What is Goldman Sachs's earnings per share (EPS)?

Goldman Sachs (GSBD) reported diluted earnings per share of $1.03 for fiscal year 2025. This represents a 87.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Goldman Sachs Financials

GSBD

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Goldman Sachs (GSBD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GSBD FY2025 2026-05-07

Goldman Sachs BDC’s earnings swing with portfolio cash realization, while a leveraged balance sheet keeps shareholder returns highly variable.

Operating cash flow jumped from $2.5M in FY2024 to $325.7M in FY2025 even as total assets contracted, implying the cash came more from portfolio repayments and realizations than from a larger earning base. That cash funded financing outflows of $344.5M and share buybacks of $52.2M while equity still moved lower, so better cash conversion did not mean book capital was rebuilding.

A debt-heavy funding model remained in place, with debt to equity at 131.7% in FY2025 versus 114.0% in FY2023. That leverage turned a 3.5% ROA into an 8.4% ROE, so shareholder returns depend heavily on spread performance over borrowed capital.

Negative retained earnings of -$456.7M mean cumulative payouts and losses have exceeded cumulative profits, so reported earnings have not rebuilt the shareholder capital base. The share count fell from 117.3M to 112.6M in FY2025, showing cash was used to shrink equity while assets were also moving lower.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Goldman Sachs's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Goldman Sachs carries a low D/E ratio of 1.32, meaning only $1.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Returns

Goldman Sachs generates a 8.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 4.0% the prior year.

Piotroski F-Score Neutral

5/9

Goldman Sachs passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

2.73x

For every $1 of reported earnings, Goldman Sachs generates $2.73 in operating cash flow ($325.7M OCF vs $119.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$119.3M

YoY+89.7%

5Y CAGR-7.5%

Goldman Sachs reported $119.3M in net income in fiscal year 2025. This represents an increase of 89.7% from the prior year.

EPS (Diluted)

$1.03

YoY+87.3%

5Y CAGR-20.6%

Goldman Sachs earned $1.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$43.2M

YoY-30.1%

5Y CAGR+6.1%

Goldman Sachs held $43.2M in cash against $1.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

113M

YoY-4.0%

Goldman Sachs had 113M shares outstanding in fiscal year 2025. This represents a decrease of 4.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

8.4%

YoY+4.4pp

5Y CAGR-2.5pp

Goldman Sachs's ROE was 8.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$52.2M

Goldman Sachs spent $52.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

GSBD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$5.3M+9.4%	$4.8M+8.7%	$4.5M+247.1%	$1.3M-10.2%	$1.4M
Net Income	$119.3M+89.7%	$62.9M-67.9%	$195.9M+256.1%	$55.0M-71.4%	$192.4M+9.3%	$176.1M
EPS (Diluted)	$1.03+87.3%	$0.55-69.6%	$1.81+235.2%	$0.54-71.4%	$1.89-42.0%	$3.26

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	$907K+0.1%	$906K-31.5%	$1.3M	N/A	$1.5M+19.9%	$1.2M
Net Income	-$13.6M	N/A	$24.7M-37.1%	$39.3M+24.5%	$31.6M	N/A	$37.1M+168.4%	-$54.2M
EPS (Diluted)	$-0.12	N/A	$0.22-35.3%	$0.34+25.9%	$0.27	N/A	$0.32+168.1%	$-0.47

GSBD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B-6.1%	$3.6B+2.3%	$3.5B-1.9%	$3.6B+1.1%	$3.6B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$43.2M-30.1%	$61.8M+18.0%	$52.4M+32.2%	$39.6M+17.3%	$33.8M+5.1%	$32.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B-3.5%	$2.0B+5.7%	$1.9B-8.0%	$2.1B+7.9%	$1.9B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.9B-2.7%	$1.9B+5.5%	$1.8B-9.2%	$2.0B+8.1%	$1.9B	N/A
Total Equity	$1.4B-9.5%	$1.6B-1.8%	$1.6B+6.6%	$1.5B-6.9%	$1.6B0.0%	$1.6B
Retained Earnings	-$456.7M-22.2%	-$373.7M-66.4%	-$224.6M-8.9%	-$206.2M-274.8%	-$55.0M-927.9%	-$5.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.3B-1.2%	$3.4B-0.1%	$3.4B-0.7%	$3.4B-2.7%	$3.5B-2.8%	$3.6B+1.6%	$3.5B-2.3%	$3.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$41.9M-3.1%	$43.2M-62.5%	$115.2M+6.6%	$108.0M+30.5%	$82.8M+33.9%	$61.8M+16.7%	$53.0M-14.0%	$61.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B+0.6%	$2.0B+1.6%	$1.9B+1.8%	$1.9B-3.0%	$2.0B-3.7%	$2.0B+3.6%	$2.0B-3.6%	$2.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.9B+1.3%	$1.9B+1.8%	$1.8B+2.4%	$1.8B-3.8%	$1.9B-3.0%	$1.9B+2.6%	$1.9B-3.4%	$1.9B
Total Equity	$1.4B-3.7%	$1.4B-2.2%	$1.5B-3.9%	$1.5B-2.2%	$1.5B-1.6%	$1.6B-0.8%	$1.6B-0.6%	$1.6B
Retained Earnings	-$509.7M-11.6%	-$456.7M-0.5%	-$454.3M-8.0%	-$420.9M-5.6%	-$398.4M-6.6%	-$373.7M-5.3%	-$355.0M-4.6%	-$339.3M

GSBD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$325.7M+13155.3%	$2.5M-99.2%	$300.7M+995.9%	$27.4M+191.9%	-$29.9M-118.0%	$165.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$344.5M-4920.2%	$7.1M+102.5%	-$288.0M-1224.2%	-$21.7M-168.6%	$31.7M+122.1%	-$143.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$52.2M	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$10.4M+134.9%	-$29.9M-163.3%	$47.2M-72.9%	$174.5M+30.3%	$133.9M+920.1%	$13.1M-87.4%	$104.1M+185.5%	-$121.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$11.7M+72.3%	-$42.1M-5.2%	-$40.1M+73.2%	-$149.2M-32.0%	-$113.0M-2631.9%	-$4.1M+96.3%	-$112.8M-186.0%	$131.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$15.0M-43.3%	$26.5M	N/A	N/A	N/A	N/A	N/A

GSBD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	8.4%+4.4pp	4.0%-8.2pp	12.2%+8.6pp	3.7%-8.3pp	11.9%+1.0pp	10.9%
Return on Assets	3.5%+1.8pp	1.7%-3.8pp	5.6%+4.0pp	1.5%-3.9pp	5.4%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.32+0.1	1.22+0.1	1.14-0.2	1.34+0.2	1.15	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-1.0%	N/A	1.7%-0.9pp	2.6%+0.6pp	2.0%	N/A	2.3%+5.7pp	-3.4%
Return on Assets	-0.4%	N/A	0.7%-0.4pp	1.1%+0.3pp	0.9%	N/A	1.1%+2.5pp	-1.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.39+0.1	1.32+0.1	1.27+0.1	1.19-0.0	1.21-0.0	1.22+0.0	1.18-0.0	1.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Goldman Sachs profitable?

Yes, Goldman Sachs (GSBD) reported a net income of $119.3M in fiscal year 2025.

How much debt does Goldman Sachs have?

As of fiscal year 2025, Goldman Sachs (GSBD) had $43.2M in cash and equivalents against $1.9B in long-term debt.

What is Goldman Sachs's return on equity (ROE)?

Goldman Sachs (GSBD) has a return on equity of 8.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Goldman Sachs's operating cash flow?

Goldman Sachs (GSBD) generated $325.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Goldman Sachs's total assets?

Goldman Sachs (GSBD) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Goldman Sachs buy back shares?

Yes, Goldman Sachs (GSBD) spent $52.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Goldman Sachs have outstanding?

Goldman Sachs (GSBD) had 113M shares outstanding as of fiscal year 2025.

What is Goldman Sachs's debt-to-equity ratio?

Goldman Sachs (GSBD) had a debt-to-equity ratio of 1.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Goldman Sachs's return on assets (ROA)?

Goldman Sachs (GSBD) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Goldman Sachs's Piotroski F-Score?

Goldman Sachs (GSBD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Goldman Sachs's earnings high quality?

Goldman Sachs (GSBD) has an earnings quality ratio of 2.73x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Goldman Sachs?

Goldman Sachs (GSBD) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.