At a glance
Goldman Sachs Group Inc is worth $259.22B, about 18 times its fiscal 2025 earnings. Revenue grew 8.9% to $58.28B in fiscal 2025, with 29.5% kept as profit; over 5 years it has grown 5.5% a year. It pays a 2.0% dividend yield, raised every year for at least 9 years, and returned $55.23B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.1% over the past year with dividends reinvested and +19.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.8% in the 2020 crash (S&P 500: 33.7%) and 30.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 18 months after the lows.
The business in plain English
Goldman Sachs is a global financial firm that serves corporations, financial institutions, governments and individuals. The parent company is a bank holding company supervised by the Federal Reserve, and its US bank, Goldman Sachs Bank USA, is chartered in New York State. Most of its revenue comes from fees and trading rather than interest. In fiscal 2025 (the year ended December 31, 2025), noninterest income was $44.7 billion of $58.3 billion in total revenue. Net interest income, the gap between the interest it earns and the interest it pays, was $13.6 billion.
Global Banking & Markets brought in $41.5 billion, or 71% of fiscal 2025 revenue. It advises companies on mergers and acquisitions and underwrites stock and bond sales, which means helping companies raise money from investors. It also acts as a market maker, standing ready to buy and sell bonds, currencies, commodities and stocks for institutional clients. It earns spreads and fees on those trades and lends to clients against their securities.
Asset & Wealth Management, 28.6% of revenue, earns management fees and performance-based incentive fees, plus income from private banking, lending and investments. Platform Solutions contributed just 0.3%. It is mainly Apple Card credit cards and deposits, plus businesses Goldman has exited. By region, the Americas supplied 62.7% of revenue, Europe, the Middle East and Africa 24.3%, and Asia 13%.
Price history
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GS +16.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Global Banking & Markets | $41.45B | 71.1% |
| Asset & Wealth Management | $16.68B | 28.6% |
| Platform Solutions | $151.0M | 0.3% |
By geography
| Americas | $36.55B | 62.7% |
| EMEA | $14.15B | 24.3% |
| Asia | $7.58B | 13% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $18.68B, up 23% from a year earlier, and net income was $5.29B (+29.2%).
- For fiscal 2025, revenue was $58.28B (+8.9% year over year; +5.5% a year from FY2020 to FY2025) with a 29.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.5% good |
|---|---|
| Return on equity | 13.7% good |
| Net income / revenue | 29.5% good |
| Deposits | $567.88B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $44.56B | $9.46B | — |
| FY2021 | $59.34B | $21.64B | — |
| FY2022 | $47.37B | $11.26B | — |
| FY2023 | $46.25B | $8.52B | — |
| FY2024 | $53.51B | $14.28B | — |
| FY2025 | $58.28B | $17.18B | — |
Valuation snapshot
| Market value | $259.22B |
|---|---|
| P/E ratio | 17.5 |
| Dividend yield | 2% |
Rank among 1514 US companies
Market value at each year end
Goldman Sachs Group’s market value went from $95.22B at the end of 2016 to $259.22B on Nov 2, 2026, about 2.7 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $259.22B | -1.7% |
| 2025 | $263.64B | +46.7% |
| 2024 | $179.75B | +42.9% |
| 2023 | $125.80B | +8.2% |
| 2022 | $116.28B | -9.2% |
| 2021 | $128.08B | +41.2% |
| 2020 | $90.73B | +11.4% |
| 2019 | $81.42B | +31.0% |
| 2018 | $62.14B | -35.3% |
| 2017 | $96.10B | +0.9% |
| 2016 | $95.22B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GS price data to Nov 2, 2026 | +3.7% | +16.1% | +45.2% | +19.1% | +20.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.7% |
| 2025 | +56.6% |
| 2024 | +52.0% |
| 2023 | +15.9% |
| 2022 | -7.9% |
| 2021 | +47.6% |
| 2020 | +17.5% |
| 2019 | +40.5% |
| 2018 | -33.5% |
| 2017 | +7.7% |
| 2016 | +34.9% |
| 2015 | -5.8% |
| 2014 | +10.8% |
| 2013 | +40.8% |
| 2012 | +43.4% |
| 2011 | -45.6% |
| 2010 | +0.5% |
| 2009 | +102.5% |
| 2008 | -60.4% |
| 2007 | +8.6% |
| 2006 | +57.4% |
| 2005 | +23.9% |
| 2004 | +6.5% |
| 2003 | +46.3% |
| 2002 | -26.0% |
| 2001 | -12.8% |
| 2000 | +14.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68.6% over that stretch · deepest drop along the way 78.8%, back to its old high 96.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.8% over that stretch · deepest drop along the way 42.8%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.8% over that stretch · deepest drop along the way 30.5%, back to its old high 18.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (22 read): 0 open-market purchases and 30 sales ($35.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | David M Solomon Chairman of the Board and CEO, Director | sell | $8.4M |
| May 6, 2026 | Kathryn H. Ruemmler Chief Legal Officer, GC | sell | $7.8M |
| May 6, 2026 | Kathryn H. Ruemmler Chief Legal Officer, GC | sell | $2.5M |
| May 14, 2026 | Denis P. Coleman Chief Financial Officer | sell | $2.4M |
| Oct 27, 2026 | David M Solomon Chairman of the Board and CEO, Director | sell | $2.2M |
Who owns it
ETFs with the most weight in GS
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 13.56% |
| DIA SPDR Dow Jones Industrial Average ETF Trust | 7.8% |
| KBWB Invesco KBW Bank ETF | 7.66% |
| NITE Nightview Fund NITE | 4.96% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 4.4% |
| SAMM Strategas Macro Momentum ETF | 4.22% |
| TGLR LAFFER TENGLER Equity Income ETF | 3.73% |
| GSIB Themes Global Systemically Important Banks ETF | 3.47% |
What could go wrong
- Deal and trading revenue can dry up. About 71% of fiscal 2025 revenue came from Global Banking & Markets. When investors and CEOs lose confidence, mergers and stock and bond offerings slow, and advisory and underwriting fees fall.
- Market-making positions can cause big losses. As a market maker, Goldman holds stocks, bonds and derivatives to meet client demand. Falling asset values, shifts in volatility or too much risk concentrated in one area can cause significant losses.
- Asset management fees face pressure. Asset & Wealth Management produced 28.6% of fiscal 2025 revenue. Weak fund performance, falling asset values or clients shifting to lower-fee products could shrink the fees it earns.
- Funding depends on credit ratings. Goldman relies heavily on borrowing, with $437.9 billion of debt as of June 30, 2026. A rating cut or wider credit spreads (the extra interest lenders demand) could raise costs and strain liquidity.
- Legal trouble and conflicts can damage reputation. Goldman says conflicts of interest, civil or criminal liability and regulatory action have hurt it before. Such problems, or negative publicity, can bring heavy costs and harm its future business.
- Shareholders could bear losses in a failure. US and foreign rules for winding down a failing large bank in an orderly way, plus Goldman's own wind-down plan, could mean greater losses for the parent company's shareholders and bondholders.
Recent events
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Change to shareholder rights; Bylaws or fiscal year changed
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Bylaws or fiscal year changed
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Goldman Sachs has raised its regular dividend at least nine years in a row through fiscal 2025. Dividends per share grew from $5 in fiscal 2020 to $14 in fiscal 2025, about 22.9% a year. Dividends paid equaled 30.7% of fiscal 2025 net income. The yield was 1.97% as of October 27, 2026. Buybacks have been larger: $34.9 billion over fiscal 2021–2025, including $12.4 billion in fiscal 2025, versus $20.4 billion in dividends. The share count fell 13.6% from July 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 78.8% between October 2007 and November 2008 and did not regain its peak until December 2016. It fell 42.8% in the 2020 COVID crash and recovered within about eight months. It lost 30.5% in the 2022 bear market and took about 18 months to come back. Selling during a slump could lock in deep losses. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Goldman Sachs make money?
Goldman Sachs makes most of its money from fees and trading for large institutions. In fiscal 2025, Global Banking & Markets produced $41.5 billion, or 71% of the firm's $58.3 billion in revenue. That came from merger advice, underwriting stock and bond sales, making markets in bonds, currencies, commodities and stocks, and lending to trading clients. Asset & Wealth Management added 28.6% through management and incentive fees, private banking and investments. Platform Solutions, mostly the Apple Card, contributed 0.3%.
Does Goldman Sachs raise its dividend every year?
Yes. Through fiscal 2025, Goldman Sachs had raised its regular dividend at least nine years in a row, and the streak may be longer. Dividends per share rose from $5 in fiscal 2020 to $14 in fiscal 2025, about 22.9% a year. Dividends paid took about 30.7% of fiscal 2025 net income. Buybacks were bigger, at $12.4 billion in fiscal 2025 versus $5.3 billion in dividends. The yield was 1.97% as of October 27, 2026. Past increases do not guarantee future ones.
Is Goldman Sachs a bank?
Yes, but not a typical one. The parent company is a bank holding company regulated by the Federal Reserve, and its US bank, Goldman Sachs Bank USA, is chartered in New York State. The firm held $558 billion of deposits as of June 30, 2026. Yet most of its revenue comes from fees and trading. In fiscal 2025, noninterest income was $44.7 billion, versus $13.6 billion of net interest income. Return on equity, a measure of profit on shareholders' capital, was 13.7%.
How has Goldman Sachs stock performed?
Well over the long run, but with big swings. As of October 27, 2026, price-based returns were 17.7% over one year and about 20.2% a year over both five and ten years. The stock gained 52.0% in 2024 and 56.6% in 2025, and was up 5.2% in 2026 through October 27. Over the one year to that date it fell as much as 23.6% from a peak. In the 2008 financial crisis it lost 78.8%.
Is the Apple Card a big part of Goldman Sachs' business?
No. Platform Solutions is the segment whose revenue comes almost entirely from Apple Card credit cards and deposits, plus businesses Goldman has exited. It produced $151 million in fiscal 2025, just 0.3% of total revenue. Starting in the fourth quarter of 2025, Goldman moved its transaction banking business out of Platform Solutions as it narrowed its focus on consumer activities. Its results depend far more on investment banking, trading and asset management.