The Goldman Sachs Group, Inc.
Profit after direct costs
Core business profitability
Bottom line profitability
Top line growth rate
Flow of revenue through cost categories to net income
| Item | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | YoY Change |
|---|---|---|---|---|---|---|---|
Total Revenue | 64.99B | 68.71B | 108.42B | 126.85B | 125.10B | -1.4% | |
| Cost of Revenue | (6.01B) | (24.06B) | (63.19B) | (74.69B) | (65.70B) | -12.0% | |
Gross Profit | 58.98B | 44.65B | 45.23B | 52.16B | 59.40B | 13.9% | |
| Operating Expenses | |||||||
| Research & Development | — | — | — | — | — | — | |
| Selling, General & Administrative | (18.27B) | (15.96B) | (16.13B) | (17.35B) | (19.62B) | 13.0% | |
| General & Administrative | (17.72B) | (15.15B) | (15.50B) | (16.71B) | (18.91B) | 13.2% | |
| Selling & Marketing | (553.00M) | (812.00M) | (629.00M) | (646.00M) | (710.00M) | 9.9% | |
| Depreciation & Amortization | (2.02B) | (2.46B) | (4.86B) | (2.39B) | (2.18B) | -8.8% | |
Operating Income (EBIT) | 27.04B | 13.49B | 10.74B | 18.40B | 21.85B | 18.8% | |
| Non-Operating Items | |||||||
| Interest Income | 12.12B | 29.02B | 68.52B | 81.40B | 80.37B | -1.3% | |
| Interest Expense | (5.65B) | (21.35B) | (62.16B) | (73.34B) | (66.81B) | -8.9% | |
| Other Income/Expenses (Net) | — | — | — | — | — | — | |
Income Before Tax | 27.04B | 13.49B | 10.74B | 18.40B | 21.85B | 18.8% | |
| Income Tax Expense | (5.41B) | (2.23B) | (2.22B) | (4.12B) | (4.68B) | 13.5% | |
Net Income | 21.64B | 11.26B | 8.52B | 14.28B | 17.18B | 20.3% | |
| Per Share Metrics | |||||||
| Earnings Per Share (Basic) | $60 | $31 | $23 | $41 | $52 | 26.0% | |
| Weighted Avg Shares Outstanding | 350.50M | 352.10M | 340.80M | 328.10M | 312.70M | -4.7% | |
| Weighted Avg Shares Outstanding (Diluted) | 355.80M | 358.10M | 345.80M | 333.60M | 317.60M | -4.8% | |
EBITDA | 29.06B | 15.94B | 15.60B | 20.79B | 24.03B | 15.6% |
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