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Earnings transcript
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GS
The Goldman Sachs Group, Inc.
$1096.56
-2.58
(-0.23%)
| Exchange: | NYSE |
| Market Cap: | 323.493B |
| Shares Outstanding: | 475.9M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | David Solomon | |||||
| Full Time Employees: | 46600 | |||||
| Address: |
| |||||
| Website: | https://www.goldmansachs.com |
The Goldman Sachs Group, Inc. (GS) operates as a prominent global financial services firm, offering an extensive array of services to corporations, financial institutions, governmental bodies, and individuals worldwide. The company’s operations are organized into four primary divisions: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The Investment Banking segment furnishes strategic advisory services covering intricate transactions such as mergers, acquisitions, divestitures, corporate defense strategies, restructurings, and spin-offs. It also extends various lending facilities, including middle-market, relationship, and acquisition financing, in addition to transaction banking services. This division further specializes in underwriting, assisting clients with equity offerings for common, preferred, and convertible securities, as well as debt offerings encompassing investment-grade, high-yield, bank/bridge loans, and emerging market debt instruments, alongside the creation of structured securities. Within its Global Markets division, Goldman Sachs engages in client execution activities for both cash and derivative instruments, provides solutions for credit and interest rate products, and offers comprehensive equity intermediation, financing, clearing, settlement, and custody services. This segment also transacts in products linked to mortgages, foreign exchange, commodities, and equities. The Asset Management segment is responsible for managing assets across a diverse spectrum of classes, including equities, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities. It delivers tailored investment advisory solutions and makes direct investments in corporate entities, real estate ventures, and infrastructure projects. The Consumer & Wealth Management segment provides individual clients with wealth advisory and banking services. These include financial planning, investment management, deposit-taking, and lending. It also offers private banking services, unsecured loans, and accepts savings and time deposits. Founded in 1869, the company’s corporate headquarters are located in New York, New York.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 108,418,000 | 126,853,000 | 125,097,000 |
| Gross Profit | 45,226,000 | 52,164,000 | 59,396,000 |
| EBITDA | 15,595,000 | 20,789,000 | 24,034,000 |
| Operating Income | 10,739,000 | 18,397,000 | 21,852,000 |
| Net Income | 8,516,000 | 14,276,000 | 17,176,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 1,641,594,000 | 1,675,972,000 | 1,810,000,000 |
| Total Liabilities | 1,524,689,000 | 1,553,976,000 | 1,685,000,000 |
| Total Stockholders Equity | 116,905,000 | 121,996,000 | 125,000,000 |
| Total Debt | 583,135,000 | 616,935,000 | 619,000,000 |
| Cash and Cash Equivalents | 241,577,000 | 182,092,000 | 164,000,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | -12,587,000 | -13,212,000 | -45,154,000 |
| Capital Expenditure | -2,316,000 | -2,091,000 | -2,064,000 |
| Free Cash Flow | -14,903,000 | -15,303,000 | -47,218,000 |
| Net Income | 8,516,000 | 14,276,000 | 17,176,000 |
| Net Change in Cash | -248,000 | -59,485,000 | -17,833,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 66,159,335.804 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 72,254,484.249 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 69,242,305.747 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 15,600,170.944 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 17,037,388.481 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 16,327,125.916 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 22,340,714.550 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 25,054,327.070 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 23,713,280.122 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 12,646,815.485 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 13,811,945.346 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 13,236,146.553 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 74.660 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 78.890 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 70.340 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 5 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: Goldman Sachs reported robust results in Q3 2025, as highlighted in the earnings call transcript, with key financial metrics exceeding expectations. Revenue and net income growth reflect operational efficiency and effective capital allocation, supported by consistent positive trends in operating cash flow from cash flow statements.
- Market Leadership and Diversification: As a leading player in the investment banking industry within the financial services sector, GS benefits from a diversified revenue stream across product and geographic segments, as evidenced by revenue product and geo segment data. This mitigates risks associated with market-specific downturns.
- High Profitability Metrics: Key metrics such as gross profit margin TTM and net profit margin TTM indicate strong profitability compared to industry averages, positioning GS favorably against peers. Return on equity (ROE) TTM further underscores efficient use of shareholder capital.
- Solid Balance Sheet: Balance sheet data shows substantial cash and cash equivalents alongside manageable total liabilities relative to total assets, providing financial flexibility for strategic investments and resilience against economic fluctuations.
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Intrinsic Value Calculator
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Common questions about GS valuation
Is The Goldman Sachs Group, Inc. (GS) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for The Goldman Sachs Group, Inc. (GS) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is GS a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether GS trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is GS’s P/E ratio?
You can see GS’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for GS?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is GS a good long-term investment?
Whether GS fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
GS
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Daily snapshot
-0.23
Trading Metrics:
| Open: | 1120 | Previous Close: | 1099.14 | |
| Day Low: | 1094.07 | Day High: | 1125 | |
| Year Low: | 630.01 | Year High: | 1124.99 | |
| Price Avg 50: | 970.05 | Price Avg 200: | 874.81 | |
| Volume: | 3.961M | Average Volume: | 2.09M |
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Hey everyone, and welcome back. Today we’re taking a deep, comprehensive look at one of the most iconic names on Wall Street—Goldman Sachs. Ticker: GS. We’re going to break down the business, the latest earnings, the financials, the SWOT, the recent performance, and of course, what the stock might really be worth. Let’s dive in. Goldman Sachs is a global financial services powerhouse. It serves corporations, financial institutions, governments, and high-net-worth individuals. The firm operates through three core segments: Global…
