How does Goldman Sachs (GS) make money?

Goldman Sachs (GS) generates revenue primarily from Global Markets, which accounted for 69.2% of total revenue in TTM through Q1 2026. The company reported $110.77B in revenue and converted 16.3% of it into net profit, equivalent to roughly $18.07B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Goldman Sachs (GS)?

Goldman Sachs (GS) reported a gross profit margin of 55.5% in TTM through Q1 2026, equivalent to $61.53B in gross profit on $110.77B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Goldman Sachs (GS)?

Goldman Sachs (GS) reported an operating profit margin of 20.5% in TTM through Q1 2026, equivalent to $22.69B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Goldman Sachs (GS)?

Goldman Sachs (GS) reported a net profit margin of 16.3% in TTM through Q1 2026, equivalent to $18.07B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Goldman Sachs (GS) profitable?

Yes. Goldman Sachs (GS) reported $18.07B in net income for TTM through Q1 2026, with a net profit margin of 16.3%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Goldman Sachs (GS) spend on capital expenditures?

Goldman Sachs (GS) spent $2.13B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 1.9% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Goldman Sachs (GS) generate?

Goldman Sachs (GS) generated −$41.92B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -37.8%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Goldman Sachs (GS)?

Goldman Sachs (GS) had an effective tax rate of 20.4% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Goldman Sachs (GS)?

Goldman Sachs (GS) reports revenue across 3 reportable product segments, led by Global Markets at 69.2% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Goldman Sachs Makes Money: 2026 Visual Revenue Map

Goldman Sachs (GS) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 1, 2026).

Goldman Sachs discloses geographic revenue only in annual filings. to view the full breakdown.

Goldman Sachs (GS) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Goldman Sachs (GS) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Global Markets	$76.65B	69.2%
Investment Management	$32.41B	29.3%
Platform Solutions	$1.71B	1.5%
Total	$110.77B	100%

Global Markets$76.65B
Investment Management$32.41B
Platform Solutions$1.71B
Total$110.77B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Goldman Sachs (GS) reports revenue across 3 operating segments; the largest segment was Global Markets at 69.2%, followed by Investment Management (29.3%) and Platform Solutions (1.5%).

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