GOLDMAN SACHS GROUP INC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
GS$910.19+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December | |||
|---|---|---|---|
| $ in millions | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net earnings | $17,176 | $14,276 | $8,516 |
| Adjustments to reconcile net earnings to net cash used for operating activities: | |||
| Depreciation and amortization | 2,182 | 2,392 | 4,856 |
| Deferred income taxes | 204 | (800) | (1,360) |
| Share-based compensation | 3,445 | 2,663 | 2,085 |
| Provision for credit losses | (1,113) | 1,348 | 1,028 |
| Changes in operating assets and liabilities: | |||
| Customer and other receivables and payables, net | (43,206) | (8,367) | (28,219) |
| Collateralized transactions (excluding other secured financings), net | (12,891) | 68,582 | 160,227 |
| Trading assets | (69,866) | (86,991) | (163,807) |
| Trading liabilities | 57,560 | (212) | 5,751 |
| Loans held for sale, net | (504) | 537 | 1,635 |
| Other, net | 1,859 | (6,640) | (3,299) |
| Net cash used for operating activities | (45,154) | (13,212) | (12,587) |
| Cash flows from investing activities | |||
| Purchase of property, leasehold improvements and equipment | (2,064) | (2,091) | (2,316) |
| Proceeds from sales of property, leasehold improvements and equipment | 803 | 1,613 | 3,278 |
| Net cash received from business dispositions | 1,536 | 3,622 | 487 |
| Available-for-sale securities: | |||
| Purchases | (77,429) | (60,852) | (9,185) |
| Proceeds from sales | 61,325 | 19,005 | 3,161 |
| Proceeds from paydowns and maturities | 43 | 12,809 | 8,130 |
| Held-to-maturity securities: | |||
| Purchases | (11,279) | (23,018) | (26,238) |
| Proceeds from paydowns and maturities | 21,687 | 15,549 | 8,604 |
| Other investments: | |||
| Purchases | (9,392) | (8,226) | (4,833) |
| Proceeds from sales, paydowns and maturities | 9,892 | 9,010 | 6,953 |
| Loans (excluding loans held for sale), net | (39,349) | (17,045) | (5,353) |
| Net cash used for investing activities | (44,227) | (49,624) | (17,312) |
| Cash flows from financing activities | |||
| Unsecured short-term borrowings, net | 2,988 | 934 | 2,050 |
| Other secured financings (short-term), net | (3,877) | 13,707 | 673 |
| Proceeds from issuance of other secured financings (long-term) | 6,510 | 5,243 | 3,047 |
| Repayment of other secured financings (long-term), including the current portion | (3,331) | (2,036) | (3,570) |
| Proceeds from issuance of unsecured long-term borrowings | 88,196 | 67,252 | 47,153 |
| Repayment of unsecured long-term borrowings, including the current portion | (71,502) | (74,519) | (54,066) |
| Derivative contracts with a financing element, net | 2,313 | 2,390 | 3,280 |
| Deposits, net | 62,783 | 5,894 | 39,723 |
| Preferred stock redemption | – | (2,200) | (1,000) |
| Common stock repurchased | (12,360) | (8,000) | (5,796) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | (2,156) | (1,331) | (1,345) |
| Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (5,277) | (4,497) | (4,189) |
| Proceeds from issuance of preferred stock, net of issuance costs | 1,895 | 4,239 | 1,496 |
| Other financing, net | (82) | 247 | 344 |
| Net cash provided by financing activities | 66,100 | 7,323 | 27,800 |
| Effect of exchange rate changes on cash and cash equivalents | 5,448 | (3,972) | 1,851 |
| Net decrease in cash and cash equivalents | (17,833) | (59,485) | (248) |
| Cash and cash equivalents, beginning balance | 182,092 | 241,577 | 241,825 |
| Cash and cash equivalents, ending balance | $164,259 | $182,092 | $241,577 |
| Supplemental disclosures: | |||
| Cash payments for interest, net of capitalized interest | $65,494 | $72,623 | $60,026 |
| Cash payments for income taxes, net | $3,990 | $3,673 | $2,389 |
See Notes 9, 12 and 16 for information about non-cash activities. See Note 24 for further information about cash payments for income taxes for 2025.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.