TTM
20.5%
YoY change
+2.97pp
Trough year (2008)
4.4%
Peak year (2021)
41.6%
Latest annual
17.5%
Operating Margin history chart for Goldman Sachs (GS) from 1999 to 2025
Latest: 17.5%
Operating Margin change chart for Goldman Sachs (GS) from 1999 to 2025
Latest: +2.97pp
Operating Margin history table for Goldman Sachs (GS) from 1999 to 2025
| 2025 | 17.5% | +2.97pp | ||
| 2024 | 14.5% | +4.60pp | ||
| 2023 | 9.9% | -9.72pp | ||
| 2022 | 19.6% | -21.99pp | ||
| 2021 | 41.6% | +18.29pp | ||
| 2020 | 23.3% | +3.69pp | ||
| 2019 | 19.6% | -4.20pp | ||
| 2018 | 23.8% | -2.18pp | ||
| 2017 | 26.0% | -1.18pp | ||
| 2016 | 27.2% | +4.78pp | ||
| 2015 | 22.4% | -8.42pp | ||
| 2014 | 30.8% | +2.11pp | ||
| 2013 | 28.7% | +1.82pp | ||
| 2012 | 26.9% | +10.13pp | ||
| 2011 | 16.8% | -11.28pp | ||
| 2010 | 28.0% | -10.33pp | ||
| 2009 | 38.4% | +34.01pp | ||
| 2008 | 4.4% | -15.65pp | ||
| 2007 | 20.0% | -0.98pp | ||
| 2006 | 21.0% | +1.93pp | ||
| 2005 | 19.1% | -3.31pp | ||
| 2004 | 22.4% | +3.56pp | ||
| 2003 | 18.8% | +4.58pp | ||
| 2002 | 14.2% | +2.36pp | ||
| 2001 | 11.9% | -3.34pp | ||
| 2000 | 15.2% | +7.36pp | ||
| 1999 | 7.9% | — |
- 202517.5%+2.97pp
- 202414.5%+4.60pp
- 20239.9%-9.72pp
- 202219.6%-21.99pp
- 202141.6%+18.29pp
- 202023.3%+3.69pp
- 201919.6%-4.20pp
- 201823.8%-2.18pp
- 201726.0%-1.18pp
- 201627.2%+4.78pp
- 201522.4%-8.42pp
- 201430.8%+2.11pp
- 201328.7%+1.82pp
- 201226.9%+10.13pp
- 201116.8%-11.28pp
- 201028.0%-10.33pp
- 200938.4%+34.01pp
- 20084.4%-15.65pp
- 200720.0%-0.98pp
- 200621.0%+1.93pp
- 200519.1%-3.31pp
- 200422.4%+3.56pp
- 200318.8%+4.58pp
- 200214.2%+2.36pp
- 200111.9%-3.34pp
- 200015.2%+7.36pp
- 19997.9%—
Operating Margin values are taken from Goldman Sachs's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Goldman Sachs (GS)
According to Goldman Sachs's latest reported financial statements, the company's latest reported operating margin is 20.5%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
2025's annual operating margin for Goldman Sachs (GS) came in at 17.47% – expanded 3.0 percentage points year-over-year.
The record annual operating margin stands at 41.61%, reached in 2021; the historical low of 4.36% was recorded in 2008.
Goldman Sachs Operating Margin by Year
Goldman Sachs Operating Margin 2025: 17.5%
In 2025, Goldman Sachs reported operating margin of 17.47%, expanded 3.0 percentage points from 2024.
Goldman Sachs Operating Margin 2024: 14.5%
Goldman Sachs operating margin in 2024 was 14.50%, expanded 4.6 percentage points from 2023.
Goldman Sachs Operating Margin 2023: 9.9%
2023's operating margin for Goldman Sachs came in at 9.91%, contracted 9.7 percentage points from 2022.
Goldman Sachs Operating Margin 2022: 19.6%
Goldman Sachs posted operating margin of 19.63% in 2022, contracted 22.0 percentage points from 2021.
Goldman Sachs Operating Margin 2021: 41.6%
Goldman Sachs operating margin in 2021 was 41.61%.
See more financial history for Goldman Sachs (GS).
Sector peers by Operating Margin
Financial Services peers of Goldman Sachs (GS), ranked by their latest operating margin
| 61.1% | |
| 59.4% | |
| 26.2% | |
| 22.9% | |
| 20.5% | |
| 19.5% | |
| 16.1% | |
| 12.8% |
- 61.1%
- 59.4%
- 26.2%
- 20.5%
- 19.5%
- 12.8%
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