NYSE: GS · Investment Banking & Brokerage
Goldman Sachs
Goldman Sachs, founded in 1869 and headquartered in New York, is a global financial institution serving corporations, financial institutions, governments and individuals. It reports three segments: Global Banking & Markets (investment banking, FICC and equities; $41,453 million of 2025 net revenues), Asset & Wealth Management ($16,679 million) and Platform Solutions (Apple Card and exited consumer businesses). 2025 net revenues rose 9% to $58,283 million and net earnings to $17,176 million, with EPS of $51.32 and ROE of 15.0%. It has agreed to move the Apple Card program to a new issuer over about 24 months, further narrowing its consumer activities. In Q2 2026 net revenues were $20,338 million and net earnings $6,628 million.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 03:33 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-02Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.5%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 29.5%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 13.9%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 6.9%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- -2.63x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.22
Higher than 30% of 44 financial companies
Average yearly growth over the years shown
Higher than 87% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 58% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 13% of 45 financial companies
Equity ÷ total assets
Higher than 2% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$909.10close on 2026-11-04
Market cap$269.53B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.5%
At FY2025 year-end: 17.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.4x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: -18.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$15.18B → $18.68B (vs. a year earlier)↑ +23.0%$15.18B → $18.68B (vs. a year earlier)
- Net income$4.1B → $5.29B (vs. a year earlier)↑ +29.2%$4.1B → $5.29B (vs. a year earlier)
- Diluted EPS$12.25 → $17.01 (vs. a year earlier)↑ +38.9%$12.25 → $17.01 (vs. a year earlier)
- Cash$187.27B → $176.77B (vs. previous quarter-end)↓ −5.6%$187.27B → $176.77B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 13, 2026.
Key changes
Book value per share up 1.4% in Q3. Source sentence
Book value per common share increased by 1.4% during the third quarter of 2026 and by 4.2% during the first nine months of
Headcount up 3% from Q2. Source sentence
Headcount increased 3% compared with the end of the second quarter of
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GOLDMAN SACHS GROUP INC
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GS
- Industry
- Investment Banking & Brokerage
- CIK
- 886982
Workforce (as of FY2025 year-end)
Employees
47,400
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 15 days after quarter end (Jan 15, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 13–15 days after quarter end over the last 4 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 13, 2026 (+13 days) | Nov 2, 2026 10-Q (+33 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 14, 2026 (+14 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 13, 2026 (+13 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 15, 2026 (+15 days) | Feb 25, 2026 10-K (+56 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Global Banking & Markets
Investment banking
Advisory on M&A and other transactions plus equity and debt underwriting; investment banking fees $9.34B in 2025.
Global Banking & Markets
FICC and Equities
Market-making and financing for clients in fixed income, currencies, commodities and equities.
Asset & Wealth Management
Asset management and wealth advisory
Management and incentive fees, private banking and lending; AUS of $3,606B.
Platform Solutions
Apple Card
Credit card issuing and deposits for Apple Card customers; agreed to transition to another issuer.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Equity derivatives
Equity derivative trading
U.S. share
—
Not disclosedWorldwide share
One of the leading participants
Company-disclosed“We are one of the leading participants in the trading and development of equity derivative instruments.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net revenues $58,283M (+9%); net earnings $17,176M; EPS $51.32; ROE 15.0%.
Source: Form 10-K (FY2025)
Q2 2026
Net revenues $20,338M; net earnings $6,628M versus $3,723M; diluted EPS $20.98.
Source: Form 10-Q (quarter ended 2026-06-30)
Apple Card
Agreement to transition the Apple Card program and accounts to a new issuer, expected to take about 24 months.
Source: Form 8-K (2026-01-08) — Items 2.02/8.01 Apple Card transition
Preferred issuance
Issued Series AA fixed-rate reset non-cumulative preferred stock in July 2026.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
0.95x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,064M ÷ $2,182M = 0.95x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.86B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $6.31B in FY2020 to $2.06B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$58.28B
As reported in the 10-K
Revenue CAGR (5 years)
+5.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($58,283M ÷ $44,560M) ^ (1÷5) − 1 = 5.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
13.9%▲favorable
6-year average: 12.3%
As reported in the 10-K
- ▲
Revenue grew +5.5% a year over 5 years (strong growth)
From $44.56B in FY2020 to $58.28B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Free cash flow was positive in 2 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.3% over 6 years (latest: 13.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Apple
07 · what it does
Key activities
- Advisory and equity/debt underwriting
- FICC and Equities intermediation and financing
- Asset management and wealth advisory
- Apple Card (being transitioned)
06 · what it draws on
Key resources
- Headcount of 47,400 in more than 35 countries (end-2025)
- Total shareholders’ equity of $124,972M
- Assets under supervision of $3,606B
02 · why customers buy
Value propositions
- Investment banking, markets and asset and wealth management; competes on its products and client experiences.
04 · how it keeps them
Customer relationships
- Relationships with corporate, institutional and individual clients.
03 · how it reaches them
Channels
- Its own bankers, traders and advisors; platforms and third-party networks for individual investors.
01 · who it serves
Customer segments
- Corporations, financial institutions, governments and individuals worldwide
09 · where money goes
Cost structure
FY2025, share of revenue ($58.28B)
- Interest expense114.6%
- Operating expenses (as reported)64.4%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $2.18B. Capital spending: $2.06B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Global Banking & Markets $41,453M
- Asset & Wealth Management $16,679M
- Platform Solutions $151M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns advisory and underwriting fees, net revenues from intermediating and financing client trades in fixed income, currencies, commodities and equities, and management, incentive and private banking revenues from asset and wealth management.
01 what it draws on
Inputs & resources
- Headcount of 47,400 in more than 35 countries (end-2025)
- Total shareholders’ equity of $124,972M
- Assets under supervision of $3,606B
02 what it does
Activities
- Advisory and equity/debt underwriting
- FICC and Equities intermediation and financing
- Asset management and wealth advisory
- Apple Card (being transitioned)
03 who it serves
Customers
- Corporations, financial institutions, governments and individuals worldwide
04 how money comes in
How it earns
- Global Banking & Markets $41,453M
- Asset & Wealth Management $16,679M
- Platform Solutions $151M (2025)
How the business makes money
- Americas 63%, EMEA 24% and Asia 13% of 2025 net revenues.
- Book value per common share was $357.60 at end-2025 (company basis).
- Quarterly dividend raised to $4.50 from $4.00 in January 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Goldman Sachs operates under global financial regulation; its 1MDB settlements show the cost of regulatory failures.
Approvals & licenses
Regulatory settlements
Settled 1MDB investigations in October 2020 with the DOJ, SEC, Federal Reserve, NYDFS and others.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Price and capital controls
Global operations face risks of nationalization, price controls, capital and exchange controls.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Global Banking & Markets
41,453 (71%)Asset & Wealth Management
16,679 (29%)Platform Solutions
151 (0%)
Source: Form 10-K (FY2025) — Segment operating results Net revenues by segment; Platform Solutions is total net revenues of $58,283M less the other two segments.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Americas — 63% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
36,548 (63%)EMEA
14,155 (24%)Asia
7,580 (13%)
Source: Form 10-K (FY2025) Total net revenues by geographic region.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Apple
Apple Card issuer; agreed to transition the program to a new issuer over about 24 months.
Source: Form 8-K (2026-01-08) — Items 2.02/8.01 Apple Card transition
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Corporations, financial institutions, governments and individuals worldwide.
Named by the company
No customer is named as material.
Suppliers
Funding markets, depositors and technology vendors.
Named by the company
No supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Goldman Sachs competes with brokers and dealers, investment banks, commercial banks, asset managers, private equity and private credit funds and fintech firms; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
Compensation peers (U.S. and European), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
U.S. peers and European peers used in compensation decisions; alternative and other asset managers and S&P 100 companies are also considered.
- Bank of Americasite ↗
- Citigroupsite ↗
- JPMorgan Chasesite ↗
- Morgan Stanleysite ↗
- BNY (Bank of New York Mellon)site ↗
- Wells Fargosite ↗
- Barclayssite ↗
- Deutsche Banksite ↗
- UBSsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY2024In next year’s 10-K | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 44,560 | 59,339 | 47,365 | 46,254 | 53,512 | 58,283 |
| Pretax income | 12,479 | 27,044 | 13,486 | 10,739 | 18,397 | 21,852 |
| Net income (attributable) | 9,459 | 21,635 | 11,261 | 8,516 | 14,276 | 17,176 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 33.2% | -20.2% | -2.3% | 15.7% | 8.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 21.2% | 36.5% | 23.8% | 18.4% | 26.7% | 29.5% |
| Balance sheet ($M) | ||||||
| Total assets | 1,163,028 | 1,463,988 | 1,441,799 | 1,641,594 | 1,675,972 | 1,809,320 |
| Total equity | 95,932 | 109,926 | 117,189 | 116,905 | 121,996 | 124,972 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 266,351 | 301,047 | 308,099 | 317,822 | 312,343 | 355,959 |
| Equity ratio | 8.2% | 7.5% | 8.1% | 7.1% | 7.3% | 6.9% |
| ROE | 9.9% | 21.0% | 9.9% | 7.3% | 12.0% | 13.9% |
| Cash flow ($M) | ||||||
| Operating CF | -18,535 | 6,298 | 8,708 | -12,587 | -13,212 | -45,154 |
| Investing CF | -34,356 | -30,465 | -75,960 | -17,312 | -49,624 | -44,227 |
| Financing CF | 70,380 | 134,738 | 59,602 | 27,800 | 7,323 | 66,100 |
| Free cash flowcalccash flow from operations − capital expenditures | -24,844 | 1,631 | 4,960 | -14,903 | -15,303 | -47,218 |
| Cash and equivalents | 155,842 | 261,036 | 241,825 | 241,577 | 182,092 | 164,259 |
| Per share & other | ||||||
| EPS ($) | 24.74 | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 |
| BVPS ($) | 246.24 | 297.45 | 317.95 | 326.87 | 350.05 | 370.41 |
| Dividend per share ($) | 5.00 | 6.50 | 9.00 | 10.50 | 11.50 | 14.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 20.2% | 10.9% | 29.9% | 45.9% | 28.4% | 27.3% |
| P/E (x) | 10.7 | 6.4 | 11.4 | 16.9 | 14.1 | 17.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.07 | 1.29 | 1.08 | 1.18 | 1.64 | 2.37 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $18.68B+23.0% | $5.29B+29.2% | $17.01 |
| 2026-06-30 | $20.34B+39.5% | $6.63B+78.0% | $20.98 |
| 2026-03-31 | $17.23B+14.4% | $5.63B+18.8% | $17.55 |
| 2025-12-31 † | $13.45B-3.0% | $4.62B+12.3% | — |
| 2025-09-30 | $15.18B | $4.1B | $12.25 |
| 2025-06-30 | $14.58B | $3.72B | $10.91 |
| 2025-03-31 | $15.06B | $4.74B | $14.12 |
| 2024-12-31 † | $13.87B | $4.11B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an investment bank or broker, so these are the usual yardsticks instead.
- CET1 capital ratio
- 14.3%
Standardized, December 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 9.9% | 21.0% | 9.9% | 7.3% | 12.0% | 13.9% |
| Net marginNet income ÷ revenue. | 21.2% | 36.5% | 23.8% | 18.4% | 26.7% | 29.5% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 0.5% | 0.5% | 0.4% | 0.5% | 0.8% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 65.0% | 53.8% | 65.8% | 74.6% | 63.1% | 64.4% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 8.2% | 7.5% | 8.1% | 7.1% | 7.3% | 6.9% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
17
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
18
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
19
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
20
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 73.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 26.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 365 of 416
- Beta (adjusted)
- 1.22
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 88% of covered companies have more
above 1 = swings more than the market
- 215.2M shares reported by 3,168 13F filers ÷ 291.2M shares outstanding on 2026-07-17. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-20 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-17)
21
Strengths & weaknessesSite analysis
Strengths
1. Global Banking & Markets franchise
Segment net revenues rose 18% to $41.45B in 2025 and pre-tax earnings 21% to $17.57B.
Evidence: Form 10-K (FY2025)
2. Growing asset base
Assets under supervision rose from $2,812B (2023) to $3,606B (2025).
Evidence: Form 10-K (FY2025)
3. Strong 2026 start
Q2 2026 net revenues $20,338M versus $14,583M; diluted EPS $20.98 versus $10.91.
Evidence: Form 10-Q (quarter ended 2026-06-30)
Weaknesses
1. Earnings volatility
Net earnings ranged from $8.5B (2023) to $21.6B (2021) as market activity swung.
Evidence: Form 10-K (FY2025)
2. Consumer exit costs
Platform Solutions had net revenues of only $151M in 2025 as the firm narrowed its consumer activities.
Evidence: Form 10-K (FY2025)
22
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
17.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.59%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
27%
Dividends per share ÷ diluted EPS
1. Dividend growth
Dividends declared per share rose from $5.00 (2020) to $14.00 (2025); $4.50 per quarter in 2026.
- What has to hold
- Earnings stay strong.
- The other side
- Capital markets are cyclical.
Evidence: Form 10-K (FY2025)
2. Fee-based growth
Asset & Wealth Management fees grow with AUS.
- What has to hold
- AUS keeps rising.
- The other side
- Investment gains are volatile.
Evidence: Form 10-K (FY2025)
Revenue is total net revenues (net of interest expense), overridden for all six years. Book value per share = common shareholders’ equity ÷ common shares outstanding; the company’s own figure ($357.60 for 2025) uses basic shares including RSUs.
23
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -20.2% in FY2022 ($59.34B → $47.37B) | Not yet, as of FY2025 |
| Net income | -48.0% in FY2022 ($21.64B → $11.26B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net earnings stayed above $8.5B in every year 2020–2025.
Source: Form 10-K (FY2025)
24
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Goldman Sachs is a defendant in many securities, antitrust and regulatory matters; it estimates reasonably possible losses of up to about $1.1 billion above reserves for the matters it can estimate.
5 open matters · 1 settled or closed
Currencies-related antitrust class action
PendingAntitrustPutative class v. GS&Co. and others (S.D.N.Y.)
Alleged conspiracy to manipulate foreign exchange auctions on an electronic platform; on June 11, 2026 the court partly granted class certification and defendants petitioned the Second Circuit.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
Silicon Valley Bank underwriting suits
PendingClass actionInvestors v. underwriters incl. GS&Co. (N.D. Cal.)
GS&Co. is a defendant as an underwriter of SVB Financial Group securities offerings in 2021–2022.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
Variable rate demand obligations antitrust litigation
PendingAntitrustPutative class v. GS&Co. and others (S.D.N.Y.)
Alleged conspiracy to manipulate the VRDO market; defendants moved for summary judgment on July 13, 2026 after certiorari was denied.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
Interest rate swap and credit default swap antitrust actions
PendingAntitrustSwap execution facilities / putative class v. dealers incl. Goldman Sachs
Antitrust suits alleging conspiracies to prevent exchange trading of interest rate swaps and to manipulate the CDS settlement benchmark.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
Regulatory investigations and reviews
PendingGovernment investigationGovernmental and self-regulatory bodies
Numerous investigations covering underwriting, conflicts, research, municipal securities, consumer lending and other matters.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
1MDB-related matters
SettledGovernment investigationDOJ, SEC, Government of Malaysia and others v. Goldman Sachs
Subsidiaries arranged or bought about $6.5B of 1MDB debt in 2012–13. The firm settled with the Government of Malaysia (August 2020, including a guarantee that Malaysia receives at least $1.4B of recovered assets) and with the DOJ, SEC and other regulators (October 2020); the firm began arbitration against Malaysia over the guarantee in October 2023 (ongoing). In the related securities class action (S.D.N.Y., filed 2018) plaintiffs moved for preliminary approval of a settlement on May 20, 2026, and the firm has reserved its full proposed contribution.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Note 27, Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
25
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Market and deal activity
- Company disclosure (summarized from the 10-K)
- Revenues depend on capital markets, M&A volumes and asset prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Litigation and regulation
- Company disclosure (summarized from the 10-K)
- Reasonably possible losses estimated at up to about $1.1B above reserves; extensive bank and securities regulation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with banks, brokers, asset managers, private credit funds and fintech firms, some larger with more capital.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Funding & liquidity
Funding and capital
- Company disclosure (summarized from the 10-K)
- Relies on unsecured borrowings and deposits; capital requirements could change.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyber risk
- Company disclosure (summarized from the 10-K)
- Operational or cyber failures could disrupt businesses and client trust.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
26
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (3)
In 2024, numerous elections were held globally, including the recent U.S. Read more
presidential election. The outcomes of the elections are expected to result in changes in policy, which could also have adverse effects on us or the business environment in which we operate more generally. For example, the new U.S. presidential administration has imposed or increased tariffs, including on imports from China, and proposed imposing or increasing tariffs on U.S. trading partners, which could adversely affect markets, the business environment and some of our businesses.
We have made changes to and may also be required to divest or discontinue certain of these activities for regulatory or legal reasons or due to the transition to a less carbon-dependent economy in response to climate change.
New laws, regulations or guidance relating to climate change, as well as the perspectives of government officials, regulators, shareholders, employees and other stakeholders regarding climate change, may affect whether and on what terms and conditions we engage in certain activities or offer certain products. Federal and state, and non-U.S. banking regulators and supervisory authorities, shareholders and other stakeholders have increasingly viewed financial institutions as playing an important role in helping to address risks related to climate change, both directly and with respect to their clients, which may result in financial institutions coming under increased requirements and expectations regarding the disclosure and management of their climate risks and related lending, investment and advisory activities. For example, in 2023 we participated in a pilot climate scenario analysis…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
27
What to watch going forwardSite analysis
- Investment banking and trading activity levels.
- Apple Card transition to a new issuer (about 24 months from January 2026).
- Litigation such as the currencies-related class action and 1MDB-related matters.
- Capital returns: dividend of $4.50 per quarter and buybacks.
28
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 25, 2026 03:33 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Goldman Sachs’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.