The Goldman Sachs Group, Inc. (GS) financials
NYSE · Financial Services · Financial - Capital Markets · 47,400 employees · CEO David Michael Solomon
- Price
- $894.55 -3.58%
- Market cap
- $260B
- Enterprise value
- $922B
- Last report
- Q3 '26 filed 2026-10-13
- Next report
- 2027-01-19
Revenue (TTM)$123B-2.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)25.0%+8.3 pp vs a year agoOperating income $30.9B
Net income (TTM)$22.2B+33.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$43.6B-376.7% vs a year agoCapex $1.6B
Diluted EPS (TTM)$69.54+41.1% vs a year agoSum of the last 4 quarters
Net cash$170B+214.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $260B EV $922B
- Revenue
- $123B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 18.0% Net income / revenue, TTM
- P/E
- 12.7×
- P/S
- 2.1× Price / sales, TTM
- EV / EBITDA
- 27.9× TTM
- Free cash flow
- -$43.6B Trailing 12 months
- Net income
- $22.2B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-19
- Dividend
- $17.00 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 17.3% year on yearQ3 '26 revenue $37.7B, against an average of -6.8% over the four quarters before.
- Operating margin 25.0% (TTM), +8.3 pp on a year agoOperating income grew 45.2% while revenue grew -2.9%.
- 10.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $27.9B vs operating income $30.9B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.3% of revenue (a year ago 1.7%)$1.6B invested in the last 4 quarters (-24.6% on a year earlier). Free cash flow -$43.6B = -196.8% of net income.
- Diluted share count down 4.4% in a year301M diluted shares in Q3 '26, 315M a year earlier.
- Net cash $170BCash + short-term investments $1.01T, debt incl. leases $839B; a year ago net debt $149B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $37.7B | $32.2B | +17.3% |
| Gross margin | 48.6% | 46.2% | +2.4 pp |
| Operating income | $7B | $5.39B | +29.9% |
| Operating margin | 18.6% | 16.8% | +1.8 pp |
| Net income | $5.29B | $4.1B | +29.2% |
| Diluted EPS | $17.01 | $12.25 | +38.9% |
| Operating cash flow | $0 | $2.68B | -100.0% |
| Capex | $0 | $558M | -100.0% |
| Free cash flow | $0 | $2.12B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $237M | -100.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Global Markets | $20.6B | +143.3% | 69.1% | – | – | |
| Investment Management | $9.22B | +95.3% | 30.9% | – | – | |
| Platform Solutions | $0 | -100.0% | 0.0% | – | – |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $17.7B | +94.6% | 61.8% | – | – | |
| EMEA | $6.85B | +147.1% | 23.9% | – | – | |
| Asia | $4.09B | +104.4% | 14.3% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$42B
- Capex
- -$1.6B
- Buybacks
- -$12B
- Dividends
- -$4.65B
- Acquisitions
- -$1.78B
- Net debt issued
- $101B
- Stock-based compensation
- $3.23B
- Free cash flow
- -$43.6B
- Returned to shareholders / FCF
- -38.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.7× | 13.0× | 6.3× – 16.9× |
| EV / EBITDA | 27.9× | 24.5× | 12.4× – 30.3× |
| EV / Sales | 7.5× | 5.0× | 4.4× – 5.8× |
| Price / FCF | -6.0× | 53.3× 2 of 5 years | 24.4× – 82.2× |
| Price / Book | 2.1× | 1.4× | 1.0× – 2.2× |
| FCF yield | -16.8% | -6.3% | -17.2% – 4.1% |
| Return on invested capital | 2.5% | 1.9% | 1.0% – 3.0% |
| Return on equity | 17.9% | 12.4% | 7.3% – 19.7% |
Analysts
Consensus target $1,130.75 (+26.4%)
range $942.00 – $1,325.00 · rating Hold
Strong buy0
Buy23
Hold29
Sell3
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 407 figures The Goldman Sachs Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| 100.0% | – | – | – | – | – | |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $15.8B | $14.6B | +8.5% | $15.2B | $13.6B | +11.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.86B | -$1.99B | -43.9% | -$2.26B | -$2.7B | +16.4% |
| Additional Paid in Capital | $62.1B | $61.9B | +0.4% | $61.9B | $61.4B | +0.9% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $178M | $164M | +8.5% | $520M | $452M | +15.0% |
| Alternative Investment | $1.75B | $2.02B | -13.4% | $1.74B | $2.55B | -31.7% |
| Amortization Method Qualified Affordable Housing Project Investments | $4.21B | $3.47B | +21.2% | $4.12B | $3.46B | +19.3% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $142M | $128M | +10.9% | $440M | $381M | +15.5% |
| Amortization of Intangible Assets | $40M | $22M | +81.8% | $83M | $176M | -52.8% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $117B | $107B | +9.4% | $109B | $98.5B | +11.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300K | 100K | +200.0% | 100K | 100K | 0.0% |
| Assets | $2.13T | $1.79T | +19.2% | $1.81T | $1.68T | +8.0% |
| Assets, Fair Value Disclosure | $1.16T | $968B | +19.6% | $964B | $908B | +6.2% |
| AssetsAverageOutstanding | – | – | – | $1.58T2023-12-31 | $1.5T | +5.3% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | – | – | – | $103B2024-12-31 | $99.4B | +3.6% |
| Banking Regulation, Global Systemically Important Bank (GSIB) Surcharge | 3.0%2025-12-31 | – | – | 3.0% | – | – |
| Banking Regulation, Leverage Buffer, Minimum | 2.0%2025-12-31 | 2.0% | 0.0% | 2.0% | 2.0% | 0.0% |
| Banking Regulation, Supplementary Leverage Ratio, Actual | 4.3% | 5.3% | -18.9% | 5.2% | 5.5% | -5.5% |
| Banking Regulation, Supplementary Leverage Ratio, Capital Adequacy, Minimum | 3.0% | 3.0% | 0.0% | 3.0% | 3.0% | 0.0% |
| Banking Regulation, Supplementary Leverage Ratio, Well Capitalized, Minimum | 3.8% | 5.0% | -25.0% | 5.0% | 5.0% | 0.0% |
| Banking Regulation, Tier One Leverage Capital Ratio, Actual | 5.4% | 6.7% | -19.4% | 6.6% | 6.8% | -2.9% |
| Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 4.0% | 4.0% | 0.0% | 4.0% | 4.0% | 0.0% |
| Banking Regulation, Tier One Leverage Capital, Actual | $114B | $117B | -2.6% | $119B | $116B | +2.9% |
| Banking Regulation, Tier One Risk-Based Capital, Actual | – | – | – | $116B2024-12-31 | $110B | +4.9% |
| Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $27.3B | $28.1B | -3.0% | $7.41B | $6.11B | +21.3% |
| Brokerage Commissions Revenue | $1.53B | $1.2B | +27.0% | $4.04B | $4.09B | -1.1% |
| Business Development | $198M | $167M | +18.6% | $710M | $646M | +9.9% |
| Cash and Cash Equivalents, at Carrying Value | $187B | $153B | +22.4% | $164B | $182B | -9.8% |
| Cash and Due from Banks | $7.21B | $7.82B | -7.8% | $6.52B | $5.36B | +21.6% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $0 | – | – | $0 | – | – |
| Cash Flows Between Transferor and Transferee, Beneficial Interest | $310M | $226M | +37.2% | $783M | $722M | +8.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $187B | $153B | +22.4% | $164B | $182B | -9.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $7.74B | -$14.4B | +153.6% | -$17.8B | -$59.5B | +70.0% |
| Collateral Already Posted, Aggregate Fair Value | $56.5B | $20.5B | +174.7% | $36.2B | $20.3B | +78.7% |
| Common Stock, Dividends, Per Share, Declared | $4.50 | $3.00 | +50.0% | $14.00 | $11.50 | +21.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 4B | 4B | 0.0% | 4B | 4B | 0.0% |
| Common Stock, Shares, Issued | 936M | 932M | +0.5% | 932M | 927M | +0.5% |
| Common Stock, Shares, Outstanding | 291M | 303M | -3.8% | 296M | 311M | -4.6% |
| Common Stock, Value, Issued | $9M | $9M | 0.0% | $9M | $9M | 0.0% |
| Communications and Information Technology | $635M | $530M | +19.8% | $2.17B | $1.99B | +9.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.68B | $3.81B | +49.3% | $17.6B | $14.5B | +21.6% |
| Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset | $204M | $210M | -2.9% | $762M | $364M | +109.3% |
| Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $206B | $164B | +25.8% | $193B | $139B | +39.0% |
| Contract with Customer, Liability | $183M | $141M | +29.8% | $132M | $0 | – |
| Credit Derivative, Maximum Exposure, Undiscounted | $1.06T | $814B | +30.7% | $830B | $601B | +38.0% |
| Credit Derivative, Purchased Credit Protection | -$67.7B | -$1.58B | -4,192.3% | $915B | $678B | +35.0% |
| Credit Risk Derivative Assets, at Fair Value | $11.7B | – | – | $10.2B | $7.18B | +42.1% |
| Credit Risk Derivative Liabilities, at Fair Value | $3.23B | – | – | $3.5B | $2.74B | +27.5% |
| Credit Risk Derivatives, at Fair Value, Net | $8.45B | – | – | $6.71B | $4.44B | +51.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.12B | $2B | -44.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.78B | $2.26B | +22.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.47B | $4.92B | -9.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $571M | $659M | -13.4% |
| Debt Securities | $10.1B | $11.3B | -10.3% | $11.1B | $11.5B | -3.3% |
| Debt Securities, Available-for-sale | $156B | $103B | +50.5% | $99.2B | $79.5B | +24.9% |
| Debt Securities, Available-for-sale, Amortized Cost | $157B | $104B | +50.9% | $99.1B | $80.8B | +22.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $15.7B | $18.9B | -17.0% | $14.1B | $21.1B | -33.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $511M | $649M | -21.3% | $484M | $983M | -50.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $88.1B | $42.9B | +105.3% | $8.24B | $32.7B | -74.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30
Data as of 2026-11-01