The Goldman Sachs Group (GS) Cash Flow: Operating & Free Cash Flow

The Goldman Sachs Group Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for The Goldman Sachs Group, Inc. (GS) - 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
Operating Activities
Net Income	17.18	14.28	8.52	11.26	21.64	9.46	8.47	10.46	4.29
Depreciation & Amortization	2.18	2.39	4.86	2.46	2.02	1.90	1.70	1.33	1.15
Deferred Income Tax	0.20	-0.80	-1.36	-2.41	0.01	-0.83	-0.33	-2.65	5.46
Stock Based Compensation	3.45	2.66	2.09	4.08	2.35	1.92	2.02	1.83	1.77
Change in Working Capital	-68.91	-26.45	-24.41	-9.48	-20.06	2.81	10.97	32.32	-19.59
Change in Accounts Receivable	0.00	-8.37	-28.22	35.01	21.97	-30.90	-7.69	0.00	0.00
Change in Other Working Capital	-68.91	-6.10	-1.66	0.09	-13.82	33.71	18.66	32.32	-19.59
Other Operating Activities	0.75	0.55	-0.33	0.09	0.36	-33.79	1.05	-22.87	-10.82
Net Cash from Operating Activities	-45.15	-13.21	-12.59	8.71	6.30	-18.54	23.87	20.42	-17.74
Investing Activities
Capital Expenditures	-2.06	-2.09	-2.32	-3.75	-4.67	-6.31	-8.44	-7.98	-3.19
Acquisitions	1.54	3.62	0.49	-2.12	3.93	-0.23	-0.80	-0.16	-2.38
Purchases of Investments	-98.10	-92.10	-40.26	-60.54	-39.91	-48.67	-29.77	-3.79	-9.85
Sales/Maturities of Investments	92.95	56.37	26.85	12.96	45.70	29.06	17.81	0.41	2.89
Other Investing Activities	-38.55	-17.05	-5.35	-22.52	-35.52	-8.20	-3.03	-11.15	-16.58
Net Cash from Investing Activities	-44.23	-49.62	-17.31	-75.96	-30.47	-34.36	-24.24	-22.68	-29.12
Financing Activities
Debt Repayment	18.98	-76.56	-57.64	-46.21	-59.20	6.70	-21.97	7.09	29.13
Common Stock Issued	0.00	4.24	1.50	0.00	2.17	0.35	1.10	0.04	1.50
Common Stock Repurchased	-12.36	-8.00	-5.80	-3.50	-5.20	-2.28	-6.44	-3.29	-7.62
Dividends Paid	-5.28	-4.50	-4.19	-3.68	-2.73	-2.34	-2.10	-1.81	-1.77
Other Financing Activities	64.75	8.52	43.34	0.56	105.02	67.94	32.78	20.73	13.96
Net Cash from Financing Activities	66.10	7.32	27.80	59.60	134.74	70.38	3.37	22.75	35.20
Summary
Effect of Forex Changes on Cash	5.45	-3.97	1.85	-11.56	-5.38	4.81	0.00	0.00	0.00
Net Change in Cash	-17.83	-59.49	-0.25	-19.21	105.19	22.30	3.00	20.50	-11.66
Cash at Beginning of Period	182.09	241.58	241.83	261.04	155.84	133.55	130.55	110.05	121.71
Cash at End of Period	164.26	182.09	241.58	241.83	261.04	155.84	133.55	130.55	110.05
Free Cash Flow	-47.22	-15.30	-14.90	4.96	1.63	-24.84	15.43	12.44	-20.93
Supplemental Disclosures
Interest Paid	-	72.62	60.03	19.02	5.52	-	-	-	-
Income Taxes Paid	-	3.67	2.39	4.56	6.20	-	-	-	-

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

Frequently Asked Questions About The Goldman Sachs Group Cash Flow

What is The Goldman Sachs Group's free cash flow?

The Goldman Sachs Group had negative free cash flow of $47.22B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$45.15B minus $2.06B of capital expenditures.

How much does The Goldman Sachs Group spend on capital expenditures?

The Goldman Sachs Group spent $2.06B on capital expenditures in fiscal 2025, compared with $2.09B a year earlier.

Does The Goldman Sachs Group pay dividends or buy back shares?

Yes. In fiscal 2025 The Goldman Sachs Group returned $5.28B in dividends and $12.36B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition