Goldman Sachs Group (GS) FY2018 results: revenue $36.6 billion, up 11.9% on the year
Goldman Sachs Group Inc. (GS) reported revenue of $36.6 billion for fiscal 2018, the year ended 31 December 2018, up 11.9% on the year before. Net income was $10.5 billion, up 144.0%, and diluted earnings per share $25.27. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$36.6 billion
+11.9% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$10.5 billion
+144.0% on the year
FY2011FY2018
Diluted EPS
$25.27
+180.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
36,616
32,730
30,790
+11.9%
Interest expense
15,912
10,181
7,104
+56.3%
Pre-tax income
12,481
11,132
10,304
+12.1%
Income tax
2,022
6,846
2,906
-70.5%
Effective tax rate
16.2%
61.5%
28.2%
Net income
10,459
4,286
7,398
+144.0%
Net margin
28.6%
13.1%
24.0%
Diluted EPS
$25.27
$9.01
$16.29
+180.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
16,564
-20,489
6,494
Capital expenditure
7,982
3,185
2,865
+150.6%
Free cash flow
8,582
-23,674
3,629
Free cash flow margin
23.4%
-72.3%
11.8%
Cash from investing
-18,820
-26,377
9,675
Cash from financing
22,752
35,206
12,103
-35.4%
Depreciation and amortisation
1,328
1,152
998
+15.3%
Share-based compensation
1,831
1,769
2,111
+3.5%
Buybacks
3,294
6,772
6,078
-51.4%
Dividends paid
1,810
1,769
1,706
+2.3%
Dividend per share
$3.15
$2.90
$2.60
+8.6%
Diluted shares, weighted
390m
409m
435m
-4.6%
Shares outstanding at period end
368m
375m
393m
-1.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
90,185
82,243
86,893
+9.7%
Deposits
158,257
138,604
124,098
+14.2%
Trading liabilities
108,897
n/a
n/a
Debt
264,651
227,579
197,491
+16.3%
Other liabilities
309,806
468,350
451,683
-33.9%
Total liabilities and equity
931,796
916,776
860,165
+1.6%
Goodwill
3,758
3,665
3,666
+2.5%
Intangible assets
324
373
429
-13.1%
Securities held for sale or to maturity
13,322
10,076
176
+32.2%
Loans
97,837
65,933
49,672
+48.4%
Resale agreements
139,258
120,822
116,925
+15.3%
Securities borrowed
135,285
190,848
184,600
-29.1%
Cash and equivalents
130,547
110,051
121,711
+18.6%
Other assets
411,465
415,008
382,986
-0.9%
Total assets
931,796
916,776
860,165
+1.6%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.