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, Total	1,998	2,164	3,396	2,141	2,015
Stock-Based Compensation	3,445	2,663	2,085	4,083	2,348
Change in Accounts Receivable	-43,206	-8,367	-28,219	35,014	21,971
Change in Other Net Operating Assets	44,165	68,907	167,613	-89,773	-48,998
Other Operating Activities	2,063	-7,440	-4,659	-2,325	-8,262
Operating Cash Flow	-45,154	-13,212	-12,587	8,708	6,298
Capital Expenditures	-2,064	-2,091	-2,316	-3,748	-4,667
Cash Acquisitions	-	-	-	-2,115	-
Investment in Securities	-5,153	-35,723	-13,408	-47,575	5,789
Investing Cash Flow	-44,227	-49,624	-17,312	-75,960	-30,465
Short-Term Debt Issued	2,988	14,641	2,723	321	2,137
Long-Term Debt Issued	94,706	72,495	50,200	86,322	97,512
Total Debt Issued	97,694	87,136	52,923	86,643	99,649
Short-Term Debt Repaid	-3,877	-	-	-2,283	-1,320
Long-Term Debt Repaid	-74,833	-76,555	-57,636	-46,213	-59,198
Total Debt Repaid	-78,710	-76,555	-57,636	-48,496	-60,518
Net Debt Issued (Repaid)	18,984	10,581	-4,713	38,147	39,131
Repurchase of Common Stock	-14,516	-9,331	-7,141	-5,095	-6,185
Preferred Dividends Paid	-	-	-599	-	-
Common Dividends Paid	-	-	-3,590	-	-
Dividends Paid	-5,277	-4,497	-4,189	-3,682	-2,725
Other Financing Activities	65,009	8,521	43,342	30,232	105,020
Financing Cash Flow	66,100	7,323	27,800	59,602	134,738
Foreign Exchange Rate Adjustments	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%	-
Free Cash Flow Margin	-79.50%	-29.34%	-32.95%	11.11%	2.77%
Free Cash Flow Per Share	-148.67	-45.87	-43.10	13.85	4.58
Cash Interest Paid	65,494	72,623	60,026	19,022	5,521
Cash Income Tax Paid	3,990	3,673	2,389	4,555	6,195

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.