Filing Flows › Goldman Sachs Group (GS) › Q4 2025
Goldman Sachs Group (GS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Goldman Sachs Group (GS) reported revenue of $13.5B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -11% from the quarter before. Operating margin was 43.5%, net earnings $4.6B (34.3% of revenue).
Goldman Sachs Group, Q4 2025: revenue $13.5B (-3% year over year), operating margin 43.5%, net earnings $4.6B, operating cash flow −$16.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.5B | -11% | -3% |
| Operating profit | $5.9B | +9% | +11% |
| Net earnings | $4.6B | +13% | +12% |
| Operating cash flow | −$16.3B | -707% | — |
What changed
Revenue was $13.5B in Q4 2025, down 3% year over year and down 11% from the previous quarter.
Operating profit was $5.9B, a 43.5% margin (up 5.6 points year over year). Total costs fell 12% while revenue fell 3%. Net earnings were $4.6B, up 12% year over year. The effective tax rate was 21.1%.
Operating cash flow was −$16.3B. Non-cash charges added back $0.53B of depreciation and amortization and $0.26B of share-based compensation. Working capital and other items used $21.7B. Capital expenditures of $0.53B exceeded it, leaving free cash flow of −$16.8B.
Questions
What was Goldman Sachs Group's revenue in the fourth quarter 2025?
Goldman Sachs Group (GS) reported revenue of $13.5B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -11% from the quarter before.
Was Goldman Sachs Group profitable in the fourth quarter 2025?
Operating profit was $5.9B (43.5% of revenue) and net earnings $4.6B.