Goldman Sachs (GS) financial statements
Goldman Sachs reported revenue of $58.3B in fiscal 2025, up 7.3% a year over 9 years.
Net income was $17.2B.
Free cash flow was -$47.2B, and the company returned $5.3B in dividends and $12.4B in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Goldman Sachs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.8B | $32.7B | $36.6B | $36.5B | $44.6B | $59.3B | $47.4B | $46.3B | $53.5B | $58.3B |
| Interest expense | $7.1B | $10.2B | $15.9B | $17.4B | $8.9B | $5.7B | $21.3B | $62.2B | $73.3B | $66.8B |
| Pre-tax income | $10.3B | $11.1B | $12.5B | $10.6B | $12.5B | $27.0B | $13.5B | $10.7B | $18.4B | $21.9B |
| Income tax | $2.9B | $6.8B | $2.0B | $2.1B | $3.0B | $5.4B | $2.2B | $2.2B | $4.1B | $4.7B |
| Net income | $7.4B | $4.3B | $10.5B | $8.5B | $9.5B | $21.6B | $11.3B | $8.5B | $14.3B | $17.2B |
| EPS (diluted) | $16.29 | $9.01 | $25.27 | $21.03 | $24.74 | $59.45 | $30.06 | $22.87 | $40.54 | $51.32 |
| Diluted shares | 435M | 409M | 390M | 376M | 360M | 356M | 358M | 346M | 334M | 318M |
| Net margin | 24.0% | 13.1% | 28.6% | 23.2% | 21.2% | 36.5% | 23.8% | 18.4% | 26.7% | 29.5% |
Balance sheet
Fiscal years, from Goldman Sachs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $121.7B | $110.1B | $130.5B | $133.5B | $155.8B | $261.0B | $241.8B | $241.6B | $182.1B | $164.3B |
| Property, plant and equipment | — | — | — | — | — | — | $17.1B | $11.2B | $8.0B | $7.5B |
| Goodwill | $3.7B | $3.7B | $3.8B | $4.2B | $4.3B | $4.3B | $6.4B | $5.9B | $5.9B | $5.9B |
| Total assets | $860.2B | $916.8B | $931.8B | $993.0B | $1.16T | $1.46T | $1.44T | $1.64T | $1.68T | $1.81T |
| Long-term debt | $197.5B | $227.6B | $236.0B | — | — | — | — | — | — | — |
| Total liabilities | $773.3B | $834.5B | $841.6B | $902.7B | $1.07T | $1.35T | $1.32T | $1.52T | $1.55T | $1.68T |
| Shareholders' equity | $86.9B | $82.2B | $90.2B | $90.3B | $95.9B | $109.9B | $117.2B | $116.9B | $122.0B | $125.0B |
| Net debt | $75.8B | $117.5B | $105.5B | -$133.5B | -$155.8B | -$261.0B | -$241.8B | -$241.6B | -$182.1B | -$164.3B |
Cash flow
Fiscal years, from Goldman Sachs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.5B | -$20.5B | $16.6B | $23.9B | -$18.5B | $6.3B | $8.7B | -$12.6B | -$13.2B | -$45.2B |
| Capital spending | $2.9B | $3.2B | $8.0B | $8.4B | $6.3B | $4.7B | $3.7B | $2.3B | $2.1B | $2.1B |
| Free cash flow | $3.6B | -$23.7B | $8.6B | $15.4B | -$24.8B | $1.6B | $5.0B | -$14.9B | -$15.3B | -$47.2B |
| Stock-based compensation | $2.1B | $1.8B | $1.8B | $2.0B | $1.9B | $2.3B | $4.1B | $2.1B | $2.7B | $3.4B |
| Dividends paid | $1.7B | $1.8B | $1.8B | $2.1B | $2.3B | $2.7B | $3.7B | $4.2B | $4.5B | $5.3B |
| Share buybacks (net) | -$6.1B | -$6.8B | -$3.3B | -$5.3B | -$1.9B | -$5.2B | -$3.5B | -$5.8B | -$8.0B | -$12.4B |
| Free cash flow margin | 11.8% | -72.3% | 23.4% | 42.2% | -55.8% | 2.7% | 10.5% | -32.2% | -28.6% | -81.0% |
| Dividends per share | $3.92 | $4.32 | $4.64 | $5.60 | $6.48 | $7.66 | $10.28 | $12.11 | $13.48 | $16.62 |
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Open GS in InvestinglyQuestions
What was Goldman Sachs's revenue in 2025?
$58.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Goldman Sachs generate?
-$47.2B in fiscal 2025 (operating cash flow minus capital spending).
From Goldman Sachs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.