Net margin
29.5% Fiscal year 2025
Rank 84 of 100: higher than 84% of 237 peers (All). strong.
Rank 68 of 100: higher than 68% of 33 peers (Sector). strong.
Median Financials: 26.2%
Profit after all costs, interest and taxes divided by revenue.
Goldman Sachs is a major US investment bank. It advises companies on mergers and IPOs, trades stocks, bonds and commodities and manages assets for wealthy individuals and institutions. It operates worldwide. As of Oct 11, 2026
Goldman Sachs is regulated as a bank holding company and serves corporations, financial institutions, governments and individuals. The Global Banking & Markets segment earns fees from advisory work, for example on mergers, and from underwriting securities offerings. As a market maker, it also quotes prices in bonds, currencies, commodities and equities and earns commissions for executing and clearing exchange transactions. Asset & Wealth Management manages client assets in equities, bonds and alternative investments and earns management and performance fees. Platform Solutions revenue comes essentially from credit cards and deposits of Apple Card customers as well as from discontinued businesses. In December 2025 the group agreed to transfer the Apple Card to another issuer.
Automatically summarized from SEC annual report (10-K, filed Feb 25, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Goldman Sachs · Sector Financials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 25, 2026.
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
29.5% Fiscal year 2025
Rank 84 of 100: higher than 84% of 237 peers (All). strong.
Rank 68 of 100: higher than 68% of 33 peers (Sector). strong.
Median Financials: 26.2%
Profit after all costs, interest and taxes divided by revenue.
13.7% Fiscal year 2025
Rank 43 of 100: higher than 43% of 218 peers (All). medium.
Rank 48 of 100: higher than 48% of 32 peers (Sector). medium.
Median Financials: 13.9%
Net income divided by equity at fiscal year end.
0.9% Fiscal year 2025 (total assets at year end)
Rank 21 of 100: higher than 21% of 238 peers (All). weak.
Rank 20 of 100: higher than 20% of 33 peers (Sector). weak.
Median Financials: 2.4%
Net income divided by total assets at fiscal year end.
6.9% Fiscal year 2025
Rank 10 of 100: higher than 10% of 239 peers (All). weak.
Rank 5 of 100: higher than 5% of 33 peers (Sector). weak.
Median Financials: 18.2%
Equity as a share of total assets. Usually low for banks.
−81.0% Fiscal year 2025
Rank 10 of 100: higher than 10% of 213 peers (All). weak.
Rank 20 of 100: higher than 20% of 23 peers (Sector). weak.
Median Financials: 25.8%
Free cash flow divided by revenue.
−47.2B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
+7.2% per year
Rank 45 of 100: higher than 45% of 230 peers (All). medium.
Rank 36 of 100: higher than 36% of 32 peers (Sector). medium.
Median Financials: +9.7%
Average growth per year over 3 fiscal years.
+5.5% per year
Rank 22 of 100: higher than 22% of 217 peers (All). weak.
Rank 12 of 100: higher than 12% of 29 peers (Sector). weak.
Median Financials: +9.1%
Average growth per year over 5 fiscal years.
+5.6% per year
Rank 40 of 100: higher than 40% of 157 peers (All). medium.
Rank 28 of 100: higher than 28% of 23 peers (Sector). weak.
Median Financials: +7.2%
Average growth per year over 10 fiscal years.
+19.5% per year
Rank 68 of 100: higher than 68% of 157 peers (All). strong.
Rank 65 of 100: higher than 65% of 24 peers (Sector). medium.
Median Financials: +17.6%
Growth of earnings per share per year, adjusted for stock splits.
+15.7% per year
Rank 57 of 100: higher than 57% of 146 peers (All). medium.
Rank 58 of 100: higher than 58% of 25 peers (Sector). medium.
Median Financials: +14.8%
Growth of earnings per share per year, adjusted for stock splits.
+15.5% per year
Rank 73 of 100: higher than 73% of 140 peers (All). strong.
Rank 81 of 100: higher than 81% of 24 peers (Sector). strong.
Median Financials: +11.5%
Growth of earnings per share per year, adjusted for stock splits.
27% Fiscal year 2025
Dividend per share divided by earnings per share.
+22.9% per year
Rank 89 of 100: higher than 89% of 118 peers (All). strong.
Rank 93 of 100: higher than 93% of 20 peers (Sector). strong.
Median Financials: +10.0%
Growth of the dividend per share per year.
−10.6x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
2.28 at fiscal year end
Rank 9 of 100: lower than 9% of 199 peers (All). weak.
Rank 10 of 100: lower than 10% of 26 peers (Sector). weak.
Median Financials: 0.83
Long-term financial debt divided by equity.
−11.9% in 5 years
Rank 85 of 100: lower than 85% of 199 peers (All). strong.
Rank 77 of 100: lower than 77% of 24 peers (Sector). strong.
Median Financials: −6.1%
Change in diluted share count. Negative = share buybacks, positive = new shares.
Banks and insurers usually do not report gross margin, current assets or capital expenditure – those criteria then do not count. Debt is part of their business.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 58.3B USD · Net income 17.2B USD · Net margin 29.5%
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Of 100 USD of revenue, 29.5 USD net income remained.
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 58.3B USD | 100.0% |
| Net income | 17.2B USD | 29.5% |
| Taxes | 4.7B USD | 8.0% |
| Remaining costs & other (net) | 36.4B USD | 62.5% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
The net margin rose in 5 years from 21.2% to 29.5%.
Net marginReturn on equity rose in 5 years from 9.9% to 13.7%.
Return on equityReturn on assetsThe equity ratio fell in 5 years from 8.2% to 6.9%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.The share count fell in 5 years by 11.9% (mostly through share repurchases).
Diluted share countBanks and insurers: gross margin, current assets and capital expenditure are usually not reported and cash flow is not meaningful there – those lines and charts are omitted.
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
The dividend per share rose in 5 years from 5.00 USD to 14.00 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.The payout ratio rose in 5 years from 20.2% to 27.3%.
Payout ratio (earnings)Payout ratio (free cash flow)Over 5 years, 55.2B USD went back to shareholders, 63% of it through share repurchases. Free cash flow over those years was not positive in total.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USDFor banks and insurers free cash flow is not meaningful; ratios to free cash flow are usually omitted.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Goldman Sachs next to 8 stocks of the sector Financials we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| C Citigroup | 85.2B USD | +2.8% | – | – | 16.8% | 6.7% | 8.0% | – | – |
| WFC Wells Fargo | 83.7B USD | +3.0% | – | – | 25.5% | 11.8% | 8.4% | – | – |
| MS Morgan Stanley | 70.6B USD | +7.9% | – | – | 23.9% | 15.1% | 7.9% | – | – |
| CB Chubb Limited | 59.4B USD | +10.5% | – | – | 17.4% | 14.0% | 27.1% | – | – |
| GS Goldman Sachs this stock | 58.3B USD | +5.5% | – | – | 29.5% | 13.7% | 6.9% | – | – |
| COF Capital One | 53.4B USD | +13.4% | – | – | 4.6% | 2.2% | 17.0% | – | – |
| TRV Travelers Companies (The) | 48.8B USD | +8.8% | – | – | 12.9% | 19.1% | 22.9% | – | – |
| AXP American Express | 41.3B USD | +13.5% | – | – | 26.2% | 32.4% | 11.2% | – | – |
| V Visa Inc. | 40.0B USD | +12.9% | – | 60.0% | 50.1% | 52.9% | 38.1% | – | – |
| Median of the sector 33 symbols | 27.0B USD | +9.1% | – | 39.0% | 26.2% | 13.9% | 18.2% | – | – |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Banks and insurers: gross margin (only if reported), free cash flow margin and Piotroski are not meaningful there (“–”).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).
+5.5% per year, last 5 years
Sector Financials: median +8.8% (73 symbols)
What does this mean? Revenue: over 5 years it grew by 5.5% per year on average, but more slowly than the median company in the sector (+8.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
+12.7% per year, last 5 years
Sector Financials: median +13.8% (71 symbols)
per share: +15.7% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 12.7% per year on average, but more slowly than the median company in the sector (+13.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
29.5% last fiscal year
Sector Financials: median 19.4% (75 symbols)
What does this mean? Of every 100 USD in revenue, 29.47 USD remained as profit – at least as much as the median company in the sector (19.4%). Five years ago the margin was 21.2%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
2.83 latest balance sheet
Sector Financials: median 0.63 (60 symbols)
What does this mean? For every 1 USD of equity there is 2.83 USD of financial debt – more than twice as much as the median company in the sector (0.63). For banks and insurers, debt is part of the business – so the comparison is only with their own sector.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
27% Dividend / earnings per share
Sector Financials: median 34% (58 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.27 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 34%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 58.3B | 17.2B | 29.5% | 51.32 | 14.00 | 27% |
| 2024 | Dec 31, 2024 | 53.5B | 14.3B | 26.7% | 40.54 | 11.50 | 28% |
| 2023 | Dec 31, 2023 | 46.3B | 8.5B | 18.4% | 22.87 | 10.50 | 46% |
| 2022 | Dec 31, 2022 | 47.4B | 11.3B | 23.8% | 30.06 | 9.00 | 30% |
| 2021 | Dec 31, 2021 | 59.3B | 21.6B | 36.5% | 59.45 | 6.50 | 11% |
| 2020 | Dec 31, 2020 | 44.6B | 9.5B | 21.2% | 24.74 | 5.00 | 20% |
| 2019 | Dec 31, 2019 | 36.5B | 8.5B | 23.2% | 21.03 | 4.15 | 20% |
| 2018 | Dec 31, 2018 | 36.6B | 10.5B | 28.6% | 25.27 | 3.15 | 12% |
| 2017 | Dec 31, 2017 | 32.1B | 4.3B | 13.4% | 9.01 | 2.90 | 32% |
| 2016 | Dec 31, 2016 | 30.6B | 7.4B | 24.2% | 16.29 | 2.60 | 16% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 20.3B | 6.6B | 32.6% | 20.98 | 4.50 | 21% |
| Q1/26 | Mar 31, 2026 | 17.2B | 5.6B | 32.7% | 17.55 | 4.50 | 26% |
| Q4/25* | Dec 31, 2025 | 13.5B | 4.6B | 34.3% | – | 4.00 | – |
| Q3/25 | Sep 30, 2025 | 15.2B | 4.1B | 27.0% | 12.25 | 4.00 | 33% |
| Q2/25 | Jun 30, 2025 | 14.6B | 3.7B | 25.5% | 10.91 | 3.00 | 27% |
| Q1/25 | Mar 31, 2025 | 15.1B | 4.7B | 31.5% | 14.12 | 3.00 | 21% |
| Q4/24* | Dec 31, 2024 | 13.9B | 4.1B | 29.6% | – | 3.00 | – |
| Q3/24 | Sep 30, 2024 | 12.7B | 3.0B | 23.5% | 8.40 | 3.00 | 36% |
| Q2/24 | Jun 30, 2024 | 12.7B | 3.0B | 23.9% | 8.62 | 2.75 | 32% |
| Q1/24 | Mar 31, 2024 | 14.2B | 4.1B | 29.1% | 11.58 | 2.75 | 24% |
| Q4/23* | Dec 31, 2023 | 11.3B | 2.0B | 17.7% | – | 2.75 | – |
| Q3/23 | Sep 30, 2023 | 11.8B | 2.1B | 17.4% | 5.47 | 2.75 | 50% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $12.0M2 people | −$12.0M |
| 6 months | $00 people | $45.8M5 people | −$45.8M |
| 12 months | $00 people | $159.9M9 people | −$159.9M |
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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