GS Goldman Sachs

XNYS Sideways Alert

Financials

· How we analyze

About the company

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

Fact sheet (from the annual report) Securities dealers and brokers · New York, USA

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

What the methods say about Goldman Sachs

Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze

Price performance at a glance

Last 30 trading days
  • Today +2.1%
  • 7 days +3.1%
  • 30 days −2.5%
  • 1 year +15.4%
Day range (last trading day)
−0.6%Price at 59% of the range+0.4%
52-week range
−17.3%Price at 39% of the range+26.6%
Distance from the all-time high
−21.0%

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.

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Symbol on TradingView: NYSE:GS

Fundamental analysis

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.

Quality checks

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

Quality Profitability, consistency, balance sheet · 2 without data 2 of 6 criteria met Growth Revenue and earnings per share 6 of 7 criteria met Dividend Level, consistency, coverage · 2 without data 5 of 5 criteria met Financial strength Piotroski, debt, liquidity · 2 without data 2 of 4 criteria met

Quality 2 of 6 met · 2 without data

  • no data: Gross margin above 40% not stated in the SEC filings
  • no data: Operating margin above 15% not stated in the SEC filings
  • met: Net margin above 10% 29.5%
  • not met: Return on equity above 15% 13.7%
  • not met: Free cash flow margin above 10% −81.0%
  • met: Profit in each of the last 5 fiscal years 5 of 5
  • not met: Free cash flow positive in each of the last 3 fiscal years 0 of 3
  • not met: Equity ratio above 30% 6.9%
Net margin

29.5% Fiscal year 2025

No rank: too few peers or not computed yet.

Profit after all costs, interest and taxes divided by revenue.

Return on equity

13.7% Fiscal year 2025

No rank: too few peers or not computed yet.

Net income divided by equity at fiscal year end.

Return on assets

0.9% Fiscal year 2025 (total assets at year end)

No rank: too few peers or not computed yet.

Net income divided by total assets at fiscal year end.

Equity ratio

6.9% Fiscal year 2025

No rank: too few peers or not computed yet.

Equity as a share of total assets. Usually low for banks.

Free cash flow margin

−81.0% Fiscal year 2025

No rank: too few peers or not computed yet.

Free cash flow divided by revenue.

Free cash flow

−47.2B USD Fiscal year 2025

Operating cash flow minus capital expenditure on property and equipment.

Growth 6 of 7 met

  • met: Over 3 years, revenue grew by more than 5% per year +7.2%
  • met: Over 5 years, revenue grew by more than 5% per year +5.5%
  • met: Over 10 years, revenue grew by more than 5% per year +5.6%
  • met: Over 3 years, EPS grew by more than 5% per year +19.5%
  • met: Over 5 years, EPS grew by more than 5% per year +15.7%
  • not met: Revenue rose in at least 4 of the last 5 fiscal years 3 of 5
  • met: Revenue rose in the last fiscal year +8.9%
Revenue growth 3 years

+7.2% per year

No rank: too few peers or not computed yet.

Average growth per year over 3 fiscal years.

Revenue growth 5 years

+5.5% per year

No rank: too few peers or not computed yet.

Average growth per year over 5 fiscal years.

Revenue growth 10 years

+5.6% per year

No rank: too few peers or not computed yet.

Average growth per year over 10 fiscal years.

EPS growth 3 years

+19.5% per year

No rank: too few peers or not computed yet.

Growth of earnings per share per year, adjusted for stock splits.

EPS growth 5 years

+15.7% per year

No rank: too few peers or not computed yet.

Growth of earnings per share per year, adjusted for stock splits.

EPS growth 10 years

+15.5% per year

No rank: too few peers or not computed yet.

Growth of earnings per share per year, adjusted for stock splits.

Dividend 5 of 5 met · 2 without data

  • met: Pays a dividend 14.00 USD
  • met: Payout ratio at most 60% of earnings 27%
  • met: Dividend paid in each of the last 5 fiscal years 5 of 5
  • met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
  • met: Dividend per share higher than 5 years ago +22.9%
  • no data: Free cash flow per share covers the dividend not meaningful for banks and insurers
  • no data: Dividends paid over the last 5 years covered by free cash flow not meaningful for banks and insurers
Payout ratio

27% Fiscal year 2025

Dividend per share divided by earnings per share.

Dividend growth 5 years

+22.9% per year

No rank: too few peers or not computed yet.

Growth of the dividend per share per year.

Free cash flow coverage

−10.6x Fiscal year 2025

Free cash flow per share divided by dividend per share. From 1x the dividend is covered.

Financial strength 2 of 4 met · 2 without data

  • no data: Piotroski F-Score at least 7 of 9 not meaningful for banks and insurers
  • not met: Long-term debt no higher than equity 2.28
  • no data: Current assets cover current liabilities not reported (usual for banks and insurers)
  • met: Positive equity 125.0B USD
  • met: In 5 years, share count up by at most 5% −11.9%
  • not met: Free cash flow positive in the last fiscal year −47.2B USD
Debt / equity

2.28 at fiscal year end

No rank: too few peers or not computed yet.

Long-term financial debt divided by equity.

Change in share count

−11.9% in 5 years

No rank: too few peers or not computed yet.

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.

In short

  • Light yellow: Revenue grew over 5 years (+5.5% per year), more slowly than the sector median.
  • Light yellow: Net income (total) grew over 5 years (+12.7% per year), more slowly than the sector median; per share +15.7% per year.
  • Light green: Net margin 29.5%, above the sector median (19.4%).
  • Light red: Debt much higher than usual in the sector.
  • Light green: Profit in each of the last 10 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 30.6B USD · Net income 7.4B USD · Net margin 24.2%
  2. Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 32.1B USD · Net income 4.3B USD · Net margin 13.4%
  3. Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 36.6B USD · Net income 10.5B USD · Net margin 28.6%
  4. Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 36.5B USD · Net income 8.5B USD · Net margin 23.2%
  5. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 44.6B USD · Net income 9.5B USD · Net margin 21.2%
  6. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 59.3B USD · Net income 21.6B USD · Net margin 36.5%
  7. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 47.4B USD · Net income 11.3B USD · Net margin 23.8%
  8. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 46.3B USD · Net income 8.5B USD · Net margin 18.4%
  9. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 53.5B USD · Net income 14.3B USD · Net margin 26.7%
  10. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 58.3B USD · Net income 17.2B USD · Net margin 29.5%

Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 58.3B USD · Net income 17.2B USD · Net margin 29.5%

Figures over time

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.

Money flow in fiscal year 2025

Of 100 USD of revenue, 29.5 USD net income remained.

Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
ItemAmountof revenue
Revenue58.3B USD100.0%
Net income17.2B USD29.5%
Costs, taxes & other41.1B USD70.5%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Margins

The net margin rose in 5 years from 21.2% to 29.5%.

Net margin
  1. Fiscal year 2016: Net margin 24.2%
  2. Fiscal year 2017: Net margin 13.4%
  3. Fiscal year 2018: Net margin 28.6%
  4. Fiscal year 2019: Net margin 23.2%
  5. Fiscal year 2020: Net margin 21.2%
  6. Fiscal year 2021: Net margin 36.5%
  7. Fiscal year 2022: Net margin 23.8%
  8. Fiscal year 2023: Net margin 18.4%
  9. Fiscal year 2024: Net margin 26.7%
  10. Fiscal year 2025: Net margin 29.5%

Returns

Return on equity rose in 5 years from 9.9% to 13.7%.

Return on equityReturn on assets
  1. Fiscal year 2016: Return on equity 8.5% · Return on assets 0.9%
  2. Fiscal year 2017: Return on equity 5.2% · Return on assets 0.5%
  3. Fiscal year 2018: Return on equity 11.6% · Return on assets 1.1%
  4. Fiscal year 2019: Return on equity 9.4% · Return on assets 0.9%
  5. Fiscal year 2020: Return on equity 9.9% · Return on assets 0.8%
  6. Fiscal year 2021: Return on equity 19.7% · Return on assets 1.5%
  7. Fiscal year 2022: Return on equity 9.6% · Return on assets 0.8%
  8. Fiscal year 2023: Return on equity 7.3% · Return on assets 0.5%
  9. Fiscal year 2024: Return on equity 11.7% · Return on assets 0.9%
  10. Fiscal year 2025: Return on equity 13.7% · Return on assets 0.9%

Equity and long-term debt

The 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.
  1. Fiscal year 2016: Equity 86.9B USD · Long-term debt 189.1B USD
  2. Fiscal year 2017: Equity 82.2B USD · Long-term debt 217.7B USD
  3. Fiscal year 2018: Equity 90.2B USD · Long-term debt 224.1B USD
  4. Fiscal year 2019: Equity 90.3B USD · Long-term debt 207.1B USD
  5. Fiscal year 2020: Equity 95.9B USD · Long-term debt 213.5B USD
  6. Fiscal year 2021: Equity 109.9B USD · Long-term debt 254.1B USD
  7. Fiscal year 2022: Equity 117.2B USD · Long-term debt 247.1B USD
  8. Fiscal year 2023: Equity 116.9B USD · Long-term debt 241.9B USD
  9. Fiscal year 2024: Equity 122.0B USD · Long-term debt 242.6B USD
  10. Fiscal year 2025: Equity 125.0B USD · Long-term debt 285.5B USD

Share count

The share count fell in 5 years by 11.9% (mostly through share repurchases).

Diluted share count
  1. Fiscal year 2016: Diluted share count 435.1M
  2. Fiscal year 2017: Diluted share count 409.1M
  3. Fiscal year 2018: Diluted share count 390.2M
  4. Fiscal year 2019: Diluted share count 375.5M
  5. Fiscal year 2020: Diluted share count 360.3M
  6. Fiscal year 2021: Diluted share count 355.8M
  7. Fiscal year 2022: Diluted share count 358.1M
  8. Fiscal year 2023: Diluted share count 345.8M
  9. Fiscal year 2024: Diluted share count 333.6M
  10. Fiscal year 2025: Diluted share count 317.6M

Banks 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.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
14.00 USD · Fiscal year 2025
Dividend growth per year
3 y +15.9%5 y +22.9%10 y –
Years without a cut
at least 10 as far as the data goes
Payout ratio
of earnings 27% of free cash flow –
Share count over 5 years
−11.9% fewer shares – each share is a larger stake

Dividend per share

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.
  1. Fiscal year 2016: Dividend per share 2.60 USD
  2. Fiscal year 2017: Dividend per share 2.90 USD
  3. Fiscal year 2018: Dividend per share 3.15 USD
  4. Fiscal year 2019: Dividend per share 4.15 USD
  5. Fiscal year 2020: Dividend per share 5.00 USD
  6. Fiscal year 2021: Dividend per share 6.50 USD
  7. Fiscal year 2022: Dividend per share 9.00 USD
  8. Fiscal year 2023: Dividend per share 10.50 USD
  9. Fiscal year 2024: Dividend per share 11.50 USD
  10. Fiscal year 2025: Dividend per share 14.00 USD

Payout ratios

The payout ratio rose in 5 years from 20.2% to 27.3%.

Payout ratio (earnings)
  1. Fiscal year 2016: Payout ratio (earnings) 16.0%
  2. Fiscal year 2017: Payout ratio (earnings) 32.2%
  3. Fiscal year 2018: Payout ratio (earnings) 12.5%
  4. Fiscal year 2019: Payout ratio (earnings) 19.7%
  5. Fiscal year 2020: Payout ratio (earnings) 20.2%
  6. Fiscal year 2021: Payout ratio (earnings) 10.9%
  7. Fiscal year 2022: Payout ratio (earnings) 29.9%
  8. Fiscal year 2023: Payout ratio (earnings) 45.9%
  9. Fiscal year 2024: Payout ratio (earnings) 28.4%
  10. Fiscal year 2025: Payout ratio (earnings) 27.3%

For 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.

Valuation over time

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.

Key figures with traffic lights

Each light follows a simple, disclosed rule. The comparison is with the sector median of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light yellow: below sector

+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.

Net income (total)

Light yellow: below sector

+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.

Net margin

Light green: above sector

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.

Debt / equity

Light red: much higher

2.83 latest balance sheet

Sector Financials: median 0.63 (47 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.

Payout ratio

Light green: covered

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.

Profitable years

Light green: profit every year

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).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
58.3B USD
Revenue vs. prior year
+8.9%
Net income (FY)
17.2B USD
Net income vs. prior year
+20.3%
EPS (FY)
51.32 USD
13F funds with a position
2 of 9
Funds vs. prior quarter
+1
Shares held vs. prior quarter
+1,864.8%
Fiscal year to Dec 31, 2025 · 10-K filed Feb 25, 2026 · Balance sheet Jun 30, 2026 (filed Aug 3, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 58.3B17.2B 29.5% 51.32 14.00 27%
2024Dec 31, 2024 53.5B14.3B 26.7% 40.54 11.50 28%
2023Dec 31, 2023 46.3B8.5B 18.4% 22.87 10.50 46%
2022Dec 31, 2022 47.4B11.3B 23.8% 30.06 9.00 30%
2021Dec 31, 2021 59.3B21.6B 36.5% 59.45 6.50 11%
2020Dec 31, 2020 44.6B9.5B 21.2% 24.74 5.00 20%
2019Dec 31, 2019 36.5B8.5B 23.2% 21.03 4.15 20%
2018Dec 31, 2018 36.6B10.5B 28.6% 25.27 3.15 12%
2017Dec 31, 2017 32.1B4.3B 13.4% 9.01 2.90 32%
2016Dec 31, 2016 30.6B7.4B 24.2% 16.29 2.60 16%
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q2/26Jun 30, 2026 20.3B6.6B 32.6% 20.98 4.50 21%
Q1/26Mar 31, 2026 17.2B5.6B 32.7% 17.55 4.50 26%
Q4/25*Dec 31, 2025 13.5B4.6B 34.3% – 4.00 –
Q3/25Sep 30, 2025 15.2B4.1B 27.0% 12.25 4.00 33%
Q2/25Jun 30, 2025 14.6B3.7B 25.5% 10.91 3.00 27%
Q1/25Mar 31, 2025 15.1B4.7B 31.5% 14.12 3.00 21%
Q4/24*Dec 31, 2024 13.9B4.1B 29.6% – 3.00 –
Q3/24Sep 30, 2024 12.7B3.0B 23.5% 8.40 3.00 36%
Q2/24Jun 30, 2024 12.7B3.0B 23.9% 8.62 2.75 32%
Q1/24Mar 31, 2024 14.2B4.1B 29.1% 11.58 2.75 24%
Q4/23*Dec 31, 2023 11.3B2.0B 17.7% – 2.75 –
Q3/23Sep 30, 2023 11.8B2.1B 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 over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
3 months $00 people $1.0M1 person −$1.0M
6 months $00 people $34.8M5 people −$34.8M
12 months $00 people $148.9M9 people −$148.9M

Latest transactions

  • Oct 22, 2026 Leslie Ericka T Officer Open-market sale 67 shares · $59.7K · SEC
  • Oct 22, 2026 Leslie Ericka T Officer Open-market sale 183 shares · $162.9K · SEC
  • Aug 28, 2026 Leslie Ericka T Officer Open-market sale 600 shares · $620.3K · SEC
  • Aug 4, 2026 Leslie Ericka T Officer Open-market sale 9 shares · $9.5K · SEC
  • Aug 4, 2026 Leslie Ericka T Officer Open-market sale 129 shares · $136.0K · SEC
  • Aug 4, 2026 Leslie Ericka T Officer Open-market sale 37 shares · $39.0K · SEC

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score -30

Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200+20
ADX (trend strength)+15
Highs and lows-20
Relative strength-15

Volatility and trend strength

ADX 14 (trend strength)25.1
Rel. strength 60 d−12.1%

ATR and moving averages as price values only when logged in.

More stocks from Financials

All symbols in this sector

News

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