Financials The Goldman Sachs Group, Inc.

Equities

GS

US38141G1040

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 16:00:02 2025-12-12 EST			5-day change	1st Jan Change
887.96 ^USD	-2.53%		+3.91%	+55.07%

12-12	Citigroup's turnaround progress wins a thumbs-up from J.P. Morgan	RE
12-12	RBC Raises Price Target on Goldman Sachs Group to $900 From $843, Keeps Sector Perform Rating	MT

Projected Income Statement: The Goldman Sachs Group, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	44,560	59,339	47,365	46,524	53,512	58,974	62,224	64,840
Change	-	33.17%	-20.18%	-1.78%	15.02%	10.21%	5.51%	4.2%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	15,577	27,401	16,201	12,037	19,745	22,415	23,175	24,981
Change	-	75.91%	-40.87%	-25.7%	64.04%	13.52%	3.39%	7.79%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	12,479	27,044	13,486	10,739	18,397	20,901	22,825	24,399
Change	-	116.72%	-50.13%	-20.37%	71.31%	13.61%	9.2%	6.89%
Net income ¹	8,915	21,151	10,764	7,907	13,525	15,454	16,888	18,188
Change	-	137.25%	-49.11%	-26.54%	71.05%	14.26%	9.28%	7.7%
Announcement Date	1/19/21	1/18/22	1/17/23	1/16/24	1/15/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	11,741	17,704	15,388	13,608	12,639	12,933	11,864	11,975	10,593	12,224	10,895	11,817	11,318	14,213	12,731	12,699	13,869	15,062	14,583	15,184	14,305	16,344	15,764	15,654	15,291	17,010	16,127	16,024
Change	-	50.79%	-13.08%	-11.57%	-7.12%	2.33%	-8.27%	0.94%	-11.54%	15.4%	-10.87%	8.46%	-4.22%	25.58%	-10.43%	-0.25%	9.21%	8.6%	-3.18%	4.12%	-5.79%	14.26%	-3.55%	-0.7%	-2.32%	11.24%	-5.19%	-0.64%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,834	8,267	6,748	7,017	5,369	5,217	4,211	4,271	2,502	3,822	2,351	2,763	2,831	5,555	4,198	4,384	5,608	5,934	5,342	5,731	5,341	6,516	6,120	5,911	5,791	7,037	6,373	6,233
Change	-	41.7%	-18.37%	3.99%	-23.49%	-2.83%	-19.28%	1.42%	-41.42%	52.76%	-38.49%	17.52%	2.46%	96.22%	-24.43%	4.43%	27.92%	5.81%	-9.98%	7.28%	-6.81%	22%	-6.08%	-3.42%	-2.03%	21.52%	-9.44%	-2.2%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,541	8,337	6,840	6,842	5,025	4,656	3,544	3,756	1,530	3,993	1,736	2,756	2,254	5,237	3,916	3,987	5,257	5,647	4,958	5,392	5,028	6,057	5,705	5,699	5,675	6,625	6,020	5,888
Change	-	50.46%	-17.96%	0.03%	-26.56%	-7.34%	-23.88%	5.98%	-59.27%	160.98%	-56.52%	58.76%	-18.21%	132.34%	-25.22%	1.81%	31.85%	7.42%	-12.2%	8.75%	-6.75%	20.46%	-5.82%	-0.1%	-0.42%	16.75%	-9.14%	-2.18%
Net income ¹	4,362	6,711	5,347	5,284	3,809	3,831	2,786	2,962	1,185	3,087	1,071	1,882	1,867	3,931	2,891	2,780	3,923	4,583	3,473	3,860	3,561	4,610	4,182	4,200	4,172	4,987	4,451	4,319
Change	-	53.85%	-20.32%	-1.18%	-27.91%	0.58%	-27.28%	6.32%	-59.99%	160.51%	-65.31%	75.72%	-0.8%	110.55%	-26.46%	-3.84%	41.12%	16.82%	-24.22%	11.14%	-7.76%	29.48%	-9.29%	0.43%	-0.66%	19.53%	-10.75%	-2.97%
Announcement Date	1/19/21	4/14/21	7/13/21	10/15/21	1/18/22	4/14/22	7/18/22	10/18/22	1/17/23	4/18/23	7/19/23	10/17/23	1/16/24	4/15/24	7/15/24	10/15/24	1/15/25	4/14/25	7/16/25	10/14/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: The Goldman Sachs Group, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	284,000	270,000	221,000	400,000	484,000	368,705	377,444	389,100
Change	-	-4.93%	-18.15%	81%	21%	-23.82%	2.37%	3.09%
Announcement Date	1/19/21	1/18/22	1/17/23	1/16/24	1/15/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: The Goldman Sachs Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	8,443	6,309	4,667	3,748	2,316	2,091
Change	-	-25.28%	-26.03%	-19.69%	-38.21%	-9.72%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	2/21/20	2/22/21	2/25/22	2/24/23	2/23/24	2/27/25

¹USD in Million

Estimates

Forecast Financial Ratios: The Goldman Sachs Group, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	34.96%	46.18%	34.2%	25.87%	36.9%	38.01%	37.24%	38.53%
EBT Margin (%)	28%	45.58%	28.47%	23.08%	34.38%	35.44%	36.68%	37.63%
Net margin (%)	20.01%	35.64%	22.73%	17%	25.27%	26.2%	27.14%	28.05%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	0.8%	1.61%	0.74%	0.51%	0.82%	0.9%	0.89%	0.92%
ROE	11.1%	23%	10.2%	7.5%	12.7%	14.32%	15.3%	16.4%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	5	6.5	9	10.5	11.75	13.91	16.43	18.79
Change	-	30%	38.46%	16.67%	11.9%	18.38%	18.1%	14.38%
Book Value Per Share ¹	236.2	284.4	303.6	313.6	336.8	357.8	379.9	403.4
Change	-	20.43%	6.74%	3.3%	7.4%	6.25%	6.16%	6.2%
EPS ¹	24.74	59.45	30.06	22.87	40.54	48.69	55.18	62.23
Change	-	140.3%	-49.44%	-23.92%	77.26%	20.1%	13.33%	12.78%
Nbr of stocks (in thousands)	358,767	333,578	354,568	343,439	329,217	313,720	313,720	313,720
Announcement Date	1/19/21	1/18/22	1/17/23	1/16/24	1/15/25	-	-	-