GS Free cash flow
Free cash flow at Goldman Sachs fell to −$47.2B in fiscal 2025, the lowest in the 5 years reported, from −$15.3B in 2024.
Not a GAAP measure. Derived here as operating cash flow less capital expenditure, both as filed; the arithmetic is shown in the table.
SOURCE: us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment · EDGAR CompanyFacts · CIK 886982 · EDGAR ↗ · FY2021–FY2025 · ANNUAL
History AS FILED · DERIVATION SHOWN WHERE DERIVED
| Fiscal year | Operating cash flow | Capital expenditure | Free cash flow |
|---|---|---|---|
| FY2025 | −$45.2B | −$2.1B | −$47.2B |
| FY2024 | −$13.2B | −$2.1B | −$15.3B |
| FY2023 | −$12.6B | −$2.3B | −$14.9B |
| FY2022 | $8.7B | −$3.7B | $5.0B |
| FY2021 | $6.3B | −$4.7B | $1.6B |
Cross-checks touching this measure FROM THE FILING REVIEW
✗ RED FLAGCash conversion stability
The ratio of operating cash flow to net income swings 1.79× across three years. This page verifies no stated cause; the flag marks the size of the swing.
FY2025 10-K · FULL RECONCILIATION →✗ RED FLAGCapital returned vs free cash flow
Free cash flow was negative in the current year while capital was returned — the multiple is shown for arithmetic only and is not meaningful as a ratio. The flag marks the combination. Management's own account touching these lines appears in the "capital returned" claim on this page (partial); this page has not independently verified it.
FY2025 10-K · FULL RECONCILIATION →More SAME DATA, OTHER VIEWS
Free cash flow across coverage → · GS company view →
Revenue · Net income · Operating cash flow · Capital expenditure · Cash & equivalents · Total assets · Shareholders' equity · Return on equity
Not investment advice. Every figure on this page is an XBRL fact from the issuer's own SEC filings or an arithmetic over such facts with the method shown. No forecast is made; no posture is expressed.