GS (The Goldman Sachs Group, Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Financial Services Financial - Capital Markets

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through fou...

CEODavid Solomon

Country🇺🇸 United States

ExchangeNYSE

IPOMay 4, 1999

www.goldmansachs.com

Revenue$30.1B

YoY Growth-6.6%

QoQ Growth-6.3%

Net Income$4.6B

EPS$14.00

Free Cash Flow-$16.8B

Gross Margin44.3%

Op. Margin12.0%

Net Margin15.3%

FCF Margin-55.8%

Rev Multiple (TTM)2.0x

P/E Ratio (TTM)14.5x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$25.4B	$12.4B	$4.0B
Q2 23	$26.0B	$10.3B	$1.7B
Q3 23	$28.5B	$11.8B	$2.8B
Q4 23	$28.5B	$10.7B	$2.3B
Q1 24	$32.4B	$13.9B	$5.2B
Q2 24	$31.2B	$12.4B	$3.9B
Q3 24	$31.5B	$12.3B	$4.0B
Q4 24	$32.2B	$13.5B	$5.3B
Q1 25	$31.6B	$14.8B	$5.6B
Q2 25	$31.3B	$14.2B	$5.0B
Q3 25	$32.2B	$14.8B	$5.4B
Q4 25	$30.1B	$13.4B	$3.6B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.1x	23.6x
Q2 23	2.7x	28.2x
Q3 23	2.5x	31.9x
Q4 23	2.3x	29.3x
Q1 24	2.2x	26.5x
Q2 24	2.1x	22.2x
Q3 24	2.0x	20.5x
Q4 24	2.0x	17.5x
Q1 25	2.0x	16.8x
Q2 25	2.0x	16.0x
Q3 25	2.0x	15.0x
Q4 25	2.0x	14.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$9.4B	$8.8B
Q2 23	$31.9B	$31.2B
Q3 23	-$25.5B	-$26.0B
Q4 23	-$28.4B	-$28.9B
Q1 24	-$28.0B	-$28.5B
Q2 24	$6.1B	$5.6B
Q3 24	-$38.1B	-$38.5B
Q4 24	$46.8B	$46.2B
Q1 25	-$37.2B	-$37.7B
Q2 25	$5.7B	$5.2B
Q3 25	$2.7B	$2.1B
Q4 25	-$16.3B	-$16.8B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$597M
Q2 23	$666M
Q3 23	$507M
Q4 23	$546M
Q1 24	$497M
Q2 24	$542M
Q3 24	$466M
Q4 24	$586M
Q1 25	$499M
Q2 25	$476M
Q3 25	$558M
Q4 25	$531M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+77.3%	+121.4%
Q2 23	+73.9%	+112.6%
Q3 23	+54.4%	+75.0%
Q4 23	+36.0%	+35.1%
Q1 24	+27.6%	+27.0%
Q2 24	+19.7%	+12.2%
Q3 24	+10.5%	+6.9%
Q4 24	+13.3%	+3.0%
Q1 25	-2.6%	-4.6%
Q2 25	+0.3%	-3.5%
Q3 25	+2.0%	-2.8%
Q4 25	-6.6%	-1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$1.8B	7.0%
Q2 23	$239M	0.9%
Q3 23	$228M	0.8%
Q4 23	$77M	0.3%
Q1 24	$1.8B	5.7%
Q2 24	$595M	1.9%
Q3 24	$120M	0.4%
Q4 24	$104M	0.3%
Q1 25	$2.4B	7.7%
Q2 25	$533M	1.7%
Q3 25	$237M	0.7%
Q4 25	$258M	0.9%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$4.1B	$172M
Q2 23	$3.6B	$146M
Q3 23	$4.2B	$136M
Q4 23	$3.6B	$175M
Q1 24	$4.6B	$153M
Q2 24	$4.2B	$153M
Q3 24	$4.1B	$159M
Q4 24	$3.8B	$181M
Q1 25	$4.9B	$156M
Q2 25	$4.7B	$167M
Q3 25	$4.7B	$171M

Revenue Segments

Quarter	Global Markets	Investment Management
Q4 25	$20.6B	$9.2B

Revenue by Geography

Quarter	Americas	Asia	Emea
Q4 25	$17.7B	$4.1B	$6.9B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$229.3B	$580.4B	$809.7B
Q2 23	$270.9B	$579.9B	$850.8B
Q3 23	$239.9B	$630.1B	$870.0B
Q4 23	$241.6B	$683.4B	$924.9B
Q1 24	$209.4B	$717.1B	$926.5B
Q2 24	$206.3B	$699.9B	$906.3B
Q3 24	$154.7B	$788.1B	$942.8B
Q4 24	$182.1B	$739.7B	$921.8B
Q1 25	$167.4B	$757.5B	$924.9B
Q2 25	$153.0B	$13.8B	$166.7B
Q3 25	$169.0B	$347.0B	$516.0B
Q4 25	$164.0B	$334.0B	$498.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	351M	-1.5%
Q2 23	347M	-1.2%
Q3 23	344M	-1.0%
Q4 23	346M	+0.6%
Q1 24	340M	-1.8%
Q2 24	336M	-1.2%
Q3 24	331M	-1.4%
Q4 24	328M	-0.7%
Q1 25	325M	-1.2%
Q2 25	318M	-1.9%
Q3 25	315M	-1.0%
Q4 25	318M	+0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	$1M	44K
FY 22	$1M	49K
FY 23	$2M	45K
FY 24	$3M	47K
FY 25	$3M	47K