GS Goldman Sachs FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-25 · 318M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

Goldman Sachs is a financial institution providing investment banking, market-making, asset management, wealth management, and lending services to corporations, financial institutions, governments, and individuals. The company operates through three business segments: Global Banking & Markets, which includes advisory, underwriting, and trading activities in fixed income, currency, commodities, and equities; Asset & Wealth Management, which offers investment management, wealth advisory, and private banking services; and Platform Solutions, which relates to credit card issuance and deposit-raising activities tied to a consumer partnership and businesses being exited. The parent company is a bank holding company and financial holding company, with a subsidiary that is a state-chartered bank.

S&P 500 · Dow Industrials · FINANCIALS · CIK 886982

S&P 500Dow Industrials

REVENUE$58.3B+8.9% YoY
NET INCOME$16.3B+20.5% YoY
OPERATING CASH FLOW$-45.2B-241.8% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$-47.2B-208.6% YoY
65
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 5 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 8/10 on claims and 5/10 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
MIXED10 CHECKS · 2 red · 1 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues58,28353,51246,2541
· Global Banking & Markets41,45335,06729,994
· Asset & Wealth Management16,67916,31614,202
· Platform Solutions1512,1292,058
Depreciation, depletion and amortization2,1822,3924,856
Interest expense66,81473,34162,164
Income before income taxes21,85218,39710,7391
Income tax provision4,6764,1212,2232
— of which current4,4724,9213,5831
Net income attributable to common16,30013,5257,9072
Diluted earnings per share$51.32$40.54$22.871
Weighted-average diluted shares3183343461
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests17,17614,2768,5161
Depreciation, depletion and amortization2,1822,3924,856
Share-based compensation3,4452,6632,085
Deferred income taxes204(800)(1,360)
Net cash provided by operating activities(45,154)(13,212)(12,587)2
Capital expenditure2,0642,0912,3161
Acquisitions, net of cash——(487)
Net cash used in investing activities(44,227)(49,624)(17,312)
Dividends paid5,2774,4974,1892
Repurchases of common stock12,3608,0005,7962
Net cash used in financing activities66,1007,32327,800
Cash and equivalents at end of period164,259182,092241,577
Balance sheet · $ millions20252024
Cash and cash equivalents164,259182,092
Property, plant and equipment, net7,4748,024
Goodwill5,9495,8531
Intangible assets, net842847
Total assets1,809,3201,675,9721
Total liabilities1,684,3481,553,976
Stockholders' equity124,972121,996
Total equity124,972121,996
Segments · as filed in the segment note · $ millionsGlobal Banking & MarketsAsset & Wealth ManagementPlatform SolutionsConsolidated
Net sales41,45316,67915158,283
Assets1,582,670198,57028,0801,809,320
Revenue by product or service

Product revenue is tagged under the filer's own concept, not a standard one; not read.

Revenue by geography · as filed · $ millionsFY2025Share
Americas36,54862.7%
EMEA14,15524.3%
Asia7,58013.0%
Total revenues, as filed58,283100.0%

Geographic lines sum to the filed total.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS1,809,3201,675,972+133,348+8.0%—
Total liabilities · BS1,684,3481,553,976+130,372+8.4%—
Net cash used in financing activities · CF66,1007,323+58,777+802.6%◐ outsized
Net cash provided by operating activities · CF(45,154)(13,212)−31,942-241.8%◐ outsized
Cash and equivalents at end of period · CF164,259182,092−17,833-9.8%—
Cash and cash equivalents · BS164,259182,092−17,833-9.8%—
Interest expense · IS66,81473,341−6,527-8.9%—
· Global Banking & Markets · IS41,45335,067+6,386+18.2%—
Net cash used in investing activities · CF(44,227)(49,624)+5,397+10.9%—
Total revenues · IS58,28353,512+4,771+8.9%—
Repurchases of common stock · CF12,3608,000+4,360+54.5%◐ outsized
Income before income taxes · IS21,85218,397+3,455+18.8%—
Stockholders' equity · BS124,972121,996+2,976+2.4%—
Total equity · BS124,972121,996+2,976+2.4%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
13.9%
sector median 13.7%
adequate
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
-4.6%
sector median -1.0%
shrinking
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.89
sector median 0.57
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 2 of 5volatile
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 37.5%
sector median 26.4%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues15,06214,58315,18417,22720,338
Depreciation, depletion and amortization506618531495509
Interest expense16,48816,68516,970——
Income before income taxes5,6474,9585,3926,4868,563
Income tax provision9091,2351,2948561,935
Net income attributable to common4,5833,4733,8605,4036,399
Diluted earnings per share$14.12$10.91$12.25$17.55$20.98
Weighted-average diluted shares324318315308305
Net cash provided by operating activities(37,230)——(31,868)—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities(37,230)(31,868)+5,362+14.4%
Total revenues17,22720,338+3,111+18.1%
Income before income taxes6,4868,563+2,077+32.0%
Income tax provision8561,935+1,079+126.1%
Net income attributable to common5,4036,399+996+18.4%
Interest expense16,68516,970+285+1.7%
Depreciation, depletion and amortization495509+14+2.8%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$213,200M10-K cover · as of 2025-06-30
Insider Form 4s, 90d12 filings · 4 buys / 55 sellsnet buying · +$14,973,534
· Goldman Sachs Group IncBUY $8,500,000Form 4 filed 2026-08-28 · open market
· Goldman Sachs Group IncBUY $1,785,000Form 4 filed 2026-08-28 · open market
· Goldman Sachs Group IncBUY $1,785,000Form 4 filed 2026-08-13 · open market
· Goldman Sachs Group IncSELL $1,607,835Form 4 filed 2026-08-28 · open market
· Leslie Ericka TSELL $620,280Form 4 filed 2026-09-01 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Return on equity →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Financials →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Goldman Sachs's Form 10-K for FY2025 (accession 0000886982-26-000091), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. GS is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.