Goldman Sachs cash flow statement

In fiscal 2025, Goldman Sachs's operations generated −$45.15bn of cash; it spent $2.06bn on capital projects, leaving free cash flow of −$47.22bn. It returned $5.28bn in dividends and $12.36bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Goldman Sachs: cash flow statement, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	22.5	12.9	4.5	−7.9	9.5	6.5	−20.5	16.6	23.9	−18.5	6.3	8.7	−12.6	−13.2	−45.2	−37.9
Depreciation and amortisation	1.9	1.7	1.3	1.3	1.0	1.0	1.2	1.3	1.7	1.9	2.0	2.5	4.9	2.4	2.2	2.1
Stock-based pay	2.8	1.3	2.0	2.1	2.3	2.1	1.8	1.8	2.0	1.9	2.3	4.1	2.1	2.7	3.4	3.5
Capital spending	1.2	1.0	0.7	0.7	1.8	2.9	3.2	8.0	8.4	6.3	4.7	3.7	2.3	2.1	2.1	2.1
Free cash flow	21.3	11.9	3.8	−8.6	7.6	3.6	−23.7	8.6	15.4	−24.8	1.6	5.0	−14.9	−15.3	−47.2	−40.0
Free cash flow after stock pay	18.5	10.6	1.8	−10.7	5.4	1.5	−25.4	6.8	13.4	−26.8	−0.7	0.9	−17.0	−18.0	−50.7	−43.5
Dividends paid	2.8	1.1	1.3	1.5	1.7	1.7	1.8	1.8	2.1	2.3	2.7	3.7	4.2	4.5	5.3	6.3
Share buybacks	6.0	4.6	6.2	5.5	4.1	6.1	6.8	3.3	5.3	1.9	5.2	3.5	5.8	8.0	12.4	15.0

US$ billions unless shown otherwise. Fiscal quarters.

Goldman Sachs: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	46.8	−37.2	5.7	2.7	−16.3	−31.9	6.1	4.2
Depreciation and amortisation	0.5	0.5	0.6	0.5	0.5	0.5	0.5	0.5
Stock-based pay	0.1	2.4	0.5	0.2	0.3	2.5	0.4	0.3
Capital spending	0.6	0.5	0.5	0.6	0.5	0.6	0.5	0.5
Free cash flow	46.2	−37.7	5.2	2.1	−16.8	−32.4	5.6	3.7
Free cash flow after stock pay	46.1	−40.1	4.7	1.9	−17.1	−35.0	5.2	3.4

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: GS vs MS GS vs SNEX GS vs SCHW

More: Investment Banking & Brokerage stocks compared, Financials sector, rankings of US companies

Figures from Goldman Sachs's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Goldman Sachs.