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GS-PD

The Goldman Sachs Group, Inc.

GS-PD

The Goldman Sachs Group, Inc. • NYSE
$19.30 ▲ 0.21% (+0.04)
Market Cap $205.42 B
52w High $23.83
52w Low $18.70
Dividend Yield 1.33%
P/E 0.37
Volume 83.50K
Outstanding Shares 10.60B

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 has grown its revenue meaningfully over the past five years, with 2024 and 2023 both well ahead of pre‑pandemic levels. Profitability is strong in absolute terms but clearly cyclical: results surged in 2021 during a very favorable market and then normalized, dipping in 2023 and rebounding in 2024. Operating and net margins remain healthy for a trading- and deal‑driven firm, but they move around with market conditions and client activity. Overall, the income statement shows a highly profitable franchise that can produce very strong earnings in good markets, while still remaining solid in more challenging years, though with noticeable volatility from year to year.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and liabilities growing as the firm has broadened its activities. Equity has increased over time, indicating a larger capital base and retained earnings, though the growth in assets has outpaced it, which is typical for a large investment bank. Debt and other funding have risen alongside balance sheet growth, reflecting the firm’s role as an intermediary and market maker rather than a traditional industrial borrower. Cash and liquid resources remain substantial, even though cash holdings have eased from their recent peak. Overall, the balance sheet looks robust and appropriately leveraged for a global capital markets firm, but it is complex and heavily dependent on risk management and regulatory capital discipline.

Cash Flow

Cash Flow Cash flows are volatile, which is normal for a trading‑intensive financial institution. In some years, operating cash flow is strongly positive, while in others it turns negative, largely due to swings in trading positions, collateral, and client financing rather than core profitability problems. Free cash flow shows similar patterns and is not the primary lens for assessing a firm like Goldman, where balance sheet movements can dominate the cash flow statement. Capital spending is relatively modest compared with the size of the business and reflects ongoing investment in technology and infrastructure rather than heavy physical assets. The key message is that cash flow is lumpy and driven by market activity and balance sheet management, not by simple “cash earnings” in the way it might be for an industrial company.

Competitive Edge

Competitive Edge Goldman Sachs holds a very strong, long‑standing position in global capital markets. Its brand and reputation help it win high‑profile advisory mandates and large underwriting deals, reinforcing its status with corporate, institutional, and government clients. Scale, deep client relationships, and extensive market-making operations create network effects: more clients and flows generate better information and liquidity, which in turn attract more clients. The firm benefits from high regulatory and capital barriers to entry, as well as a deep bench of specialized talent across finance and technology. At the same time, it faces intense competition from other global banks and large asset managers, as well as from nimble fintechs in specific niches. Its results remain sensitive to deal volumes, trading conditions, and the broader macro environment, so its competitive strength does not fully shield it from cycles, but it does help the firm capture a large share of industry profits over time.

Innovation and R&D

Innovation and R&D Goldman increasingly behaves like a technology company embedded in finance. Its Marquee platform and cloud‑native Transaction Banking system show a clear push to digitize client interactions, analytics, and cash management, giving clients integrated tools rather than just traditional services. The firm is heavily deploying artificial intelligence and machine learning in trading, risk management, research, and client personalization, aiming to extract value from the huge data sets it controls. Proprietary research and data tools, including ESG and carbon‑footprint analytics, provide differentiated insights to clients and support higher‑value advisory work. Consumer initiatives like Marcus demonstrate a willingness to experiment, though the strategy there has been adjusted as the firm tests what works. Overall, Goldman is investing aggressively in technology and data capabilities, which can deepen its moat if execution remains disciplined, but also carry the usual risks of high ongoing spending and the need to continually innovate.

Summary

Goldman Sachs appears as a highly profitable, globally significant capital markets firm with a strong, though cyclical, earnings profile. Its income statement shows the ability to generate substantial profits, particularly in favorable markets, while its balance sheet reflects both size and complexity, supported by a solid capital base. Cash flows are inherently volatile due to the nature of the business and should be interpreted in the context of trading and financing activities rather than steady “free cash flow.” Competitively, the firm benefits from brand, scale, regulation-driven barriers, and deep client networks, but remains exposed to deal cycles, market swings, and regulatory pressures. Its ongoing push into advanced technology, AI, digital platforms, and ESG data strengthens its long‑term positioning, though it also introduces execution and strategic risks, especially in newer consumer and platform ventures. For instruments tied to Goldman’s credit strength, such as preferred shares like GS‑PD, these factors collectively speak to a powerful franchise with meaningful cyclicality and regulatory oversight at its core.