The Goldman Sachs Group, Inc.

GSNYSEFinancial Services● Active

$1,038.68

$-53.93(-4.94%)

Market Cap$306.4B

P/E Ratio—

52W High$1098.3632

52W Low$592.9

Avg Volume2.1M

Open$1,092.82

Beta1.29

Free Cash Flow Financials Revenue

The Goldman Sachs Group, Inc. (GS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

GS · free cash flow · updated Jun 8, 2026

Core FCF metrics

GS · FCF · TTM · margin & CAGR

Free cash flow was −$47.22B for FY2025 (fiscal year ending 2025-12-31), down 208.6% year-over-year The FCF margin was -37.8%.

FY2025 Free Cash Flow−$47.22B▼ -208.6% YoY

Trailing 12M (TTM)−$41.92Btrailing 4 quarters sum

FCF Margin-37.8%−$47.22B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

GS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$45.15B(2.06B)−$47.22B▼ 208.6%-37.8%

FY2024−$13.21B(2.09B)−$15.30B▼ 2.7%-12.1%

FY2023−$12.59B(2.32B)−$14.90B▼ 400.5%-13.8%

FY2022$8.71B(3.75B)$4.96B▲ +204.1%7.2%

FY2021$6.30B(4.67B)$1.63B▲ +106.6%2.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

GS · P/FCF · FCF yield · FCF per share

The Goldman Sachs Group, Inc. (GS) reported negative free cash flow of −$47.22B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

GS · cash flow statement · operating / investing / financing

For FY2025, The Goldman Sachs Group, Inc. generated −$45.15B in operating cash flow and spent 2.06B in capital expenditures, yielding −$47.22B in free cash flow.

Operating Activities

−$45.15B

Cash from core business operations

2025-12-31

Investing Activities

−$44.23B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$66.10B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$45.15B) − |CapEx| (2.06B) = FCF (−$47.22B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

GS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

The Goldman Sachs Group, Inc.YOU

−$47.22B-208.6%-37.7%

Loss

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The Goldman Sachs Group, Inc. (GS) reported free cash flow of −$47.22B for FY2025 (fiscal year ending 2025-12-31), down 208.6% year-over-year. The FCF margin was -37.8%.

Based on available data, The Goldman Sachs Group, Inc. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $20.46B in FY2011.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

GS free cash flow · 8 questions

The Goldman Sachs Group, Inc. free cash flow was −$47.22B for FY2025, down 208.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$41.92B.

GS free cash flowGS FCFGS FCF 2025GS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The Goldman Sachs Group, Inc. · The Goldman Sachs Group, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026