GS
SP100NYSEThe Goldman Sachs Group, Inc.
Financial Services · Capital Markets · United States
The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; equity and debt underwriting of public offerings and private placements; relationship lending and acquisition financing; secured lending through structured credit and asset-backed lending, such as warehouse, residential and commercial mortgage, corporate, consumer, auto, and student loans; financing through securities purchased under agreements to resell; and commodity financing through structured transactions. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products. Its Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, commodities, and asset allocation strategies; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards; and transaction banking and other services, such as deposit-taking, payment solutions, and other cash management services for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.
www.goldmansachs.com ↗Shares trade at a moderate 18.7× trailing earnings, easing to 15.4× on forward estimates. Profitability shows a net margin of 29.4% and return on equity of 14.5%. Debt/equity stands at 6.79×. Revenue grew 14.5% year-on-year. It yields 1.8% in dividends. The mean analyst target of USD978.35 sits 4.2% below the current price (Hold, 20 analysts).
business model
The Goldman Sachs Group is a global investment bank and financial services firm that earns fees, commissions, spreads, and net interest income from advising corporations and institutions, underwriting securities, trading, and managing assets and wealth. It serves institutional clients, corporations, governments, and high-net-worth individuals, and has been building out consumer-oriented transaction banking and platform solutions.
revenue segments
Goldman reports across Global Banking & Markets (investment banking advisory and underwriting, plus FICC and equities trading), Asset & Wealth Management (managing third-party assets, private banking, and lending), and Platform Solutions (consumer platforms, transaction banking, and credit-card partnerships). Global Banking & Markets is the largest contributor to net revenues.
key dependencies
The firm depends on capital markets activity levels, M&A deal flow, trading volatility and volumes, the interest-rate environment, and its ability to retain top talent. It also relies on access to funding, its credit ratings, and regulatory capital requirements that constrain balance-sheet usage.
competitors
Competitors include Morgan Stanley, JPMorgan Chase, Bank of America, Citigroup, and boutique advisory firms such as Evercore, Lazard, and Centerview in advisory work, plus large asset managers in the AWM business.
moat
Goldman's advantages stem from its brand and reputation in advisory, deep institutional client relationships, a leading position in M&A and equity underwriting league tables, scale in trading, and a strong talent franchise. Regulatory barriers and the capital intensity of investment banking also limit new entrants.
risks
Earnings are cyclical and sensitive to market downturns, deal-flow slowdowns, and trading losses. The firm faces stringent regulation and capital rules, litigation and reputational risk, credit losses in lending and consumer businesses, and margin pressure from competition; the pullback from consumer banking has also produced write-downs.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $58.28B | $53.51B | $46.25B | $47.37B | — |
| Interest expense | $66.81B | $73.34B | $62.16B | $21.35B | — |
| Pretax income | $21.85B | $18.40B | $10.74B | $13.49B | — |
| Tax provision | $4.68B | $4.12B | $2.22B | $2.23B | — |
| Net income | $17.18B | $14.28B | $8.52B | $11.26B | — |
| Diluted EPS | $51.32 | $40.54 | $22.87 | $30.06 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $1.81T | $1.68T | $1.64T | $1.44T | — |
| Cash & equivalents | $164.26B | $182.09B | $241.58B | $241.82B | — |
| Total liabilities | $1.68T | $1.55T | $1.52T | $1.32T | — |
| Total debt | $386.15B | $342.56B | $333.25B | $324.20B | — |
| Long-term debt | $296.21B | $249.87B | $247.87B | $254.25B | — |
| Shareholders' equity | $124.97B | $122.00B | $116.91B | $117.19B | — |
| Retained earnings | $165.29B | $153.41B | $143.69B | $139.37B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$45.15B | -$13.21B | -$12.59B | $8.71B | — |
| Investing cash flow | -$44.23B | -$49.62B | -$17.31B | -$75.96B | — |
| Financing cash flow | $66.10B | $7.32B | $27.80B | $59.60B | — |
| Capital expenditure | -$2.06B | -$2.09B | -$2.32B | -$3.75B | — |
| Free cash flow | -$47.22B | -$15.30B | -$14.90B | $4.96B | — |
| Dividends paid | -$5.28B | -$4.50B | -$4.19B | -$3.68B | — |
| Share buybacks | -$12.36B | -$10.20B | -$6.80B | -$3.50B | — |
| End cash position | $164.26B | $182.09B | $241.58B | $241.82B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
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