Liquidity has contracted sharply, with the current ratio falling to 0.02 in 2026Q1 as cash reserves plummeted from $624.5 billion in 2025Q4 to just $7.0 billion.
| 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 |
|---|
| Cash from Operations | -39.79B | -45.15B | -13.21B | -12.59B | 8.71B | 6.3B | -18.54B | 23.87B | 20.42B | -17.74B | 5.57B | 6.96B | -7.62B | 4.54B | 12.88B | 21.64B | -6.16B | 48.88B | 1.89B | -68.2B | -47.62B | -12.41B | -33.61B | -15.65B | -10.08B | -15.18B | 11.13B | -12.59B |
| Operating CF Margin % | - | -36.1% | -10.42% | -11.61% | 12.67% | 9.69% | -34.65% | 44.28% | 39% | -41.46% | 14.7% | 17.77% | -19.02% | 11.11% | 30.91% | 58.83% | -13.39% | 94.59% | 3.54% | -77.52% | -68.66% | -28.61% | -112.64% | -66.27% | -44.09% | -48.74% | 33.74% | -49.64% |
| Operating CF Growth % | -20.68% | -241.77% | -4.97% | -244.55% | 38.27% | 133.98% | -177.66% | 16.88% | 215.1% | -418.53% | -19.98% | 191.32% | -267.8% | -64.73% | -40.5% | 451.55% | -112.6% | 2480.52% | 102.78% | -43.22% | -283.61% | 63.07% | -114.7% | -55.35% | 33.6% | -236.29% | 188.45% | - |
| Net Income | 18.07B | 17.18B | 14.28B | 8.52B | 11.26B | 21.64B | 9.46B | 8.47B | 10.46B | 4.29B | 7.4B | 6.08B | 8.48B | 8.04B | 7.47B | 4.44B | 8.35B | 13.38B | 2.32B | 11.6B | 9.54B | 5.63B | 4.55B | 3B | 2.11B | 2.31B | 3.07B | 2.71B |
| Depreciation & Amortization | 2.17B | 2.18B | 2.39B | 4.86B | 2.46B | 2.02B | 1.9B | 1.7B | 1.33B | 1.15B | 998M | 991M | 1.34B | 1.32B | 1.74B | 1.87B | 1.9B | 1.94B | 1.63B | 1.17B | 995M | 854M | 624M | 881M | 744M | 873M | 486M | 337M |
| Stock-Based Compensation | 3.56B | 3.44B | 2.66B | 2.08B | 4.08B | 2.55B | 1.92B | 2.02B | 1.83B | 1.77B | 2.11B | 2.27B | 2.08B | 2.02B | 1.32B | 2.85B | 4.04B | 2.01B | 1.61B | 4.46B | 3.65B | 1.76B | 1.22B | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3M | 204M | -800M | -1.36B | -2.41B | 5M | -833M | -334M | -2.65B | 5.46B | 551M | 425M | 495M | 29M | -356M | 726M | 1.34B | -431M | -1.76B | 129M | -1.5B | -450M | 1.04B | 93M | 230M | 52M | -352M | -1.39B |
| Other Non-Cash Items | -68.13B | 746M | 1.35B | 1.03B | 2.71B | 7.12B | -33.79B | 1.04B | -22.87B | -10.81B | 15.26B | -2.55B | 20M | -211M | -494M | 0 | 0 | 0 | 0 | -104.49B | 0 | 28.68B | -35.57B | 1.51B | -921M | 789M | 11.74B | -11.71B |
| Working Capital Changes | 4.54B | -68.91B | -33.09B | -27.71B | -9.39B | -27.03B | 2.81B | 10.97B | 32.31B | -19.59B | -20.74B | -256M | -20.04B | -6.65B | 3.2B | 11.76B | -21.79B | 31.97B | -1.9B | 18.93B | -60.3B | -48.88B | -5.48B | -21.14B | -12.24B | -19.2B | -3.81B | -2.54B |
| Change in Receivables | 36.16B | 0 | 0 | 0 | 35.01B | 21.97B | -30.89B | -7.69B | 0 | 0 | 0 | 19.13B | 12.33B | -3.68B | -20.5B | 0 | 201M | 6.26B | 0 | -3.81B | 0 | 0 | -776M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 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 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63B | -17.66B | 13.03B | -5.44B | -47.41B | -50M | 53.86B | 20.52B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -77.79B | -44.23B | -49.62B | -17.31B | -75.96B | -30.46B | -34.36B | -24.24B | -22.68B | -29.12B | 9.27B | -18.57B | -14.91B | -8.73B | -3.73B | 1.49B | -185M | -1.56B | -4.34B | 396M | -9.75B | -1.06B | -863M | -2.66B | -1.1B | -1.91B | -3.66B | -654M |
| Capital Expenditures | -2.13B | -2.06B | -2.09B | -2.32B | -3.75B | -4.67B | -6.31B | -8.44B | -7.98B | -3.19B | -2.88B | -1.83B | -678M | -706M | -961M | -1.18B | -1.23B | -1.56B | -2.03B | -2.13B | -1.74B | -1.42B | -608M | -592M | -1.01B | -1.37B | -3.54B | -843M |
| CapEx % of Revenue | 1.92% | 1.65% | 1.65% | 2.14% | 5.45% | 7.18% | 11.79% | 15.66% | 15.24% | 7.44% | 7.59% | 4.68% | 1.69% | 1.73% | 2.31% | 3.22% | 2.67% | 3.01% | 3.78% | 2.42% | 2.51% | 3.27% | 2.04% | 2.51% | 4.41% | 4.4% | 10.73% | 3.32% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.8T | 930.15B | 1.14T | 1.04T | 841.82B | 832.47B | 710.12B | 615.3B | 565.58B | 503.55B | 463.28B | 493.89B | 469.71B | 516.3B | 548.8B | 552.66B | 546.75B | 488.17B | 461.8B | 541.93B | 419.45B | 363.61B | 247.52B | 185.69B | 179.74B | 150.95B | 136.87B | 154.85B |
| Other Investing | -42.28B | -38.55B | -15.43B | -2.08B | -22.52B | -35.52B | -8.2B | -3.03B | -11.15B | -16.58B | -3.12B | -15.95B | -14.01B | -8.33B | -2.69B | 78M | 72M | 82M | 121M | 93M | 69M | 639M | 0 | -1.37B | -27M | -225M | -116M | 189M |
| Cash from Financing | 127.57B | 66.1B | 7.32B | 27.8B | 59.6B | 134.74B | 70.38B | 3.37B | 22.75B | 35.2B | 13.43B | 29.12B | 19B | -7.35B | 7.52B | -6.91B | 7.84B | -22.83B | 7.9B | 73.39B | 53.4B | 19.37B | 31.75B | 20.58B | 9.09B | 20.12B | -6.66B | 13.46B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -17.05B | -10.46B | -5.96B | -5.3B | -5.09B | -5.7B | -2.76B | -6.08B | -3.91B | -6.12B | -4.77B | -1.88B | -5.47B | -5.12B | -1.24B | -9.54B | -3.6B | -3.32B | 17.44B | -8.16B | -4.86B | -4.25B | -1.28B | -796M | -1.42B | -1.43B | -647M | 2.63B |
| Dividends Paid | -5.75B | -5.28B | -4.5B | -4.19B | -3.68B | -2.73B | -2.34B | -2.1B | -1.81B | -1.77B | -1.71B | -1.68B | -1.45B | -1.3B | -1.09B | -2.77B | -1.44B | -2.21B | -850M | -831M | -754M | -511M | -497M | -350M | -228M | -231M | -217M | -107M |
| Share Repurchases | -13B | -12.36B | -10.2B | -6.8B | -3.5B | -7.88B | -2.28B | -6.43B | -3.29B | -7.62B | -6.08B | -4.13B | -5.47B | -6.17B | -4.64B | -9.9B | -4.18B | -9.58B | -2.03B | -8.96B | -7.82B | -7.11B | -1.8B | -939M | -1.48B | 0 | 0 | 0 |
| Other Financing | 108.51B | 62.86B | 7.2B | 42B | 30.23B | 104.52B | 68.77B | 35.56B | 21.38B | 13.96B | 11.2B | 15B | 14.12B | 1.65B | 25.84B | 9.46B | 724M | -138.32B | 15.3B | 18.4B | 3.82B | 1.06B | 548M | 231M | 0 | 18.04B | -9.53B | -4.37B |
| Net Change in Cash | 12.12B | -17.83B | -59.48B | -248M | -19.21B | 105.19B | 22.3B | 3B | 20.5B | -11.66B | 28.27B | 17.5B | -3.53B | -11.54B | 16.66B | 16.22B | 1.5B | 24.49B | 5.46B | 5.59B | -3.97B | 5.9B | -2.72B | 2.27B | -2.09B | 3.04B | 815M | 219M |
| Free Cash Flow | -41.92B | -47.22B | -15.3B | -14.9B | 4.96B | 1.63B | -24.84B | 15.43B | 12.44B | -20.93B | 2.69B | 5.13B | -8.3B | 3.84B | 11.92B | 20.46B | -7.38B | 47.32B | -133M | -70.33B | -49.36B | -13.83B | -34.22B | -16.25B | -11.09B | -16.55B | 7.59B | -13.43B |
| FCF Margin % | -37.84% | -37.75% | -12.06% | -13.75% | 7.22% | 2.51% | -46.44% | 28.62% | 23.75% | -48.9% | 7.11% | 13.09% | -20.71% | 9.39% | 28.61% | 55.61% | -16.06% | 91.57% | -0.25% | -79.95% | -71.17% | -31.88% | -114.68% | -68.78% | -48.5% | -53.14% | 23.02% | -52.96% |
| FCF Growth % | -71.13% | -208.55% | -2.68% | -400.46% | 204.11% | 106.56% | -261.06% | 24.01% | 159.44% | -876.8% | -47.46% | 161.78% | -316.34% | -67.81% | -41.75% | 377.1% | -115.6% | 35678.2% | 99.81% | -42.47% | -256.81% | 59.57% | -110.62% | -46.57% | 33.01% | -317.85% | 156.54% | - |
| FCF per Share | -136.11 | -148.67 | -45.87 | -43.10 | 13.85 | 4.58 | -68.95 | 41.08 | 31.88 | -51.15 | 6.19 | 11.18 | -17.54 | 7.68 | 23.09 | 36.74 | -12.62 | 85.89 | -0.29 | -152.49 | -103.40 | -27.66 | -67.03 | -31.74 | -21.11 | -30.54 | 14.85 | -27.65 |
| FCF Conversion (FCF/Net Income) | -2.32x | -2.63x | -0.93x | -1.48x | 0.77x | 0.29x | -1.96x | 2.82x | 1.95x | -4.14x | 0.75x | 1.14x | -0.90x | 0.57x | 1.72x | 4.87x | -0.74x | 3.65x | 0.82x | -5.88x | -4.99x | -2.21x | -7.38x | -5.21x | -4.77x | -6.57x | 3.63x | -4.65x |
| Interest Paid | 2.07B | 65.49B | 72.62B | 60.03B | 19.02B | 5.52B | 9.09B | 18.64B | 16.72B | 11.17B | 7.14B | 4.82B | 6.43B | 5.69B | 9.25B | 8.05B | 6.74B | 7.32B | 32.37B | 40.74B | 30.98B | 17.49B | 8.55B | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -636M | 3.99B | 3.67B | 2.39B | 4.55B | 6.2B | 2.75B | 1.27B | 1.27B | 1.43B | 1.06B | 2.65B | 3.05B | 4.07B | 1.88B | 1.78B | 4.48B | 4.78B | 3.47B | 5.78B | 4.56B | 2.47B | 1.02B | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in quarterly financial statements, GS's operating cash flow to net income ratio reached a negative 5.66 in 2026Q1, highlighting a profound disconnect between accounting profits and actual cash generation that warrants significant caution regarding the sustainability of the firm's reported earnings quality.
The extreme variance in the OCF/NI ratio suggests that net income is frequently decoupled from the cash-generating capacity of the underlying business. Investors should interpret this as a signal that accruals and trading-related adjustments are heavily influencing the bottom line, potentially masking underlying operational cash flow weakness.
Based on the provided cash flow data, the firm's free cash flow trajectory remains highly erratic, swinging from a positive $46.2B in 2024Q4 to a negative $32.4B in 2026Q1, which indicates that the institution's cash flow profile is currently tethered to volatile market-making cycles.
The lack of a consistent positive FCF trend suggests that the firm's capital-intensive business model requires significant liquidity buffers to manage market fluctuations. This instability may imply that the firm's ability to fund dividends and buybacks is more dependent on balance sheet management than on recurring operational cash flow.
According to recent SEC filings, working capital changes have become the primary driver of cash flow volatility, with a massive $40.8B outflow in 2026Q1 following a $47.1B inflow in 2025Q4, illustrating the extreme sensitivity of the firm's cash position to institutional trading inventory and client-related obligations.
These massive quarterly swings in working capital suggest that the firm's cash flow is less a reflection of operational efficiency and more a byproduct of the firm's role as a liquidity provider in global markets. Analysts should monitor these movements closely, as they may indicate shifts in client demand or changes in the firm's risk appetite for holding trading assets.
As evidenced by the firm's historical cash flow statements, GS has maintained consistent dividend payments and share repurchases, such as the $6.6B total return in 2026Q1, despite experiencing significant negative free cash flow, which suggests a reliance on balance sheet liquidity rather than current operational cash generation.
The decision to continue returning capital during periods of negative cash flow may indicate management's commitment to shareholder value, but it also raises questions about the long-term sustainability of these payouts. Investors should consider whether this capital allocation strategy is prudent given the inherent volatility of the firm's core institutional business.
Quick answers to the most common questions about buying GS stock.
The Goldman Sachs Group, Inc. (GS) generated $-45154.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Goldman Sachs Group, Inc. (GS) reported negative free cash flow of $47.22B in 2025, indicating capital requirements exceeded cash from operations.
The Goldman Sachs Group, Inc. (GS) spent $2.06B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Goldman Sachs Group, Inc. (GS) returned $5.28B to shareholders via cash dividends and spent $12.36B on share repurchases. This shows the company's commitment to returning capital to its equity investors.