How does Goldman Sachs (GS) make money?

Goldman Sachs (GS) primarily makes money through Global Markets, which accounts for 69.2% of total revenue. For TTM through Q1 2026, Goldman Sachs generated $110.77B in total revenue with a net profit margin of 16.3%.

What is Goldman Sachs (GS) gross profit margin?

Goldman Sachs (GS) reported a gross profit margin of 55.5% for TTM through Q1 2026, equivalent to $61.53B in gross profit. This means Goldman Sachs retains 55.5% of each revenue unit after direct costs of production.

What is Goldman Sachs (GS) operating profit margin?

Goldman Sachs (GS) reported an operating profit margin of 20.5% for TTM through Q1 2026, equivalent to $22.69B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Goldman Sachs (GS) net profit margin?

Goldman Sachs (GS) reported a net profit margin of 16.3% for TTM through Q1 2026, equivalent to $18.07B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

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

Goldman Sachs (GS) spent $2.06B on capital expenditures in TTM through Q1 2026 (1.9% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Goldman Sachs (GS) free cash flow?

Goldman Sachs (GS) generated −$47.22B in free cash flow for TTM through Q1 2026 (-42.6% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Goldman Sachs (GS) effective tax rate?

Goldman Sachs (GS) had an effective tax rate of 20.4% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

How Goldman Sachs (GS) Makes Money: A Visual Guide

Goldman Sachs (GS) generated $110.77B in revenue, earning $18.07B in net profit (16.3% margin). Its largest revenue source is Global Markets (69.2% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

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

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 13, 2026).

Frequently asked questions

How does Goldman Sachs (GS) make money?: Goldman Sachs (GS) primarily makes money through Global Markets, which accounts for 69.2% of total revenue. For TTM through Q1 2026, Goldman Sachs generated $110.77B in total revenue with a net profit margin of 16.3%.
What is Goldman Sachs (GS) gross profit margin?: Goldman Sachs (GS) reported a gross profit margin of 55.5% for TTM through Q1 2026, equivalent to $61.53B in gross profit. This means Goldman Sachs retains 55.5% of each revenue unit after direct costs of production.
What is Goldman Sachs (GS) operating profit margin?: Goldman Sachs (GS) reported an operating profit margin of 20.5% for TTM through Q1 2026, equivalent to $22.69B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Goldman Sachs (GS) net profit margin?: Goldman Sachs (GS) reported a net profit margin of 16.3% for TTM through Q1 2026, equivalent to $18.07B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Goldman Sachs (GS) spend on capital expenditures?: Goldman Sachs (GS) spent $2.06B on capital expenditures in TTM through Q1 2026 (1.9% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Goldman Sachs (GS) free cash flow?: Goldman Sachs (GS) generated −$47.22B in free cash flow for TTM through Q1 2026 (-42.6% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Goldman Sachs (GS) effective tax rate?: Goldman Sachs (GS) had an effective tax rate of 20.4% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q1 2026.