The firm's capital structure shows signs of vulnerability, with the debt-to-equity ratio climbing to 6.06 in 2026Q1 from 4.88 in 2025Q4, indicating increased reliance on leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 |
|---|
| Total Current Assets | 7.01B | 1.02T | 1.07T | 1.07T | 868.98B | 948.91B | 716.86B | 609.75B | 584.21B | 324.88B | 313.78B | 310.49B | 288.35B | 329.26B | 331.21B | 326.58B | 316.27B | 604.56B | 579.79B | 253.77B | 187.87B | 173.31B | 63.08B | 43.14B | 56.37B | 40.01B | 47.42B | 103.78B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2.05T | 790.74B | 602.93B | 568.07B | 572.82B | 515.08B | 446.16B | 383.22B | 347.59B | 591.9B | 546.39B | 550.91B | 567.49B | 582.24B | 607.34B | 596.64B | 595.06B | 244.39B | 304.76B | 866.03B | 650.33B | 533.5B | 468.3B | 360.66B | 299.2B | 272.2B | 236.99B | 146.71B |
| Property, Plant & Equipment | 9.5B | 9.52B | 9.99B | 13.41B | 19.25B | 20.39B | 25.43B | 24.25B | 18.32B | 15.09B | 12.07B | 9.96B | 9.34B | 9.2B | 8.22B | 8.7B | 11.11B | 11.38B | 10.79B | 8.97B | 6.99B | 5.1B | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 6.83x | 13.13x | 12.70x | 8.08x | 3.57x | 3.19x | 2.10x | 2.22x | 2.86x | 2.84x | 3.14x | 3.93x | 4.29x | 4.44x | 5.07x | 4.23x | 4.14x | 4.54x | 4.96x | 9.80x | 9.92x | 8.51x | - | - | - | - | - | - |
| Goodwill | 6.59B | 5.95B | 5.85B | 5.92B | 6.37B | 4.29B | 4.33B | 4.2B | 3.76B | 3.67B | 3.67B | 3.66B | 3.65B | 3.71B | 3.7B | 3.8B | 3.5B | 3.54B | 3.52B | 3.32B | 3.18B | 3.15B | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 932M | 842M | 847M | 1.18B | 2.01B | 418M | 630M | 641M | 324M | 373M | 429M | 491M | 515M | 671M | 1.4B | 1.67B | 2.03B | 1.38B | 1.53B | 1.77B | 2.5B | 2.06B | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.59T | 469.88B | 396.26B | 353.19B | 361.69B | 314.79B | 277.49B | 219.5B | 190.97B | 382.72B | 346.35B | 359.58B | 341.77B | 354.57B | 407.46B | 364.87B | 358.4B | 1.48B | 1.45B | 454.61B | 337.32B | 279.99B | 203.26B | 158.83B | 133.97B | 123.3B | 99.54B | 60.05B |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.06T | 1.81T | 1.68T | 1.64T | 1.44T | 1.46T | 1.16T | 992.97B | 931.8B | 916.78B | 860.16B | 861.39B | 855.84B | 911.51B | 938.55B | 923.23B | 911.33B | 848.94B | 884.55B | 1.12T | 838.2B | 706.8B | 531.38B | 403.8B | 355.57B | 312.22B | 284.41B | 250.49B |
| Asset Turnover | 0.06x | 0.07x | 0.08x | 0.07x | 0.05x | 0.04x | 0.05x | 0.05x | 0.06x | 0.05x | 0.04x | 0.05x | 0.05x | 0.04x | 0.04x | 0.04x | 0.05x | 0.06x | 0.06x | 0.08x | 0.08x | 0.06x | 0.06x | 0.06x | 0.06x | 0.10x | 0.12x | 0.10x |
| Asset Growth % | 37.19% | 7.96% | 2.09% | 13.86% | -1.52% | 25.88% | 17.13% | 6.57% | 1.64% | 6.58% | -0.14% | 0.65% | -6.11% | -2.88% | 1.66% | 1.31% | 7.35% | -4.03% | -21.01% | 33.6% | 18.59% | 33.01% | 31.59% | 13.56% | 13.89% | 9.78% | 13.54% | - |
| Total Current Liabilities | 421.19B | 1.23T | 1.16T | 1.15T | 972.18B | 975.78B | 745.86B | 610.87B | 539.79B | 468.76B | 440.97B | 459.32B | 449.52B | 507.52B | 522.76B | 491.23B | 468.44B | 538.33B | 598.61B | 601.72B | 447.39B | 395.76B | 254.02B | 207.51B | 196.27B | 158.54B | 146.58B | 87.11B |
| Accounts Payable | 0 | 231.87B | 223.25B | 230.73B | 262.05B | 251.93B | 190.66B | 174.82B | 180.24B | 178.17B | 188.46B | 210.36B | 213.57B | 204.76B | 194.49B | 198.29B | 190.5B | 185.63B | 253.84B | 318.45B | 213.18B | 188.32B | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 421.19B | 311.15B | 365B | 333.04B | 178.15B | 222.01B | 192.66B | 173.37B | 128.78B | 146.54B | 124.2B | 143.09B | 148.31B | 226.76B | 239.16B | 242.72B | 234.72B | 178.81B | 136.77B | 263.14B | 219.69B | 204.25B | 254.02B | 207.51B | 196.27B | 158.54B | 146.58B | 87.11B |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 679.57B | 560.59B | 572.02B | 523.25B | 493.7B | 355.1B | 255.05B | 224.56B | 138.6B | 124.1B | 97.52B | 82.88B | 70.81B | 70.12B | 46.11B | 38.57B | 168.44B | 203.62B | 15.37B | 10.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.02x | 0.83x | 0.93x | 0.94x | 0.89x | 0.97x | 0.96x | 1.00x | 1.08x | 0.69x | 0.71x | 0.68x | 0.64x | 0.65x | 0.63x | 0.66x | 0.68x | 1.12x | 0.97x | 0.42x | 0.42x | 0.44x | 0.25x | 0.21x | 0.29x | 0.25x | 0.32x | 1.19x |
| Quick Ratio | 0.02x | 0.83x | 0.93x | 0.94x | 0.89x | 0.97x | 0.96x | 1.00x | 1.08x | 0.69x | 0.71x | 0.68x | 0.64x | 0.65x | 0.63x | 0.66x | 0.68x | 1.12x | 0.97x | 0.42x | 0.42x | 0.44x | 0.25x | 0.21x | 0.29x | 0.25x | 0.32x | 1.19x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.52T | 457.54B | 395.7B | 378.47B | 352.43B | 378.28B | 321.24B | 291.83B | 301.82B | 365.77B | 332.3B | 315.34B | 323.53B | 325.52B | 340.08B | 361.61B | 365.54B | 239.9B | 221.57B | 475.28B | 355.02B | 283.04B | 252.28B | 174.65B | 140.3B | 135.44B | 121.3B | 153.24B |
| Long-Term Debt | 326.47B | 296.21B | 249.87B | 247.87B | 254.25B | 263.47B | 226.02B | 219.03B | 236.03B | 227.58B | 198.07B | 186.44B | 175.39B | 168.97B | 177.63B | 182.81B | 189.77B | 196.29B | 185.68B | 197.47B | 148.98B | 100.01B | 80.7B | 57.48B | 38.71B | 31.02B | 31.39B | 20.95B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.94T | 1.68T | 1.55T | 1.52T | 1.32T | 1.35T | 1.07T | 902.7B | 841.61B | 834.53B | 773.27B | 774.67B | 773.04B | 833.04B | 862.84B | 852.85B | 833.98B | 778.23B | 820.18B | 1.08T | 802.41B | 678.8B | 506.3B | 382.17B | 336.57B | 293.99B | 267.88B | 240.35B |
| Total Debt | 749.47B | 609.53B | 616.93B | 583.13B | 434.55B | 487.76B | 420.96B | 394.78B | 364.81B | 374.12B | 322.27B | 329.53B | 323.71B | 395.73B | 416.79B | 425.54B | 424.49B | 375.1B | 322.44B | 460.62B | 368.66B | 304.25B | 334.72B | 265B | 234.98B | 189.56B | 177.97B | 108.06B |
| Net Debt | 742.46B | 445.27B | 434.84B | 341.56B | 192.72B | 226.73B | 265.12B | 261.24B | 234.26B | 264.06B | 200.56B | 236.09B | 266.11B | 334.6B | 344.12B | 369.53B | 384.7B | 336.8B | 306.7B | 450.34B | 362.37B | 293.99B | 330.35B | 257.91B | 230.16B | 182.65B | 174.1B | 103.57B |
| Debt / Equity | 6.06x | 4.88x | 5.06x | 4.99x | 3.71x | 4.44x | 4.39x | 4.37x | 4.05x | 4.55x | 3.71x | 3.80x | 3.91x | 5.04x | 5.50x | 6.05x | 5.49x | 5.30x | 4.88x | 9.20x | 10.30x | 10.87x | 13.35x | 12.25x | 12.37x | 10.40x | 10.77x | 10.65x |
| Debt / EBITDA | 30.15x | 25.36x | 29.68x | 37.39x | 27.26x | 16.79x | 29.27x | 32.13x | 26.42x | 30.46x | 28.51x | 33.73x | 23.64x | 30.30x | 32.20x | 52.94x | 28.69x | 17.23x | 81.40x | 24.54x | 23.70x | 33.34x | 44.50x | 47.41x | 58.79x | 41.49x | 32.32x | 46.40x |
| Net Debt / EBITDA | 29.86x | 18.53x | 20.92x | 21.90x | 12.09x | 7.80x | 18.44x | 21.26x | 16.96x | 21.50x | 17.75x | 24.17x | 19.43x | 25.62x | 26.58x | 45.97x | 26.00x | 15.47x | 77.43x | 23.99x | 23.30x | 32.21x | 43.92x | 46.14x | 57.58x | 39.98x | 31.62x | 44.47x |
| Interest Coverage | 0.34x | 0.33x | 0.25x | 0.17x | 0.63x | 4.79x | 1.40x | 0.61x | 0.78x | 1.09x | 1.45x | 1.63x | 2.22x | 1.76x | 1.49x | 0.77x | 1.89x | 3.05x | 0.07x | 0.42x | 0.46x | 0.46x | 0.75x | 0.58x | 0.37x | 0.24x | 0.31x | 0.17x |
| Total Equity | 123.74B | 124.97B | 122B | 116.91B | 117.19B | 109.93B | 95.93B | 90.27B | 90.19B | 82.24B | 86.89B | 86.73B | 82.8B | 78.47B | 75.72B | 70.38B | 77.36B | 70.71B | 66.01B | 50.06B | 35.79B | 28B | 25.08B | 21.63B | 19B | 18.23B | 16.53B | 10.14B |
| Equity Growth % | 15.1% | 2.44% | 4.35% | -0.24% | 6.61% | 14.59% | 6.28% | 0.09% | 9.66% | -5.35% | 0.19% | 4.75% | 5.52% | 3.63% | 7.58% | -9.02% | 9.39% | 7.12% | 31.85% | 39.9% | 27.8% | 11.66% | 15.93% | 13.83% | 4.23% | 10.29% | 62.94% | - |
| Book Value per Share | 401.74 | 393.49 | 365.70 | 338.07 | 327.25 | 308.95 | 266.26 | 240.39 | 231.13 | 201.03 | 199.71 | 189.11 | 174.97 | 157.06 | 146.71 | 126.38 | 132.16 | 128.36 | 144.70 | 108.55 | 74.96 | 55.98 | 49.13 | 42.26 | 36.19 | 33.65 | 32.32 | 20.88 |
| Total Shareholders' Equity | 122.78B | 124.97B | 122B | 116.91B | 117.19B | 109.93B | 95.93B | 90.27B | 90.19B | 82.24B | 86.89B | 86.73B | 82.8B | 78.47B | 75.72B | 70.38B | 77.36B | 70.71B | 64.37B | 42.8B | 35.79B | 28B | 25.08B | 21.63B | 19B | 18.23B | 16.53B | 10.14B |
| Common Stock | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 9M | 8M | 8M | 8M | 8M | 8M | 7M | 6M | 6M | 6M | 6M | 5M | 5M | 5M | 5M | 4.34B |
| Retained Earnings | 169.32B | 165.29B | 153.41B | 143.69B | 139.37B | 131.81B | 112.95B | 106.47B | 100.1B | 91.52B | 89.04B | 83.39B | 78.98B | 71.96B | 65.22B | 58.83B | 57.16B | 50.25B | 39.91B | 38.64B | 27.87B | 19.09B | 13.97B | 9.91B | 7.26B | 5.37B | 3.29B | 444M |
| Treasury Stock | -125.92B | -120.92B | -108.5B | -100.44B | -94.63B | -91.14B | -85.94B | -84.01B | -78.67B | -75.39B | -68.69B | -62.64B | -58.47B | -53.02B | -46.85B | -42.28B | -36.3B | -32.16B | -32.17B | -30.16B | -21.23B | -13.41B | -6.3B | -4.5B | -3.56B | -2.09B | -648M | 0 |
| Accumulated OCI | -1.91B | -2.26B | -2.7B | -2.92B | -3.01B | -2.07B | -1.43B | -1.48B | 693M | -1.88B | -1.22B | -718M | -743M | -524M | -193M | -516M | -286M | -362M | -202M | -118M | 21M | 0 | 1.91B | 2.65B | 2.53B | 3.15B | 2.75B | -2B |
| Minority Interest | 954M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64B | 7.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Capital Adequacy
According to recent financial disclosures, the firm's cash position plummeted from $624.5 billion in 2025Q4 to a mere $7.0 billion by 2026Q1, resulting in a current ratio of 0.02 that signals a significant reduction in the firm's immediate capacity to absorb unexpected market shocks.
The precipitous drop in cash reserves suggests that the firm's liquidity profile has shifted from a position of relative strength to one of extreme sensitivity. Investors should monitor whether this depletion reflects a strategic deployment of capital or a forced liquidity event necessitated by the firm's institutional trading obligations.
Based on reported figures, the debt-to-equity ratio climbed to 6.06 in 2026Q1, marking a notable increase from the 4.88 level observed in 2025Q4, which indicates that the firm is increasingly relying on debt financing to support its capital-intensive market-making and institutional banking operations.
This rising leverage profile may imply that the firm is becoming more sensitive to interest rate fluctuations and credit market volatility. The trend warrants further investigation into whether this debt accumulation is being utilized to drive core franchise growth or if it represents a defensive measure to maintain balance sheet velocity.
As reported in quarterly filings, total assets expanded to $2.1 trillion in 2026Q1 while equity remained relatively stagnant at $122.8 billion, suggesting a deteriorating trajectory in the firm's capital base relative to its total risk-weighted asset exposure over the trailing ten quarters.
The widening gap between asset growth and equity accumulation suggests that the firm's ability to absorb potential losses may be narrowing. This trajectory appears to be driven by a combination of aggressive balance sheet utilization and the ongoing challenges of maintaining capital buffers amidst regulatory scrutiny.
Financial statements reveal that while total assets reached $2.1 trillion in 2026Q1, the firm's reliance on non-liquid assets and complex derivatives may mask underlying valuation risks, as evidenced by the extreme volatility in working capital and the recent sharp decline in reported cash reserves.
The headline asset figures may be misleading if a significant portion of the portfolio consists of Level 3 assets that are difficult to liquidate during periods of market stress. Investors should be wary that the firm's reported equity position might be subject to significant downward revisions should market conditions force a revaluation of these illiquid holdings.
Quick answers to the most common questions about buying GS stock.
As of 2025, The Goldman Sachs Group, Inc. (GS) had total assets of $1.81T including $1.02T in current assets.
The Goldman Sachs Group, Inc. (GS) carries total debt of $609.53B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Goldman Sachs Group, Inc. (GS) has total shareholders' equity (book value) of $124.97B ($393.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Goldman Sachs Group, Inc. (GS) reported a current ratio of 0.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.