The Goldman Sachs Group, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $17.18B | $14.28B | $8.52B | $11.26B | $21.64B | $9.46B | $8.47B | $10.46B |
| Depreciation & Amortization | $2.18B | $2.39B | $4.86B | $2.46B | $2.02B | $1.90B | $1.70B | $1.33B |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $83.0M | $176.0M | $681.0M | $174.0M | $120.0M | $147.0M | $173.0M | $152.0M |
| Stock-Based Compensation | $3.45B | $2.66B | $2.09B | $4.08B | $2.35B | $1.92B | $2.02B | $1.83B |
| Net Cash from Operating Activities | $-45.15B | $-13.21B | $-12.59B | $8.71B | $6.30B | $-18.54B | $23.87B | $16.56B |
| Investing Activities | ||||||||
| Capital Expenditures | $2.06B | $2.09B | $2.32B | $3.75B | $4.67B | $6.31B | $8.44B | $7.98B |
| Business Acquisitions | — | — | $-487.0M | $2.12B | $0 | $231.0M | $803.0M | $162.0M |
| Net Cash from Investing Activities | $-44.23B | $-49.62B | $-17.31B | $-75.96B | $-30.47B | $-34.36B | $-24.24B | $-18.82B |
| Financing Activities | ||||||||
| Dividends Paid | $5.28B | $4.50B | $4.19B | $3.68B | $2.73B | $2.34B | $2.10B | $1.81B |
| Stock Repurchases | $12.36B | $8.00B | $5.80B | $3.50B | $5.20B | $1.93B | $5.34B | $3.29B |
| Net Cash from Financing Activities | $66.10B | $7.32B | $27.80B | $59.60B | $134.74B | $70.38B | $3.37B | $22.75B |
| Net Change in Cash | $-17.83B | $-59.49B | $-248.0M | $-19.21B | $105.19B | $22.30B | — | $20.50B |
| Free Cash Flow | $-47.22B | $-15.30B | $-14.90B | $4.96B | $1.63B | $-24.84B | $15.43B | $8.58B |