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GS

The Goldman Sachs Group, Inc.

GS

The Goldman Sachs Group, Inc. • NYSE
$826.04 ▲ 1.23% (+10.03)
Market Cap $259.15 B
52w High $841.28
52w Low $439.38
Dividend Yield 13.00%
P/E 16.78
Volume 860.74K
Outstanding Shares 313.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.296B ▲ $9.453B ▲ $4.098B ▲ 10.988% ▼ $12.42 ▲ $5.923B ▲
Q2-2025 $31.268B ▼ $9.241B ▲ $3.723B ▼ 11.907% ▼ $11.07 ▼ $5.576B ▼
Q1-2025 $31.55B ▼ $9.128B ▲ $4.738B ▲ 15.017% ▲ $14.25 ▲ $6.153B ▲
Q4-2024 $32.24B ▲ $8.261B ▼ $4.111B ▲ 12.751% ▲ $12.17 ▲ $5.755B ▲
Q3-2024 $31.524B $8.315B $2.99B 9.485% $8.52 $4.608B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $516B ▲ $1.808T ▲ $1.676T ▲ $124B ▼
Q2-2025 $166.72B ▼ $1.785T ▲ $1.661T ▲ $124.096B ▼
Q1-2025 $924.884B ▲ $1.766T ▲ $1.642T ▲ $124.3B ▲
Q4-2024 $921.83B ▼ $1.676T ▼ $1.554T ▼ $121.996B ▲
Q3-2024 $942.751B $1.728T $1.607T $121.2B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.098B ▲ $0 ▼ $0 ▲ $0 ▲ $-152.967B ▼ $0 ▼
Q2-2025 $3.723B ▼ $5.672B ▲ $-11.334B ▲ $-13.262B ▼ $-14.441B ▲ $5.196B ▲
Q1-2025 $4.738B ▲ $-37.23B ▼ $-22.747B ▼ $42.826B ▲ $-14.684B ▼ $-37.729B ▼
Q4-2024 $4.111B ▲ $46.766B ▲ $-7.115B ▲ $-7.817B ▼ $27.403B ▲ $46.18B ▲
Q3-2024 $2.99B $-38.06B $-29.286B $10.34B $-51.637B $-38.526B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Global Markets
Global Markets
 $8.55Bn ▲$8.48Bn ▼$10.71Bn ▲$10.12Bn ▼
Investment Management
Investment Management
 $3.75Bn ▲$4.72Bn ▲$3.68Bn ▼$3.78Bn ▲
Platform Solutions
Platform Solutions
 $390.00M ▲$670.00M ▲$680.00M ▲$690.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Goldman Sachs’ income statement shows a business that is both powerful and cyclical. Over the past five years, revenue has trended solidly upward, with a particularly strong rebound in the most recent year after a softer patch in the middle of the period. Profitability has swung with market conditions: earnings were exceptionally strong in the earlier boom period, cooled off, and then recovered meaningfully more recently. Overall, the numbers indicate that when markets are active and deal-making is strong, Goldman can turn its franchise into very substantial profits, but results can fall back when trading, investment banking, or asset management slow down.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, complex global investment bank with a sizable asset base and high use of funding, which is normal for this type of business. Total assets have expanded over time, and the firm has kept a substantial cash and liquidity cushion, though that balance moves around year to year. Debt levels are high relative to equity, but that is part of how a dealer bank finances trading, client activity, and lending. Shareholders’ equity has gradually increased, suggesting the firm is building capital over time. The key trade-off is strength from scale and capital versus the structural risk that comes with heavy reliance on wholesale funding and market confidence.

Cash Flow

Cash Flow Cash flow for a firm like Goldman Sachs looks quite different from an industrial company and can appear counterintuitive. Operating cash flow has been negative in several recent years, not because the core business is unprofitable, but largely because cash gets tied up in loans, trading positions, and client-related balances when activity grows. Free cash flow therefore also looks negative in many periods. Capital spending itself is relatively modest compared with the size of the firm, implying that most investment is through hiring, technology spending that runs through expenses, and balance sheet usage rather than big physical assets. The main takeaway: cash flows are volatile and heavily influenced by market conditions and balance sheet movements, not just by earnings.

Competitive Edge

Competitive Edge Goldman Sachs remains one of the most prominent global capital markets firms, with a brand that still carries significant weight among corporations, governments, and institutional investors. Its strengths include deep client relationships, a broad global footprint, and an ability to handle complex, high-value transactions across investment banking, trading, and asset management. Technology has become a clear differentiator, with proprietary platforms and advanced analytics embedded into trading and client services. At the same time, competition is intense—from other global banks, asset managers, private equity firms, and fintechs—and the business is heavily exposed to regulation and market cycles. Overall, the firm appears to hold a solid but hard-fought “narrow moat” that must be actively defended.

Innovation and R&D

Innovation and R&D While Goldman Sachs does not do “R&D” in the traditional industrial sense, it is investing heavily in technology and digital innovation. The firm uses artificial intelligence and machine learning in trading, risk management, and client personalization, and has built digital platforms like Marquee for institutional analytics and Transaction Banking for corporate treasury services. It is also experimenting with blockchain and digital assets through initiatives such as its GS DAP® platform, and it has developed consumer offerings like Marcus as a purely digital bank. The new “One Goldman Sachs 3.0” program signals a multi-year push to weave AI and data more deeply into operations. The upside is better efficiency, new products, and stronger client stickiness; the risks are execution, regulatory scrutiny (especially in AI and digital assets), and the need to keep attracting top technology talent.

Summary

Goldman Sachs looks like a classic large, cyclical, but high-powered capital markets franchise. The income statement highlights strong earning power when conditions are favorable, paired with noticeable swings when markets cool. The balance sheet is large and highly leveraged, as is typical for a global dealer bank, supported by a gradually growing capital base and significant liquidity but inherently exposed to funding and market risks. Cash flows are volatile and driven more by trading activity, loans, and client balances than by traditional operating cash patterns. Competitively, Goldman benefits from brand strength, deep relationships, and increasingly from technology, but it operates in a crowded, highly regulated, and cyclical arena. Its significant ongoing investment in AI, digital platforms, and new areas such as digital assets and sustainable finance suggests it is trying to stay ahead of industry shifts rather than simply defend its legacy franchise.

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