GOLDMAN SACHS GROUP INC

GS 10-Q ยท Q3 2025

GS Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Investment Banking Revenue 2,659 1,864 +42.7%
Investment Management 2,952 2,649 +11.4%
Brokerage Commissions Revenue 1,110 873 +27.1%
Market Making Net 3,868 4,127 -6.3%
Show Trading Activity By Type breakouts
Commodity 798 103 +674.8%
Credit 19 116 -83.6%
Equity 1,947 1,639 +18.8%
Fixed Income Interest Rate 407 4,527 -91.0%
Foreign Exchange 697 -2,258 +130.9%
Other Principal Transactions 743 839 -11.4%
Noninterest Income 11,332 10,352 +9.5%
Show Business Segments breakouts
Asset & Wealth Management 3,317 3,021 +9.8%
Global Banking & Markets 8,151 7,674 +6.2%
Platform Solutions -136 -343 +60.3%
Interest And Dividend Income Operating 20,822 21,448 -2.9%
Interest Expense Operating 16,970 19,101 -11.2%
Interest Income Expense Net 3,852 2,347 +64.1%
Show Business Segments breakouts
Asset & Wealth Management 1,082 733 +47.6%
Global Banking & Markets 1,964 880 +123.2%
Platform Solutions 806 734 +9.8%
Revenues Net Of Interest Expense 15,184 12,699 +19.6%
Show Business Segments breakouts
Asset & Wealth Management 4,399 3,754 +17.2%
Global Banking & Markets 10,115 8,554 +18.2%
Platform Solutions 670 391 +71.4%
Show Geography breakouts
Americas 10,020 8,045 +24.5%
Asia 2,001 1,578 +26.8%
EMEA 3,163 3,076 +2.8%
Provision For Loan Lease And Other Losses 339 397 -14.6%
Show Business Segments breakouts
Asset & Wealth Management -33 -109 +69.7%
Global Banking & Markets 86 54 +59.3%
Platform Solutions 286 452 -36.7%
Labor And Related Expense 4,680 4,122 +13.5%
Show Business Segments breakouts
Asset & Wealth Management 1,982 1,621 +22.3%
Global Banking & Markets 2,564 2,369 +8.2%
Platform Solutions 134 132 +1.5%
Transaction Based 1,968 1,701 +15.7%
Business Development 171 159 +7.5%
Communications And Information Technology 545 498 +9.4%
Depreciation And Amortization 531 621 -14.5%
Show Business Segments breakouts
Asset & Wealth Management 215 216 -0.5%
Global Banking & Markets 270 276 -2.2%
Platform Solutions 46 129 -64.3%
Occupancy Net 242 242 0.0%
Professional Fees 432 400 +8.0%
Other Noninterest Expense 884 572 +54.5%
Noninterest Expense 9,453 8,315 +13.7%
Show Business Segments breakouts
Asset & Wealth Management 3,296 2,848 +15.7%
Global Banking & Markets 5,734 4,969 +15.4%
Platform Solutions 423 498 -15.1%
Income Before Taxes 5,392 3,987 +35.2%
Show Business Segments breakouts
Asset & Wealth Management 1,136 1,015 +11.9%
Global Banking & Markets 4,295 3,531 +21.6%
Platform Solutions -39 -559 +93.0%
Show Geography breakouts
Americas 3,809 2,389 +59.4%
Asia 408 416 -1.9%
EMEA 1,175 1,182 -0.6%
Income Tax Expense (Benefit) 1,294 997 +29.8%
Net Income 4,098 2,990 +37.1%
Show Business Segments breakouts
Asset & Wealth Management 871 767 +13.6%
Global Banking & Markets 3,257 2,653 +22.8%
Platform Solutions -30 -430 +93.0%
Show Equity Components breakouts
Retained Earnings 4,098 2,990 +37.1%
Preferred Stock Dividends Income Statement Impact 238 210 +13.3%
Net Income Loss Available To Common Stockholders Basic 3,860 2,780 +38.8%
Show Business Segments breakouts
Asset & Wealth Management 828 727 +13.9%
Global Banking & Markets 3,070 2,490 +23.3%
Platform Solutions -38 -437 +91.3%
EPS (Basic) 12.42 8.52 +45.8%
EPS (Diluted) 12.25 8.4 +45.8%
Wtd Avg Shares (Basic) 309.6 324.8 -4.7%
Wtd Avg Shares (Diluted) 315 330.8 -4.8%
Interest Income 1,985 1,656 +19.9%
Comprehensive Income 3,607 3,387 +6.5%
Gain Loss On Investments (Q) โ€” โ€” โ€”
Show Derivative Risk breakouts
Hedged investments ยท Designated As Hedging Instrument 7 744 -99.1%
Interest Rate Contract ยท Designated As Hedging Instrument 1 -744 +100.1%
Show Hedging Designation breakouts
Designated As Hedging Instrument ยท Fair Value Hedging 8 โ€” โ€”
Interest Expense 16,970 19,101 -11.2%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 169,577 154,689 +9.6%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 10 162 -93.8%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 18 17 +5.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 28 179 -84.4%
Show Counterparty Name breakouts
Central banks 133.64 120.96 +10.5%
Non-Current Assets
Total Assets 1,807,982 1,728,080 +4.6%
Show Business Segments breakouts
Asset & Wealth Management 206,929 196,460 +5.3%
Global Banking & Markets 1,535,623 1,471,242 +4.4%
Platform Solutions 65,430 60,378 +8.4%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Not Primary Beneficiary 4,244 4,485 -5.4%
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 10 162 -93.8%
Mortgage Backed Securities ยท Variable Interest Entity Not Primary Beneficiary 6,862 5,747 +19.4%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 98 464 -78.9%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 282 299 -5.7%
Tax credit and other investing ยท Variable Interest Entity Not Primary Beneficiary 6,505 6,288 +3.5%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 390 925 -57.8%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 17,611 16,530 +6.5%
Property, Plant & Equipment 7,744 โ€” โ€”
Show Property Plant And Equipment By Type breakouts
Building And Building Improvements 6.55 โ€” โ€”
Operating Lease Right-of-Use Assets 2,054 2,072 -0.9%
Goodwill 5,950 5,909 +0.7%
Show Business Segments breakouts
Asset management 1,458 1,417 +2.9%
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 129,786 212,156 -38.8%
Securities Borrowed 217,708 204,783 +6.3%
Other Receivables 176,598 144,921 +21.9%
Show Financial Instrument breakouts
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 1 350 -99.7%
Trading Securities 652,585 โ€” โ€”
Show Financial Instrument breakouts
Derivative 52,265 โ€” โ€”
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 14 โ€” โ€”
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 112 โ€” โ€”
Trading Cash Instruments Fair Value Disclosure [Member] 600,320 โ€” โ€”
Show Pledged Status breakouts
Asset Pledged As Collateral With Right ยท Securities Sold Under Agreements To Repurchase 159,299 โ€” โ€”
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 176,414 โ€” โ€”
Other Investments 26,163 โ€” โ€”
Notes Receivable Net 222,379 191,749 +16.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 ยท Amortized Cost 216,349 184,758 +17.1%
Fair Value Inputs Level2 ยท Amortized Cost 110,254 95,364 +15.6%
Fair Value Inputs Level3 ยท Amortized Cost 106,095 89,394 +18.7%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 6 8 -25.0%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 6 8 -25.0%
Show Fair Value Measurement Basis [Axis] breakouts
Amortized Cost 214,379 182,640 +17.4%
Amortized Cost ยท Carrying Reported Amount Fair Value Disclosure 214,379 182,640 +17.4%
Fair Value 5,498 5,839 -5.8%
Held For Sale 2,502 3,270 -23.5%
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 12,274 12,331 -0.5%
Other Assets 35,592 34,857 +2.1%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 71 73 -2.7%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 71 73 -2.7%
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right ยท Securities Sold Under Agreements To Repurchase 844 2,005 -57.9%
Non-Current Liabilities
Total Liabilities 1,683,580 1,606,880 +4.8%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Not Primary Beneficiary 416 481 -13.5%
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 248 366 -32.2%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 368 364 +1.1%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 176 181 -2.8%
Tax credit and other investing ยท Variable Interest Entity Not Primary Beneficiary 2,032 2,019 +0.6%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 792 911 -13.1%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 2,448 2,500 -2.1%
Other Liabilities
Available For Sale Securities Debt Securities 103,962 โ€” โ€”
Show Financial Instrument breakouts
Foreign Government Debt Securities 6,657 โ€” โ€”
US Treasury And Government 97,305 โ€” โ€”
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss 73,632 โ€” โ€”
Show Investment Type breakouts
Asset Backed Securities 179 โ€” โ€”
Mortgage Backed Securities Issued By US Government Sponsored Enterprises 25,766 โ€” โ€”
US Government Debt Securities 47,687 โ€” โ€”
Deposits 490,249 445,311 +10.1%
Securities Sold Under Agreements To Repurchase 217,797 261,617 -16.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 217,797 261,617 -16.7%
Securities Loaned 57,609 62,117 -7.3%
Other Secured Financings 24,784 23,508 +5.4%
Show Financial Instrument breakouts
Corporate debt and other asset-backed ยท Variable Interest Entity Primary Beneficiary 248 366 -32.2%
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 347 341 +1.8%
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 2 3 -33.3%
Short Term Debt 16,064 15,434 +4.1%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 597 710 -15.9%
Show Currency breakouts
Other Currency 12,164 11,404 +6.7%
USD 12,620 12,104 +4.3%
Show Recourse Status breakouts
Nonrecourse 3.65 4.46 -18.2%
Customer And Other Payables 256,835 250,355 +2.6%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 9 8 +12.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 9 8 +12.5%
Trading Liabilities 261,830 215,191 +21.7%
Show Financial Instrument breakouts
Derivative 79,545 66,696 +19.3%
Trading Cash Instruments Fair Value Disclosure [Member] 182,285 148,495 +22.8%
Unsecured Short Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings 72,385 75,371 -4.0%
Show Financial Instrument breakouts
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 6 6 0.0%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 6 6 0.0%
Unsecured Long Term Debt 276,914 โ€” โ€”
Show Debt Instrument breakouts
Fixed-Rate Obligations 31,870 โ€” โ€”
Floating-Rate Obligations 245,044 โ€” โ€”
Show Financial Instrument breakouts
Principal-protected notes ยท Variable Interest Entity Primary Beneficiary 15 โ€” โ€”
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 15 โ€” โ€”
Show Currency breakouts
Other Currency 69,529 โ€” โ€”
USD 207,385 โ€” โ€”
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure 168.79 โ€” โ€”
Show Long-Term Debt Type breakouts
Unsecured Debt 276,914 โ€” โ€”
Other Liabilities 25,177 23,160 +8.7%
Show Financial Instrument breakouts
Real estate, credit-related and other investing ยท Variable Interest Entity Primary Beneficiary 165 170 -2.9%
Total consolidated VIEs ยท Variable Interest Entity Primary Beneficiary 165 170 -2.9%
Stockholders' Equity
Preferred Stock Value 15,153 โ€” โ€”
Common Stock 9 9 0.0%
Share Based Awards 5,555 5,090 +9.1%
Additional Paid-In Capital 61,907 61,372 +0.9%
Retained Earnings 162,143 150,454 +7.8%
Accumulated Other Comprehensive Income -2,476 -2,503 +1.1%
Treasury Stock Value -117,889 -106,475 -10.7%
Total Stockholders' Equity 124,402 121,200 +2.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -494 -540 +8.5%
Accumulated Gain Loss Net Cash Flow Hedge Parent 1 โ€” โ€”
Accumulated Net Unrealized Investment Gain Loss -94 -607 +84.5%
Accumulated Other Comprehensive Income -2,476 -2,503 +1.1%
Accumulated Translation Adjustment -862 -850 -1.4%
Additional Paid In Capital 61,907 61,372 +0.9%
Common Stock 9 9 0.0%
Debt valuation adjustment -1,027 -506 -103.0%
Preferred Stock 15,153 13,253 +14.3%
Retained Earnings 162,143 150,454 +7.8%
Share-based awards 5,555 5,090 +9.1%
Stock held in treasury, at cost -117,889 -106,475 -10.7%
Total Liabilities & Equity 1,807,982 1,728,080 +4.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Deferred Income Taxes -153 -653 +76.6%
Stock-Based Compensation 3,187 2,559 +24.5%
Increase Decrease In Customer And Other Receivables And Payables Net -10,576 7,543 -240.2%
Increase Decrease In Collateralized Transactions Excluding Other Secured Financings Net -27,821 19,644 -241.6%
Increase Decrease In Financial Instruments Used In Operating Activities -66,888 -112,931 +40.8%
Increase Decrease In Trading Liabilities 58,129 13,100 +343.7%
Increase Decrease In Loans Held For Sale -629 450 -239.8%
Increase Decrease In Other Operating Capital Net 649 -2,746 +123.6%
Net Cash from Operations -28,878 -59,978 +51.9%
Investing Activities
Capital Expenditures -1,533 -1,505 -1.9%
Proceeds From Sale Of Property Plant And Equipment 504 1,152 -56.2%
Payments For Proceeds From Businesses And Interest In Affiliates 1,536 3,622 -57.6%
Purchases of Investments -61,849 -52,927 -16.9%
Proceeds From Sale Of Available For Sale Securities Debt 41,014 13,387 +206.4%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1 12,784 -100.0%
Payments To Acquire Held To Maturity Securities -10,025 -20,660 +51.5%
Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities 16,952 12,598 +34.6%
Payments To Acquire Other Investments -6,365 -5,150 -23.6%
Proceeds From Sale And Maturity Of Other Investments 6,581 6,261 +5.1%
Payments For Proceeds From Loans And Leases -26,010 -12,071 -115.5%
Net Cash from Investing -39,194 -42,509 +7.8%
Financing Activities
Proceeds From Repayments Of Unsecured Short Term Debt 3,243 4,263 -23.9%
Proceeds From Repayments Of Other Secured Short Term Debt -5,372 7,632 -170.4%
Proceeds From Issuance Of Secured Debt 3,757 4,951 -24.1%
Repayments Of Secured Debt -2,613 -1,592 -64.1%
Proceeds From Issuance Of Unsecured Debt 61,360 49,465 +24.0%
Repayments Of Unsecured Debt -50,227 -59,639 +15.8%
Payments For Proceeds From Derivative Instrument Financing Activities 877 1,739 -49.6%
Increase Decrease In Deposits 51,832 15,152 +242.1%
Share Repurchases -9,360 -6,000 -56.0%
Tax Withholding for Share Compensation -2,156 -1,331 -62.0%
Payments Of Dividends -3,814 -3,344 -14.1%
Proceeds From Issuance Of Preferred Stock And Preference Stock 1,895 4,239 -55.3%
Proceeds From Payments For Other Financing Activities -77 305 -125.2%
Net Cash from Financing 49,345 15,140 +225.9%
Supplemental
Interest Paid 49,816 54,521 -8.6%
Income Taxes Paid 2,938 2,810 +4.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 6,212 459 +1253.4%
Net Change in Cash -12,515 -86,888 +85.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 169,577 154,689 +9.6%

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

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