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Goldman Sachs Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.7B in Q3 2026 · −$40.0B over twelve months

Operating cash flow$4.2B
Capital spending−$525M
Free cash flow+$3.7B
Cash / net income0.8×

Analysis

In Q3 2026, Goldman Sachs Group generated $4.2B of operating cash flow and spent $525M on capital projects, leaving free cash flow of $3.7B. That is $1.5B more than in Q3 2025 ($2.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$37.9B; the largest uses were other investing ($126.5B), operating cash flow ($37.9B), buybacks ($15.0B); besides operations, cash came from other financing ($102.7B), net borrowing (+) / repaid (−) ($93.8B); the cash balance rose by $7.2B.

Operating cash flow was $4.2B against net income of $5.3B — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other operating capital +$5.2B, depreciation & amortization +$537M, deferred taxes −$348M.

Free cash flow

Goldman Sachs Group: free cash flow by quarterGoldman Sachs Group: free cash flow by quarter$46.2BQ4 2024−$37.7BQ1 2025$5.2BQ2 2025$2.1BQ3 2025−$16.8BQ4 2025−$32.4BQ1 2026$5.6BQ2 2026$3.7BQ3 2026
Operating cash flow less capital spending.
Goldman Sachs Group: operating cash flow against capital spendingGoldman Sachs Group: operating cash flow against capital spendingOperating cash flowCapital spending$46.8B$586MQ4 2024−$37.2B$499MQ1 2025$5.7B$476MQ2 2025$2.7B$558MQ3 2025−$16.3B$531MQ4 2025−$31.9B$565MQ1 2026$6.1B$502MQ2 2026$4.2B$525MQ3 2026
Latest (Q3 2026): Operating cash flow $4.2B, Capital spending $525M.

Capital allocation, year by year

Goldman Sachs Group: where the cash came from (up) and went (down), by fiscal yearGoldman Sachs Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $6.3BFY2021: Net borrowing $40.1BFY2021: Shares issued $2.2BFY2021: Asset sales $3.9BFY2021: Capital spending −$4.7BFY2021: Buybacks −$5.2BFY2021: Dividends −$2.7B$52.5BFY2021FY2022: Operating cash flow $8.7BFY2022: Net borrowing $41.7BFY2022: Asset sales $2.7BFY2022: Capital spending −$3.7BFY2022: Acquisitions −$2.1BFY2022: Buybacks −$3.5BFY2022: Dividends −$3.7B$53.1BFY2022FY2023: Operating cash flow −$12.6BFY2023: Net borrowing −$6.9BFY2023: Shares issued $1.5BFY2023: Asset sales $3.3BFY2023: Capital spending −$2.3BFY2023: Acquisitions $487MFY2023: Buybacks −$5.8BFY2023: Dividends −$4.2B$5.3BFY2023FY2024: Operating cash flow −$13.2BFY2024: Net borrowing −$7.3BFY2024: Shares issued $4.2BFY2024: Asset sales $1.6BFY2024: Capital spending −$2.1BFY2024: Buybacks −$8.0BFY2024: Dividends −$4.5B$5.9BFY2024FY2025: Operating cash flow −$45.2BFY2025: Net borrowing $16.7BFY2025: Shares issued $1.9BFY2025: Asset sales $803MFY2025: Capital spending −$2.1BFY2025: Buybacks −$12.4BFY2025: Dividends −$5.3B$19.4BFY2025
Over these 5 years operating cash flow totalled −$55.9B; the largest uses were operating cash flow ($71.0B) and buybacks ($34.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$176.8B
Debt$72.4B
Net cash$104.4B
Cash runway4.4 years

Goldman Sachs Group is burning cash: its operations consume cash, a free cash flow of −$40.0B a year at the current rate against $176.8B of cash and investments: a runway of about 4.4 years before any new financing.

Where the cash came from and went

Goldman Sachs Group: sources (+) and uses (−) of cash, Q3 2026Goldman Sachs Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$37.6BNet borrowing (+) / repaid (−)$20.6BCash drawn (+) / kept (−)$10.5BOther financing$4.4BOperating cash flow$4.2BBuybacks−$3.0BShares issued$2.5BDividends−$1.7BExchange rates$655MCapital spending−$525MTaxes on employees’ shares−$17.0M
Goldman Sachs Group: sources (+) and uses (−) of cash, TTM to Q3 2026Goldman Sachs Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$126.5BOther financing$102.7BNet borrowing (+) / repaid (−)$93.8BOperating cash flow−$37.9BBuybacks−$15.0BCash drawn (+) / kept (−)−$7.2BDividends−$6.3BTaxes on employees’ shares−$2.9BShares issued$2.5BCapital spending−$2.1BExchange rates−$1.7BAsset & business sales$508M

From profit to cash

Goldman Sachs Group: net income to operating cash flow, Q3 2026Goldman Sachs Group: net income to operating cash flow, Q3 2026Net income$5.3BDepreciation & amortization$537MStock-based pay$271MDeferred taxes−$348MOther operating capital$5.2BOperating cash flow$4.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.2B−$525M−$3.0B−$1.7B$20.6B$2.5B$10.5B$3.7B
Q2 2026$6.1B−$502M−$4.0B−$1.6B$29.8B—−$7.7B$5.6B
Q1 2026−$31.9B−$565M−$5.0B−$1.6B$37.8B—−$15.3B−$32.4B
Q4 2025−$16.3B−$531M−$3.0B−$1.5B$5.6B—$5.3B−$16.8B
Q3 2025$2.7B−$558M−$2.0B−$1.5B−$3.7B—−$16.6B$2.1B
Q2 2025$5.7B−$476M−$3.0B−$1.2B$2.8B—$14.4B$5.2B
Q1 2025−$37.2B−$499M−$4.4B−$1.1B$12.1B$1.9B$14.7B−$37.7B
Q4 2024$46.8B−$586M−$2.0B−$1.2B$2.9B—−$27.4B$46.2B

Goldman Sachs Group: income statement and cash flow

Goldman Sachs Group, Q3 2026: revenue $18.7B (+23% year over year), operating margin 37.5%. The chart follows the revenue to costs, profit and cash.

Goldman Sachs Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.