Earnings quality
Compare earnings and operating cash flow for earnings quality.
The Goldman Sachs Group, Inc.
Ticker GS · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-25 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 6.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio6.9%
Last priceUSD 868.95
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
The Goldman Sachs Group, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 212-902-1000 · As of filing date 2026-02-25
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | $4.1B | $4.7B |
| Net income | $14.3B | $17.2B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $182.1B | $164.3B |
| Current assets | — | — |
| Non-current assets* | — | — |
| Total assets | $1.7T | $1.8T |
| Current liabilities | — | — |
| Non-current liabilities* | — | — |
| Total liabilities | $1.6T | $1.7T |
| Stockholders’ equity | $122.0B | $125.0B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | -$13.2B | -$45.2B |
| Investing cash flow | -$49.6B | -$44.2B |
| Financing cash flow | $7.3B | $66.1B |
| Cash at end of period | $182.1B | $164.3B |
Five-year trends
No multi-year summary metrics found in this filing.
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—). Operating profit went from — to — (—).
Operating cash flow was -$45.2B (prior -$13.2B), with cash on the balance sheet at $164.3B versus $182.1B.
Liquidity & leverage
Cash moved from $182.1B to $164.3B; current liabilities —.
Capital buffer
Stockholders’ equity moved from $122.0B to $125.0B.
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Source: SEC EDGAR 0000886982-26-000091
(The Goldman Sachs Group, Inc.), period end 2025-12-31.