GS GOLDMAN SACHS GROUP INC

Overview and Growth

GOLDMAN SACHS GROUP INC generated $58.28B of revenue in fiscal 2025, with net income of $17.18B and an operating cash outflow of $45.15B. Revenue of $58.28B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 8.9% from $53.51B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $51.32, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 26.6% from $40.54 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. A diluted share base of 317.60M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 333.60M diluted shares in fiscal 2024, the current 317.60M base was 4.8% lower. At period end, total assets were $1.81T, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.03x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After all reported below-operating-line items, the company recorded net income of $17.18B for the fiscal year. Net margin was 29.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $21.85B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 37.5%, relating income before taxes directly to revenue. Income tax expense totaled $4.68B, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 21.4%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 13.7%, indicating the profitability achieved on book capital. Return on period-end assets was 0.9%, connecting net income with the company’s total asset base. Against $14.28B in fiscal 2024, the current $17.18B bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $1.81T of assets against $1.68T of liabilities and $124.97B of equity, revealing how the asset base was financed. Cash and equivalents totaled $164.26B, identifying the most liquid reported component available within the broader current-asset balance. The equity-to-assets relationship was 6.9%, placing book capital against the total resource base. Relative to total assets, liabilities measured 93.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 9.1% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $1.68T in fiscal 2024, the current asset base moved 8.0% and finished higher. Against $122.00B of equity in fiscal 2024, the current book-equity balance moved 2.4% and ended higher. Compared with $182.09B in fiscal 2024, the current cash balance moved 9.8% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $45.15B, showing that operations absorbed cash during the period. The company spent $2.06B on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $47.22B cash deficit after capital spending. The free-cash-flow deficit equaled 81.0% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 2.6% of the period-end asset base. Cash absorbed by operations increased from $13.21B in fiscal 2024 to $45.15B.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.