GOLDMAN SACHS GROUP INC

GS 10-Q ยท Q2 2025

GS Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Investment Banking Revenue 2,194 1,733 +26.6%
Investment Management 2,837 2,533 +12.0%
Brokerage Commissions Revenue 1,201 1,051 +14.3%
Market Making 4,733 4,336 +9.2%
Show Trading Activity By Type breakouts
Commodity 137 355 -61.4%
Credit 135 624 -78.4%
Equity 3,078 1,006 +206.0%
Fixed Income Interest Rate 3,621 1,354 +167.4%
Foreign Exchange -2,238 997 -324.5%
Other Principal Transactions 514 1,088 -52.8%
Noninterest Income 11,479 10,741 +6.9%
Show Business Segments breakouts
Asset & Wealth Management 2,992 3,186 -6.1%
Global Banking & Markets 8,583 7,579 +13.2%
Platform Solutions -96 -24 -300.0%
Interest And Dividend Income Operating 19,789 20,440 -3.2%
Interest Expense Operating 16,685 18,450 -9.6%
Interest Income Expense Net 3,104 1,990 +56.0%
Show Business Segments breakouts
Asset & Wealth Management 786 692 +13.6%
Global Banking & Markets 1,537 605 +154.0%
Platform Solutions 781 693 +12.7%
Revenues Net Of Interest Expense 14,583 12,731 +14.5%
Show Business Segments breakouts
Asset & Wealth Management 3,778 3,878 -2.6%
Global Banking & Markets 10,120 8,184 +23.7%
Platform Solutions 685 669 +2.4%
Show Geography breakouts
Americas 8,982 8,125 +10.5%
Asia 1,790 1,675 +6.9%
EMEA 3,811 2,931 +30.0%
Provision For Loan Lease And Other Losses 384 282 +36.2%
Show Business Segments breakouts
Asset & Wealth Management -102 -58 -75.9%
Global Banking & Markets 179 -55 +425.5%
Platform Solutions 307 395 -22.3%
Labor And Related Expense 4,685 4,240 +10.5%
Show Business Segments breakouts
Asset & Wealth Management 1,705 1,695 +0.6%
Global Banking & Markets 2,835 2,399 +18.2%
Platform Solutions 145 146 -0.7%
Transaction Based 1,955 1,654 +18.2%
Business Development 167 153 +9.2%
Communications And Information Technology 530 500 +6.0%
Depreciation And Amortization 618 646 -4.3%
Show Business Segments breakouts
Asset & Wealth Management 287 320 -10.3%
Global Banking & Markets 281 283 -0.7%
Platform Solutions 50 43 +16.3%
Occupancy Net 234 244 -4.1%
Professional Fees 440 393 +12.0%
Other Noninterest Expense 612 703 -12.9%
Noninterest Expense 9,241 8,533 +8.3%
Show Business Segments breakouts
Asset & Wealth Management 3,035 3,037 -0.1%
Global Banking & Markets 5,771 5,075 +13.7%
Platform Solutions 435 421 +3.3%
Income Before Taxes 4,958 3,916 +26.6%
Show Business Segments breakouts
Asset & Wealth Management 845 899 -6.0%
Global Banking & Markets 4,170 3,164 +31.8%
Platform Solutions -57 -147 +61.2%
Show Geography breakouts
Americas 2,944 2,527 +16.5%
Asia 505 401 +25.9%
EMEA 1,509 988 +52.7%
Income Tax Expense (Benefit) 1,235 873 +41.5%
Net Income 3,723 3,043 +22.3%
Show Business Segments breakouts
Asset & Wealth Management 642 700 -8.3%
Global Banking & Markets 3,128 2,458 +27.3%
Platform Solutions -47 -115 +59.1%
Show Equity Components breakouts
Retained Earnings 3,723 3,043 +22.3%
Preferred Stock Dividends Income Statement Impact 250 152 +64.5%
Net Income Loss Available To Common Stockholders Basic 3,473 2,891 +20.1%
Show Business Segments breakouts
Asset & Wealth Management 596 673 -11.4%
Global Banking & Markets 2,933 2,338 +25.4%
Platform Solutions -56 -120 +53.3%
EPS (Basic) 11.03 8.73 +26.3%
EPS (Diluted) 10.91 8.62 +26.6%
Wtd Avg Shares (Basic) 313.7 329.8 -4.9%
Wtd Avg Shares (Diluted) 318.3 335.5 -5.1%
Interest Income 1,910 1,404 +36.0%
Comprehensive Income 3,807 3,460 +10.0%
Gain Loss On Investments (Q) โ€” โ€” โ€”
Show Derivative Risk breakouts
Hedged investments ยท Designated As Hedging Instrument 235 -14 +1778.6%
Interest Rate Contract ยท Designated As Hedging Instrument -226 13 -1838.5%
Show Hedging Designation breakouts
Designated As Hedging Instrument ยท Fair Value Hedging 9 -1 +1000.0%
Interest Expense 16,685 18,450 -9.6%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 152,967 206,326 -25.9%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 107 201 -46.8%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 16 430 -96.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 123 631 -80.5%
Show Counterparty Name breakouts
Central banks 119.99 173.04 -30.7%
Non-Current Assets
Total Assets 1,785,009 1,653,313 +8.0%
Show Business Segments breakouts
Asset & Wealth Management 199,264 193,407 +3.0%
Global Banking & Markets 1,524,623 1,399,273 +9.0%
Platform Solutions 61,122 60,633 +0.8%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Not Primary Beneficiary 4,115 4,294 -4.2%
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 107 201 -46.8%
Mortgage Backed Securities ยท Variable Interest Entity Not Primary Beneficiary 6,289 4,950 +27.1%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 431 459 -6.1%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 283 880 -67.8%
Tax credit and other investing ยท Variable Interest Entity Not Primary Beneficiary 6,850 6,415 +6.8%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 821 1,540 -46.7%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 17,254 15,755 +9.5%
Property, Plant & Equipment 7,795 โ€” โ€”
Show Property Plant And Equipment By Type breakouts
Building And Building Improvements 6.57 โ€” โ€”
Operating Lease Right-of-Use Assets 2,036 2,031 +0.2%
Goodwill 5,952 5,893 +1.0%
Show Business Segments breakouts
Asset management 1,460 1,387 +5.3%
Equities 2,647 2,647 0.0%
Global Markets Fixed Income Currency and Commodities [Member] 269 269 0.0%
Investment banking 267 267 0.0%
Wealth Management [Member] 1,309 1,309 0.0%
Other Assets
Federal Funds Sold And Securities Purchased Under Agreements To Resell 153,849 198,626 -22.5%
Securities Borrowed 213,275 204,621 +4.2%
Other Receivables 181,458 142,000 +27.8%
Show Financial Instrument breakouts
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 370 335 +10.4%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 1 1 0.0%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 371 336 +10.4%
Trading Securities 628,089 โ€” โ€”
Show Financial Instrument breakouts
Derivative 56,226 โ€” โ€”
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 10 โ€” โ€”
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 71 โ€” โ€”
Trading Cash Instruments Fair Value Disclosure [Member] 571,863 โ€” โ€”
Show Pledged Status breakouts
Asset Pledged As Collateral With Right ยท Securities Sold Under Agreements To Repurchase 165,004 โ€” โ€”
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 189,300 โ€” โ€”
Other Investments 26,423 โ€” โ€”
Notes Receivable Net 217,189 184,127 +18.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 ยท Amortized Cost 208,433 176,195 +18.3%
Fair Value Inputs Level2 ยท Amortized Cost 106,727 94,818 +12.6%
Fair Value Inputs Level3 ยท Amortized Cost 101,706 81,377 +25.0%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 7 145 -95.2%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 7 145 -95.2%
Show Fair Value Measurement Basis [Axis] breakouts
Amortized Cost 206,806 174,655 +18.4%
Amortized Cost ยท Carrying Reported Amount Fair Value Disclosure 206,806 174,655 +18.4%
Fair Value 5,616 6,035 -6.9%
Held For Sale 4,767 3,437 +38.7%
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 11,907 12,487 -4.6%
Other Assets 35,740 34,708 +3.0%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 73 91 -19.8%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 73 91 -19.8%
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 1,196 3,001 -60.1%
Non-Current Liabilities
Total Liabilities 1,660,913 1,533,850 +8.3%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Not Primary Beneficiary 452 463 -2.4%
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 273 326 -16.3%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 368 337 +9.2%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 180 182 -1.1%
Tax credit and other investing ยท Variable Interest Entity Not Primary Beneficiary 2,072 2,019 +2.6%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 821 845 -2.8%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 2,524 2,482 +1.7%
Other Liabilities
Available For Sale Securities Debt Securities 103,407 โ€” โ€”
Show Financial Instrument breakouts
Foreign Government Debt Securities 6,188 โ€” โ€”
US Treasury And Government 97,219 โ€” โ€”
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss 72,612 โ€” โ€”
Show Investment Type breakouts
Asset Backed Securities 202 โ€” โ€”
Mortgage Backed Securities Issued By US Government Sponsored Enterprises 23,961 โ€” โ€”
US Government Debt Securities 48,449 โ€” โ€”
Deposits 466,143 433,105 +7.6%
Securities Sold Under Agreements To Repurchase 230,217 238,139 -3.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 230,217 238,139 -3.3%
Securities Loaned 58,567 63,935 -8.4%
Other Secured Financings 21,852 23,123 -5.5%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 273 326 -16.3%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 347 317 +9.5%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 3 4 -25.0%
Short Term Debt 15,278 14,500 +5.4%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 623 647 -3.7%
Show Currency breakouts
Other Currency 11,210 12,779 -12.3%
USD 10,642 10,344 +2.9%
Show Recourse Status breakouts
Nonrecourse 3.44 6.11 -43.7%
Customer And Other Payables 259,252 242,986 +6.7%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 7 10 -30.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 7 10 -30.0%
Trading Liabilities 253,194 199,660 +26.8%
Show Financial Instrument breakouts
Derivative 70,428 63,024 +11.7%
Trading Cash Instruments Fair Value Disclosure [Member] 182,766 136,636 +33.8%
Unsecured Short Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings 69,004 76,769 -10.1%
Show Financial Instrument breakouts
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 5 5 0.0%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 5 5 0.0%
Unsecured Long Term Debt 279,967 โ€” โ€”
Show Debt Instrument breakouts
Fixed-Rate Obligations 31,632 โ€” โ€”
Floating-Rate Obligations 248,335 โ€” โ€”
Show Financial Instrument breakouts
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 16 โ€” โ€”
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 16 โ€” โ€”
Show Currency breakouts
Other Currency 71,307 โ€” โ€”
USD 208,660 โ€” โ€”
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure 172.8 โ€” โ€”
Show Long-Term Debt Type breakouts
Unsecured Debt 279,967 โ€” โ€”
Other Liabilities 22,717 21,501 +5.7%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 170 168 +1.2%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 170 168 +1.2%
Stockholders' Equity
Preferred Stock Value 15,153 12,753 +18.8%
Common Stock 9 9 0.0%
Share Based Awards 5,365 5,058 +6.1%
Additional Paid-In Capital 61,888 61,350 +0.9%
Retained Earnings 159,535 148,652 +7.3%
Accumulated Other Comprehensive Income -1,985 -2,900 +31.6%
Treasury Stock Value -115,869 -105,459 -9.9%
Total Stockholders' Equity 124,096 119,463 +3.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -505 -553 +8.7%
Accumulated Net Unrealized Investment Gain Loss -279 -1,111 +74.9%
Accumulated Other Comprehensive Income -1,985 -2,900 +31.6%
Accumulated Translation Adjustment -885 -825 -7.3%
Additional Paid In Capital 61,888 61,350 +0.9%
Common Stock 9 9 0.0%
Debt valuation adjustment -316 -411 +23.1%
Preferred Stock 15,153 12,753 +18.8%
Retained Earnings 159,535 148,652 +7.3%
Share-based awards 5,365 5,058 +6.1%
Stock held in treasury, at cost -115,869 -105,459 -9.9%
Total Liabilities & Equity 1,785,009 1,653,313 +8.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Deferred Income Taxes -202 -451 +55.2%
Stock-Based Compensation 2,950 2,439 +21.0%
Increase Decrease In Customer And Other Receivables And Payables Net -11,708 2,327 -603.1%
Increase Decrease In Collateralized Transactions Excluding Other Secured Financings Net -34,073 11,682 -391.7%
Increase Decrease In Financial Instruments Used In Operating Activities -47,625 -43,874 -8.5%
Increase Decrease In Trading Liabilities 49,794 -1,585 +3241.6%
Increase Decrease In Loans Held For Sale -1,261 270 -567.0%
Increase Decrease In Other Operating Capital Net 311 -1,774 +117.5%
Net Cash from Operations -31,558 -21,918 -44.0%
Investing Activities
Capital Expenditures -975 -1,039 +6.2%
Proceeds From Sale Of Property Plant And Equipment 392 847 -53.7%
Purchases of Investments -53,101 -27,736 -91.5%
Proceeds From Sale Of Available For Sale Securities Debt 32,088 7,691 +317.2%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1 9,789 -100.0%
Payments To Acquire Held To Maturity Securities -5,819 -13,433 +56.7%
Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities 12,438 10,954 +13.5%
Payments To Acquire Other Investments -4,419 -3,498 -26.3%
Proceeds From Sale And Maturity Of Other Investments 4,466 4,121 +8.4%
Payments For Proceeds From Loans And Leases -19,152 -4,541 -321.8%
Net Cash from Investing -34,081 -13,223 -157.7%
Financing Activities
Proceeds From Repayments Of Unsecured Short Term Debt 3,927 3,869 +1.5%
Proceeds From Repayments Of Other Secured Short Term Debt -7,026 6,096 -215.3%
Proceeds From Issuance Of Secured Debt 1,206 4,659 -74.1%
Repayments Of Secured Debt -1,275 -783 -62.8%
Proceeds From Issuance Of Unsecured Debt 51,067 31,798 +60.6%
Repayments Of Unsecured Debt -36,197 -39,783 +9.0%
Payments For Proceeds From Derivative Instrument Financing Activities 634 893 -29.0%
Increase Decrease In Deposits 27,244 4,672 +483.1%
Share Repurchases -7,360 -5,000 -47.2%
Tax Withholding for Share Compensation -2,146 -1,326 -61.8%
Payments Of Dividends -2,338 -2,175 -7.5%
Proceeds From Issuance Of Preferred Stock And Preference Stock 1,895 2,244 -15.6%
Proceeds From Payments For Other Financing Activities -67 336 -119.9%
Net Cash from Financing 29,564 4,800 +515.9%
Supplemental
Interest Paid 32,958 35,385 -6.9%
Income Taxes Paid 2,357 2,064 +14.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 6,950 -4,910 +241.5%
Net Change in Cash -29,125 -35,251 +17.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 152,967 206,326 -25.9%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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