Logo

GS-PC

The Goldman Sachs Group, Inc. PFD 1/1000 C

GS-PC

The Goldman Sachs Group, Inc. PFD 1/1000 C • NYSE
$19.53 ▼ -0.13% (-0.03)
Market Cap $203.99 B
52w High $24.70
52w Low $19.32
Dividend Yield 1.35%
P/E 1.56
Volume 19.49K
Outstanding Shares 10.40B

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 ▲$16.66Bn ▲$10.71Bn ▼$10.12Bn ▼
Investment Management
Investment Management
 $3.75Bn ▲$8.60Bn ▲$3.68Bn ▼$3.78Bn ▲
Platform Solutions
Platform Solutions
 $390.00M ▲$1.34Bn ▲$680.00M ▼$690.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Goldman Sachs has grown its revenue meaningfully over the last five years, roughly doubling from early‑period levels. Profitability, however, has been cyclical rather than smooth. Earnings were exceptionally strong coming out of the pandemic, then cooled as markets became tougher, and have recently rebounded again. Operating and EBITDA results tell a similar story: the firm can generate very strong profits in favorable capital‑markets conditions, but results can swing when trading, deal‑making, and asset values slow. Overall, the income statement shows a powerful earnings engine with clear sensitivity to market cycles rather than a steady, utility‑like profile.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets rising over time as the firm grows its trading book, lending, and client activities. Cash balances are sizable, even though they have come down from earlier peaks, which is typical as funding and deployment mix shifts. Debt has climbed alongside assets, reflecting the nature of a large investment bank that relies heavily on wholesale funding and secured borrowing. At the same time, equity has strengthened gradually, suggesting the firm is adding to its capital base and absorbing growth. For a bank of this type, leverage remains structurally high, but the trend in capital is incrementally positive.

Cash Flow

Cash Flow Cash flows are volatile and can even look counterintuitive, with negative operating and free cash flow in several recent years despite solid reported profits. This is common for a trading‑ and markets‑driven bank, where changes in securities inventories, collateral, and client balances can dominate the cash flow statement. Capital spending has been modest and trending slightly lower, which fits a business that invests more in people and technology than in physical assets. Overall, the cash flow profile reflects the mechanics of a large capital‑markets firm rather than underlying weakness in the franchise, but it does mean that period‑to‑period cash metrics are less reliable than earnings and capital ratios for assessing stability.

Competitive Edge

Competitive Edge Goldman Sachs sits near the top of the global capital‑markets and advisory landscape. Its brand, long relationships with major corporations, governments, and institutional investors, and deep talent pool all reinforce one another. Clients face high switching costs because Goldman’s products, platforms, and advisory work are tightly woven into their financial operations. The industry’s heavy regulation and the scale required to compete meaningfully in trading and investment banking also deter new entrants. That said, the firm remains exposed to intense competition from other global banks and boutiques, and its results are tied to the health of deal activity, capital markets, and asset prices worldwide.

Innovation and R&D

Innovation and R&D The firm has leaned hard into technology to support future growth and defend its moat. Consumer initiatives like Marcus and the Apple Card expand its reach beyond traditional institutional clients. The cloud‑based Transaction Banking platform targets corporate cash management with a more modern, integrated experience. Internally and for clients, extensive use of data analytics and artificial intelligence is aimed at better trading, risk management, and personalized wealth solutions, delivered through platforms such as Marquee. Meanwhile, GS DAP, its blockchain‑based digital asset platform, positions Goldman at the forefront of tokenization and digital securities infrastructure. These initiatives could deepen client stickiness and open new revenue streams, but they also carry execution, partnership, and regulatory risks that need to be watched over time.

Summary

Overall, Goldman Sachs shows a combination of strong long‑term revenue growth and cyclical earnings, backed by an expanding balance sheet and a gradually thicker capital base. Its cash flows are choppy, which is typical for a trading‑intensive bank and reflects balance‑sheet movements more than day‑to‑day business health. Competitively, the firm benefits from scale, reputation, client loyalty, and regulatory barriers that together create a substantial moat, while still leaving it exposed to the ups and downs of global markets. Its strategic push into digital platforms, consumer banking, AI, and digital assets suggests an effort to diversify and modernize the franchise. For stakeholders in instruments like the GS preferred shares, the key lens is often the durability of the broader enterprise: the data here point to a powerful but market‑sensitive business that is actively investing to remain relevant and resilient in a changing financial landscape.