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The Goldman Sachs Group logo
GS.NYSE
The Goldman Sachs Group
Financials · Investment Banking & Brokerage
Global investment banking, securities, and investment management firm serving corporations, financial institutions, and governments.MoreShow less
HQ: United StatesListed: United States

Profile & Fundamentals

The Goldman Sachs Group (GS.NYSE) Profile & Fundamentals

Review The Goldman Sachs Group reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.

Interactive annual chartsAI financial reviewsReported source tables
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Profile & Fundamentals contents

Company and Market Context

The Goldman Sachs Group: Company Profile & Ownership

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.

GS.NYSE

Company profile record

Goldman Sachs Group Inc

Common Stock · Financials · Investment Banking & Brokerage

Official website

Company

Company / asset
Goldman Sachs Group Inc
Security type
Common Stock
Sector
Financials
Industry
Investment Banking & Brokerage
HQ
🇺🇸 United States
Head office
200 West Street, New York, NY, United States, 10282

Leadership & scale

Chief executive
Mr. David M. Solomon
CEO year born
1962
Full-time employees
47.5K
Fiscal year end
December
IPO date
1999-05-03

Fundamentals snapshot

Updated 2026-11-04
Market Cap
USD 260.7B
P/E
11.8x
Revenue (Q3 26)
USD 37.7B
Profit (Q3 26)
USD 5.3B
Dividend Yield
1.5%
Revenue (FY 25)
USD 125.1B
Shares in public float
298.2M
Insider ownership
0.59%

Reporting & identifiers

Symbol
GS.NYSE
Listing
🇺🇸 United States | Dividend Tax: 30%
Ticker Currency
USD
Income Statement Currency
USD
Balance Sheet Currency
USD
Cash Flow Currency
USD
EPS Currency
USD
Contract Type
SPOT
ISIN
US38141G1040
Asset ID
equity_f39e281c-e020-5a97-94c9-8352f25a09f5

The Goldman Sachs Group: Ownership

Shares Outstanding

Latest: 301.1M | Max: 389.8M | Min: 301.1M

Shares Outstanding
491.1M368.4M245.6M122.8M0.00
301.1M
'17
'19
'21
'23
'25
'26

Latest reported ownership snapshot

Float Shares

99.05%

298.2M latest reported shares

Insider Ownership

0.59%

Latest reported insider stake

Short Float

0.02%

Latest reported short interest / float

Top Holders

Top 5 concentration: 26.71%
BlackRock Inc
institution
Filed 2026-06-30 • Change -89.0K (-0.37%)
8.21%(23.9M shares)
State Street Corp
institution
Filed 2026-06-30 • Change -424.6K (-2.21%)
6.47%(18.8M shares)
Vanguard Capital Management, LLC
institution
Filed 2026-06-30 • Change +39.0K (+0.21%)
6.33%(18.4M shares)
Vanguard MStar Total Stk Mkt Idx Invest
fund
Filed 2026-09-30 • Change -231.5K (-2.63%)
2.94%(8.6M shares)
JPMorgan Chase & Co
institution
Filed 2026-06-30 • Change +823.6K (+11.41%)
2.76%(8.0M shares)
Vanguard Portfolio Management, LLC
institution
Filed 2026-06-30 • Change +7.2K (+0.10%)
2.48%(7.2M shares)
Vanguard 500 Index Investor
fund
Filed 2026-09-30 • Change -275.3K (-3.74%)
2.43%(7.1M shares)
Source tablesView ownership tables

Shares Outstanding

Annual reported shares outstanding; up to 10 reporting dates.

Scroll the table to see every column.

Shares outstanding — reported values
Reporting dateShares outstanding
2017-01-01389,800,000
2018-01-01384,300,000
2019-01-01367,300,000
2020-01-01361,000,000
2021-01-01352,300,000
2022-01-01356,700,000
2023-01-01345,800,000
2024-01-01328,400,000
2025-01-01317,600,000
2026-01-01301,100,000

Top Holders

Available reported ownership records.

Scroll the table to see every column.

Largest reported holders
HolderSharesOwnershipReported date
BlackRock Inc23,900,3768.21%2026-06-30
State Street Corp18,830,4646.47%2026-06-30
Vanguard Capital Management, LLC18,425,6706.33%2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest8,567,2162.94%2026-09-30
JPMorgan Chase & Co8,039,0702.76%2026-06-30
Vanguard Portfolio Management, LLC7,215,4212.48%2026-06-30
Vanguard 500 Index Investor7,089,1812.43%2026-09-30
Morgan Stanley - Brokerage Accounts7,030,9742.41%2026-06-30
Fisher Asset Management, LLC6,964,1132.39%2026-06-30
Geode Capital Management, LLC6,948,5852.39%2026-06-30
Bank of America Corp6,680,8112.29%2026-06-30
State Street®SPDR®DowJonesIndstrAvgETFTr5,164,2341.77%2026-10-29
iShares Core S&P 500 ETF3,874,1711.33%2026-10-23
FMR Inc3,866,6401.33%2026-06-30
Fidelity 500 Index3,829,4571.32%2026-08-31

The Goldman Sachs Group: Earnings, Profitability & Valuation

Latest Financials Filed On

Earnings & Revenue

Earnings and Revenue Trajectory

AI Review

AI review as of Sep 20, 2026. Newer financial records are available: Financial statements filed Nov 2, 2026. This review has not been updated for those records.

Goldman Sachs demonstrated explosive financial growth through mid-2026, generating twenty-one billion dollars in trailing net income. Second-quarter net profits jumped seventy-eight percent to 6.63 billion dollars, driven by record equities trading and landmark technology public offerings. Discontinuing retail consumer banking removed multi-billion-dollar credit losses, restoring core wholesale operating leverage. However, these stellar headline results reflect peak capital markets conditions rather than a permanently higher baseline. Sequential quarterly revenues remain volatile, while negative dealer cash flows simply mirror balance-sheet inventory expansion. True underlying earnings power sits closer to mid-cycle averages than recent quarterly records imply.

Revenue, Net Income, and Free Cash Flow

Latest: USD 125.1B | Max: USD 126.9B | Min: USD -47.2B

RevenueFree Cash FlowNet Income
USD 172.1BUSD 112.1BUSD 52.0BUSD 0.00USD -68.1B
125.1B
-47.2B
17.2B
'16
'18
'20
'22
'24
'25

Valuation

P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.

Latest: 16x

18x14x9x5x0x
6x
16x
16x
'21'23'25

Profitability & Margins

Margins and Operating Efficiency

AI Review

AI review as of Sep 20, 2026. Newer financial records are available: Financial statements filed Nov 2, 2026. This review has not been updated for those records.

Profitability margins staged a remarkable resurgence, with operating margins widening to 17.5% in fiscal 2025 and trailing net margins approaching 18%. In peak quarters, annualized return on equity reached 23.5%, propelled by surging underwriting fees and active trading desks that outran fixed compensation expenses. While scaling asset management fees provides a higher floor, profitability remains tethered to market cycles. Wall Street compensation accruals consume roughly one-third of revenues, while technology depreciation adds fixed overhead. As extraordinary underwriting fees normalize toward mid-cycle averages, return on equity will naturally settle toward sustainable mid-teens levels.

Profitability Margins

Latest: 47.5% | Max: 90.8% | Min: 7.9%

Gross MarginOperating MarginNet Margin
114.4%85.8%57.2%28.6%0.0%
47.5%
17.5%
13.7%
'16
'18
'20
'22
'24
'25

Latest Profitability Ratios as of 2025-12-31

Gross Margin

47.5%

Gross profit / revenue

Operating Margin

17.5%

Operating income / revenue

Net Margin

13.7%

Net income / revenue

FCF Margin

-37.7%

Free cash flow / revenue

Source tablesView earnings, profitability & valuation tables

Revenue, Net Income, and Free Cash Flow

Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.

Scroll the table to see every column.

Annual earnings and cash flow
Period endRevenue (USD)Net income (USD)Free cash flow (USD)
2016-12-3137,894,000,0007,398,000,0002,694,000,000
2017-12-3142,797,000,0004,286,000,000-20,927,000,000
2018-12-3152,368,000,00010,459,000,00012,439,000,000
2019-12-3153,902,000,0008,466,000,00015,425,000,000
2020-12-3153,497,000,0009,459,000,000-20,037,000,000
2021-12-3164,989,000,00021,635,000,000-3,746,000,000
2022-12-3168,711,000,00011,261,000,0004,960,000,000
2023-12-31108,418,000,0008,516,000,000-14,903,000,000
2024-12-31126,853,000,00014,276,000,000-15,303,000,000
2025-12-31125,097,000,00017,176,000,000-47,218,000,000

Published P/E Ratio

Published valuation snapshots retain each observation's earnings basis.

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Published valuation snapshots
Period endP/E (times earnings)Earnings basis
2025-12-3116.3Trailing four quarters
2024-12-3113.2Trailing four quarters
2023-12-3115.7Trailing four quarters
2022-12-3110.9Annual net income
2021-12-316.2Annual net income

Profitability Margins

Matching annual reporting dates. Values are percentages.

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Annual profitability margins
Period endGross margin (%)Operating margin (%)Net margin (%)Free cash flow margin (%)
2016-12-3180.7727.1919.527.11
2017-12-3174.6826.0110.01-48.9
2018-12-3168.3323.8319.9723.75
2019-12-3165.7919.6315.7128.62
2020-12-3177.523.3317.68-37.45
2021-12-3190.7641.6133.29-5.76
2022-12-3164.9819.6316.397.22
2023-12-3141.719.917.85-13.75
2024-12-3141.1214.511.25-12.06
2025-12-3147.4817.4713.73-37.75

Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.

Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.

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