Goldman Sachs Group (GS) FY2019 results: revenue $36.5 billion, down 0.2% on the year
Goldman Sachs Group Inc. (GS) reported revenue of $36.5 billion for fiscal 2019, the year ended 31 December 2019, down 0.2% on the year before. Net income was $8.5 billion, down 19.1%, and diluted earnings per share $21.03. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$36.5 billion
-0.2% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$8.5 billion
-19.1% on the year
FY2012FY2019
Diluted EPS
$21.03
-16.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
36,546
36,616
32,730
-0.2%
Interest expense
17,376
15,912
10,181
+9.2%
Pre-tax income
10,583
12,481
11,132
-15.2%
Income tax
2,117
2,022
6,846
+4.7%
Effective tax rate
20.0%
16.2%
61.5%
Net income
8,466
10,459
4,286
-19.1%
Net margin
23.2%
28.6%
13.1%
Diluted EPS
$21.03
$25.27
$9.01
-16.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
23,868
16,564
-20,489
+44.1%
Capital expenditure
8,443
7,982
3,185
+5.8%
Free cash flow
15,425
8,582
-23,674
+79.7%
Free cash flow margin
42.2%
23.4%
-72.3%
Cash from investing
-24,236
-18,820
-26,377
Cash from financing
3,367
22,752
35,206
-85.2%
Depreciation and amortisation
1,704
1,328
1,152
+28.3%
Share-based compensation
2,018
1,831
1,769
+10.2%
Buybacks
5,335
3,294
6,772
+62.0%
Dividends paid
2,104
1,810
1,769
+16.2%
Dividend per share
$4.15
$3.15
$2.90
+31.7%
Diluted shares, weighted
376m
390m
409m
-3.8%
Shares outstanding at period end
347m
368m
375m
-5.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
90,265
90,185
82,243
+0.1%
Deposits
190,019
158,257
138,604
+20.1%
Trading liabilities
108,835
108,897
n/a
-0.1%
Debt
255,363
264,651
227,579
-3.5%
Other liabilities
348,486
309,806
468,350
+12.5%
Total liabilities and equity
992,968
931,796
916,776
+6.6%
Goodwill
4,196
3,758
3,665
+11.7%
Intangible assets
641
324
373
+97.8%
Securities held for sale or to maturity
24,919
13,322
10,076
+87.1%
Loans
108,904
97,837
65,933
+11.3%
Resale agreements
85,691
139,258
120,822
-38.5%
Securities borrowed
136,071
135,285
190,848
+0.6%
Cash and equivalents
133,546
130,547
110,051
+2.3%
Other assets
499,000
411,465
415,008
+21.3%
Total assets
992,968
931,796
916,776
+6.6%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.