27.77% |
150.25% |
45.29% |
104.73% |
14.67% |
22.35% |
EPS Growth |
|
-69.54% |
-18.31% |
-60.16% |
-33.70% |
66.57% |
31.74% |
179.87% |
53.56% |
115.91% |
21.93% |
26.57% |
Operating Cash Flow Growth |
|
-209.54% |
148.14% |
-29.72% |
-259.49% |
14.49% |
-398.15% |
-80.82% |
-49.06% |
264.91% |
-32.78% |
-7.32% |
Free Cash Flow Firm Growth |
|
132.39% |
102.16% |
66.67% |
-79.70% |
-373.93% |
-2,506.84% |
-50.38% |
-70.84% |
84.06% |
99.01% |
-10.49% |
Invested Capital Growth |
|
-5.76% |
-0.01% |
2.72% |
5.54% |
17.41% |
8.94% |
4.11% |
8.91% |
2.75% |
0.53% |
4.40% |
Revenue Q/Q Growth |
|
-11.54% |
15.40% |
-10.87% |
8.46% |
-4.22% |
25.58% |
-10.43% |
-0.25% |
9.21% |
8.60% |
-3.18% |
EBITDA Q/Q Growth |
|
-48.96% |
119.89% |
-32.90% |
28.17% |
-28.91% |
93.28% |
-22.20% |
1.01% |
24.89% |
6.92% |
-9.38% |
EBIT Q/Q Growth |
|
-59.27% |
160.98% |
-56.52% |
58.76% |
-18.21% |
132.34% |
-25.22% |
1.81% |
31.85% |
7.42% |
-12.20% |
NOPAT Q/Q Growth |
|
-56.79% |
143.89% |
-62.40% |
69.24% |
-2.43% |
105.78% |
-26.36% |
-1.74% |
37.49% |
15.25% |
-21.42% |
Net Income Q/Q Growth |
|
-56.79% |
143.89% |
-62.40% |
69.24% |
-2.43% |
105.78% |
-26.36% |
-1.74% |
37.49% |
15.25% |
-21.42% |
EPS Q/Q Growth |
|
-59.76% |
164.76% |
-64.96% |
77.60% |
1.10% |
109.40% |
-25.56% |
-2.55% |
42.14% |
18.26% |
-22.73% |
Operating Cash Flow Q/Q Growth |
|
-307.13% |
128.36% |
239.23% |
-180.04% |
-11.06% |
1.13% |
121.83% |
-721.90% |
222.87% |
-179.61% |
115.24% |
Free Cash Flow Firm Q/Q Growth |
|
296.64% |
-93.63% |
-818.94% |
-99.54% |
-199.76% |
44.03% |
55.08% |
-126.68% |
72.04% |
96.51% |
-4,891.93% |
Invested Capital Q/Q Growth |
|
-7.30% |
12.95% |
0.86% |
-0.07% |
3.13% |
4.80% |
-3.62% |
4.54% |
-2.70% |
2.55% |
0.09% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
21.31% |
40.60% |
30.56% |
36.12% |
26.81% |
41.26% |
35.83% |
36.29% |
41.50% |
40.85% |
38.24% |
EBIT Margin |
|
14.44% |
32.67% |
15.93% |
23.32% |
19.92% |
36.85% |
30.76% |
31.40% |
37.90% |
37.49% |
34.00% |
Profit (Net Income) Margin |
|
12.52% |
26.46% |
11.16% |
17.42% |
17.74% |
29.07% |
23.90% |
23.55% |
29.64% |
31.46% |
25.53% |
Tax Burden Percent |
|
86.67% |
80.99% |
70.05% |
74.67% |
89.09% |
78.90% |
77.71% |
74.99% |
78.20% |
83.90% |
75.09% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
13.33% |
19.01% |
29.95% |
25.33% |
10.91% |
21.10% |
22.29% |
25.01% |
21.80% |
16.10% |
24.91% |
Return on Invested Capital (ROIC) |
|
0.68% |
1.30% |
0.54% |
0.85% |
0.90% |
1.41% |
1.22% |
1.20% |
1.58% |
1.65% |
1.41% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.68% |
1.30% |
0.54% |
0.85% |
0.90% |
1.41% |
1.22% |
1.20% |
1.58% |
1.65% |
1.41% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.54% |
9.31% |
3.81% |
5.85% |
6.11% |
10.47% |
8.92% |
8.87% |
11.70% |
12.44% |
10.38% |
Return on Equity (ROE) |
|
5.22% |
10.61% |
4.35% |
6.70% |
7.01% |
11.88% |
10.15% |
10.06% |
13.28% |
14.08% |
11.78% |
Cash Return on Invested Capital (CROIC) |
|
7.23% |
1.12% |
-1.75% |
-4.55% |
-15.09% |
-7.61% |
-2.88% |
-7.31% |
-1.29% |
0.90% |
-2.78% |
Operating Return on Assets (OROA) |
|
0.47% |
0.97% |
0.46% |
0.68% |
0.60% |
1.10% |
0.96% |
0.97% |
1.22% |
1.18% |
1.11% |
Return on Assets (ROA) |
|
0.41% |
0.79% |
0.32% |
0.51% |
0.53% |
0.87% |
0.74% |
0.73% |
0.96% |
0.99% |
0.83% |
Return on Common Equity (ROCE) |
|
4.73% |
9.63% |
3.95% |
6.08% |
6.36% |
10.78% |
9.14% |
9.03% |
11.92% |
12.55% |
10.43% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
8.98% |
7.59% |
6.68% |
0.00% |
7.94% |
9.41% |
10.04% |
0.00% |
11.97% |
12.54% |
Net Operating Profit after Tax (NOPAT) |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
NOPAT Margin |
|
12.52% |
26.46% |
11.16% |
17.42% |
17.74% |
29.07% |
23.90% |
23.55% |
29.64% |
31.46% |
25.53% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
44.58% |
40.85% |
41.30% |
42.81% |
40.18% |
38.38% |
40.35% |
39.54% |
33.91% |
38.32% |
38.51% |
Operating Expenses to Revenue |
|
76.38% |
68.73% |
78.42% |
76.62% |
74.99% |
60.92% |
67.03% |
65.48% |
59.56% |
60.60% |
63.37% |
Earnings before Interest and Taxes (EBIT) |
|
1,530 |
3,993 |
1,736 |
2,756 |
2,254 |
5,237 |
3,916 |
3,987 |
5,257 |
5,647 |
4,958 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
2,257 |
4,963 |
3,330 |
4,268 |
3,034 |
5,864 |
4,562 |
4,608 |
5,755 |
6,153 |
5,576 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.03 |
0.99 |
0.98 |
0.98 |
1.16 |
0.00 |
1.37 |
1.45 |
1.65 |
1.56 |
1.99 |
Price to Tangible Book Value (P/TBV) |
|
1.03 |
0.99 |
0.98 |
0.98 |
1.16 |
0.00 |
1.37 |
1.45 |
1.65 |
1.56 |
1.99 |
Price to Revenue (P/Rev) |
|
2.32 |
2.27 |
2.28 |
2.28 |
2.66 |
0.00 |
2.91 |
3.07 |
3.36 |
3.14 |
3.86 |
Price to Earnings (P/E) |
|
10.22 |
10.55 |
12.54 |
14.37 |
15.53 |
0.00 |
13.80 |
13.63 |
13.29 |
12.02 |
14.71 |
Dividend Yield |
|
2.77% |
3.01% |
3.19% |
3.26% |
2.79% |
2.59% |
2.43% |
2.27% |
2.01% |
2.15% |
1.70% |
Earnings Yield |
|
9.78% |
9.48% |
7.98% |
6.96% |
6.44% |
0.00% |
7.25% |
7.34% |
7.52% |
8.32% |
6.80% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.45 |
0.55 |
0.51 |
0.55 |
0.55 |
0.00 |
0.63 |
0.70 |
0.71 |
0.72 |
0.81 |
Enterprise Value to Revenue (EV/Rev) |
|
8.00 |
11.12 |
10.66 |
11.56 |
11.69 |
0.00 |
12.64 |
14.25 |
13.55 |
13.79 |
15.02 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
23.77 |
32.93 |
32.54 |
35.51 |
34.68 |
0.00 |
35.72 |
40.18 |
34.88 |
35.56 |
38.22 |
Enterprise Value to EBIT (EV/EBIT) |
|
28.10 |
40.46 |
44.23 |
52.54 |
50.36 |
0.00 |
44.71 |
47.16 |
39.41 |
39.86 |
42.54 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
33.65 |
49.15 |
55.08 |
67.16 |
63.50 |
0.00 |
56.33 |
59.64 |
50.79 |
50.37 |
54.26 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
43.52 |
13.78 |
20.17 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
6.04 |
48.55 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
80.27 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
6.19 |
7.10 |
7.24 |
7.18 |
7.46 |
7.74 |
7.36 |
7.62 |
7.33 |
7.38 |
7.40 |
Long-Term Debt to Equity |
|
2.49 |
2.60 |
2.51 |
2.50 |
2.70 |
2.66 |
2.69 |
2.77 |
2.68 |
2.77 |
2.90 |
Financial Leverage |
|
6.64 |
7.18 |
7.08 |
6.89 |
6.82 |
7.42 |
7.30 |
7.40 |
7.39 |
7.56 |
7.38 |
Leverage Ratio |
|
12.79 |
13.44 |
13.54 |
13.24 |
13.17 |
13.71 |
13.67 |
13.86 |
13.89 |
14.27 |
14.12 |
Compound Leverage Factor |
|
12.79 |
13.44 |
13.54 |
13.24 |
13.17 |
13.71 |
13.67 |
13.86 |
13.89 |
14.27 |
14.12 |
Debt to Total Capital |
|
86.09% |
87.65% |
87.86% |
87.77% |
88.18% |
88.56% |
88.04% |
88.40% |
87.99% |
88.07% |
88.10% |
Short-Term Debt to Total Capital |
|
51.45% |
55.53% |
57.41% |
57.15% |
56.27% |
58.15% |
55.84% |
56.24% |
55.83% |
55.06% |
53.55% |
Long-Term Debt to Total Capital |
|
34.64% |
32.12% |
30.46% |
30.62% |
31.91% |
30.41% |
32.20% |
32.16% |
32.16% |
33.01% |
34.55% |
Preferred Equity to Total Capital |
|
1.27% |
1.12% |
1.12% |
1.17% |
1.13% |
1.08% |
1.28% |
1.27% |
1.30% |
1.45% |
1.45% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
12.64% |
11.23% |
11.02% |
11.06% |
10.69% |
10.36% |
10.68% |
10.34% |
10.70% |
10.47% |
10.45% |
Debt to EBITDA |
|
45.49 |
52.93 |
56.31 |
56.80 |
55.92 |
55.65 |
49.62 |
51.10 |
43.01 |
43.54 |
41.59 |
Net Debt to EBITDA |
|
16.20 |
25.54 |
24.87 |
27.75 |
26.08 |
28.90 |
26.77 |
30.79 |
25.59 |
26.76 |
27.70 |
Long-Term Debt to EBITDA |
|
18.31 |
19.40 |
19.52 |
19.82 |
20.23 |
19.11 |
18.15 |
18.59 |
15.72 |
16.32 |
16.31 |
Debt to NOPAT |
|
64.40 |
79.00 |
95.32 |
107.44 |
102.41 |
97.51 |
78.25 |
75.84 |
62.64 |
61.67 |
59.05 |
Net Debt to NOPAT |
|
22.93 |
38.12 |
42.10 |
52.48 |
47.76 |
50.63 |
42.22 |
45.71 |
37.27 |
37.90 |
39.33 |
Long-Term Debt to NOPAT |
|
25.91 |
28.95 |
33.04 |
37.49 |
37.05 |
33.49 |
28.62 |
27.59 |
22.89 |
23.11 |
23.16 |
Noncontrolling Interest Sharing Ratio |
|
9.43% |
9.20% |
9.13% |
9.26% |
9.36% |
9.28% |
9.94% |
10.26% |
10.24% |
10.85% |
11.46% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
52,807 |
3,364 |
-24,185 |
-48,258 |
-144,656 |
-80,966 |
-36,370 |
-82,443 |
-23,054 |
-805 |
-40,185 |
Operating Cash Flow to CapEx |
|
0.00% |
5,224.44% |
7,577.43% |
-141,855.56% |
0.00% |
-28,610.20% |
6,510.64% |
-23,639.75% |
37,412.80% |
-10,516.95% |
2,476.86% |
Free Cash Flow to Firm to Interest Expense |
|
5.11 |
0.26 |
-1.60 |
-2.89 |
-8.44 |
-4.51 |
-2.00 |
-4.38 |
-1.25 |
-0.05 |
-2.41 |
Operating Cash Flow to Interest Expense |
|
-3.21 |
0.71 |
2.11 |
-1.53 |
-1.65 |
-1.56 |
0.34 |
-2.02 |
2.55 |
-2.26 |
0.34 |
Operating Cash Flow Less CapEx to Interest Expense |
|
-3.14 |
0.70 |
2.08 |
-1.53 |
-1.56 |
-1.57 |
0.33 |
-2.03 |
2.54 |
-2.28 |
0.33 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
842,355 |
951,424 |
959,634 |
958,985 |
989,019 |
1,036,522 |
999,047 |
1,044,418 |
1,016,184 |
1,042,065 |
1,042,955 |
Invested Capital Turnover |
|
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.06 |
Increase / (Decrease) in Invested Capital |
|
-51,481 |
-130 |
25,401 |
50,316 |
146,664 |
85,098 |
39,413 |
85,433 |
27,165 |
5,543 |
43,908 |
Enterprise Value (EV) |
|
378,970 |
518,858 |
487,152 |
526,149 |
540,764 |
0.00 |
633,242 |
725,982 |
725,038 |
749,609 |
844,363 |
Market Capitalization |
|
110,043 |
105,718 |
104,103 |
103,812 |
122,829 |
0.00 |
145,857 |
156,356 |
179,751 |
170,464 |
217,167 |
Book Value per Share |
|
$314.46 |
$318.42 |
$318.22 |
$321.76 |
$324.13 |
$319.85 |
$330.92 |
$341.82 |
$346.41 |
$349.79 |
$355.05 |
Tangible Book Value per Share |
|
$314.46 |
$318.42 |
$318.22 |
$321.76 |
$324.13 |
$319.85 |
$330.92 |
$341.82 |
$346.41 |
$349.79 |
$355.05 |
Total Capital |
|
842,355 |
951,424 |
959,634 |
958,985 |
989,019 |
1,036,522 |
999,047 |
1,044,418 |
1,016,184 |
1,042,065 |
1,042,955 |
Total Debt |
|
725,166 |
833,915 |
843,141 |
841,708 |
872,114 |
917,976 |
879,584 |
923,218 |
894,188 |
917,765 |
918,859 |
Total Long-Term Debt |
|
291,811 |
305,624 |
292,259 |
293,678 |
315,554 |
315,232 |
321,690 |
335,875 |
326,844 |
343,995 |
360,386 |
Net Debt |
|
258,224 |
402,437 |
372,346 |
411,134 |
406,732 |
476,673 |
474,632 |
556,373 |
532,034 |
563,992 |
612,043 |
Capital Expenditures (CapEx) |
|
-680 |
180 |
421 |
18 |
-1,581 |
98 |
94 |
161 |
125 |
354 |
229 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
725,166 |
833,915 |
843,141 |
841,708 |
872,114 |
917,976 |
879,584 |
923,218 |
894,188 |
917,765 |
918,859 |
Total Depreciation and Amortization (D&A) |
|
727 |
970 |
1,594 |
1,512 |
780 |
627 |
646 |
621 |
498 |
506 |
618 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$3.39 |
$8.87 |
$3.09 |
$5.52 |
$5.57 |
$11.67 |
$8.73 |
$8.52 |
$12.15 |
$14.25 |
$11.03 |
Adjusted Weighted Average Basic Shares Outstanding |
|
352.10M |
346.60M |
342.30M |
338.70M |
340.80M |
335.60M |
329.80M |
324.80M |
328.10M |
320.80M |
313.70M |
Adjusted Diluted Earnings per Share |
|
$3.32 |
$8.79 |
$3.08 |
$5.47 |
$5.53 |
$11.58 |
$8.62 |
$8.40 |
$11.94 |
$14.12 |
$10.91 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
358.10M |
351.30M |
347.20M |
343.90M |
345.80M |
339.50M |
335.50M |
330.80M |
333.60M |
324.50M |
318.30M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
335.42M |
332.45M |
329.67M |
326.11M |
325.56M |
322.46M |
315.80M |
313.91M |
312.04M |
306.84M |
302.72M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
1,326 |
3,234 |
1,216 |
2,058 |
2,008 |
4,132 |
3,043 |
2,990 |
4,111 |
4,738 |
3,723 |
Normalized NOPAT Margin |
|
12.52% |
26.46% |
11.16% |
17.42% |
17.74% |
29.07% |
23.90% |
23.55% |
29.64% |
31.46% |
25.53% |
Pre Tax Income Margin |
|
14.44% |
32.67% |
15.93% |
23.32% |
19.92% |
36.85% |
30.76% |
31.40% |
37.90% |
37.49% |
34.00% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.15 |
0.30 |
0.11 |
0.16 |
0.13 |
0.29 |
0.22 |
0.21 |
0.29 |
0.34 |
0.30 |
NOPAT to Interest Expense |
|
0.13 |
0.25 |
0.08 |
0.12 |
0.12 |
0.23 |
0.17 |
0.16 |
0.22 |
0.29 |
0.22 |
EBIT Less CapEx to Interest Expense |
|
0.21 |
0.29 |
0.09 |
0.16 |
0.22 |
0.29 |
0.21 |
0.20 |
0.28 |
0.32 |
0.28 |
NOPAT Less CapEx to Interest Expense |
|
0.19 |
0.23 |
0.05 |
0.12 |
0.21 |
0.22 |
0.16 |
0.15 |
0.22 |
0.27 |
0.21 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
32.70% |
36.76% |
45.62% |
52.81% |
49.19% |
45.67% |
38.60% |
36.22% |
31.50% |
30.16% |
29.94% |
Augmented Payout Ratio |
|
63.78% |
89.30% |
111.15% |
133.18% |
117.25% |
96.12% |
105.32% |
93.72% |
87.54% |
103.14% |
96.52% |
Key Financial Trends
Goldman Sachs Group Inc. (NYSE: GS) has demonstrated notable financial performance trends over the last several quarters and years, highlighted by growth in revenue, profitability, and cash flow generation, despite some fluctuations in expenses and capital activities.
Key positive trends and highlights:
- Strong net income growth: Q2 2025 net income was $3.72 billion, up from $3.05 billion in Q2 2024, showing consistent profitability improvement year-over-year.
- Increasing total revenue: Total revenue for Q2 2025 was $14.58 billion, slightly down from Q1 2025 ($15.06 billion) but above Q2 2024 ($12.73 billion), signaling revenue resilience and growth.
- Solid net interest income: Net interest income rose to $3.10 billion in Q2 2025 from $1.99 billion in Q2 2024, driven by higher interest income and efficient expense management.
- Healthy non-interest income: Non-interest income for Q2 2025 remained robust at $11.48 billion, supported by trust fees, investment banking, and other income streams.
- Operating cash flow positive in recent quarters: For Q2 2025, net cash from operating activities was positive at $5.67 billion, reflecting strong cash conversion from earnings.
- Balance sheet growth: Total assets grew to approximately $1.79 trillion as of Q2 2025, compared to ~$1.65 trillion in Q2 2024.
- Capital return to shareholders: Consistent dividend payments of $3.00 per share quarterly in 2025 with active repurchases indicate strong capital allocation and shareholder returns.
- Stable equity base: Total shareholders’ equity increased to $124.1 billion in Q2 2025 from $119.5 billion in Q2 2024, showing balance sheet strengthening.
Neutral items:
- Provision for credit losses remained somewhat elevated at $384 million in Q2 2025, higher than $282 million in Q2 2024, potentially reflecting conservative risk management.
- Depreciation and amortization expense rose moderately to $618 million in Q2 2025 from $646 million in Q2 2024, consistent with ongoing investments in property and equipment.
Potential concerns and negative trends:
- Volatile net cash from operating activities in earlier quarters, including significantly negative cash flow in Q1 2025 (-$37.2 billion), driven in part by changes in operating assets and liabilities.
- Elevated debt levels: Total short-term and long-term debt combined increased to $918.9 billion in Q2 2025 from $874.4 billion in Q2 2024, indicating rising leverage.
- Substantial net cash used in investing activities: Q2 2025 investing activities used $11.33 billion in cash, primarily from purchases of investment securities exceeding sales/maturities.
- Fluctuations in changes in deposits and financing activities, notably net deposit outflows of $9.1 billion in Q2 2025, which may pressure liquidity metrics.
- High interest expense: Total interest expense remained elevated, with $16.7 billion in Q2 2025, offsetting much of the interest income gains.
Summary:
Goldman Sachs has shown solid earnings growth and strong revenue generation in recent quarters, supported by diversified income streams and effective cost controls. The firm maintains a strong capital position with substantial equity and continues to return capital to shareholders through dividends and buybacks.
However, the company faces challenges with elevated debt levels, high interest expenses, and notable cash used in investing activities, particularly in buying investment securities. Operating cash flow has shown volatility, although it was positive in the latest quarter.
Overall, Goldman Sachs appears financially robust, growing, and shareholder-friendly, but investors should monitor leverage, credit loss provisions, and cash flow stability going forward.
10/21/25 05:19 PM ETAI Generated. May Contain Errors.