Operating leverage remains under significant pressure as SG&A expenses surged to $10.0 billion in 2026Q1, outpacing historical quarterly averages of approximately $4.5 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 |
|---|
| Sales/Revenue | 110.77B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 61.53B | 59.4B | 52.16B | 45.23B | 44.65B | 58.98B | 41.46B | 35.46B | 35.78B | 31.96B | 30.61B | 33.79B | 34.53B | 34.21B | 34.16B | 28.81B | 39.16B | 45.17B | 22.22B | 45.99B | 37.66B | 25.24B | 20.95B | 16.02B | 13.99B | 15.81B | 16.59B | 13.35B |
| Gross Margin % | 55.55% | 47.48% | 41.12% | 41.71% | 64.98% | 90.76% | 77.5% | 65.79% | 68.33% | 74.68% | 80.77% | 86.25% | 86.14% | 83.69% | 82% | 78.31% | 85.19% | 87.42% | 41.48% | 52.28% | 54.31% | 58.16% | 70.21% | 67.83% | 61.2% | 50.78% | 50.27% | 52.62% |
| Gross Profit Growth % | - | 13.86% | 15.34% | 1.29% | -24.3% | 42.26% | 16.92% | -0.9% | 11.96% | 4.41% | -9.41% | -2.15% | 0.94% | 0.13% | 18.58% | -26.43% | -13.31% | 103.28% | -51.68% | 22.09% | 49.24% | 20.46% | 30.76% | 14.56% | -11.54% | -4.7% | 24.32% | - |
| Operating Expenses | 38.84B | 37.54B | 33.77B | 34.49B | 31.16B | 31.94B | 28.98B | 24.88B | 23.3B | 20.83B | 20.3B | 25.01B | 22.17B | 22.47B | 22.96B | 22.64B | 26.27B | 25.34B | 19.89B | 28.38B | 23.11B | 16.96B | 14.28B | 11.58B | 10.73B | 12.12B | 11.57B | 11.35B |
| OpEx % of Revenue | - | 30.01% | 26.62% | 31.81% | 45.36% | 49.14% | 54.17% | 46.15% | 44.49% | 48.66% | 53.58% | 63.84% | 55.31% | 54.97% | 55.1% | 61.54% | 57.15% | 49.05% | 37.12% | 32.27% | 33.32% | 39.1% | 47.84% | 49.01% | 46.96% | 38.91% | 35.06% | 44.76% |
| Selling, General & Admin | 24.54B | 19.62B | 17.35B | 16.13B | 15.96B | 18.27B | 13.71B | 13.09B | 13.07B | 12.24B | 11.9B | 13.23B | 13.24B | 13.33B | 14.05B | 13.39B | 16.3B | 16.54B | 11.14B | 20.79B | 16.95B | 12.14B | 10.05B | 7.66B | 7.05B | 8.11B | 8.28B | 6.82B |
| SG&A % of Revenue | - | 15.68% | 13.68% | 14.88% | 23.23% | 28.12% | 25.63% | 24.29% | 24.95% | 28.6% | 31.42% | 33.79% | 33.03% | 32.61% | 33.72% | 36.4% | 35.47% | 32% | 20.8% | 23.63% | 24.44% | 27.97% | 33.7% | 32.41% | 30.85% | 26.03% | 25.09% | 26.9% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 22.69B | 21.85B | 18.4B | 10.74B | 13.49B | 27.04B | 12.48B | 10.58B | 12.48B | 11.13B | 10.3B | 8.78B | 12.36B | 11.74B | 11.21B | 6.17B | 12.89B | 19.83B | 2.34B | 17.6B | 14.56B | 8.27B | 6.68B | 4.45B | 3.25B | 3.7B | 5.02B | 1.99B |
| Operating Margin % | 20.48% | 17.47% | 14.5% | 9.91% | 19.63% | 41.61% | 23.33% | 19.63% | 23.83% | 26.01% | 27.19% | 22.41% | 30.83% | 28.72% | 26.9% | 16.77% | 28.05% | 38.37% | 4.36% | 20.01% | 20.99% | 19.07% | 22.37% | 18.82% | 14.23% | 11.87% | 15.21% | 7.85% |
| Operating Income Growth % | - | 18.78% | 71.31% | -20.37% | -50.13% | 116.72% | 17.92% | -15.21% | 12.12% | 8.04% | 17.38% | -28.96% | 5.28% | 4.73% | 81.67% | -52.15% | -34.98% | 748.84% | -86.73% | 20.91% | 75.99% | 23.92% | 50.19% | 36.64% | -11.99% | -26.37% | 152.01% | - |
| EBITDA | 24.86B | 24.03B | 20.79B | 15.6B | 15.94B | 29.06B | 14.38B | 12.29B | 13.81B | 12.28B | 11.3B | 9.77B | 13.69B | 13.06B | 12.95B | 8.04B | 14.8B | 21.77B | 3.96B | 18.77B | 15.55B | 9.13B | 7.52B | 5.59B | 4B | 4.57B | 5.51B | 2.33B |
| EBITDA Margin % | 22.44% | 19.21% | 16.39% | 14.38% | 23.2% | 44.71% | 26.88% | 22.8% | 26.37% | 28.7% | 29.83% | 24.94% | 34.16% | 31.95% | 31.07% | 21.85% | 32.19% | 42.13% | 7.39% | 21.34% | 22.43% | 21.03% | 25.21% | 23.66% | 17.49% | 14.67% | 16.68% | 9.18% |
| EBITDA Growth % | 17.95% | 15.61% | 33.31% | -2.17% | -45.14% | 102.07% | 17.04% | -11.02% | 12.41% | 8.69% | 15.69% | -28.66% | 4.86% | 0.88% | 61.05% | -45.67% | -32.04% | 449.66% | -78.9% | 20.67% | 70.43% | 21.35% | 34.54% | 39.85% | -12.52% | -17.02% | 136.41% | - |
| D&A (Non-Cash Add-back) | 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 | 845M | 1.15B | 744M | 873M | 486M | 337M |
| EBIT | 22.77B | 21.85B | 18.4B | 10.74B | 13.49B | 27.04B | 12.48B | 10.58B | 12.48B | 11.13B | 10.3B | 8.78B | 12.36B | 11.74B | 11.21B | 6.17B | 12.89B | 19.83B | 2.34B | 17.6B | 14.56B | 8.27B | 6.68B | 4.45B | 3.25B | 3.7B | 5.02B | 1.99B |
| Net Interest Income | 14.22B | 13.56B | 8.06B | 6.35B | 7.68B | 6.47B | 4.75B | 4.36B | 3.77B | 2.93B | 2.59B | 3.06B | 4.05B | 3.39B | 3.88B | 5.19B | 5.5B | 7.41B | 4.28B | 3.99B | 3.5B | 3.1B | 3.03B | 3.15B | 2.4B | 1.29B | 986M | 704M |
| Interest Income | 81.63B | 80.37B | 81.4B | 68.52B | 29.02B | 12.12B | 13.69B | 21.74B | 19.68B | 13.11B | 9.69B | 8.45B | 9.6B | 10.06B | 11.38B | 13.17B | 12.31B | 13.91B | 35.63B | 45.97B | 35.19B | 21.25B | 11.91B | 10.75B | 11.27B | 16.62B | 17.4B | 12.72B |
| Interest Expense | 67.41B | 66.81B | 73.34B | 62.16B | 21.35B | 5.65B | 8.94B | 17.38B | 15.91B | 10.18B | 7.1B | 5.39B | 5.56B | 6.67B | 7.5B | 7.98B | 6.81B | 6.5B | 31.36B | 41.98B | 31.69B | 18.15B | 8.89B | 7.6B | 8.87B | 15.33B | 16.41B | 12.02B |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 22.69B | 21.85B | 18.4B | 10.74B | 13.49B | 27.04B | 12.48B | 10.58B | 12.48B | 11.13B | 10.3B | 8.78B | 12.36B | 11.74B | 11.21B | 6.17B | 12.89B | 19.83B | 2.34B | 17.6B | 14.56B | 8.27B | 6.68B | 4.45B | 3.25B | 3.7B | 5.02B | 1.99B |
| Pretax Margin % | 20.48% | 17.47% | 14.5% | 9.91% | 19.63% | 41.61% | 23.33% | 19.63% | 23.83% | 26.01% | 27.19% | 22.41% | 30.83% | 28.72% | 26.9% | 16.77% | 28.05% | 38.37% | 4.36% | 20.01% | 20.99% | 19.07% | 22.37% | 18.82% | 14.23% | 11.87% | 15.21% | 7.85% |
| Income Tax | 4.62B | 4.68B | 4.12B | 2.22B | 2.23B | 5.41B | 3.02B | 2.12B | 2.02B | 6.85B | 2.91B | 2.69B | 3.88B | 3.7B | 3.73B | 1.73B | 4.54B | 6.44B | 14M | 6B | 5.02B | 2.65B | 2.12B | 1.44B | 1.14B | 1.39B | 1.95B | -716M |
| Effective Tax Rate % | 20.37% | 21.4% | 22.4% | 20.7% | 16.5% | 20% | 24.2% | 20% | 16.2% | 61.5% | 28.2% | 30.7% | 31.4% | 31.5% | 33.3% | 27.99% | 35.2% | 32.5% | 0.6% | 34.11% | 34.5% | 32% | 31.8% | 32.4% | 35.01% | 37.5% | 38.9% | -35.94% |
| 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 |
| Net Margin % | 16.31% | 13.73% | 11.25% | 7.85% | 16.39% | 33.29% | 17.68% | 15.71% | 19.97% | 10.01% | 19.52% | 15.53% | 21.15% | 19.67% | 17.94% | 12.07% | 18.17% | 25.9% | 4.33% | 13.19% | 13.75% | 12.97% | 15.26% | 12.72% | 9.25% | 7.42% | 9.29% | 10.68% |
| Net Income Growth % | 21.41% | 20.31% | 67.64% | -24.38% | -47.95% | 128.72% | 11.73% | -19.06% | 144.03% | -42.07% | 21.62% | -28.24% | 5.44% | 7.56% | 68.28% | -46.83% | -37.59% | 476.44% | -79.98% | 21.62% | 69.52% | 23.57% | 51.51% | 42.15% | -8.48% | -24.68% | 13.26% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 58.66 | 51.32 | 40.54 | 22.87 | 30.06 | 59.45 | 24.74 | 21.03 | 25.27 | 9.01 | 17.00 | 12.14 | 17.91 | 16.09 | 14.48 | 7.98 | 14.27 | 24.30 | 5.09 | 25.15 | 19.98 | 11.25 | 8.92 | 5.87 | 4.03 | 4.26 | 6.00 | 5.57 |
| EPS Growth % | 27.06% | 26.59% | 77.26% | -23.92% | -49.44% | 140.3% | 17.64% | -16.78% | 180.47% | -47% | 40.03% | -32.22% | 11.31% | 11.12% | 81.45% | -44.08% | -41.28% | 377.41% | -79.76% | 25.88% | 77.6% | 26.12% | 51.96% | 45.66% | -5.4% | -29% | 7.72% | - |
| EPS (Basic) | - | 51.95 | 41.22 | 23.05 | 30.57 | 60.35 | 25.01 | 21.25 | 25.53 | 9.12 | 17.00 | 12.35 | 17.91 | 16.09 | 14.48 | 7.98 | 14.27 | 24.30 | 5.09 | 25.15 | 19.98 | 11.25 | 8.92 | 5.87 | 4.03 | 4.26 | 6.00 | 5.57 |
| Diluted Shares Outstanding | 308M | 317.6M | 333.6M | 345.8M | 358.1M | 355.8M | 360.3M | 375.5M | 390.2M | 409.1M | 435.1M | 458.6M | 473.2M | 499.6M | 516.1M | 556.9M | 585.3M | 550.9M | 456.2M | 461.2M | 477.4M | 500.2M | 510.5M | 511.9M | 525.1M | 541.8M | 511.5M | 485.8M |
| Basic Shares Outstanding | 303.8M | 312.7M | 328.1M | 340.8M | 352.1M | 350.5M | 356.4M | 371.6M | 385.4M | 401.6M | 427.4M | 448.9M | 458.9M | 498.05M | 496.2M | 556.9M | 585.3M | 550.9M | 437M | 461.2M | 477.4M | 478.1M | 489.5M | 488.4M | 525.1M | 541.8M | 511.5M | 475.9M |
| Dividend Payout Ratio | - | 30.72% | 31.5% | 49.19% | 32.7% | 12.6% | 24.7% | 24.85% | 17.31% | 41.27% | 23.06% | 27.63% | 17.15% | 16.19% | 14.53% | 62.38% | 17.27% | 16.47% | 36.61% | 7.16% | 7.91% | 9.08% | 10.92% | 11.65% | 10.79% | 10% | 7.08% | 3.95% |
Regulatory Capital Requirement Volatility
As reported in recent financial statements, GS achieved a gross margin of 51.7% in 2025Q4, yet the volatility across the trailing ten quarters suggests that the firm's core profitability remains highly sensitive to market-driven interest expenses rather than consistent operational efficiency gains in its primary business segments.
The fluctuation in gross margins, ranging from 37.7% to 98.2%, highlights the inherent difficulty in isolating core profitability within a capital-intensive trading model. Investors should monitor whether the firm can sustain higher margin levels as it pivots away from lower-return consumer banking assets toward more stable fee-based revenue streams.
Based on the firm's quarterly filings, SG&A expenses surged to $10.0B in 2026Q1, significantly outpacing historical quarterly averages of approximately $4.5B, which indicates that operating leverage remains under pressure as the firm navigates complex organizational restructuring and ongoing investments in its institutional technology infrastructure.
The sharp increase in SG&A relative to operating income suggests that the firm is currently struggling to achieve the desired scalability in its cost base. This trend warrants further investigation into whether these elevated costs are transitory integration expenses or a permanent shift in the firm's operating expense profile.
According to the provided income statement data, stock-based compensation reached $2.5B in 2026Q1, a substantial increase from the $104M reported in 2024Q4, which suggests that reported net income may be significantly impacted by non-cash compensation charges that complicate the assessment of core operational performance.
The high variability in stock-based compensation creates noise in the bottom-line results, making it difficult to discern the underlying earnings power of the franchise. Analysts should adjust for these periodic spikes to better understand the true cash-generative capacity of the firm's core investment banking and market-making activities.
Financial disclosures reveal that net income dropped from $4.7B in 2025Q1 to $4.1B by 2025Q3, suggesting that the firm's reliance on volatile market-making revenue may leave it vulnerable to sudden downturns in global capital market activity that are not fully offset by its nascent fee-based business.
Short-sellers may focus on the firm's inability to decouple its earnings from broader market volatility, particularly as the competitive landscape in wealth management intensifies. The recent retreat from consumer banking may have removed a growth engine, leaving the firm more exposed to the cyclicality of its traditional institutional franchises.
Quick answers to the most common questions about buying GS stock.
The Goldman Sachs Group, Inc. (GS) is profitable, generating $17.18B in net income for the fiscal year ending 2025 with a net profit margin of 13.7%.
The Goldman Sachs Group, Inc. (GS) reported an operating income of $21.85B, resulting in an operating profit margin of 17.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The Goldman Sachs Group, Inc. (GS) generated $59.40B in gross profit for the year, representing a gross profit margin of 47.5%. This demonstrates the company's core pricing power and production efficiency.