The Goldman Sachs Group, Inc. (GS) Cash Flow Statement
Where GS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$45.15B
- Capital expenditures
- $2.06B 1.6% of revenue
- Free cash flow
- −$47.22B −37.7% margin
- Returned to shareholders
- $17.64B
- Change in cash
- −$17.83B cash at year-end $164.26B
Cash from operations
−$45.15B
Capital expenditures
−$2.06B
Investments (net)
−$5.15B
Acquisitions & other
−$37.01B
Dividends
−$5.28B
Share buybacks (net)
−$12.36B
Net borrowing (repayment)
+$18.98B
Shares issued
+$1.90B
Other financing
+$62.86B
Currency & other
+$5.45B
Change in cash
−$17.83B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.57B2016 | −$45.15B2025 | — | |
| Capital expenditures | $2.88B2016 | $2.06B2025 | −3.6%/yr | |
| Free cash flow | $2.69B2016 | −$47.22B2025 | — | |
| Free cash flow margin | 7.1%2016 | −37.7%2025 | −44.9 pts | |
| Operating cash flow / net income | 0.752016 | −2.632025 | −3.38 | |
| Stock-based compensation | $2.11B2016 | $3.44B2025 | +5.6%/yr | |
| Dividends paid | $1.71B2016 | $5.28B2025 | +13.4%/yr | |
| Share buybacks (net) | $6.08B2016 | $12.36B2025 | +8.2%/yr | |
| Capex / revenue | 7.6%2016 | 1.6%2025 | −5.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GS cash flow by activity
OperatingInvestingFinancingChange in cash
GS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $17.18B | $14.28B | $8.52B | $11.26B | $21.64B | $9.46B | $8.47B | $10.46B | $4.29B | $7.40B |
| Depreciation & amortization | $2.18B | $2.39B | $4.86B | $2.46B | $2.02B | $1.90B | $1.70B | $1.33B | $1.15B | $998.0M |
| Stock-based compensation | $3.44B | $2.66B | $2.08B | $4.08B | $2.35B | $1.92B | $2.02B | $1.83B | $1.77B | $2.11B |
| Change in working capital | −$68.91B | −$33.09B | −$27.71B | −$9.39B | −$25.44B | −$29.27B | $10.97B | $32.31B | −$19.59B | −$20.74B |
| Other non-cash items | $950.0M | $548.0M | −$332.0M | $303.0M | $362.0M | $2.26B | $711.0M | −$25.51B | −$5.36B | $15.81B |
| Cash from operating activities | −$45.15B | −$13.21B | −$12.59B | $8.71B | $921.0M | −$13.73B | $23.87B | $20.42B | −$17.74B | $5.57B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.06B | −$2.09B | −$2.32B | −$3.75B | −$4.67B | −$6.31B | −$8.44B | −$7.98B | −$3.19B | −$2.88B |
| Investments (net) | −$5.15B | −$49.62B | −$20.26B | −$72.80B | −$29.73B | −$30.79B | −$21.62B | −$18.24B | −$24.12B | −$3.16B |
| Acquisitions & other investing | −$37.01B | $2.09B | $5.27B | $591.0M | $3.93B | $2.74B | $5.83B | $3.55B | −$1.81B | $15.30B |
| Cash from investing activities | −$44.23B | −$49.62B | −$17.31B | −$75.96B | −$30.46B | −$34.36B | −$24.24B | −$22.68B | −$29.12B | $9.27B |
| Financing activities | ||||||||||
| Dividends paid | −$5.28B | −$4.50B | −$4.19B | −$3.68B | −$2.73B | −$2.34B | −$2.10B | −$1.81B | −$1.77B | −$1.71B |
| Share repurchases & issuance (net) | −$12.36B | −$10.20B | −$6.80B | −$3.50B | −$7.88B | −$2.28B | −$6.43B | −$3.29B | −$7.62B | −$6.08B |
| Net borrowing (repayment) | $18.98B | $10.58B | −$4.71B | $82.92B | $90.92B | $51.19B | $22.17B | $41.44B | $61.02B | $47.57B |
| Shares issued | $1.90B | $4.24B | $1.50B | $749.0M | $2.17B | $349.0M | $1.10B | $38.0M | $0 | $0 |
| Other financing | $62.86B | $7.20B | $42.00B | −$16.88B | $52.24B | $23.46B | −$11.36B | −$13.62B | −$16.43B | −$26.36B |
| Cash from financing activities | $66.10B | $7.32B | $27.80B | $59.60B | $134.74B | $70.38B | $3.37B | $22.75B | $35.20B | $13.43B |
| Summary | ||||||||||
| Net change in cash | −$17.83B | −$59.48B | −$248.0M | −$19.21B | $105.19B | $22.30B | $3.00B | $20.50B | −$11.66B | $28.27B |
| Cash at end of period | $164.26B | $182.09B | $241.58B | $241.82B | $261.04B | $155.84B | $133.55B | $130.55B | $110.05B | $121.71B |
| Free cash flow | −$47.22B | −$15.30B | −$14.90B | $4.96B | −$3.75B | −$20.04B | $15.43B | $12.44B | −$20.93B | $2.69B |
| Free cash flow margin | −37.7% | −12.1% | −13.7% | 7.2% | −5.8% | −37.5% | 28.6% | 23.8% | −48.9% | 7.1% |
| Capex / revenue | 1.6% | 1.6% | 2.1% | 5.5% | 7.2% | 11.8% | 15.7% | 15.2% | 7.4% | 7.6% |
| Operating cash flow / net income | −2.63 | −0.93 | −1.48 | 0.77 | 0.04 | −1.45 | 2.82 | 1.95 | −4.14 | 0.75 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $6.63B | $5.63B | $4.62B | $4.10B | $3.72B | $4.74B | $4.11B | $2.99B | $3.04B | $4.13B | $2.01B | $2.06B |
| Depreciation & amortization | $509.0M | $495.0M | $527.0M | $531.0M | $618.0M | $506.0M | $498.0M | $621.0M | $646.0M | $627.0M | $780.0M | $1.51B |
| Stock-based compensation | $439.0M | $2.53B | $258.0M | $237.0M | $533.0M | $2.42B | $104.0M | $120.0M | $595.0M | $1.84B | $77.0M | $228.0M |
| Change in working capital | −$1.13B | −$40.79B | −$19.91B | −$2.57B | $770.0M | −$45.33B | $41.85B | −$41.99B | $2.06B | −$35.02B | −$14.89B | −$29.34B |
| Other non-cash items | −$339.0M | $268.0M | −$1.77B | $388.0M | $28.0M | $441.0M | $204.0M | $195.0M | −$229.0M | $378.0M | −$16.33B | $7.0M |
| Cash from operating activities | $6.11B | −$31.87B | −$16.28B | $2.68B | $5.67B | −$37.23B | $46.77B | −$38.06B | $6.12B | −$28.04B | −$28.36B | −$25.53B |
| Investing activities | ||||||||||||
| Capital expenditures | −$502.0M | −$565.0M | −$531.0M | −$558.0M | −$476.0M | −$499.0M | −$586.0M | −$466.0M | −$542.0M | −$497.0M | −$546.0M | −$507.0M |
| Investments (net) | −$19.50B | −$42.44B | $8.54B | −$5.11B | −$11.33B | −$22.75B | −$7.12B | −$29.29B | −$5.24B | −$7.98B | −$3.34B | −$8.03B |
| Acquisitions & other investing | −$8.56B | −$13.30B | −$13.04B | $558.0M | $476.0M | $499.0M | $586.0M | $466.0M | $542.0M | $497.0M | $546.0M | −$5.43B |
| Cash from investing activities | −$28.57B | −$56.31B | −$5.03B | −$5.11B | −$11.33B | −$22.75B | −$7.12B | −$29.29B | −$5.24B | −$7.98B | −$3.34B | −$13.97B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.60B | −$1.59B | −$1.46B | −$1.48B | −$1.22B | −$1.11B | −$1.15B | −$1.17B | −$1.05B | −$1.12B | −$1.06B | −$1.10B |
| Share repurchases & issuance (net) | −$4.00B | −$5.00B | −$3.00B | −$2.00B | −$3.00B | −$4.36B | −$3.50B | −$1.00B | −$4.20B | −$1.50B | −$1.00B | −$2.50B |
| Net borrowing (repayment) | $39.55B | $52.89B | $8.84B | −$1.55B | $677.0M | $11.03B | $5.50B | −$776.0M | — | — | — | $2.53B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.90B | $0 | $2.00B | $2.24B | $0 | $0 | $1.50B |
| Other financing | −$3.03B | $58.00B | $12.38B | $24.81B | −$9.72B | $35.38B | −$8.66B | $11.29B | $637.0M | $9.79B | $30.08B | $6.01B |
| Cash from financing activities | $30.92B | $104.29B | $16.75B | $19.78B | −$13.26B | $42.83B | −$7.82B | $10.34B | −$2.37B | $7.17B | $28.02B | $6.44B |
| Summary | ||||||||||||
| Net change in cash | $7.74B | $15.27B | −$5.32B | $16.61B | −$14.44B | −$14.68B | $27.40B | −$51.64B | −$3.06B | −$32.19B | $1.70B | −$31.05B |
| Cash at end of period | $187.27B | $179.53B | $164.26B | $169.58B | $152.97B | $167.41B | $182.09B | $154.69B | $206.33B | $209.38B | $241.44B | $239.88B |
| Free cash flow | $5.60B | −$32.43B | −$16.81B | $2.12B | $5.20B | −$37.73B | $46.18B | −$38.53B | $5.58B | −$28.54B | −$28.90B | −$26.04B |
| Free cash flow margin | 14.6% | −188.3% | −55.8% | 6.6% | 16.6% | −119.6% | 143.2% | −122.2% | 17.9% | −88.1% | −101.5% | — |
| Capex / revenue | 1.3% | 3.3% | 1.8% | 1.7% | 1.5% | 1.6% | 1.8% | 1.5% | 1.7% | 1.5% | 1.9% | — |
| Operating cash flow / net income | 0.92 | −5.66 | −3.53 | 0.65 | 1.52 | −7.86 | 11.38 | −12.73 | 2.01 | −6.79 | −14.12 | −12.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GS cash generation
In fiscal 2025 (ended December 31, 2025), Goldman Sachs generated -$45.2 billion of cash from operations and spent $2.1 billion on capital expenditures, leaving free cash flow of -$47.2 billion, −37.7% of revenue. It returned $17.6 billion to shareholders through dividends ($5.3 billion) and net share buybacks ($12.4 billion). Cash and equivalents fell by $17.8 billion over the year.
Related: GS income statement, GS balance sheet, GS dividend history. See the GS stock overview for the latest quote and news.
GS cash flow FAQ
What is Goldman Sachs's free cash flow?
Goldman Sachs's free cash flow was -$47.2 billion in fiscal 2025: -$45.2 billion of operating cash flow minus $2.1 billion of capital expenditures It was -$15.3 billion a year earlier..
How much cash does Goldman Sachs generate from operations?
Goldman Sachs generated -$45.2 billion of cash from operating activities in fiscal 2025, −2.63 times its net income of $17.2 billion.
How much does Goldman Sachs spend on capital expenditures?
Goldman Sachs spent $2.1 billion on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $2.1 billion the year before.
How much stock does Goldman Sachs buy back?
Goldman Sachs spent $12.4 billion on net share repurchases in fiscal 2025.
How much does Goldman Sachs pay in dividends?
Goldman Sachs paid $5.3 billion in dividends in fiscal 2025.