The Goldman Sachs Group (GS) Financials

$719.97 -1.41 (-0.20%)

As of 03:06 PM Eastern

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.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	8,077	5,568	7,087	3,685	9,860	7,897	8,915	21,151	10,764	7,907	13,525
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
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
Total Pre-Tax Income	12,357	8,778	10,304	11,132	12,481	10,583	12,479	27,044	13,486	10,739	18,397
Total Revenue	34,528	33,820	30,790	32,730	36,616	36,546	44,560	59,339	47,365	46,254	53,512
Net Interest Income / (Expense)	4,047	3,064	2,587	2,932	3,767	4,362	4,751	6,470	7,678	6,351	8,056
Total Interest Income	9,604	8,452	9,691	13,113	19,679	21,738	13,689	12,120	29,024	68,515	81,397
Investment Securities Interest Income	9,604	8,452	9,691	13,113	19,679	21,738	13,689	12,120	29,024	68,515	81,397
Total Interest Expense	5,557	5,388	7,104	10,181	15,912	17,376	8,938	5,650	21,346	62,164	73,341
Long-Term Debt Interest Expense	5,557	5,388	7,104	10,181	15,912	17,376	8,938	5,650	21,346	62,164	73,341
Total Non-Interest Income	30,481	30,756	28,203	29,798	32,849	32,184	39,809	52,869	39,687	39,903	45,456
Trust Fees by Commissions	9,064	9,188	8,615	8,918	9,789	9,177	10,525	11,761	13,039	13,321	14,682
Investment Banking Income	6,464	7,027	6,273	7,076	7,430	6,798	9,100	14,136	7,360	6,218	7,738
Other Non-Interest Income	14,953	14,541	13,315	13,804	15,630	16,209	20,184	26,972	19,288	20,364	23,036
Provision for Credit Losses	-	-	182	657	674	1,065	3,098	357	2,715	1,028	1,348
Total Non-Interest Expense	22,171	25,042	20,304	20,941	23,461	24,898	28,983	31,938	31,164	34,487	33,767
Salaries and Employee Benefits	12,691	12,678	11,448	11,653	12,328	12,353	13,309	17,719	15,148	15,499	16,706
Net Occupancy & Equipment Expense	1,606	1,578	1,597	1,630	1,832	2,196	2,307	2,554	2,834	2,972	2,964
Marketing Expense	549	557	457	588	740	739	401	553	812	629	646
Other Operating Expenses	5,988	9,238	5,804	5,918	7,233	7,906	11,064	9,097	9,915	10,531	11,059
Depreciation Expense	1,337	991	998	1,152	1,328	1,704	1,902	2,015	2,455	4,856	2,392
Income Tax Expense	3,880	2,695	2,906	6,846	2,022	2,117	3,020	5,409	2,225	2,223	4,121
Preferred Stock Dividends Declared	400	515	311	601	599	569	544	484	497	609	751
Basic Earnings per Share	$17.55	$12.35	$16.53	$9.12	$25.53	$21.18	$24.94	$60.25	$30.42	$23.05	$41.07
Weighted Average Basic Shares Outstanding	458.90M	448.90M	427.40M	401.60M	385.40M	371.60M	356.40M	350.50M	352.10M	340.80M	328.10M
Diluted Earnings per Share	$17.07	$12.14	$16.29	$9.01	$25.27	$21.03	$24.74	$59.45	$30.06	$22.87	$40.54
Weighted Average Diluted Shares Outstanding	473.20M	458.60M	435.10M	409.10M	390.20M	375.50M	360.30M	355.80M	358.10M	345.80M	333.60M
Weighted Average Basic & Diluted Shares Outstanding	460.20M	450.90M	398.38M	379.89M	386.20M	345.67M	345.79M	337.92M	335.42M	325.56M	312.04M
Cash Dividends to Common per Share	$2.25	$2.55	$2.60	$2.90	$3.15	$4.15	$5.00	$6.50	$9.00	$10.50	$11.50

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
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
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

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
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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

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
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
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

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
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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

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
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
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

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
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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%

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
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
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

The Goldman Sachs Group (NYSE: GS) shows strong financial performance growth over the last four years through the second quarter of 2025. Here is an analysis of key financial trends from its income statements, balance sheets, and cash flow statements:

Net Income Growth: Net income has grown significantly from approximately $1.22 billion in Q2 2022 to $3.72 billion in Q2 2025, displaying a consistent upward trajectory over this period.
Robust Revenue Expansion: Total revenue increased from about $10.9 billion in Q2 2022 to $14.58 billion by Q2 2025, driven by growth in both interest and non-interest income segments.
Increasing Net Interest Income: Despite fluctuations, net interest income improved from $1.68 billion in Q2 2022 to $3.10 billion in Q2 2025, supporting overall profitability.
Stable Earnings Per Share (EPS): Diluted EPS rose from $3.08 in Q2 2022 to $10.91 in Q2 2025, reflecting earnings growth nicely outpacing share count changes.
Strong Operating Cash Flow: Operating cash flow increased markedly, with $6.12 billion in Q2 2024 growing to $5.67 billion in Q2 2025 (noting Q2 2024 had exceptionally strong inflows). This indicates efficient conversion of income into liquidity.
Equity Growth and Capital Strength: Total shareholders’ equity increased over the years, reaching approximately $124 billion in Q2 2025, indicating solid capital buffers for operations and growth.
Investment Activities: There is consistent net cash outflow on investing activities as Goldman Sachs invests heavily in securities and property. This is typical in financial services to support trading and investment banking but represents use of cash.
Debt Issuance and Repayment: The company actively manages its debt levels, with large issuances and repayments nearly offsetting each other in recent quarters, balancing leverage while securing funding.
Rising Provision for Loan Losses: Provisions for credit losses have increased from $282 million in Q2 2024 to $384 million in Q2 2025, reflecting higher expected credit risk which can pressure profitability.
Significant Cash Interest Paid: Interest expense in cash terms is high, nearly $17 billion in recent quarters, which reduces net interest margins and net income.

Summary: Goldman Sachs has demonstrated impressive earnings growth, strong revenue expansion, and solid operating cash flows over the examined period. Its capital position is comfortable and EPS has improved substantially. However, investors should watch the rising credit loss provisions and high interest expenses which could pressure future earnings. The active management of debt and investing outflows are standard for this banking and investment firm, positioning it well for continued business activity.

08/20/25 01:24 PMAI Generated. May Contain Errors.

Frequently Asked Questions About The Goldman Sachs Group's Financials

When does The Goldman Sachs Group's financial year end?

According to the most recent income statement we have on file, The Goldman Sachs Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has The Goldman Sachs Group's net income changed over the last 10 years?

The Goldman Sachs Group's net income appears to be on an upward trend, with a most recent value of $14.28 billion in 2024, rising from $8.48 billion in 2014. The previous period was $8.52 billion in 2023. Check out The Goldman Sachs Group's forecast to explore projected trends and price targets.

How has The Goldman Sachs Group's revenue changed over the last 10 years?

Over the last 10 years, The Goldman Sachs Group's total revenue changed from $34.53 billion in 2014 to $53.51 billion in 2024, a change of 55.0%.

How much debt does The Goldman Sachs Group have?

The Goldman Sachs Group's total liabilities were at $1.55 trillion at the end of 2024, a 1.9% increase from 2023, and a 142.4% increase since 2014.

How much cash does The Goldman Sachs Group have?

In the past 10 years, The Goldman Sachs Group's cash and equivalents has ranged from $57.60 billion in 2014 to $261.04 billion in 2021, and is currently $182.09 billion as of their latest financial filing in 2024.

How has The Goldman Sachs Group's book value per share changed over the last 10 years?

Over the last 10 years, The Goldman Sachs Group's book value per share changed from 168.98 in 2014 to 346.41 in 2024, a change of 105.0%.

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This page (NYSE:GS) was last updated on 8/20/2025 by MarketBeat.com Staff

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The Goldman Sachs Group (GS) Financials

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