Goldman SachsGS

Goldman SachsGS

Revenue: is the business selling more than it used to?

$58.3B+9% YoYFY 2025

→Revenue reached $58.3B in 2025, compounding +7% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $66.2B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Net income: how much of that revenue becomes profit?

$17.2B+20% YoYFY 2025

→Net income was $17.2B in 2025, compounding +15% a year over three years. Earnings per share moved +35% over the last twelve months. Trailing twelve-month profit stands at $21.0B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

How fast is it growing, year by year?

+8.9%revenue growth, FY 2025

→Revenue grew +9% in 2025 against a five-year average of +7%. Earnings grew faster (+20%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Revenue per share: is your slice growing as fast as the company?

$183.51revenue per share, FY 2025

→Revenue per share reached $183.51 in 2025, compounding +12% a year against +7% for GS as a whole. Buybacks added roughly 4.4 points to your per-share result. Free cash flow per share stands at $-148.67.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Free cash flow: what is left in real cash after everything?

$-47.2BFY 2025

→The business consumed $47.2B of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

How much of every sales dollar ends up as free cash?

→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is stock compensation, at 6% of revenue (capital spending 4%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Margins: of every $1 of sales, how much survives each cost layer?

→Net margin stands at 29% in 2025. GS doesn't break out gross or operating margin in its filings, so net is the only layer the data supports.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

What does it earn on the money it uses?

→GS earns 17% on shareholders' capital. Return on capital employed isn't meaningful for this business model, so ROE carries the picture alone.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

What has the market paid for GS over time?

15.7xP/E today

→At 15.7x earnings, the market is paying +64% more than GS's own 11-year median of 9.6x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

What cash return does the business throw off per dollar of market value?

-13.7%FCF yield today

→Every dollar of market value currently buys -13.7% of annual free cash flow, less than its 11-year median of 1.4% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Could it handle its debt if things went wrong?

→Debt isn't clearly tagged in GS's filings, so treat the balance sheet with extra care rather than assuming zero.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Is the company's own capital growing?

→The company's own capital grew from $116.9B in 2023 to $122.7B (+5%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

How much goes back, and how much leaks out as stock comp?

→Shareholders received $12.4B in buybacks and $5.3B in dividends in 2025. Stock compensation issued $3.4B of new shares in the same year, offsetting 20% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

How fast is your ownership being diluted - or concentrated?

→The share count shrank 4.8% in 2025, averaging 3.9% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Is the dividend cheque growing?

→The dividend per share reached $16.62 in 2025, compounding +21% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Can it afford the dividend?

→The dividend consumed 31% of profit and 74% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

GS has issued or retired shares - did shareholders end up better off?

→GS has shrunk its share count -43% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +255% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

Goldman SachsGS

Are the people running it buying or selling?

→Insiders bought $24M and sold $100M on the open market, a net sale of $76M. A further 5 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30