The Goldman Sachs Group, Inc. (GS) FY2026 YTD Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-06-30

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The Goldman Sachs Group, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Proceeds from issuance of unsecured long-term borrowings → financing reconciliation: $108,489,000,000.00Deposits, net → financing reconciliation: $57,580,000,000.00Unsecured short-term borrowings, net → financing reconciliation: $12,077,000,000.00Other secured financings (short-term), net → financing reconciliation: $10,852,000,000.00Proceeds from issuance of other secured financings (long-term) → financing reconciliation: $5,127,000,000.00Derivative contracts with a financing element, net → financing reconciliation: $2,484,000,000.00financing reconciliation → Net cash from financing activities: $135,210,000,000.00financing reconciliation → Repayment of unsecured long-term borrowings, including the current portion: $40,809,000,000.00financing reconciliation → Common stock repurchased: $9,000,000,000.00financing reconciliation → Repayment of other secured financings (long-term), including the current portion: $3,304,000,000.00financing reconciliation → Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards: $3,191,000,000.00financing reconciliation → Settlement of share-based awards in satisfaction of withholding tax requirements: $2,864,000,000.00financing reconciliation → Preferred stock redemption: $2,125,000,000.00financing reconciliation → Other financing, net: $106,000,000.00Proceeds from sales → investing reconciliation: $25,987,000,000.00Proceeds from paydowns and maturities → investing reconciliation: $8,634,000,000.00Proceeds from sales, paydowns and maturities → investing reconciliation: $6,226,000,000.00Proceeds from sales of property, leasehold improvements and equipment → investing reconciliation: $209,000,000.00Proceeds from paydowns and maturities → investing reconciliation: $209,000,000.00investing reconciliation → Purchases: $84,175,000,000.00investing reconciliation → Loans (excluding loans held for sale), net: $20,294,000,000.00investing reconciliation → Purchases: $13,636,000,000.00investing reconciliation → Purchases: $5,189,000,000.00investing reconciliation → Net cash used for business acquisitions: $1,783,000,000.00investing reconciliation → Purchase of property, leasehold improvements and equipment: $1,067,000,000.00Net cash used in operating activities → operating reconciliation: $25,763,000,000.00Net earnings → operating reconciliation: $12,258,000,000.00Trading liabilities → operating reconciliation: $56,360,000,000.00Customer and other receivables and payables, net → operating reconciliation: $23,911,000,000.00Collateralized transactions (excluding other secured financings), net → operating reconciliation: $13,697,000,000.00Share-based compensation → operating reconciliation: $2,969,000,000.00Depreciation and amortization → operating reconciliation: $1,004,000,000.00Provision for credit losses → operating reconciliation: $417,000,000.00operating reconciliation → Trading assets: $132,577,000,000.00operating reconciliation → Loans held for sale, net: $2,344,000,000.00operating reconciliation → Other, net: $970,000,000.00operating reconciliation → Deferred income taxes: $488,000,000.00Net cash used in investing activities → investing reconciliation: $84,879,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $164,259,000,000.00Net cash from financing activities → Cash sources and uses: $135,210,000,000.00Cash sources and uses → Exchange-rate effect: $1,561,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $187,266,000,000.00Cash sources and uses → Net cash used in investing activities: $84,879,000,000.00Cash sources and uses → Net cash used in operating activities: $25,763,000,000.00Loans held for sale, net: -$2,344,000,000.00Loans held for sale, net−$2.34 BCollateralized transactions (excluding other secured financings), net: $13,697,000,000.00Collateralized transactions, net+$13.70 BNet earnings: $12,258,000,000.00Net earnings+$12.26 BShare-based compensation: $2,969,000,000.00Stock-based compensation+$2.97 BCustomer and other receivables and payables, net: $23,911,000,000.00Customer balances, net+$23.91 BProvision for credit losses: $417,000,000.00Loan & lease loss provision+$417.00 MOther, net: -$970,000,000.00Other working capital, net−$970.00 MDepreciation and amortization: $1,004,000,000.00Depreciation & amortization+$1.00 BTrading assets: -$132,577,000,000.00Trading assets, net−$132.58 BTrading liabilities: $56,360,000,000.00Trading liabilities+$56.36 BDeferred income taxes: -$488,000,000.00Deferred income taxes−$488.00 MNet cash used in operating activities: -$25,763,000,000.00. Cash required to fund net payments.Operating cash−$25.76 Boperating reconciliation: $136,379,000,000.00Unsecured short-term borrowings, net: $12,077,000,000.00Unsecured short-term debt, net+$12.08 BDeposits, net: $57,580,000,000.00Deposits, net+$57.58 BOther secured financings (short-term), net: $10,852,000,000.00Other secured financings, net+$10.85 BCommon stock repurchased: -$9,000,000,000.00Common stock repurchases−$9.00 BDividends and dividend equivalents paid on common stock, preferred stock and share-based awards: -$3,191,000,000.00Dividends paid−$3.19 BOther financing, net: -$106,000,000.00Other financing, net−$106.00 MSettlement of share-based awards in satisfaction of withholding tax requirements: -$2,864,000,000.00Stock-award tax withholding−$2.86 BDerivative contracts with a financing element, net: $2,484,000,000.00Financing derivatives, net+$2.48 BProceeds from issuance of other secured financings (long-term): $5,127,000,000.00Secured debt issued+$5.13 BRepayment of other secured financings (long-term), including the current portion: -$3,304,000,000.00Secured debt repaid−$3.30 BProceeds from issuance of unsecured long-term borrowings: $108,489,000,000.00Unsecured debt issued+$108.49 BRepayment of unsecured long-term borrowings, including the current portion: -$40,809,000,000.00Unsecured debt repaid−$40.81 BProceeds from issuance of preferred stock, net of issuance costs: $0.00Preferred stock redemption: -$2,125,000,000.00Preferred stock redeemed−$2.13 BNet cash from financing activities: $135,210,000,000.00Financing cash+$135.21 Bfinancing reconciliation: $196,609,000,000.00Proceeds from sales of property, leasehold improvements and equipment: $209,000,000.00PP&E sales+$209.00 MLoans (excluding loans held for sale), net: -$20,294,000,000.00Loans & leases, net−$20.29 BPurchase of property, leasehold improvements and equipment: -$1,067,000,000.00PP&E purchases−$1.07 BNet cash used for business acquisitions: -$1,783,000,000.00Business & affiliate stakes, net−$1.78 BPurchases: -$84,175,000,000.00AFS securities purchases−$84.18 BProceeds from sales: $25,987,000,000.00AFS securities sales+$25.99 BProceeds from paydowns and maturities: $209,000,000.00AFS securities maturities+$209.00 MPurchases: -$13,636,000,000.00HTM securities purchases−$13.64 BProceeds from paydowns and maturities: $8,634,000,000.00HTM securities maturities+$8.63 BPurchases: -$5,189,000,000.00Other investment purchases−$5.19 BProceeds from sales, paydowns and maturities: $6,226,000,000.00Other investment proceeds+$6.23 BNet cash used in investing activities: -$84,879,000,000.00. Cash required to fund net payments.Investing cash−$84.88 Binvesting reconciliation: $126,144,000,000.00Cash sources and uses: $299,469,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $164,259,000,000.00Beginning cash$164.26 BEnding cash: Cash, cash equivalents, and restricted cash: $187,266,000,000.00Ending cash$187.27 BExchange-rate effect: -$1,561,000,000.00FX effect−$1.56 BCASH RECONCILIATIONFinancingflowsInvestingflowsOperatingflowsFree cash flow−$26.83 BOperating cash − cash spent on PP&ECash flow / Net income−2.10×Operating cash flow ÷ net incomeNet cash change+$23.01 BEnding cash − beginning cash
Chart details

The Goldman Sachs Group, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026

Cash flows for Jan 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
164,259,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
negative 25,763,000,000 US dollars. Net cash used.
Net earnings
12,258,000,000 US dollars
Loans held for sale, net
negative 2,344,000,000 US dollars
Collateralized transactions (excluding other secured financings), net
13,697,000,000 US dollars
Share-based compensation
2,969,000,000 US dollars
Customer and other receivables and payables, net
23,911,000,000 US dollars
Provision for credit losses
417,000,000 US dollars
Other, net
negative 970,000,000 US dollars
Depreciation and amortization
1,004,000,000 US dollars
Trading assets
negative 132,577,000,000 US dollars
Trading liabilities
56,360,000,000 US dollars
Deferred income taxes
negative 488,000,000 US dollars
Investing activities
negative 84,879,000,000 US dollars. Net cash used.
Proceeds from sales of property, leasehold improvements and equipment
209,000,000 US dollars
Loans (excluding loans held for sale), net
negative 20,294,000,000 US dollars
Purchase of property, leasehold improvements and equipment
negative 1,067,000,000 US dollars
Net cash used for business acquisitions
negative 1,783,000,000 US dollars
Purchases
negative 84,175,000,000 US dollars
Proceeds from sales
25,987,000,000 US dollars
Proceeds from paydowns and maturities
209,000,000 US dollars
Purchases
negative 13,636,000,000 US dollars
Proceeds from paydowns and maturities
8,634,000,000 US dollars
Purchases
negative 5,189,000,000 US dollars
Proceeds from sales, paydowns and maturities
6,226,000,000 US dollars
Financing activities
135,210,000,000 US dollars. Net cash provided.
Unsecured short-term borrowings, net
12,077,000,000 US dollars
Deposits, net
57,580,000,000 US dollars
Other secured financings (short-term), net
10,852,000,000 US dollars
Common stock repurchased
negative 9,000,000,000 US dollars
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards
negative 3,191,000,000 US dollars
Other financing, net
negative 106,000,000 US dollars
Settlement of share-based awards in satisfaction of withholding tax requirements
negative 2,864,000,000 US dollars
Derivative contracts with a financing element, net
2,484,000,000 US dollars
Proceeds from issuance of other secured financings (long-term)
5,127,000,000 US dollars
Repayment of other secured financings (long-term), including the current portion
negative 3,304,000,000 US dollars
Proceeds from issuance of unsecured long-term borrowings
108,489,000,000 US dollars
Repayment of unsecured long-term borrowings, including the current portion
negative 40,809,000,000 US dollars
Proceeds from issuance of preferred stock, net of issuance costs
0 US dollars
Preferred stock redemption
negative 2,125,000,000 US dollars
Operating adjustment reconciliation
136,379,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
196,609,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
126,144,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 1,561,000,000 US dollars
Ending cash on Jun 30, 2026
187,266,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
299,469,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
23,007,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
−2.10×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
negative 25,763,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
1,067,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 26,830,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income or operating cash is negative. The full signed reconciliation is retained: losses remain deductions, and any negative operating-cash total enters the junction from the cash pool. No positive direct-income connection is implied.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: negative 25,763,000,000 US dollars minus 1,067,000,000 US dollars equals negative 26,830,000,000 US dollars.
The Goldman Sachs Group, Inc. (GS) FY2026 YTD Q2 Statement of Cash Flows Sankey chart
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