Goldman Sachs (GS) FY2025 10-K Review

Statements & commentary

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.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	58,283	53,512	46,254	1
Depreciation, depletion and amortization	2,182	2,392	4,856
Interest expense	66,814	73,341	62,164
Income before income taxes	21,852	18,397	10,739	1
Income tax provision	4,676	4,121	2,223	2
— of which current	4,472	4,921	3,583	1
Net income attributable to common	16,300	13,525	7,907	2
Diluted earnings per share	$51.32	$40.54	$22.87	1
Weighted-average diluted shares	318	334	346	1

Cash flow · $ millions	2025	2024	2023
Net income incl. noncontrolling interests	17,176	14,276	8,516	1
Depreciation, depletion and amortization	2,182	2,392	4,856
Share-based compensation	3,445	2,663	2,085
Deferred income taxes	204	(800)	(1,360)
Net cash provided by operating activities	(45,154)	(13,212)	(12,587)	2
Capital expenditure	2,064	2,091	2,316	1
Acquisitions, net of cash	—	—	(487)
Net cash used in investing activities	(44,227)	(49,624)	(17,312)
Dividends paid	5,277	4,497	4,189	2
Repurchases of common stock	12,360	8,000	5,796	2
Net cash used in financing activities	66,100	7,323	27,800
Cash and equivalents at end of period	164,259	182,092	241,577

Balance sheet · $ millions	2025	2024
Cash and cash equivalents	164,259	182,092
Property, plant and equipment, net	7,474	8,024
Goodwill	5,949	5,853	1
Intangible assets, net	842	847
Total assets	1,809,320	1,675,972	1
Total liabilities	1,684,348	1,553,976
Stockholders' equity	124,972	121,996
Total equity	124,972	121,996

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2025	FY2024	Δ $	Δ %	Reading
Total assets · BS	1,809,320	1,675,972	+133,348	+8.0%	—
Total liabilities · BS	1,684,348	1,553,976	+130,372	+8.4%	—
Net cash used in financing activities · CF	66,100	7,323	+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 · CF	164,259	182,092	−17,833	-9.8%	—
Cash and cash equivalents · BS	164,259	182,092	−17,833	-9.8%	—
Interest expense · IS	66,814	73,341	−6,527	-8.9%	—
Net cash used in investing activities · CF	(44,227)	(49,624)	+5,397	+10.9%	—
Total revenues · IS	58,283	53,512	+4,771	+8.9%	—
Repurchases of common stock · CF	12,360	8,000	+4,360	+54.5%	◐ outsized
Income before income taxes · IS	21,852	18,397	+3,455	+18.8%	—
Stockholders' equity · BS	124,972	121,996	+2,976	+2.4%	—
Total equity · BS	124,972	121,996	+2,976	+2.4%	—
Net income incl. noncontrolling interests · CF	17,176	14,276	+2,900	+20.3%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
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 5	volatile
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 · $ millions	MAR 25	JUN 25	SEP 25	MAR 26	JUN 26
Total revenues	15,062	14,583	15,184	17,227	20,338
Depreciation, depletion and amortization	506	618	531	495	509
Interest expense	16,488	16,685	16,970	—	—
Income before income taxes	5,647	4,958	5,392	6,486	8,563
Income tax provision	909	1,235	1,294	856	1,935
Net income attributable to common	4,583	3,473	3,860	5,403	6,399
Diluted earnings per share	$14.12	$10.91	$12.25	$17.55	$20.98
Weighted-average diluted shares	324	318	315	308	305
Net cash provided by operating activities	(37,230)	—	—	(31,868)	—

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Net cash provided by operating activities	(37,230)	(31,868)	+5,362	+14.4%
Total revenues	17,227	20,338	+3,111	+18.1%
Income before income taxes	6,486	8,563	+2,077	+32.0%
Income tax provision	856	1,935	+1,079	+126.1%
Net income attributable to common	5,403	6,399	+996	+18.4%
Interest expense	16,685	16,970	+285	+1.7%
Depreciation, depletion and amortization	495	509	+14	+2.8%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$213,200M	10-K cover · as of 2025-06-30
Insider Form 4s, 90d	22 filings · 8 buys / 33 sells	net selling · −$35,889,932
· Ruemmler Kathryn H.	SELL $7,756,898	Form 4 filed 2026-05-08 · open market
· Fredman Sheara J	SELL $7,596,095	Form 4 filed 2026-05-05 · open market
· Ruemmler Kathryn H.	SELL $2,508,950	Form 4 filed 2026-05-08 · open market
· Coleman Denis P.	SELL $2,439,476	Form 4 filed 2026-05-18 · open market
· Solomon David M	SELL $2,149,293	Form 4 filed 2026-05-05 · open market
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
Institutional %	—	needs 13F aggregation — not read yet, never estimated

COMMENTARY5EARNINGS QUALITY5

net earnings growth✓MATCHES

“We generated net earnings of $17.18 billion for 2025, compared with $14.28 billion for 2024.”

Net income incl. noncontrolling interests $14.3B → $17.2B+2,900

Quoted $17.18 billionNet income incl. noncontrolling interests: filed $17.2B

Quoted $14.28 billionNet income incl. noncontrolling interests: filed $14.3B

Every quoted figure reconciles to the filed lines: $17.18 billion against net income incl. noncontrolling interests; $14.28 billion against net income incl. noncontrolling interests.

1 LINES TRACED · ITEM 7 · EXECUTIVE OVERVIEW · P. 64

diluted EPS✓MATCHES

“Diluted earnings per common share (EPS) was $51.32 for 2025, compared with $40.54 for 2024.”

Diluted earnings per share $40.54 → $51.32+10.78

Quoted $51.32 Diluted earnings per share: filed $51.32

Quoted $40.54 Diluted earnings per share: filed $40.54

Every quoted figure reconciles to the filed lines: $51.32 against diluted earnings per share; $40.54 against diluted earnings per share.

1 LINES TRACED · ITEM 7 · EXECUTIVE OVERVIEW · P. 64

revenue growth✓MATCHES

“Net revenues were $58.28 billion for 2025, 9% higher than 2024”

Total revenues $53.5B → $58.3B+4,771

Quoted $58.28 billionTotal revenues: filed $58.3B

Quoted 9%Total revenues: change +8.9%

Every quoted figure reconciles to the filed lines: $58.28 billion against total revenues; 9% against total revenues.

1 LINES TRACED · ITEM 7 · EXECUTIVE OVERVIEW · P. 64

capital returned◐PARTLY

“During 2025, we returned a total of $16.78 billion of capital to common shareholders, including $12.36 billion of common share repurchases and $4.42 billion of common stock dividends.”

Repurchases of common stock $8.0B → $12.4B+4,360

Dividends paid $4.5B → $5.3B+780

Quoted $12.36 billionRepurchases of common stock: filed $12.4B

1 of 3 quoted figures reconcile ($12.36 billion against repurchases of common stock); $16.78 billion, $4.42 billion does not map to a filed line on this page — carried as partly supported.

2 LINES TRACED · ITEM 7 · EXECUTIVE OVERVIEW · P. 64

effective tax rate◐PARTLY

“The effective tax rate for 2025 was 21.4%, down from the full year effective tax rate of 22.4% for 2024”

Income tax provision $4.1B → $4.7B+555

Income before income taxes $18.4B → $21.9B+3,455

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

2 LINES TRACED · ITEM 7 · PROVISION FOR TAXES · P. 73

Cash conversion stability✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$-45,154M · $-13,212M · $-12,587M

Net income attributable to common, three years (newest first)$16,300M · $13,525M · $7,907M

OCF ÷ NI, three years (newest first)-2.77× · -0.98× · -1.59×

Swing -0.98× − -2.77×1.79×

Cause verified by this pageno

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.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Capital returned vs free cash flow✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Capital returned ÷ FCF, three years (newest first)-0.37× · -0.82× · -0.67×

Current year ($5,277M + $12,360M) ÷ ($-45,154M − $2,064M)-0.37×

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.

EARNINGS-QUALITY FLAG · 4 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash tax vs book charge◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$3,990M

Total book tax charge$4,676M

Divergence ($3,990M − $4,676M) ÷ $4,676M-14.7%

Deferred tax asset $8,943M → $9,416M+473M

Cash taxes paid diverge from the total book charge by -14.7%. Carried as watch.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Goodwill weight✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Goodwill$5,949M

Total assets$1,809,320M

Weight $5,949M ÷ $1,809,320M0.3%

Impairments, three years (newest first)none filed

Goodwill is 0.3% of assets (threshold 40%), no impairment in three years.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Share-count artefact✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Weighted-average shares 334M → 318M-4.8%

Shares outstanding, year-end 310.7M → 296.5M-4.6%

EPS-growth vs NI-growth gap+6.1pp

No share-count artefact: weighted-average and year-end counts do not diverge in direction.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

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.