Want to see GS full AI Analyst Report?
Top Page
Goldman Sachs Group
(NYSE:GS)
Select Model
Select Model
Rating:64Neutral
Price Target:
$1,099.00
â–²(3.56% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by a mixed financial foundation: improving profitability but materially negative recent cash flow and higher leverage. A very strong earnings call with upbeat guidance and capital returns supports the outlook, while technicals are currently weak-to-neutral and valuation is reasonable rather than compelling.
Positive Factors
Improving Profitability & Margins
Sustained margin expansion and rising profitability (TTM net margin ~17.8%, operating margin ~24.9%) indicate stronger core earnings power across cycles. Durable margin improvement enhances internal capital generation potential, supports dividends and buybacks, and increases resilience to episodic market swings.
Negative Factors
Material Negative Cash Generation
Persistent negative operating and free cash flow materially weakens self-funded growth capacity and increases reliance on external funding. Over months, this raises liquidity and refinancing risk, could force higher-cost issuance or constrain balance-sheet deployment, and reduces financial flexibility in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability & Margins
Sustained margin expansion and rising profitability (TTM net margin ~17.8%, operating margin ~24.9%) indicate stronger core earnings power across cycles. Durable margin improvement enhances internal capital generation potential, supports dividends and buybacks, and increases resilience to episodic market swings.
Read all positive factors
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 (GS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$300.43B
Dividend Yield1.67%
Average Volume (3M)2.05M
Price to Earnings (P/E)15.5
Beta (1Y)1.39
Revenue Growth2.31%
EPS Growth42.87%
CountryUS
Employees46,200
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)65.64
Shares Outstanding295,007,420
10 Day Avg. Volume2,114,871
30 Day Avg. Volume2,054,482
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)2.20
Price to Sales (P/S)2.20
P/FCF Ratio-5.82
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$1,168.38Price Target Upside10.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)69.77
Revenue Forecast (FY)$71.19B
Goldman Sachs Group Business Overview & Revenue Model
Company Description
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 ar...
How the Company Makes Money
Goldman Sachs primarily makes money by earning fees and spreads across four main revenue streams: (1) Investment banking: Goldman earns advisory fees for mergers, acquisitions, divestitures, restructurings, and other strategic assignments, and ear...
Goldman Sachs Group Earnings Call Summary
Earnings Call Date:Jul 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 13, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operating quarter with broad-based record revenues, record EPS, robust investment banking, equities and FICC performance, significant AWM inflows, record alternatives fundraising, and disciplined capital returns. Management also highlighted strategic positioning to capture a multi-year AI infrastructure cycle and demonstrated capital and stress-test strength. Noted risks include a $102 million PCL on wholesale loans, a decline in the SLR to 4.3% (capacity constraints for balance-sheet-intensive financing), rising transaction-related non-comp expenses, pockets of pressure within alternatives, subdued sponsor volumes, and the potential non-linear nature of the AI cycle. Overall, the positive accomplishments and momentum materially outweigh the manageable and called-out challenges.Positive Updates
Record Firmwide Financial Results
Net revenues of $20.3 billion (record); diluted earnings per share of $20.98 (record); ROE 23.5% and ROTE 25.5% for the quarter.
Negative Updates
Provision for Credit Losses and Wholesale Impairments
Provision for credit losses of $102 million in the quarter, primarily reflecting impairments related to wholesale loans.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Firmwide Financial Results
Net revenues of $20.3 billion (record); diluted earnings per share of $20.98 (record); ROE 23.5% and ROTE 25.5% for the quarter.
Read all positive updates
Company Guidance
Management's near‑term guidance emphasized continued momentum and several numeric expectations: full‑year alternatives fundraising is now expected to exceed $125 billion (Q2 gross $59bn, YTD $85bn; private credit $31bn in Q2), Platform Solutions revenues are expected to be broadly consistent with Q2 ($221m), incentive fees should increase materially for the remainder of the year (Q2 incentive fees $112m), and the full‑year effective tax rate is expected to be ~20% (YTD 18.5%). They reiterated capital priorities to invest in the business, sustainably grow the dividend (quarterly dividend raised to $5, +25% YoY, +150% over five years) and return excess capital via buybacks (Q2 repurchases $4bn), noting a CET1 ratio of 12.9% (150 bps above the 11.4% requirement) and a 3.4% stress capital buffer effective through September 2027. Contextual Q2 metrics underpinning the guidance included net revenues $20.3bn, EPS $20.98, ROE 23.5% / ROTE 25.5%, GBM revenues $15.5bn, equities $7.4bn, FICC $4.6bn, AWM revenues $4.6bn, assets under supervision $4.0tn (wealth client assets ≈$2.0tn), Q2 long‑term net inflows $91bn (34th consecutive quarter), total loans $261bn (up 3% seq), net interest income $4.0bn, provision for credit losses $102m, Q2 operating expenses $11.7bn (YTD $22.1bn) and a YTD efficiency ratio of 58.8% (improved 320 bps); management also noted the investment‑banking backlog is the highest in five years and expressed confidence the franchise "flywheel" will continue.Goldman Sachs Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
54
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 117.94B | 125.10B | 126.85B | 108.42B | 68.71B | 64.99B |
| Gross Profit | 67.57B | 59.40B | 52.16B | 45.23B | 44.65B | 58.98B |
| EBITDA | 31.39B | 24.03B | 20.79B | 15.60B | 15.94B | 29.06B |
| Net Income | 20.97B | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B |
Balance Sheet | ||||||
| Total Assets | 2.13T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T |
| Cash, Cash Equivalents and Short-Term Investments | 187.00B | 624.53B | 921.83B | 924.95B | 721.95B | 778.72B |
| Total Debt | 796.00B | 609.53B | 616.93B | 583.13B | 434.55B | 487.76B |
| Total Liabilities | 2.00T | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T |
| Stockholders Equity | 123.00B | 124.97B | 122.00B | 116.91B | 117.19B | 109.93B |
Cash Flow | ||||||
| Free Cash Flow | -41.52B | -47.22B | -15.30B | -14.90B | 4.96B | 1.63B |
| Operating Cash Flow | -39.36B | -45.15B | -13.21B | -12.59B | 8.71B | 6.30B |
| Investing Cash Flow | -95.03B | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B |
| Financing Cash Flow | 171.75B | 66.10B | 7.32B | 27.80B | 59.60B | 134.74B |
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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $183.03B | 19.07 | 20.40% | 1.16% | 11.20% | 48.07% | |
79 Outperform | $942.63B | 15.12 | 17.81% | 1.70% | 8.17% | 19.76% | |
78 Outperform | $33.81B | 15.05 | 24.51% | 1.25% | 7.75% | 12.12% | |
76 Outperform | $439.63B | 14.05 | 11.13% | 1.80% | -1.71% | 27.92% | |
76 Outperform | $331.89B | 16.92 | 18.22% | 1.86% | 17.82% | 40.08% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $300.43B | 15.51 | 16.96% | 1.60% | 2.31% | 42.87% |
* Financial Sector Average
GS
Goldman Sachs Group
1,027.06
315.36
44.31%
BAC
Bank of America
62.48
17.61
39.24%
JPM
JPMorgan Chase
352.64
63.90
22.13%
MS
Morgan Stanley
211.23
73.00
52.81%
RJF
Raymond James Financial
177.68
13.44
8.19%
SCHW
Charles Schwab
105.87
9.99
10.42%
Goldman Sachs Group Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Goldman Sachs Issues New Series AA Preferred Stock
Positive
Jul 27, 2026
On July 23, 2026, Goldman Sachs Group Inc. filed a Certificate of Designations in Delaware for its 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA, with a liquidation preference of $25,000 per share. The filing supports an offeri...
Business Operations and StrategyPrivate Placements and Financing
Goldman Sachs Plans New Preferred Stock Offering
Neutral
Jul 20, 2026
On July 20, 2026, Goldman Sachs announced a proposed public offering of depositary shares, each representing a 1/25th interest in a new series of Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA. The bank plans to use part of the net pro...
DividendsFinancial Disclosures
Goldman Sachs posts strong Q2 earnings and dividend hike
Positive
Jul 15, 2026
On July 14, 2026, Goldman Sachs reported second-quarter net revenues of $20.34 billion and net earnings of $6.63 billion, with diluted EPS of $20.98, annualized ROE of 23.5% and book value per share rising to $367.67. The firm also announced an in...
Business Operations and StrategyDividendsFinancial Disclosures
Goldman Sachs Increases Dividend After Strong Fed Review
Positive
Jun 24, 2026
On June 24, 2026, the Federal Reserve released its 2026 Comprehensive Capital Analysis and Review results, confirming that Goldman Sachs remains well capitalized to withstand a wide range of economic conditions. In line with unchanged stress capit...
Business Operations and StrategyRegulatory Filings and Compliance
Goldman Sachs Simplifies Capital Structure After Series Redemption
Positive
May 12, 2026
Goldman Sachs Group, a leading global financial services provider, has further streamlined its capital structure by eliminating a class of preferred equity tied to its Restated Certificate of Incorporation. The move reflects ongoing optimization o...
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.