Goldman Sachs
GS NYSE Investment Banking & Brokerage Financials FY2016–FY2025
Goldman Sachs' revenue rose 8.9% to $58.3 billion in fiscal 2025. Net income was $17.2 billion, up 20.3%. Its return on equity was 13.9%, up from 11.9% a year earlier. Its efficiency ratio was 64.4%, up from 63.1% a year earlier. It paid out $17.6 billion in dividends and buybacks. The diluted share count fell 4.8%.
About these figures. Goldman's filings tag its loans only by category, so loan-based ratios are left blank.
What Goldman Sachs does
Goldman Sachs is an investment bank and money manager that serves companies, governments, investment funds and wealthy individuals around the world. It advises on mergers and other deals, helps clients raise money by selling stocks and bonds, trades securities, currencies and commodities with and for clients, lends to them, and manages investments. It is regulated by the Federal Reserve as a bank holding company and owns a New York-chartered bank, Goldman Sachs Bank USA.
Goldman reports three segments. Global Banking & Markets, its deal-making, trading and lending business for large clients, had net revenues of $41.45 billion in 2025. Asset & Wealth Management, which earns fees for managing money for institutions and individuals and offers private banking and loans to wealthy clients, had $16.68 billion. Platform Solutions mainly issues the Apple Card and holds deposits from its cardholders; in December 2025 Goldman agreed to move the Apple Card program to another issuer, which it says will largely complete its pullback from consumer banking. Its competitors include other investment banks and brokers, commercial banks, card issuers, insurers, fund managers, hedge funds, private equity and private credit funds, and financial technology firms.
Goldman had 47,400 employees at the end of 2025 and offices in over 35 countries. Of its staff, 50% were in the Americas, 20% in Europe, the Middle East and Africa, and 30% in Asia.
- Legal name
- The Goldman Sachs Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0000886982-26-000091
0000886982
Revenue and margins
Goldman Sachs had $58.3B of revenue in fiscal 2025, up 8.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.6% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
Goldman Sachs returned $17.6B to shareholders in fiscal 2025. The diluted share count fell 4.8%.
Value Goldman Sachs yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 13.5x · peers 13.1x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $158.6B | — | — | — | — |
| Deposits | $364.2B | $386.7B | $428.4B | $433.0B | $501.4B |
| Loans / deposits | 43.5% | — | — | — | — |
| Total assets | $1.46T | $1.44T | $1.64T | $1.68T | $1.81T |
| Shareholders' equity | $109.9B | $117.2B | $116.9B | $122.0B | $125.0B |
| Goodwill | $4.3B | $6.4B | $5.9B | $5.9B | $5.9B |
| Intangible assets | $418M | $2.0B | $1.2B | $847M | $842M |
| Provision / loans | 0.3% | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$62.8M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Ericka T LeslieChief Administrative Officer | Sold | 600 | $1,033.80 | $0.6M | Form 4 |
| Aug 4, 2026 | Ericka T LeslieChief Administrative Officer | Sold | 175 | $1,053.97 | $0.2M | Form 4 |
| Jul 15, 2026 | Ericka T LeslieChief Administrative Officer | Sold | 250 | $1,151.80 | $0.3M | Form 4 |
| May 14, 2026 | Denis P. ColemanChief Financial Officer | Sold | 6,857 | $973.55 | $6.7M | Form 4 |
| May 6, 2026 | Kathryn H. RuemmlerChief Legal Officer, GC | Sold | 14,292 | $939.07 | $13.4M | Form 4 |
| May 1, 2026 | David M SolomonChairman of the Board and CEO, Director | Sold | 3,470 | $930.70 | $3.2M | Form 4 |
| May 1, 2026 | Kathryn H. RuemmlerChief Legal Officer, GC | Sold | 683 | $929.62 | $0.6M | Form 4 |
| May 1, 2026 | Sheara J FredmanChief Accounting Officer | Sold | 10,301 | $929.17 | $9.6M | Form 4 |
| Apr 23, 2026 | Alex S GoltenChief Risk Officer | Sold | 1,116 | $936.18 | $1.0M | Form 4 |
| Apr 17, 2026 | Alex S GoltenChief Risk Officer | Sold | 1,115 | $919.19 | $1.0M | Form 4 |
| Feb 11, 2026 | John F.w. RogersExecutive Vice President | Sold | 15,855 | $959.37 | $15.2M | Form 4 |
| Feb 9, 2026 | Denis P. ColemanChief Financial Officer | Sold | 11,623 | $941.57 | $10.9M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Goldman Sachs GS | $278.1B | 8.9% | — | — | — | 13.5x | — | |
| JPMorgan Chase JPM | $922.3B | 2.8% | — | — | — | 14.2x | — | Compare → |
| Bank of America BAC | $388.3B | 6.8% | — | — | — | 11.7x | — | Compare → |
| Citigroup C | $225.9B | 5.6% | — | — | — | 17.3x | — | Compare → |
| Wells Fargo WFC | $267.1B | 1.7% | — | — | — | 12.0x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $30.8B | $32.7B | $36.6B | $36.5B | $44.6B | $59.3B | $47.4B | $46.3B | $53.5B | $58.3B |
| Net interest income | $2.6B | $2.9B | $3.8B | $4.4B | $4.8B | $6.5B | $7.7B | $6.4B | $8.1B | $13.6B |
| Noninterest income | $28.2B | $29.8B | $32.8B | $32.2B | $39.8B | $52.9B | $39.7B | $39.9B | $45.5B | $44.7B |
| Noninterest expense | $20.3B | $20.9B | $23.5B | $24.9B | $29.0B | $31.9B | $31.2B | $34.5B | $33.8B | $37.5B |
| Provision for credit losses | $182M | $657M | $674M | $1.1B | $3.1B | $357M | $2.7B | $1.0B | $1.3B | −$1.1B |
| Pretax 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 |
| Net income to common | $7.1B | $3.7B | $9.9B | $7.9B | $8.9B | $21.2B | $10.8B | $7.9B | $13.5B | $16.3B |
| Diluted EPS | $16.29 | $9.01 | $25.27 | $21.03 | $24.74 | $59.45 | $30.06 | $22.87 | $40.54 | $51.32 |
| Diluted shares | 0.44B | 0.41B | 0.39B | 0.38B | 0.36B | 0.36B | 0.36B | 0.35B | 0.33B | 0.32B |
| Cash flow | ||||||||||
| Stock-based compensation | $2.1B | $1.8B | $1.8B | $2.0B | $1.9B | $2.3B | $4.1B | $2.1B | $2.7B | $3.4B |
| Share buybacks | $6.1B | $6.8B | $3.3B | $5.3B | $1.9B | $5.2B | $3.5B | $5.8B | $8.0B | $12.4B |
| Dividends paid | $1.7B | $1.8B | $1.8B | $2.1B | $2.3B | $2.7B | $3.7B | $4.2B | $4.5B | $5.3B |
| Dividends and buybacks | $7.8B | $8.5B | $5.1B | $7.4B | $4.3B | $7.9B | $7.2B | $10.0B | $12.5B | $17.6B |
| Balance sheet | ||||||||||
| Loans, net | $49.7B | $65.9B | $97.8B | $108.9B | $116.1B | $158.6B | — | — | — | — |
| Deposits | $124.1B | $138.6B | $158.3B | $190.0B | $260.0B | $364.2B | $386.7B | $428.4B | $433.0B | $501.4B |
| Goodwill | $3.7B | $3.7B | $3.8B | $4.2B | $4.3B | $4.3B | $6.4B | $5.9B | $5.9B | $5.9B |
| Intangible assets | $429M | $373M | $324M | $641M | $630M | $418M | $2.0B | $1.2B | $847M | $842M |
| Total assets | $860.2B | $916.8B | $931.8B | $993.0B | $1.16T | $1.46T | $1.44T | $1.64T | $1.68T | $1.81T |
| Preferred stock | $11.2B | $11.9B | $11.2B | $11.2B | $11.2B | $10.7B | $10.7B | $11.2B | $13.3B | $15.2B |
| Shareholders' equity | $86.9B | $82.2B | $90.2B | $90.3B | $95.9B | $109.9B | $117.2B | $116.9B | $122.0B | $125.0B |
| Margins | ||||||||||
| Net margin | 24.0% | 13.1% | 28.6% | 23.2% | 21.2% | 36.5% | 23.8% | 18.4% | 26.7% | 29.5% |
| Net interest share of revenue | 8.4% | 9.0% | 10.3% | 11.9% | 10.7% | 10.9% | 16.2% | 13.7% | 15.1% | 23.3% |
| Efficiency ratio | 65.9% | 64.0% | 64.1% | 68.1% | 65.0% | 53.8% | 65.8% | 74.6% | 63.1% | 64.4% |
| Returns | ||||||||||
| Return on equity | 8.5% | 5.1% | 12.1% | 9.4% | 10.2% | 21.0% | 9.9% | 7.3% | 12.0% | 13.9% |
| Return on assets | 0.9% | 0.5% | 1.1% | 0.9% | 0.9% | 1.7% | 0.8% | 0.6% | 0.9% | 1.0% |
| Return on tangible equity | 9.9% | 5.3% | 14.0% | 10.6% | 11.6% | 24.3% | 11.2% | 8.0% | 13.5% | 15.9% |
| Growth | ||||||||||
| Revenue growth | −9.0% | 6.3% | 11.9% | −0.2% | 21.9% | 33.2% | −20.2% | −2.4% | 15.7% | 8.9% |
| Net income growth | 21.6% | −42.1% | 144.0% | −19.1% | 11.7% | 128.7% | −48.0% | −24.4% | 67.6% | 20.3% |
| EPS growth | 34.2% | −44.7% | 180.5% | −16.8% | 17.6% | 140.3% | −49.4% | −23.9% | 77.3% | 26.6% |
| Share count change | −5.1% | −6.0% | −4.6% | −3.8% | −4.1% | −1.3% | 0.7% | −3.4% | −3.5% | −4.8% |
| Financial health | ||||||||||
| Loans / deposits | 40.0% | 47.6% | 61.8% | 57.3% | 44.7% | 43.5% | — | — | — | — |
| Provision / loans | 0.4% | 1.1% | 0.8% | 1.0% | 2.8% | 0.3% | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 6.9% | 5.4% | 5.0% | 5.5% | 4.3% | 4.0% | 8.6% | 4.5% | 5.0% | 5.9% |
Source: SEC EDGAR XBRL filings (CIK 0000886982). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.