Strong Earnings Growth
Net income rose 20.3% year-over-year to $17.2B in FY2025, with diluted EPS increasing 26.6% to $51.32, reflecting improved profitability and a reduced share count from aggressive buybacks.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Goldman Sachs delivered a strong FY2025 with net income surging 20.3% to $17.2B and diluted EPS jumping 26.6% to $51.32, driven by robust business performance, while total assets grew 8.0% to $1.81T and the firm returned $17.6B to shareholders via buybacks and dividends.
EPS (Diluted)
$51.32
+26.59% YoY
Source: SEC XBRL
Goldman Sachs Group (GS) used $45.15B of cash in operations in FY2025.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 20.98 | 14.91 | Beat +40.7% |
| Mar 2026 | 17.55 | 16.99 | Beat +3.3% |
| Dec 2025This filing | 14.01 | 12.02 | Beat +16.5% |
| Sep 2025 | 12.25 | 11.33 | Beat +8.1% |
Reported EPS of $14.01 versus the $12.02 analyst consensus — a +16.5% beat for Dec 2025.
Compiled by AI from this SEC filing
Net income rose 20.3% year-over-year to $17.2B in FY2025, with diluted EPS increasing 26.6% to $51.32, reflecting improved profitability and a reduced share count from aggressive buybacks.
Source: 10-K Income Statement
Goldman Sachs returned approximately $17.6B to shareholders in FY2025, comprising $12.4B in share repurchases (up 54.5% YoY) and $5.3B in dividends (up 17.3% YoY), signaling strong capital generation confidence.
Source: 10-K Cash Flow Statement
Total assets grew 8.0% to $1.81T, supported by financing cash inflows of $66.1B (up 802.6% YoY), reflecting increased leverage and balance sheet deployment to support client activity.
Source: 10-K Balance Sheet & Cash Flow Statement
Operating cash flow was -$45.2B in FY2025, a significant deterioration from -$13.2B in the prior year, which is typical for large financial institutions where trading asset and liability movements drive operating cash flows rather than traditional business operations.
Source: 10-K Cash Flow Statement
Stockholders' equity grew modestly by 2.4% to $125.0B, while total liabilities rose 8.4% to $1.68T, resulting in a debt-to-equity ratio of approximately 13.5x, consistent with the highly leveraged nature of global investment banking and financial services.
Source: 10-K Balance Sheet
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
Goldman Sachs operates with a debt-to-equity ratio of approximately 13.5x, meaning the firm is highly leveraged relative to its equity base. Any significant deterioration in asset quality or market conditions could disproportionately impact equity value and capital adequacy.
Source: 10-K Balance Sheet
Operating cash flow worsened to -$45.2B in FY2025 from -$13.2B in FY2024, a 241.8% decline. While this is partly attributable to trading book dynamics typical of investment banks, sustained negative operating cash flows increase reliance on external financing and could signal balance sheet stress.
Source: 10-K Cash Flow Statement
Financing cash inflows surged 802.6% to $66.1B in FY2025, suggesting the firm significantly increased its debt issuance or borrowings to fund operations and investments. This reliance on capital markets for funding exposes Goldman Sachs to refinancing risk and interest rate sensitivity.
Source: 10-K Cash Flow Statement
Cash and equivalents fell 9.8% to $164.3B from $182.1B in the prior year, reducing the firm's immediate liquidity buffer. In a stress scenario, lower cash reserves could constrain the firm's ability to meet short-term obligations without accessing external markets.
Source: 10-K Balance Sheet
Goldman Sachs returned $17.6B to shareholders in FY2025 through buybacks and dividends, representing a substantial portion of net income of $17.2B. Maintaining this pace of capital return while growing the balance sheet and meeting regulatory capital requirements may be challenging if earnings growth moderates.
Source: 10-K Cash Flow Statement & Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Income $B | 17.18 $B | 14.28 $B | +20.31% |
EPS (Basic) $ | 51.95 $ | 41.07 $ | +26.49% |
EPS (Diluted) $ | 51.32 $ | 40.54 $ | +26.59% |
Answers draw on this SEC filing and the data on this page
Goldman Sachs' net earnings more than doubled in Q2 FY2026, driven by record trading and investment banking fees, while it continued to wind down its consumer credit card business.
Goldman Sachs delivered a strong Q1 FY2026 with net income rising 18.8% YoY to $5.63B and diluted EPS of $17.55, driven by robust balance sheet growth and shareholder returns.
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