GOLDMAN SACHS GROUP INCGS
GOLDMAN SACHS GROUP INC Financial Overview 2021–2025
Updated Jul 10, 2026Goldman Sachs engineered a massive profitability rebound, driving net earnings up 20% to $17.18 billion in FY2025 as it finally shook off the costly overhang of its consumer banking experiment. By aggressively winding down retail distractions like the Apple Card and GreenSky, the firm has refocused capital on its traditional powerhouse franchises, returning to a strategy of structurally higher, durable returns.
The underlying financials reflect a volatile but ultimately successful transition. Net revenues experienced a dramatic round-trip, falling from a pandemic-fueled peak of $59.34 billion in FY2021 down to a trough of $46.25 billion in FY2023, before climbing back to $58.28 billion in FY2025. This recovery was fueled by the core Global Banking & Markets segment, where investment banking fees surged 42% year-over-year in Q3 2025. Simultaneously, the strategic exit from the Apple Card program triggered a massive $2.48 billion release of loan loss reserves, heavily padding the bottom line and keeping the firm’s operating efficiency ratio near a highly profitable 60.6%.
Investors have aggressively repriced this return to form. The firm repurchased $3.00 billion in common stock in a single quarter during FY2025, signaling management's confidence in the restructuring and a renewed commitment to shareholder deployment. By the close of FY2025, the market valued the stock at $879.00 per share, representing a 17.1x price-to-earnings multiple on its $51.32 in diluted EPS.
Recent Developments (Q4 2025 and Q1 2026)
Goldman Sachs accelerated its momentum into Q1 2026, delivering a 19% year-over-year jump in net earnings to $5.63 billion. Total revenues expanded 14% to $17.23 billion, propelled by a 19% surge in the Global Banking & Markets segment. This strong operational leverage pushed the firm's return on equity to 19.8%. Management maintained aggressive capital distributions, returning $6.38 billion to shareholders during the quarter while holding a steady 13.3% CET1 capital ratio.
At the executive level, Chief Legal Officer Kathryn H. Ruemmler announced her retirement effective June 30, 2026. Bulls argue the concurrent 10% revenue growth in Asset & Wealth Management proves the firm is successfully building a durable, fee-based revenue engine. Bears caution that the stock traded at a premium 22.8x earnings as of the Q1 2026 reporting date, pricing in flawless execution and exposing investors to downside risk if broader capital market activity stalls.
What to watch: executive appointments succeeding the outgoing Chief Legal Officer; sustained revenue momentum in the Asset & Wealth Management division.
NI
$14.28B
FY2024
EPS$GS
$41.07
FY2024
OCF
$-13.21B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
GOLDMAN SACHS GROUP INC 8-K Report, Corporate Update (Jun 24, 2026)
Goldman Sachs Group, Inc. (GS) filed a Current Report on Form 8-K on June 24, 2026, primarily to announce the issuance of a press release. The content of this press release, attached as Exhibit 99.1, is the core of this filing. While the 8-K itself provides limited direct financial information, investors should review the accompanying press release for details on any significant corporate developments, strategic announcements, or financial updates that the company deemed material enough to warrant public disclosure on this date.
GOLDMAN SACHS GROUP INC 8-K Report, Exhibit Filing (Jun 3, 2026)
The Goldman Sachs Group, Inc. (GS) has filed a Form 8-K on June 3, 2026, to report on the issuance of significant debt securities. This filing is primarily an informational update related to a public offering under an existing shelf registration statement on Form S-3. Investors should note that this report does not contain new financial statements or material operational updates, but rather provides details on the terms and conditions of newly issued debt. The company has successfully issued $5 billion in aggregate principal amount of Fixed/Floating Rate Notes. Specifically, $2.5 billion of these notes mature in 2032 with a fixed/floating rate of 4.972%, and another $2.5 billion mature in 2037 with a fixed/floating rate of 5.425%. This issuance is part of Goldman Sachs' ongoing capital markets strategy and is intended to strengthen its financial position and fund its various business activities.
GOLDMAN SACHS GROUP INC 8-K Report, Bylaw Amendment (May 12, 2026)
Goldman Sachs Group, Inc. (GS) has filed a Current Report on Form 8-K detailing administrative changes to its corporate structure. The primary focus of this filing is the elimination of its 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series T. This action was taken by filing a Certificate of Elimination with the Delaware Secretary of State on May 11, 2026, to remove all provisions related to this specific series of preferred stock from its Restated Certificate of Incorporation. Furthermore, the company confirmed that all outstanding shares of the Series T Preferred Stock were redeemed on May 10, 2026. This move simplifies the company's capital structure by removing a specific class of preferred stock. Investors should note that this is primarily a corporate housekeeping matter and does not appear to signal any significant operational or financial distress, but rather a strategic decision to manage its outstanding equity. The filing also includes the updated Restated Certificate of Incorporation reflecting these changes.
GOLDMAN SACHS GROUP INC 8-K Report, Shareholder Vote Results (May 1, 2026)
This 8-K filing from GOLDMAN SACHS GROUP INC (GS) reports the outcomes of their Annual Shareholder Meeting held on April 29, 2026. The key takeaway for investors is the strong shareholder support for the company's leadership and independent auditor, with all nominated directors being overwhelmingly elected. Furthermore, the "Say on Pay" advisory vote also passed, indicating shareholder confidence in the executive compensation structure. Conversely, shareholders voted against several proposed changes, including two shareholder proposals related to special meeting thresholds and disclosures on energy supply and lobbying. This suggests a preference for the company's current governance practices and disclosure policies in these specific areas. The ratification of PricewaterhouseCoopers LLP as the independent auditor also received strong backing, reinforcing the company's audit oversight.
GOLDMAN SACHS GROUP INC 8-K Report, Exhibit Filing (Apr 20, 2026)
Goldman Sachs Group, Inc. (GS) has filed an 8-K report on April 20, 2026, primarily to disclose the issuance of new debt securities. This issuance, conducted under an existing shelf registration statement, includes a total of $6.5 billion in notes. The specific offerings comprise $500 million in Floating Rate Notes due 2030, $3 billion in 4.594% Fixed/Floating Rate Notes due 2030, and $3 billion in 5.094% Fixed/Floating Rate Notes due 2034. This move signals Goldman Sachs' ongoing strategy to manage its capital structure and fund its operations through the debt markets. Investors should note the substantial aggregate amount raised, which could be utilized for various corporate purposes including lending, trading activities, or general corporate needs. The filing also includes legal opinions and consents related to these issuances, confirming their compliance with relevant regulations and the terms of the shelf registration.
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