The Goldman Sachs Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	17,176	14,276	8,516	11,261	21,635
Depreciation & Amortization	2,182	2,392	4,856	2,455	2,015
Stock-Based Compensation	3,445	2,663	2,085	4,083	2,348
Other Adjustments	-909	548	-332	303	362
Changes in Restricted Cash and Segregated Assets	-12,891	68,582	160,227	-100,996	-70,058
Changes in Trading Assets	-69,866	-86,991	-163,807	45,278	15,232
Change in Receivables	-43,206	-8,367	-28,219	35,014	21,971
Changes in Trading Liabilities	57,560	-212	5,751	8,062	26,616
Changes in Other Operating Activities	1,355	-6,103	-1,664	3,248	-13,823
Operating Cash Flow	-45,154	-13,212	-12,587	8,708	6,298
Operating Cash Flow Growth	-	-	-	38.27%	-
Capital Expenditures	-2,064	-2,091	-2,316	-3,748	-4,667
Sale of Property, Plant & Equipment	803	1,613	3,278	2,706	3,933
Purchases of Investments	-98,100	-92,096	-40,256	-60,536	-39,912
Proceeds from Sale of Investments	92,947	56,373	26,848	12,961	45,701
Proceeds from Business Divestments	1,536	3,622	487	-2,115	-
Other Investing Activities	-39,349	-17,045	-5,353	-25,228	-35,520
Investing Cash Flow	-44,227	-49,624	-17,312	-75,960	-30,465
Long-Term Debt Issued	94,706	72,495	50,200	86,322	97,512
Long-Term Debt Repaid	-74,833	-76,555	-57,636	-46,213	-59,198
Net Long-Term Debt Issued (Repaid)	19,873	-4,060	-7,436	40,109	38,314
Repurchase of Common Stock	-12,360	-8,000	-5,796	-3,500	-5,200
Net Common Stock Issued (Repurchased)	-12,360	-8,000	-5,796	-3,500	-5,200
Issuance of Preferred Stock	1,895	4,239	1,496	-	2,172
Repurchase of Preferred Stock	-	-2,200	-1,000	-	-2,675
Net Preferred Stock Issued (Repurchased)	1,895	2,039	496	-	-503
Common Dividends Paid	-5,277	-4,497	-4,189	-3,682	-2,725
Other Financing Activities	61,969	21,841	44,725	26,675	104,852
Financing Cash Flow	66,100	7,323	27,800	59,602	134,738
Effect of Exchange Rate Changes on Cash and Cash Equivalents	5,448	-3,972	1,851	-11,561	-5,377
Net Cash Flow	-17,833	-59,485	-248	-19,211	105,194
Free Cash Flow	-47,218	-15,303	-14,903	4,960	1,631
Free Cash Flow Growth	-	-	-	204.11%	-
FCF Margin	-81.02%	-28.60%	-32.22%	10.47%	2.75%
Free Cash Flow Per Share	-148.67	-45.87	-43.10	13.85	4.58
Levered Free Cash Flow	12,449	-14,958	3,518	5,172	14,780
Unlevered Free Cash Flow	-6,548	-10,147	11,563	-34,440	-23,050

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.