The Goldman Sachs Group, Inc. (GS) Income Statement
GS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGS revenue and net income
Where GS's revenue goes
2025Each bar shows an amount and its share of revenue. GS kept 13.7% of revenue as net income.
GS profit margins
GS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.4% | +22.1% | +18.5% | +12.3% |
| Gross profit | +13.9% | +10.0% | +7.5% | +5.8% |
| Operating income | +18.8% | +17.5% | +11.9% | +9.5% |
| Net income | +20.3% | +15.1% | +12.7% | +10.9% |
| EPS (diluted) | +28.3% | +19.5% | +10.2% | +12.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GS quarterly EPS vs estimates
Goldman Sachs beat the analyst EPS estimate in 8 of the last 8 quarters.
GS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.10B | $126.85B | $108.42B | $68.71B | $64.99B | $53.50B | $53.90B | $52.37B | $42.80B | $37.89B |
| Cost of revenue | $65.70B | $74.69B | $63.19B | $24.06B | $6.01B | $12.04B | $18.44B | $16.59B | $10.84B | $7.29B |
| Gross profit | $59.40B | $52.16B | $45.23B | $44.65B | $58.98B | $41.46B | $35.46B | $35.78B | $31.96B | $30.61B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $19.62B | $17.35B | $16.13B | $15.96B | $18.27B | $13.71B | $13.09B | $13.07B | $12.24B | $11.90B |
| Total operating expenses | $37.54B | $33.77B | $34.49B | $31.16B | $31.94B | $28.98B | $24.88B | $23.30B | $20.83B | $20.30B |
| Operating income | $21.85B | $18.40B | $10.74B | $13.49B | $27.04B | $12.48B | $10.58B | $12.48B | $11.13B | $10.30B |
| Interest income | $80.37B | $81.40B | $62.44B | $29.02B | $12.12B | $13.69B | $21.74B | $19.68B | $13.11B | $9.69B |
| Interest expense | $66.81B | $73.34B | $62.16B | $21.35B | $5.65B | $8.94B | $17.38B | $15.91B | $10.18B | $7.10B |
| Income before taxes | $21.85B | $18.40B | $10.74B | $13.49B | $27.04B | $12.48B | $10.58B | $12.48B | $11.13B | $10.30B |
| Income taxes | $4.68B | $4.12B | $2.22B | $2.23B | $5.41B | $3.02B | $2.12B | $2.02B | $6.85B | $2.91B |
| Net income | $17.18B | $14.28B | $8.52B | $11.26B | $21.64B | $9.46B | $8.47B | $10.46B | $4.29B | $7.40B |
| EBITDA | $24.03B | $20.79B | $15.60B | $15.94B | $29.06B | $14.38B | $12.29B | $13.81B | $12.28B | $11.30B |
| EPS (diluted) | $51.29 | $39.98 | $22.82 | $30.06 | $59.36 | $31.60 | $21.00 | $25.25 | $19.80 | $16.36 |
| Gross margin | 47.5% | 41.1% | 41.7% | 65.0% | 90.8% | 77.5% | 65.8% | 68.3% | 74.7% | 80.8% |
| Operating margin | 17.5% | 14.5% | 9.9% | 19.6% | 41.6% | 23.3% | 19.6% | 23.8% | 26.0% | 27.2% |
| Net margin | 13.7% | 11.3% | 7.9% | 16.4% | 33.3% | 17.7% | 15.7% | 20.0% | 10.0% | 19.5% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.70B | $38.43B | $17.23B | $30.12B | $32.15B | $31.27B | $31.55B | $32.24B | $31.52B | $31.18B | $32.39B | $28.46B |
| Cost of revenue | $19.39B | $18.20B | $315.0M | $14.55B | $17.31B | $17.07B | $16.77B | $18.72B | $19.22B | $18.73B | $18.50B | $17.72B |
| Gross profit | $18.31B | $20.24B | $16.91B | $15.58B | $14.85B | $14.20B | $14.78B | $13.52B | $12.30B | $12.45B | $13.89B | $10.74B |
| Sales, general & admin | $6.23B | $7.78B | $9.95B | $4.88B | $4.85B | $4.85B | $5.03B | $3.94B | $4.28B | $4.39B | $4.74B | $3.78B |
| Total operating expenses | $11.31B | $8.71B | $10.43B | $9.72B | $9.45B | $9.24B | $9.13B | $8.26B | $8.31B | $8.53B | $8.66B | $8.49B |
| Operating income | $7.00B | $11.52B | $6.49B | $5.86B | $5.39B | $4.96B | $5.65B | $5.26B | $3.99B | $3.92B | $5.24B | $2.25B |
| Interest income | — | $22.05B | $20.64B | $20.38B | $20.82B | $19.79B | $19.38B | $19.95B | $21.45B | $20.44B | $19.55B | $18.48B |
| Interest expense | $19.02B | $18.09B | $17.08B | $16.67B | $16.97B | $16.68B | $16.49B | $18.37B | $18.82B | $18.45B | $18.18B | $17.14B |
| Income before taxes | $7.00B | $8.56B | $6.49B | $5.86B | $5.39B | $4.96B | $5.65B | $5.26B | $3.99B | $3.92B | $5.24B | $2.25B |
| Income taxes | $1.71B | $1.94B | $856.0M | $1.24B | $1.29B | $1.24B | $909.0M | $1.15B | $997.0M | $873.0M | $1.10B | $246.0M |
| Net income | $5.29B | $6.63B | $5.63B | $4.62B | $4.10B | $3.72B | $4.74B | $4.11B | $2.99B | $3.04B | $4.13B | $2.01B |
| EBITDA | $7.54B | $12.03B | $7.05B | $6.38B | $5.92B | $5.58B | $6.15B | $5.75B | $4.61B | $4.56B | $5.86B | $3.03B |
| EPS (diluted) | $17.01 | $20.98 | $17.55 | $14.01 | $12.25 | $10.91 | $14.12 | $10.97 | $9.02 | $8.41 | $11.58 | $5.48 |
| Gross margin | 48.6% | 52.7% | 98.2% | 51.7% | 46.2% | 45.4% | 46.8% | 41.9% | 39.0% | 39.9% | 42.9% | 37.7% |
| Operating margin | 18.6% | 30.0% | 37.7% | 19.4% | 16.8% | 15.9% | 17.9% | 16.3% | 12.6% | 12.6% | 16.2% | 7.9% |
| Net margin | 14.0% | 17.2% | 32.7% | 15.3% | 12.7% | 11.9% | 15.0% | 12.8% | 9.5% | 9.8% | 12.8% | 7.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GS's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GS financial results
In fiscal year 2025 (ended December 31, 2025), Goldman Sachs reported revenue of $125.1 billion, down 1.4% from the year before. It had net income of $17.2 billion (up 20.3%), a net profit margin of 13.7%. Diluted earnings per share came to $51.29. Over five years revenue grew at an average rate of 18.5% a year.
See the GS stock overview for the latest quote and news, or the GS chart for price history and technical indicators.
GS income statement FAQ
What is Goldman Sachs's annual revenue?
Goldman Sachs reported total revenue of $125.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.4% from $126.9 billion the previous year.
Is Goldman Sachs profitable?
Yes. Goldman Sachs reported net income of $17.2 billion in fiscal 2025, a net profit margin of 13.7%; its operating margin was 17.5%.
What is Goldman Sachs's gross margin?
Goldman Sachs's gross margin was 47.5% in fiscal 2025: for every $100 of revenue, Goldman Sachs kept $47 after the direct cost of its products and services.
How fast is Goldman Sachs growing?
Revenue grew 18.5% a year on average over the last five fiscal years, from $53.5 billion to $125.1 billion.
What are Goldman Sachs's earnings per share?
Goldman Sachs earned $51.29 per diluted share in fiscal 2025, compared with $39.98 a year earlier.
When does Goldman Sachs's fiscal year end?
Goldman Sachs's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.