Goldman Sachs Group (GS)
NYSE:GS
Top Page
Goldman Sachs Group
(NYSE:GS)
Select Model
Select Model
Rating:64Neutral
Price Target:
$920.00
â–²(1.80% Upside)
Action:ReiteratedDate:02/28/26
GS scores moderately well driven by strong earnings-call momentum (improving returns, record GBM performance, strong backlog, and robust capital return plans). Offsetting this, financial quality is constrained by sustained negative operating/free cash flow and structurally high leverage, while technical indicators point to weak near-term price momentum. Valuation is reasonable with a modest dividend, providing some support but not enough to fully offset the cash-flow and momentum risks.
Positive Factors
GBM leadership & backlog
Goldman’s Global Banking & Markets franchise generates sustained fee and trading volumes from leading advisory and market‑making positions. Record GBM revenues and a multi‑quarter rising backlog signal durable client pipelines and wallet‑share gains that support recurring fee pools and franchise economics across market cycles.
Negative Factors
Negative operating/free cash flow
Sustained negative OCF and FCF across multiple years signals weak cash conversion relative to accounting earnings. That pattern reduces financial flexibility, increases dependence on external funding or asset sales, and constrains capital allocation choices (buybacks, investment, or dividend sustainability) if it persists beyond cyclical swings.
Read all positive and negative factors
Positive Factors
Negative Factors
GBM leadership & backlog
Goldman’s Global Banking & Markets franchise generates sustained fee and trading volumes from leading advisory and market‑making positions. Record GBM revenues and a multi‑quarter rising backlog signal durable client pipelines and wallet‑share gains that support recurring fee pools and franchise economics across market cycles.
Read all positive factors
Goldman Sachs Group (GS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$268.18B
Dividend Yield1.55%
Average Volume (3M)2.30M
Price to Earnings (P/E)16.0
Beta (1Y)1.40
Revenue Growth2.31%
EPS Growth44.49%
CountryUS
Employees46,600
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)14.01
Shares Outstanding296,752,930
10 Day Avg. Volume1,659,384
30 Day Avg. Volume2,298,482
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)2.20
Price to Sales (P/S)2.20
P/FCF Ratio-5.82
Enterprise Value/Market Cap2.66
Enterprise Value/Revenue5.70
Enterprise Value/Gross Profit12.01
Enterprise Value/Ebitda29.69
Forecast
1Y Price Target
$975.73Price Target Upside7.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)58.4
Revenue Forecast (FY)$63.49B
Goldman Sachs Group Business Overview & Revenue Model
Company Description
The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets,...
How the Company Makes Money
Goldman Sachs generates revenue through several key streams. The Investment Banking segment contributes significantly by advising clients on mergers and acquisitions, underwriting public offerings, and facilitating capital raising efforts. The Glo...
Goldman Sachs Group Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Goldman Sachs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Goldman Sachs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyGoldman Sachs Group Earnings Call Summary
Earnings Call Date:Jan 15, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 13, 2026
Earnings Call Sentiment Positive
The call highlighted strong full‑year results, record franchise metrics, meaningful progress de‑risking the balance sheet, clear growth targets (notably in AWM and alternatives), robust capital returns, and a healthy investment banking backlog—supporting optimism for 2026. Near‑term challenges include the accounting and revenue impact of the Apple Card transition, NIM compression in deposit businesses, elevated non‑compensation costs tied to transactional activity, and an IPO market still below 2021 peaks. Management emphasized ongoing efficiency work (One Goldman Sachs 3.0) and prudent capital deployment. Taken together, the positives from operating performance, capital strength, leadership positions, and stated targets materially outweigh the identified headwinds, though outcomes remain sensitive to macro and market conditions.Positive Updates
Strong earnings and return metrics
Q4 EPS ~$14.01, Q4 ROE 16% and RoTE 17.1%; full-year EPS $51.32, up 27% year-over-year; full-year ROE 15% and RoTE 16%, improving ~230–250 basis points versus 2024.
Negative Updates
Apple Card transition reduces reported revenues (one‑time effects)
Transition of Apple Card portfolio produced a $2.3 billion revenue reduction in the quarter (offset by a $2.5 billion reserve release producing a net positive $0.46 to EPS and +50 bps to ROE in Q4). The move reduces future platform revenue and complicates efficiency metrics (lower revenue base increases reported efficiency ratio).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong earnings and return metrics
Q4 EPS ~$14.01, Q4 ROE 16% and RoTE 17.1%; full-year EPS $51.32, up 27% year-over-year; full-year ROE 15% and RoTE 16%, improving ~230–250 basis points versus 2024.
Read all positive updates
Company Guidance
The guidance emphasized strong near-term momentum and specific medium‑/long‑term targets: Q4 revenue $13.5B, EPS $14.01, ROE 16% and RoTE 17.1%; FY EPS $51.32 (up 27% YoY), FY ROE 15% and RoTE 16% (up 230–250 bps vs. 2024); GBM revenues $41.5B (up 18%); investment banking fees Q4 $2.6B and >$1.6T of announced M&A in 2025 with backlog at a four‑year high; FICC Q4 $3.1B (up 12%), equities Q4 $4.3B (intermediation $2.2B, financing $2.1B); more durable FICC/equity financing $11.4B for the year (37% of FICC+equity revenues, 17% CAGR since 2021); AWM $3.6T AUS, FY revenues $16.7B with pretax margin 25% (new target 30% to drive high‑teen returns) and segment ROE ~12.5% (mid‑teens adj), Q4 management & other fees $3.1B, private banking & lending $776M, incentive fees FY $489M aiming for $1B; alternatives AUS $420B with $645M fees, $45B Q4 / $115B FY fundraising and a $75–100B p.a. raise target (fee‑paying alt AUS $750B by 2030); total loans $238B; provision benefit $2.1B (incl. $2.5B Apple Card reserve release; Apple Card transition added $0.46 to EPS and +50bps ROE in Q4); operating expenses $37.5B (comp $18.9B incl. $250M severance, non‑comp $18.6B), comp ratio net of provisions 31.8%; CET1 14.4% (standardized); returned ~$4.2B to shareholders in Q4 ($3B buybacks, $1.2B dividends) with $32B buyback capacity remaining; announced $0.50 quarterly dividend increase to $4.50; effective tax rate 21.4% in 2025, targeting ~20% in 2026; and a new wealth long‑term fee‑based net inflow target of 5% annually, plus One Goldman Sachs 3.0 productivity metrics to be disclosed over the year.Goldman Sachs Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 125.10B | 126.85B | 108.42B | 68.71B | 64.99B |
| Gross Profit | 59.40B | 52.16B | 45.23B | 44.65B | 58.98B |
| EBITDA | 24.03B | 20.79B | 15.60B | 15.94B | 29.06B |
| Net Income | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B |
Balance Sheet | |||||
| Total Assets | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Cash, Cash Equivalents and Short-Term Investments | 624.53B | 921.83B | 924.95B | 721.95B | 778.72B |
| Total Debt | 609.53B | 616.93B | 583.13B | 434.55B | 487.76B |
| Total Liabilities | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T |
| Stockholders Equity | 124.97B | 122.00B | 116.91B | 117.19B | 109.93B |
Cash Flow | |||||
| Free Cash Flow | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B |
| Operating Cash Flow | -45.15B | -13.21B | -12.59B | 8.71B | 6.30B |
| Investing Cash Flow | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B |
| Financing Cash Flow | 66.10B | 7.32B | 27.80B | 59.60B | 134.74B |
Goldman Sachs Group Technical Analysis
Positive
903.72
Price Trends
871.06
Positive
872.87
Positive
807.11
Positive
Market Momentum
7.32
Negative
64.60
Neutral
88.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GS, the sentiment is Positive. The current price of 903.72 is above the 20-day moving average (MA) of 832.55, above the 50-day MA of 871.06, and above the 200-day MA of 807.11, indicating a bullish trend. The MACD of 7.32 indicates Negative momentum. The RSI at 64.60 is Neutral, neither overbought nor oversold. The STOCH value of 88.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GS.
Goldman Sachs Group Risk Analysis
Goldman Sachs Group disclosed 31 risk factors in its most recent earnings report. Goldman Sachs Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Goldman Sachs Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $170.44B | 20.00 | 17.91% | 1.07% | 5.90% | 66.60% | |
70 Outperform | $29.20B | 14.06 | 16.94% | 1.26% | 6.45% | 5.85% | |
69 Neutral | $282.89B | 16.54 | 15.45% | 2.14% | 7.22% | 48.18% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $830.61B | 15.75 | 15.95% | 1.79% | 1.89% | 12.32% | |
66 Neutral | $372.33B | 13.28 | 10.15% | 1.93% | 0.15% | 33.84% | |
64 Neutral | $268.18B | 16.00 | 13.81% | 1.55% | 2.31% | 44.49% |
* Financial Sector Average
GS
Goldman Sachs Group
903.72
423.86
88.33%
BAC
Bank of America
52.71
17.65
50.34%
JPM
JPMorgan Chase
310.33
87.55
39.30%
MS
Morgan Stanley
178.16
74.37
71.65%
RJF
Raymond James Financial
148.14
17.65
13.53%
SCHW
Charles Schwab
97.27
24.32
33.33%
Goldman Sachs Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Goldman Sachs Announces Forthcoming Retirement of Chief Legal Officer
Neutral
Feb 13, 2026
The Goldman Sachs Group, Inc. announced that Kathryn H. Ruemmler has decided to retire from her positions as Chief Legal Officer and General Counsel, effective June 30, 2026. Her planned departure signals an upcoming leadership transition in the f...
Executive/Board ChangesFinancial Disclosures
Goldman Sachs boosts CEO pay after strong 2025 performance
Positive
Jan 23, 2026
For the year ended December 31, 2025, Goldman Sachs Group’s board set Chairman and CEO David Solomon’s total 2025 compensation at $47 million, up from $39 million in 2024, with an unchanged $2 million base salary and the majority of pa...
Business Operations and StrategyDividendsFinancial Disclosures
Goldman Sachs Posts Strong 2025 Results, Raises Dividend
Positive
Jan 15, 2026
On January 15, 2026, Goldman Sachs reported strong results for the year ended December 31, 2025, with net revenues rising 9% year-on-year to $58.28 billion and net earnings reaching $17.18 billion, translating into diluted EPS of $51.32 versus $40...
Business Operations and StrategyFinancial Disclosures
Goldman Sachs Unveils Reorganized Segment Reporting Structure
Positive
Jan 8, 2026
Beginning in the fourth quarter of 2025, Goldman Sachs reorganized its reporting structure across three existing business segments—Global Banking Markets, Asset Wealth Management and Platform Solutions—without changing its historical...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.