Goldman Sachs Group (GS) FY2020 results: revenue $44.6 billion, up 21.9% on the year
Goldman Sachs Group Inc. (GS) reported revenue of $44.6 billion for fiscal 2020, the year ended 31 December 2020, up 21.9% on the year before. Net income was $9.5 billion, up 11.7%, and diluted earnings per share $24.74. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$44.6 billion
+21.9% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$9.5 billion
+11.7% on the year
FY2013FY2020
Diluted EPS
$24.74
+17.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
44,560
36,546
36,616
+21.9%
Interest expense
8,938
17,376
15,912
-48.6%
Pre-tax income
12,479
10,583
12,481
+17.9%
Income tax
3,020
2,117
2,022
+42.7%
Effective tax rate
24.2%
20.0%
16.2%
Net income
9,459
8,466
10,459
+11.7%
Net margin
21.2%
23.2%
28.6%
Diluted EPS
$24.74
$21.03
$25.27
+17.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-18,535
23,868
16,564
Capital expenditure
6,309
8,443
7,982
-25.3%
Free cash flow
-24,844
15,425
8,582
Free cash flow margin
-55.8%
42.2%
23.4%
Cash from investing
-34,356
-24,236
-18,820
Cash from financing
70,380
3,367
22,752
+1,990.3%
Depreciation and amortisation
1,902
1,704
1,328
+11.6%
Share-based compensation
1,920
2,018
1,831
-4.9%
Buybacks
1,928
5,335
3,294
-63.9%
Dividends paid
2,336
2,104
1,810
+11.0%
Dividend per share
$5.00
$4.15
$3.15
+20.5%
Diluted shares, weighted
360m
376m
390m
-4.0%
Shares outstanding at period end
344m
347m
368m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
95,932
90,265
90,185
+6.3%
Deposits
259,962
190,019
158,257
+36.8%
Trading liabilities
153,727
108,835
108,897
+41.2%
Debt
266,351
255,363
264,651
+4.3%
Other liabilities
387,056
348,486
309,806
+11.1%
Total liabilities and equity
1,163,028
992,968
931,796
+17.1%
Goodwill
4,332
4,196
3,758
+3.2%
Intangible assets
630
641
324
-1.7%
Securities held for sale or to maturity
51,317
24,919
13,322
+105.9%
Loans
116,115
108,904
97,837
+6.6%
Resale agreements
108,060
85,691
139,258
+26.1%
Securities borrowed
142,160
136,071
135,285
+4.5%
Cash and equivalents
155,842
133,546
130,547
+16.7%
Other assets
584,572
499,000
411,465
+17.1%
Total assets
1,163,028
992,968
931,796
+17.1%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.