Cash flow The Goldman Sachs Group, Inc.

Equities

GS

US38141G1040

Investment Banking & Brokerage Services

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Published financial data: THE GOLDMAN SACHS GROUP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	1.21TCr	2.9TCr	6.85TCr	8.14TCr	8.04TCr
Interest Expense, Total	565Cr	2.13TCr	6.22TCr	7.33TCr	6.68TCr
Net Interest Income	647Cr	767.8Cr	635.1Cr	805.6Cr	1.36TCr
Brokerage Commission	361.9Cr	403.4Cr	378.9Cr	408.6Cr	404.2Cr
Trading and Principal Transactions	2.7TCr	1.93TCr	2.04TCr	2.3TCr	1.96TCr
Asset Management Fee	805.9Cr	900.5Cr	953.2Cr	1.06TCr	1.17TCr
Underwriting & Investment Banking Fee	1.42TCr	736Cr	621.8Cr	773.8Cr	934.8Cr
Revenues Before Provison For Loan Losses	5.93TCr	4.74TCr	4.63TCr	5.35TCr	5.83TCr
Provision For Loan Losses	36Cr	271.5Cr	102.8Cr	134.8Cr	-111.3Cr
Total Revenues	5.9TCr	4.46TCr	4.52TCr	5.22TCr	5.94TCr
Salaries And Other Employee Benefits	1.77TCr	1.51TCr	1.55TCr	1.67TCr	1.89TCr
Cost of Services Provided, Total	946.5Cr	1.08TCr	1.09TCr	1.2TCr	1.36TCr
Depreciation & Amortization - (IS) - (Collected)	201.5Cr	245.5Cr	327.8Cr	216.4Cr	199.8Cr
Other Operating Expenses	220.5Cr	214Cr	321Cr	268.3Cr	263.6Cr
Total Operating Expenses	3.14TCr	3.06TCr	3.29TCr	3.35TCr	3.71TCr
Operating Income	2.76TCr	1.41TCr	1.23TCr	1.86TCr	2.23TCr
EBT, Excl. Unusual Items	2.76TCr	1.41TCr	1.23TCr	1.86TCr	2.23TCr
Impairment of Goodwill	-	-	-50Cr	-	-
Asset Writedown	-	-	-107.4Cr	-23Cr	-18Cr
Legal Settlements	-53Cr	-58Cr	-	-	-22Cr
EBT, Incl. Unusual Items	2.7TCr	1.35TCr	1.07TCr	1.84TCr	2.19TCr
Income Tax Expense	540.9Cr	222.5Cr	222.3Cr	412.1Cr	467.6Cr
Earnings From Continuing Operations	2.16TCr	1.13TCr	851.6Cr	1.43TCr	1.72TCr
Net Income to Company	2.16TCr	1.13TCr	851.6Cr	1.43TCr	1.72TCr
Net Income - (IS)	2.16TCr	1.13TCr	851.6Cr	1.43TCr	1.72TCr
Preferred Dividend and Other Adjustments	52Cr	55Cr	66Cr	80Cr	93Cr
Net Income to Common Incl Extra Items	2.11TCr	1.07TCr	785.6Cr	1.35TCr	1.62TCr
Net Income to Common Excl. Extra Items	2.11TCr	1.07TCr	785.6Cr	1.35TCr	1.62TCr
Per Share Items
Net EPS - Basic	60.25	30.42	23.05	41.07	51.95
Basic EPS - Continuing Operations	60.25	30.42	23.05	41.07	51.95
Basic Weighted Average Shares Outstanding	35Cr	35Cr	34Cr	33Cr	31Cr
Net EPS - Diluted	59.45	30.06	22.87	40.54	51.32
Diluted EPS - Continuing Operations	59.45	30.06	22.87	40.54	51.32
Diluted Weighted Average Shares Outstanding	36Cr	36Cr	35Cr	33Cr	32Cr
Normalized Basic EPS	49.18	24.96	22.59	35.48	44.47
Normalized Diluted EPS	48.44	24.54	22.26	34.89	43.79
Dividend Per Share	6.5	9	10.5	11.5	14
Payout Ratio	12.6	32.7	49.19	31.5	30.72
American Depositary Receipts Ratio (ADR)	0.03	0.03	0.03	0.03	0.03
Supplemental Items
Effective Tax Rate - (Ratio)	20	16.5	20.7	22.4	21.4
Current Domestic Taxes	347.8Cr	297.9Cr	161.9Cr	265.9Cr	169.1Cr
Current Foreign Taxes	192.6Cr	165.8Cr	196.4Cr	226.2Cr	278.1Cr
Total Current Taxes	540.4Cr	463.7Cr	358.3Cr	492.1Cr	447.2Cr
Deferred Domestic Taxes	26Cr	-251.5Cr	-131Cr	-100.9Cr	29Cr
Deferred Foreign Taxes	-26Cr	10Cr	-5Cr	21Cr	-8.4Cr
Total Deferred Taxes	50L	-241.2Cr	-136Cr	-80Cr	20Cr
Normalized Net Income	1.72TCr	878.88Cr	769.81Cr	1.16TCr	1.39TCr
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	255.3Cr	410.7Cr	209.8Cr	277.2Cr	362.4Cr
Total Stock-Based Compensation	255.3Cr	410.7Cr	209.8Cr	277.2Cr	362.4Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	26TCr	24TCr	24TCr	18TCr	16TCr
Securities Owned	-	-	-	-	-
Securities Purchased Under Agreements To Resell	21TCr	23TCr	22TCr	18TCr	13TCr
Securities Borrowed	18TCr	19TCr	20TCr	19TCr	21TCr
Accounts Receivable, Total	16TCr	14TCr	13TCr	13TCr	19TCr
Other Receivables	17TCr	19TCr	20TCr	21TCr	25TCr
Gross Property Plant And Equipment	3.12TCr	3.14TCr	2.71TCr	2.36TCr	2.47TCr
Accumulated Depreciation	-1.08TCr	-1.22TCr	-1.36TCr	-1.36TCr	-1.52TCr
Net Property Plant And Equipment	2.04TCr	1.92TCr	1.34TCr	999.1Cr	952.4Cr
Goodwill	428.5Cr	637.4Cr	591.6Cr	585.3Cr	594.9Cr
Other Intangibles, Total	42Cr	200.9Cr	117.7Cr	85Cr	84Cr
Investment In Debt and Equity Securities	8.88TCr	13TCr	15TCr	19TCr	20TCr
Trading Asset Securities, Total	31TCr	26TCr	37TCr	42TCr	50TCr
Other Current Assets, Total	6.92TCr	4.04TCr	11TCr	15TCr	16TCr
Other Long-Term Assets, Total	59Cr	77Cr	76Cr	105.9Cr	89Cr
Total Assets	1,46400Cr	1,44200Cr	1,64200Cr	1,67600Cr	1,80900Cr
Liabilities
Accounts Payable, Total	25TCr	26TCr	23TCr	22TCr	23TCr
Accrued Expenses, Total	1.9TCr	1.6TCr	1.83TCr	1.82TCr	2.07TCr
Short-Term Borrowings	30TCr	22TCr	40TCr	46TCr	42TCr
Current Portion of Long-Term Debt	1.81TCr	3.86TCr	4.94TCr	3.85TCr	3.05TCr
Current Portion of Leases	30Cr	32Cr	32Cr	30Cr	38Cr
Long-Term Debt	26TCr	25TCr	25TCr	25TCr	30TCr
Long-Term Leases	198.3Cr	182.9Cr	190.7Cr	176.7Cr	178.9Cr
Trust Preferred Securities (BS)	132.1Cr	105.4Cr	105.3Cr	100.4Cr	102.6Cr
Current Income Taxes Payable	236Cr	266.9Cr	294.7Cr	354.4Cr	422.3Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	21TCr	20TCr	25TCr	24TCr	34TCr
Other Non Current Liabilities	28TCr	33TCr	32TCr	32TCr	34TCr
Total Liabilities	1,35300Cr	1,32400Cr	1,52400Cr	1,55400Cr	1,68400Cr
Preferred Stock Redeemable	1.07TCr	1.07TCr	1.12TCr	1.33TCr	1.52TCr
Total Preferred Equity	1.07TCr	1.07TCr	1.12TCr	1.33TCr	1.52TCr
Common Stock, Total	90L	90L	90L	90L	90L
Additional Paid In Capital	5.64TCr	5.9TCr	6.02TCr	6.14TCr	6.19TCr
Retained Earnings	13TCr	14TCr	14TCr	15TCr	17TCr
Treasury Stock	-9.11TCr	-9.46TCr	-10TCr	-11TCr	-12TCr
Comprehensive Income and Other	214.3Cr	268.6Cr	220.3Cr	244.6Cr	353.5Cr
Total Common Equity	9.92TCr	11TCr	11TCr	11TCr	11TCr
Minority Interest	84Cr	65Cr	36Cr	40Cr	45Cr
Total Equity	11TCr	12TCr	12TCr	12TCr	13TCr
Total Liabilities And Equity	1,46400Cr	1,44200Cr	1,64200Cr	1,67600Cr	1,80900Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	35Cr	35Cr	34Cr	33Cr	31Cr
ECS Total Common Shares Outstanding	35Cr	35Cr	34Cr	32Cr	31Cr
Book Value / Share	283.89	302.31	312.1	335.17	356.47
Tangible Book Value	9.45TCr	9.81TCr	9.86TCr	10TCr	10TCr
Tangible Book Value Per Share	270.44	278.51	291.15	314.52	334.43
Tangible Book Value Per Share (As Reported)	270.91	279.66	292.52	316.02	335.49
Total Debt	59TCr	52TCr	70TCr	75TCr	75TCr
Net Debt	-37TCr	-40TCr	-33TCr	-23TCr	-25TCr
Equity Method Investments, Total	59Cr	77Cr	76Cr	105.9Cr	89Cr
Full Time Employees	43.9T	48.5T	45.3T	46.5T	47.4T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	2.16TCr	1.13TCr	851.6Cr	1.43TCr	1.72TCr
Depreciation, Depletion & Amortization	189.5Cr	228.1Cr	417.5Cr	198.8Cr	191.5Cr
Amortization of Goodwill and Intangible Assets - (CF)	12Cr	17Cr	68Cr	18Cr	8.3Cr
Total Depreciation, Depletion & Amortization	201.5Cr	245.5Cr	485.6Cr	216.4Cr	199.8Cr
Total Asset Writedown	-	-	-	23Cr	18Cr
Provision for Credit Losses	36Cr	-	-	-	-
Stock-Based Compensation (CF)	234.8Cr	408.3Cr	208.5Cr	266.3Cr	344.5Cr
Provision and Write-off of Bad Debts	-	271.5Cr	102.8Cr	134.8Cr	-111.3Cr
Change in Trading Asset Securities	1.52TCr	4.53TCr	-16TCr	-8.7TCr	-6.99TCr
Change in Accounts Receivable	2.2TCr	3.5TCr	-2.82TCr	-836.7Cr	-4.32TCr
Change in Other Net Operating Assets (Collected)	-6.26TCr	-8.98TCr	17TCr	6.89TCr	4.42TCr
Other Operating Activities	50L	-232.5Cr	-465.9Cr	-744Cr	206.3Cr
Cash from Operations	92Cr	870.8Cr	-1.26TCr	-1.32TCr	-4.52TCr
Capital Expenditure	-466.7Cr	-374.8Cr	-231.6Cr	-209.1Cr	-206.4Cr
Sale of Property, Plant, and Equipment	393.3Cr	270.6Cr	327.8Cr	161.3Cr	80Cr
Cash Acquisitions	-	-211.5Cr	-	-	-
Divestitures	-	-	49Cr	362.2Cr	153.6Cr
Investment in Marketable and Equity Securities, Total	578.9Cr	-4.76TCr	-1.34TCr	-3.57TCr	-515.3Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-3.55TCr	-2.52TCr	-535.3Cr	-1.7TCr	-3.93TCr
Cash from Investing	-3.05TCr	-7.6TCr	-1.73TCr	-4.96TCr	-4.42TCr
Short Term Debt Issued, Total	213.7Cr	32Cr	272.3Cr	1.46TCr	298.8Cr
Long-Term Debt Issued, Total	9.75TCr	8.63TCr	5.02TCr	7.25TCr	9.47TCr
Total Debt Issued	9.96TCr	8.66TCr	5.29TCr	8.71TCr	9.77TCr
Short Term Debt Repaid, Total	-132Cr	-228.3Cr	-	-	-387.7Cr
Long-Term Debt Repaid, Total	-5.92TCr	-4.62TCr	-5.76TCr	-7.66TCr	-7.48TCr
Total Debt Repaid	-6.05TCr	-4.85TCr	-5.76TCr	-7.66TCr	-7.87TCr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-618.5Cr	-509.5Cr	-714.1Cr	-933.1Cr	-1.45TCr
Issuance of Preferred Stock	217.2Cr	-	149.6Cr	424.9Cr	190Cr
Repurchase of Preferred Stock	-267.5Cr	-	-100Cr	-220Cr	-
Common Dividends Paid	-	-	-	-	-
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-272.5Cr	-368.2Cr	-418.9Cr	-449.7Cr	-527.7Cr
Common & Preferred Stock Dividends Paid	-272.5Cr	-368.2Cr	-418.9Cr	-449.7Cr	-527.7Cr
Other Financing Activities, Total	11TCr	3.02TCr	4.33TCr	852.1Cr	6.5TCr
Cash from Financing	13TCr	5.96TCr	2.78TCr	732.3Cr	6.61TCr
Foreign Exchange Rate Adjustments	-	-1.16TCr	185.1Cr	-397.2Cr	544.8Cr
Net Change in Cash	11TCr	-1.92TCr	-25Cr	-5.95TCr	-1.78TCr
Supplemental Items
Cash Interest Paid	552.1Cr	1.9TCr	6TCr	7.26TCr	6.55TCr
Cash Income Tax Paid (Refund)	619.5Cr	455.5Cr	238.9Cr	367.3Cr	399Cr
Net Debt Issued / Repaid	3.91TCr	3.81TCr	-471.3Cr	1.06TCr	1.9TCr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.65	0.78	0.55	0.86	0.99
Return On Equity %	20.77	9.85	7.24	11.91	13.86
Return on Common Equity	22.96	10.41	7.4	12.57	14.86
Margin Analysis
Gross Profit Margin %	89.35	84.05	83.16	83.29	82.88
SG&A Margin	35.44	42.27	41.58	38.3	37.62
Income From Continuing Operations Margin %	36.68	25.22	18.83	27.37	28.92
Net Income Margin %	36.68	25.22	18.83	27.37	28.92
Net Avail. For Common Margin %	35.8	23.99	17.37	25.83	27.35
Normalized Net Income Margin	29.22	19.68	17.02	22.32	23.41
Asset Turnover
Asset Turnover	0.04	0.03	0.03	0.03	0.03
Short Term Liquidity
Current Ratio	1.68	1.73	1.55	1.5	1.53
Quick Ratio	1.59	1.67	1.43	1.35	1.38
Operating Cash Flow to Current Liabilities	0	0.01	-0.01	-0.01	-0.04
Long Term Solvency
Total Debt/Equity	529.24	441.29	597.24	611.11	596.07
Total Debt / Total Capital	84.11	81.53	85.66	85.94	85.63
LT Debt/Equity	239.65	217.31	212.99	205.59	237.61
Long-Term Debt / Total Capital	38.09	40.15	30.55	28.91	34.14
Total Liabilities / Total Assets	92.43	91.83	92.86	92.7	93.07
Tier 1 Capital Ratio %	15.8	16	15.9	16.8	16.4
Total Capital Ratio %	17.9	17.8	18.1	18.8	18
Leverage Ratio %	7.3	7.3	7	6.8	6.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	42.26	-24.3	1.29	15.34	13.86
Gross Profit, 1 Yr. Growth %	46.49	-28.78	0.21	15.53	13.3
Earnings From Cont. Operations, 1 Yr. Growth %	128.72	-47.95	-24.38	67.64	20.31
Net Income, 1 Yr. Growth %	128.72	-47.95	-24.38	67.64	20.31
Normalized Net Income, 1 Yr. Growth %	73.46	-49.01	-10.75	44.99	18.41
Diluted EPS Before Extra, 1 Yr. Growth %	140.25	-49.43	-23.93	77.31	26.59
Common Equity, 1 Yr. Growth %	17.11	7.32	-0.74	2.88	0.99
Total Assets, 1 Yr. Growth %	25.88	-1.52	13.86	2.09	7.96
Tangible Book Value, 1 Yr. Growth %	18.5	3.79	0.52	3.48	0.97
Cash From Operations, 1 Yr. Growth %	-106.71	38.27	-244.55	4.97	241.76
Capital Expenditures, 1 Yr. Growth %	-26.03	-19.69	-38.21	-9.72	-1.29
Dividend Per Share, 1 Yr. Growth %	30	38.46	16.67	9.52	21.74
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	28.93	3.77	-12.43	8.09	14.6
Gross Profit, 2 Yr. CAGR %	30.8	2.14	-15.52	7.6	14.41
Earnings From Cont. Operations, 2 Yr. CAGR %	59.86	9.11	-37.26	12.59	42.02
Net Income, 2 Yr. CAGR %	59.86	9.11	-37.26	12.59	42.02
Normalized Net Income, 2 Yr. CAGR %	52.73	-5.95	-32.69	16.17	31.03
Diluted EPS Before Extra, 2 Yr. CAGR %	68.13	10.22	-37.98	16.14	49.82
Common Equity, 2 Yr. CAGR %	12.03	12.11	3.21	1.05	1.93
Total Assets, 2 Yr. CAGR %	21.42	11.34	5.89	7.82	4.98
Tangible Book Value, 2 Yr. CAGR %	12.85	10.9	2.14	1.99	2.22
Cash From Operations, 2 Yr. CAGR %	-80.36	-31.46	41.37	23.18	89.4
Capital Expenditures, 2 Yr. CAGR %	-25.65	-22.92	-29.56	-25.31	-5.6
Dividend Per Share, 2 Yr. CAGR %	25.15	34.16	27.1	13.04	15.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	17.95	7.96	2.94	-4.01	9.98
Gross Profit, 3 Yr. CAGR %	18.8	6.81	1.49	-6.23	9.47
Earnings From Cont. Operations, 3 Yr. CAGR %	27.42	9.98	-3.44	-12.94	15.11
Net Income, 3 Yr. CAGR %	27.42	9.98	-3.44	-12.94	15.11
Normalized Net Income, 3 Yr. CAGR %	27.44	5.95	-8.16	-11.85	17.26
Diluted EPS Before Extra, 3 Yr. CAGR %	33	12.65	-2.6	-11.98	19.52
Common Equity, 3 Yr. CAGR %	7.9	10.44	7.65	3.1	1.03
Total Assets, 3 Yr. CAGR %	16.25	13.24	12.17	4.61	7.86
Tangible Book Value, 3 Yr. CAGR %	8.06	9.74	7.32	2.59	1.65
Cash From Operations, 3 Yr. CAGR %	-61.83	-28.54	-12.1	28.01	73.08
Capital Expenditures, 3 Yr. CAGR %	-16.38	-23.72	-28.4	-23.48	-18.03
Dividend Per Share, 3 Yr. CAGR %	27.31	29.44	28.06	20.95	15.87
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.02	6.84	4.7	8.01	7.45
Gross Profit, 5 Yr. CAGR %	14.33	5.81	3.66	7.12	6.47
Earnings From Cont. Operations, 5 Yr. CAGR %	23.94	21.31	-4.03	11.02	12.67
Net Income, 5 Yr. CAGR %	23.94	21.31	-4.03	11.02	12.67
Normalized Net Income, 5 Yr. CAGR %	20.85	4.43	-1.56	9.52	6.95
Diluted EPS Before Extra, 5 Yr. CAGR %	29.55	27.26	-1.98	14.03	15.71
Common Equity, 5 Yr. CAGR %	5.56	8.63	6	6.58	5.32
Total Assets, 5 Yr. CAGR %	11.22	9.48	11.99	11.04	9.24
Tangible Book Value, 5 Yr. CAGR %	5.71	8.13	5.65	6.57	5.25
Cash From Operations, 5 Yr. CAGR %	-32.34	-15.73	-5.34	-11.16	19.49
Capital Expenditures, 5 Yr. CAGR %	10.25	3.32	-21.92	-24.36	-20.03
Dividend Per Share, 5 Yr. CAGR %	20.11	25.42	27.23	22.61	22.87