The Goldman Sachs Group (GS) Financial Statements & Analysis

The Goldman Sachs Group (GS) Income Statement

The Goldman Sachs Group reported revenue of $59.40B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 53.2% from $126.85B a year earlier. Net income was $16.30B, up 14.2% year over year, a net margin of 27.4%. Gross margin was 52.8% and operating margin 36.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $38.43B, up 163.5% from the same quarter a year earlier.

The Goldman Sachs Group Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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The Goldman Sachs Group, Inc. income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	59.40	126.85	45.23	68.71	64.99	53.50	53.90	52.37	42.80
Cost of Revenue	26.90	74.69	21.20	24.06	6.01	12.04	18.44	16.59	10.84
Gross Profit	31.38	52.16	25.06	44.65	58.98	41.46	35.46	35.78	31.96
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	8.46	17.35	8.43	15.96	18.27	13.71	13.09	13.07	12.24
Operating Expenses	37.54	33.77	34.49	31.16	31.94	28.98	24.88	23.30	20.83
Operating Income	21.85	18.40	10.74	13.49	27.04	12.48	10.58	12.48	11.13
Other Income/Expense
Interest Income	80.37	81.40	68.52	29.02	12.12	13.69	21.74	19.68	13.11
Interest Expense	66.81	73.34	62.16	21.35	5.65	8.94	17.38	15.91	10.18
Other Income/Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	21.85	18.40	10.74	13.49	27.04	12.48	10.58	12.48	11.13
Income Tax Expense	4.68	4.12	2.22	2.23	5.41	3.02	2.12	2.02	6.85
Net Income	16.30	14.28	7.91	11.26	21.64	9.46	8.47	10.46	4.29
Net Income - Continuous Operations	17.18	14.28	8.52	11.26	21.64	9.46	8.47	10.46	4.29
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	24.03	20.79	15.60	15.94	29.06	14.38	12.29	13.81	12.28
EBIT	21.85	18.40	10.74	13.49	27.04	-	-	-	-
Depreciation & Amortization	2.18	2.39	2.39	2.46	2.02	1.90	1.70	1.33	1.15
Earnings Per Share
Basic EPS	52.00	41.00	23.00	31.00	60.00	25.00	21.00	26.00	9.00
Diluted EPS	51.00	41.00	23.00	30.00	59.00	25.00	21.00	25.00	9.00
Basic Shares Outstanding	0.31	0.33	0.34	0.35	0.35	0.36	0.37	0.39	0.40
Diluted Shares Outstanding	0.32	0.33	0.35	0.36	0.36	0.36	0.38	0.39	0.41

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The Goldman Sachs Group Financial Statements

What was The Goldman Sachs Group's revenue in fiscal 2025?

The Goldman Sachs Group reported revenue of $59.40B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 53.2% from $126.85B a year earlier.

Is The Goldman Sachs Group profitable?

Yes. The Goldman Sachs Group earned net income of $16.30B in fiscal 2025, a net margin of 27.4%. In fiscal 2024 it earned $14.28B.

What is The Goldman Sachs Group's operating margin?

The Goldman Sachs Group's operating income was $21.85B on revenue of $59.40B in fiscal 2025, an operating margin of 36.8%, compared with 14.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition