GS Q4 2018 Earnings Report — The Goldman Sachs Group, Inc. Revenue & Financial Results | Market Cap Arena

The Goldman Sachs Group, Inc.GS

Q4 2018 Earnings

Reported February 25, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2018	Q3 2018	Q4 2017	QoQ Change	YoY Change
Revenue	$13.0B	$13.0B	$10.7B	-0.1%	22.0%
Op. Income	$2.7B	$3.1B	$3.1B	-12.0%	-12.9%
Gross Margin	65.6%	66.4%	73.4%	-0.8pp	-7.8pp
Net Margin	19.5%	19.4%	-18.1%	0.1pp	37.6pp
EPS (Diluted)	$6.04	$6.46	$-4.95	-6.5%	222.0%
Free Cash Flow	$16.1B	-$7.5B	-$7.6B	313.9%	311.5%

Revenue Flow

Item	Amount
REVENUE	$13.0B
Cost of Revenue	$4.5B
GROSS PROFIT	$8.5B
R&D Expenses	$0
Selling & Marketing	$208M
General & Administrative	$1.7B
SG&A Expenses	$1.9B
Other Expenses	$4.0B
Operating Expenses	$5.8B
Cost & Expenses	$10.3B
OPERATING INCOME	$2.7B
Interest Income	$5.5B
Interest Expense	$4.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.7B
Income Tax Expense	$170M
Net Income from Continuing Ops	$2.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.3B
D&A	$377M
EBIT	$2.7B
EBITDA	$3.1B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$13.0B
Cost of Revenue	$4.5B
GROSS PROFIT	$8.5B
R&D Expenses	$0
Selling & Marketing	$208M
General & Administrative	$1.7B
SG&A Expenses	$1.9B
Other Expenses	$4.0B
Operating Expenses	$5.8B
Cost & Expenses	$10.3B
OPERATING INCOME	$2.7B
Interest Income	$5.5B
Interest Expense	$4.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.7B
Income Tax Expense	$170M
Net Income from Continuing Ops	$2.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.3B
D&A	$377M
EBIT	$2.7B
EBITDA	$3.1B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$2.5B
Depreciation & Amortization	$377M
Stock-Based Compensation	$160M
Deferred Income Tax	-$2.6B
Other Non-Cash Items	$9.6B
Change in Working Capital	$8.1B
OPERATING CASH FLOW	$18.1B
Capital Expenditure	-$2.0B
Acquisitions (Net)	-$16M
Purchases of Investments	-$566M
Sales/Maturities of Investments	$50M
Other Investing Activities	-$3.3B
NET CASH FROM INVESTING	-$5.8B
Net Debt Issuance	-$7.4B
Common Stock Repurchased	-$1.3B
Common Dividends Paid	-$521M
Other Financing Activities	$8.7B
NET CASH FROM FINANCING	-$583M
FREE CASH FLOW	$16.1B
Net Change in Cash	$11.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$130.5B
Short-Term Investments	$374.6B
Net Receivables	$79.1B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$584.2B
PP&E (Net)	$18.3B
Goodwill	$3.8B
Intangible Assets	$324M
Long-Term Investments	$191.0B
Tax Assets	$0
Other Non-Current Assets	$134.2B
TOTAL NON-CURRENT ASSETS	$347.6B
TOTAL ASSETS	$931.8B
Account Payables	$180.2B
Short-Term Debt	$128.8B
Deferred Revenue	$0
Other Current Liabilities	$224.6B
TOTAL CURRENT LIABILITIES	$539.8B
Long-Term Debt	$236.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$65.8B
TOTAL NON-CURRENT LIABILITIES	$301.8B
TOTAL LIABILITIES	$841.6B
Common Stock	$9M
Additional Paid-In Capital	$54.0B
Retained Earnings	$100.1B
Treasury Stock	-$78.7B
Accum. Other Comp. Income	$693M
Other Equity	$2.8B
TOTAL STOCKHOLDERS' EQUITY	$90.2B
Minority Interest	$0
TOTAL EQUITY	$90.2B
TOTAL LIABILITIES & EQUITY	$931.8B
Total Debt	$364.8B
Net Debt	$234.3B