Cash flow The Goldman Sachs Group, Inc.

Equities

GS

US38141G1040

Investment Banking & Brokerage Services

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933.72 ^USD	+0.84%		+4.82%	+6.23%

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Published financial data: THE GOLDMAN SACHS GROUP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	12.12B	29.02B	68.52B	81.4B	80.37B
Interest Expense, Total	5.65B	21.35B	62.16B	73.34B	66.81B
Net Interest Income	6.47B	7.68B	6.35B	8.06B	13.56B
Brokerage Commission	3.62B	4.03B	3.79B	4.09B	4.04B
Trading and Principal Transactions	27.02B	19.29B	20.36B	23.04B	19.58B
Asset Management Fee	8.06B	9B	9.53B	10.6B	11.75B
Underwriting & Investment Banking Fee	14.17B	7.36B	6.22B	7.74B	9.35B
Revenues Before Provison For Loan Losses	59.34B	47.36B	46.25B	53.51B	58.28B
Provision For Loan Losses	357M	2.72B	1.03B	1.35B	-1.11B
Total Revenues	58.98B	44.65B	45.23B	52.16B	59.4B
Salaries And Other Employee Benefits	17.72B	15.15B	15.5B	16.71B	18.91B
Cost of Services Provided, Total	9.46B	10.84B	10.92B	11.99B	13.6B
Depreciation & Amortization - (IS) - (Collected)	2.02B	2.46B	3.28B	2.16B	2B
Other Operating Expenses	2.2B	2.14B	3.21B	2.68B	2.64B
Total Operating Expenses	31.4B	30.59B	32.91B	33.54B	37.14B
Operating Income	27.58B	14.06B	12.32B	18.62B	22.25B
EBT, Excl. Unusual Items	27.58B	14.06B	12.32B	18.62B	22.25B
Impairment of Goodwill	-	-	-504M	-	-
Asset Writedown	-	-	-1.07B	-228M	-184M
Legal Settlements	-534M	-576M	-	-	-215M
EBT, Incl. Unusual Items	27.04B	13.49B	10.74B	18.4B	21.85B
Income Tax Expense	5.41B	2.22B	2.22B	4.12B	4.68B
Earnings From Continuing Operations	21.64B	11.26B	8.52B	14.28B	17.18B
Net Income to Company	21.64B	11.26B	8.52B	14.28B	17.18B
Net Income - (IS)	21.64B	11.26B	8.52B	14.28B	17.18B
Preferred Dividend and Other Adjustments	519M	550M	660M	801M	932M
Net Income to Common Incl Extra Items	21.12B	10.71B	7.86B	13.48B	16.24B
Net Income to Common Excl. Extra Items	21.12B	10.71B	7.86B	13.48B	16.24B
Per Share Items
Net EPS - Basic	60.25	30.42	23.05	41.07	51.95
Basic EPS - Continuing Operations	60.25	30.42	23.05	41.07	51.95
Basic Weighted Average Shares Outstanding	350M	352M	341M	328M	313M
Net EPS - Diluted	59.45	30.06	22.87	40.54	51.32
Diluted EPS - Continuing Operations	59.45	30.06	22.87	40.54	51.32
Diluted Weighted Average Shares Outstanding	356M	358M	346M	334M	318M
Normalized Basic EPS	49.18	24.96	22.59	35.48	44.47
Normalized Diluted EPS	48.44	24.54	22.26	34.89	43.79
Dividend Per Share	6.5	9	10.5	11.5	14
Payout Ratio	12.6	32.7	49.19	31.5	30.72
American Depositary Receipts Ratio (ADR)	0.03	0.03	0.03	0.03	0.03
Supplemental Items
Effective Tax Rate - (Ratio)	20	16.5	20.7	22.4	21.4
Current Domestic Taxes	3.48B	2.98B	1.62B	2.66B	1.69B
Current Foreign Taxes	1.93B	1.66B	1.96B	2.26B	2.78B
Total Current Taxes	5.4B	4.64B	3.58B	4.92B	4.47B
Deferred Domestic Taxes	264M	-2.52B	-1.31B	-1.01B	288M
Deferred Foreign Taxes	-259M	103M	-50M	209M	-84M
Total Deferred Taxes	5M	-2.41B	-1.36B	-800M	204M
Normalized Net Income	17.24B	8.79B	7.7B	11.64B	13.91B
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	2.55B	4.11B	2.1B	2.77B	3.62B
Total Stock-Based Compensation	2.55B	4.11B	2.1B	2.77B	3.62B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	261B	242B	242B	182B	164B
Securities Owned	-	-	-	-	-
Securities Purchased Under Agreements To Resell	206B	225B	224B	180B	126B
Securities Borrowed	179B	189B	199B	195B	208B
Accounts Receivable, Total	161B	135B	132B	134B	186B
Other Receivables	166B	190B	198B	210B	253B
Gross Property Plant And Equipment	31.2B	31.43B	27.06B	23.63B	24.69B
Accumulated Depreciation	-10.81B	-12.19B	-13.64B	-13.64B	-15.17B
Net Property Plant And Equipment	20.39B	19.24B	13.42B	9.99B	9.52B
Goodwill	4.28B	6.37B	5.92B	5.85B	5.95B
Other Intangibles, Total	418M	2.01B	1.18B	847M	842M
Investment In Debt and Equity Securities	88.84B	131B	147B	187B	197B
Trading Asset Securities, Total	308B	261B	367B	422B	498B
Other Current Assets, Total	69.23B	40.43B	111B	149B	159B
Other Long-Term Assets, Total	593M	766M	762M	1.06B	887M
Total Assets	1,464B	1,442B	1,642B	1,676B	1,809B
Liabilities
Accounts Payable, Total	252B	262B	231B	223B	232B
Accrued Expenses, Total	19.01B	15.98B	18.26B	18.21B	20.66B
Short-Term Borrowings	302B	225B	401B	458B	419B
Current Portion of Long-Term Debt	18.12B	38.64B	49.36B	38.52B	30.52B
Current Portion of Leases	305M	325M	325M	295M	381M
Long-Term Debt	262B	253B	247B	249B	295B
Long-Term Leases	1.98B	1.83B	1.91B	1.77B	1.79B
Trust Preferred Securities (BS)	1.32B	1.05B	1.05B	1B	1.03B
Current Income Taxes Payable	2.36B	2.67B	2.95B	3.54B	4.22B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	210B	198B	251B	237B	337B
Other Non Current Liabilities	284B	325B	321B	324B	343B
Total Liabilities	1,353B	1,324B	1,524B	1,554B	1,684B
Preferred Stock Redeemable	10.7B	10.7B	11.2B	13.25B	15.15B
Total Preferred Equity	10.7B	10.7B	11.2B	13.25B	15.15B
Common Stock, Total	9M	9M	9M	9M	9M
Additional Paid In Capital	56.4B	59.05B	60.25B	61.38B	61.91B
Retained Earnings	132B	139B	144B	153B	165B
Treasury Stock	-91.14B	-94.63B	-100B	-108B	-121B
Comprehensive Income and Other	2.14B	2.69B	2.2B	2.45B	3.54B
Total Common Equity	99.22B	106B	106B	109B	110B
Minority Interest	840M	649M	363M	401M	446M
Total Equity	111B	118B	117B	122B	125B
Total Liabilities And Equity	1,464B	1,442B	1,642B	1,676B	1,809B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	354M	353M	341M	326M	308M
ECS Total Common Shares Outstanding	350M	352M	339M	324M	308M
Book Value / Share	283.89	302.31	312.1	335.17	356.47
Tangible Book Value	94.52B	98.1B	98.61B	102B	103B
Tangible Book Value Per Share	270.44	278.51	291.15	314.52	334.43
Tangible Book Value Per Share (As Reported)	270.91	279.66	292.52	316.02	335.49
Total Debt	586B	520B	700B	748B	748B
Net Debt	-367B	-397B	-331B	-231B	-249B
Equity Method Investments, Total	593M	766M	762M	1.06B	887M
Full Time Employees	43.9K	48.5K	45.3K	46.5K	47.4K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	21.64B	11.26B	8.52B	14.28B	17.18B
Depreciation, Depletion & Amortization	1.9B	2.28B	4.18B	1.99B	1.92B
Amortization of Goodwill and Intangible Assets - (CF)	120M	174M	681M	176M	83M
Total Depreciation, Depletion & Amortization	2.02B	2.46B	4.86B	2.16B	2B
Total Asset Writedown	-	-	-	228M	184M
Provision for Credit Losses	357M	-	-	-	-
Stock-Based Compensation (CF)	2.35B	4.08B	2.08B	2.66B	3.44B
Provision and Write-off of Bad Debts	-	2.72B	1.03B	1.35B	-1.11B
Change in Trading Asset Securities	15.23B	45.28B	-164B	-86.99B	-69.87B
Change in Accounts Receivable	21.97B	35.01B	-28.22B	-8.37B	-43.21B
Change in Other Net Operating Assets (Collected)	-62.64B	-89.77B	168B	68.91B	44.16B
Other Operating Activities	5M	-2.32B	-4.66B	-7.44B	2.06B
Cash from Operations	921M	8.71B	-12.59B	-13.21B	-45.15B
Capital Expenditure	-4.67B	-3.75B	-2.32B	-2.09B	-2.06B
Sale of Property, Plant, and Equipment	3.93B	2.71B	3.28B	1.61B	803M
Cash Acquisitions	-	-2.12B	-	-	-
Divestitures	-	-	487M	3.62B	1.54B
Investment in Marketable and Equity Securities, Total	5.79B	-47.58B	-13.41B	-35.72B	-5.15B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-35.52B	-25.23B	-5.35B	-17.04B	-39.35B
Cash from Investing	-30.46B	-75.96B	-17.31B	-49.62B	-44.23B
Short Term Debt Issued, Total	2.14B	321M	2.72B	14.64B	2.99B
Long-Term Debt Issued, Total	97.51B	86.32B	50.2B	72.5B	94.71B
Total Debt Issued	99.65B	86.64B	52.92B	87.14B	97.69B
Short Term Debt Repaid, Total	-1.32B	-2.28B	-	-	-3.88B
Long-Term Debt Repaid, Total	-59.2B	-46.21B	-57.64B	-76.56B	-74.83B
Total Debt Repaid	-60.52B	-48.5B	-57.64B	-76.56B	-78.71B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-6.18B	-5.1B	-7.14B	-9.33B	-14.52B
Issuance of Preferred Stock	2.17B	-	1.5B	4.25B	1.9B
Repurchase of Preferred Stock	-2.68B	-	-1B	-2.2B	-
Common Dividends Paid	-	-	-	-	-
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.72B	-3.68B	-4.19B	-4.5B	-5.28B
Common & Preferred Stock Dividends Paid	-2.72B	-3.68B	-4.19B	-4.5B	-5.28B
Other Financing Activities, Total	105B	30.23B	43.35B	8.52B	65.01B
Cash from Financing	135B	59.6B	27.8B	7.32B	66.1B
Foreign Exchange Rate Adjustments	-	-11.56B	1.85B	-3.97B	5.45B
Net Change in Cash	105B	-19.21B	-248M	-59.48B	-17.83B
Supplemental Items
Cash Interest Paid	5.52B	19.02B	60.03B	72.62B	65.49B
Cash Income Tax Paid (Refund)	6.2B	4.56B	2.39B	3.67B	3.99B
Net Debt Issued / Repaid	39.13B	38.15B	-4.71B	10.58B	18.98B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.65	0.78	0.55	0.86	0.99
Return On Equity %	20.77	9.85	7.24	11.91	13.86
Return on Common Equity	22.96	10.41	7.4	12.57	14.86
Margin Analysis
Gross Profit Margin %	89.35	84.05	83.16	83.29	82.88
SG&A Margin	35.44	42.27	41.58	38.3	37.62
Income From Continuing Operations Margin %	36.68	25.22	18.83	27.37	28.92
Net Income Margin %	36.68	25.22	18.83	27.37	28.92
Net Avail. For Common Margin %	35.8	23.99	17.37	25.83	27.35
Normalized Net Income Margin	29.22	19.68	17.02	22.32	23.41
Asset Turnover
Asset Turnover	0.04	0.03	0.03	0.03	0.03
Short Term Liquidity
Current Ratio	1.68	1.73	1.55	1.5	1.53
Quick Ratio	1.59	1.67	1.43	1.35	1.38
Operating Cash Flow to Current Liabilities	0	0.01	-0.01	-0.01	-0.04
Long Term Solvency
Total Debt/Equity	529.24	441.29	597.24	611.11	596.07
Total Debt / Total Capital	84.11	81.53	85.66	85.94	85.63
LT Debt/Equity	239.65	217.31	212.99	205.59	237.61
Long-Term Debt / Total Capital	38.09	40.15	30.55	28.91	34.14
Total Liabilities / Total Assets	92.43	91.83	92.86	92.7	93.07
Tier 1 Capital Ratio %	15.8	16	15.9	16.8	16.4
Total Capital Ratio %	17.9	17.8	18.1	18.8	18
Leverage Ratio %	7.3	7.3	7	6.8	6.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	42.26	-24.3	1.29	15.34	13.86
Gross Profit, 1 Yr. Growth %	46.49	-28.78	0.21	15.53	13.3
Earnings From Cont. Operations, 1 Yr. Growth %	128.72	-47.95	-24.38	67.64	20.31
Net Income, 1 Yr. Growth %	128.72	-47.95	-24.38	67.64	20.31
Normalized Net Income, 1 Yr. Growth %	73.46	-49.01	-10.75	44.99	18.41
Diluted EPS Before Extra, 1 Yr. Growth %	140.25	-49.43	-23.93	77.31	26.59
Common Equity, 1 Yr. Growth %	17.11	7.32	-0.74	2.88	0.99
Total Assets, 1 Yr. Growth %	25.88	-1.52	13.86	2.09	7.96
Tangible Book Value, 1 Yr. Growth %	18.5	3.79	0.52	3.48	0.97
Cash From Operations, 1 Yr. Growth %	-106.71	38.27	-244.55	4.97	241.76
Capital Expenditures, 1 Yr. Growth %	-26.03	-19.69	-38.21	-9.72	-1.29
Dividend Per Share, 1 Yr. Growth %	30	38.46	16.67	9.52	21.74
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	28.93	3.77	-12.43	8.09	14.6
Gross Profit, 2 Yr. CAGR %	30.8	2.14	-15.52	7.6	14.41
Earnings From Cont. Operations, 2 Yr. CAGR %	59.86	9.11	-37.26	12.59	42.02
Net Income, 2 Yr. CAGR %	59.86	9.11	-37.26	12.59	42.02
Normalized Net Income, 2 Yr. CAGR %	52.73	-5.95	-32.69	16.17	31.03
Diluted EPS Before Extra, 2 Yr. CAGR %	68.13	10.22	-37.98	16.14	49.82
Common Equity, 2 Yr. CAGR %	12.03	12.11	3.21	1.05	1.93
Total Assets, 2 Yr. CAGR %	21.42	11.34	5.89	7.82	4.98
Tangible Book Value, 2 Yr. CAGR %	12.85	10.9	2.14	1.99	2.22
Cash From Operations, 2 Yr. CAGR %	-80.36	-31.46	41.37	23.18	89.4
Capital Expenditures, 2 Yr. CAGR %	-25.65	-22.92	-29.56	-25.31	-5.6
Dividend Per Share, 2 Yr. CAGR %	25.15	34.16	27.1	13.04	15.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	17.95	7.96	2.94	-4.01	9.98
Gross Profit, 3 Yr. CAGR %	18.8	6.81	1.49	-6.23	9.47
Earnings From Cont. Operations, 3 Yr. CAGR %	27.42	9.98	-3.44	-12.94	15.11
Net Income, 3 Yr. CAGR %	27.42	9.98	-3.44	-12.94	15.11
Normalized Net Income, 3 Yr. CAGR %	27.44	5.95	-8.16	-11.85	17.26
Diluted EPS Before Extra, 3 Yr. CAGR %	33	12.65	-2.6	-11.98	19.52
Common Equity, 3 Yr. CAGR %	7.9	10.44	7.65	3.1	1.03
Total Assets, 3 Yr. CAGR %	16.25	13.24	12.17	4.61	7.86
Tangible Book Value, 3 Yr. CAGR %	8.06	9.74	7.32	2.59	1.65
Cash From Operations, 3 Yr. CAGR %	-61.83	-28.54	-12.1	28.01	73.08
Capital Expenditures, 3 Yr. CAGR %	-16.38	-23.72	-28.4	-23.48	-18.03
Dividend Per Share, 3 Yr. CAGR %	27.31	29.44	28.06	20.95	15.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.02	6.84	4.7	8.01	7.45
Gross Profit, 5 Yr. CAGR %	14.33	5.81	3.66	7.12	6.47
Earnings From Cont. Operations, 5 Yr. CAGR %	23.94	21.31	-4.03	11.02	12.67
Net Income, 5 Yr. CAGR %	23.94	21.31	-4.03	11.02	12.67
Normalized Net Income, 5 Yr. CAGR %	20.85	4.43	-1.56	9.52	6.95
Diluted EPS Before Extra, 5 Yr. CAGR %	29.55	27.26	-1.98	14.03	15.71
Common Equity, 5 Yr. CAGR %	5.56	8.63	6	6.58	5.32
Total Assets, 5 Yr. CAGR %	11.22	9.48	11.99	11.04	9.24
Tangible Book Value, 5 Yr. CAGR %	5.71	8.13	5.65	6.57	5.25
Cash From Operations, 5 Yr. CAGR %	-32.34	-15.73	-5.34	-11.16	19.49
Capital Expenditures, 5 Yr. CAGR %	10.25	3.32	-21.92	-24.36	-20.03
Dividend Per Share, 5 Yr. CAGR %	20.11	25.42	27.23	22.61	22.87