Financials The Goldman Sachs Group, Inc.

Equities

GS

US38141G1040

Investment Banking & Brokerage Services

Real-time Estimate Cboe BZX Other stock markets 11:28:13 2024-09-17 am EDT			5-day change	1st Jan Change
488.70 ^USD	+0.73%		+4.33%	+26.33%

03:43pm	DOJ Revives Criminal Probe of Banks Impacted by Archegos Fiasco	MT
03:31pm	DOJ Revives Criminal Probe of Banks Impacted by Archegos Fiasco	MT

Projected Income Statement: The Goldman Sachs Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,546	44,560	59,339	47,365	46,524	51,121	53,666	55,205
Change	-	21.93%	33.17%	-20.18%	-1.78%	9.88%	4.98%	2.87%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	11,648	15,577	27,401	16,201	12,037	17,913	18,719	19,806
Change	-	33.73%	75.91%	-40.87%	-25.7%	48.82%	4.5%	5.81%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	10,583	12,479	27,044	13,486	10,739	16,226	17,748	18,649
Change	-	17.92%	116.72%	-50.13%	-20.37%	51.09%	9.38%	5.08%
Net income ¹	7,897	8,915	21,151	10,764	7,907	12,017	13,203	13,956
Change	-	12.89%	137.25%	-49.11%	-26.54%	51.98%	9.87%	5.71%
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	8,323	9,955	8,743	13,295	10,781	11,741	17,704	15,388	13,608	12,639	12,933	11,864	11,975	10,593	12,224	10,895	11,817	11,318	14,213	12,731	12,442	12,192	14,255	13,498	13,154	12,937	15,248	14,316
Change	-	19.61%	-12.17%	52.06%	-18.91%	8.9%	50.79%	-13.08%	-11.57%	-7.12%	2.33%	-8.27%	0.94%	-11.54%	15.4%	-10.87%	8.46%	-4.22%	25.58%	-10.43%	-2.27%	-2.01%	16.92%	-5.31%	-2.54%	-1.65%	17.86%	-6.11%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,707	2,657	2,285	4,895	4,827	5,834	8,267	6,748	7,017	5,369	5,217	4,211	4,271	2,502	3,822	2,351	2,763	2,831	5,555	4,198	4,172	3,921	5,613	4,855	4,671	4,775	-	-
Change	-	-1.85%	-14%	114.22%	-1.39%	20.86%	41.7%	-18.37%	3.99%	-23.49%	-2.83%	-19.28%	1.42%	-41.42%	52.76%	-38.49%	17.52%	2.46%	96.22%	-24.43%	-0.62%	-6.02%	43.15%	-13.5%	-3.79%	2.23%	-100%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,416	2,321	1,348	1,291	4,549	5,541	8,337	6,840	6,842	5,025	4,656	3,544	3,756	1,530	3,993	1,736	2,756	2,254	5,237	3,916	3,824	3,648	5,157	4,402	4,196	3,925	5,249	4,771
Change	-	-3.93%	-41.92%	-4.23%	252.36%	21.81%	50.46%	-17.96%	0.03%	-26.56%	-7.34%	-23.88%	5.98%	-59.27%	160.98%	-56.52%	58.76%	-18.21%	132.34%	-25.22%	-2.36%	-4.6%	41.37%	-14.64%	-4.68%	-6.46%	33.74%	-9.11%
Net income ¹	1,793	1,724	1,123	197	3,483	4,362	6,711	5,347	5,284	3,809	3,831	2,786	2,962	1,185	3,087	1,071	1,882	1,867	3,931	2,891	2,831	2,663	3,859	3,284	3,077	2,916	3,894	3,569
Change	-	-3.85%	-34.86%	-82.46%	1,668.02%	25.24%	53.85%	-20.32%	-1.18%	-27.91%	0.58%	-27.28%	6.32%	-59.99%	160.51%	-65.31%	75.72%	-0.8%	110.55%	-26.46%	-2.07%	-5.94%	44.91%	-14.89%	-6.32%	-5.21%	33.54%	-8.35%
Announcement Date	10/15/19	1/15/20	4/15/20	7/15/20	10/14/20	1/19/21	4/14/21	7/13/21	10/15/21	1/18/22	4/14/22	7/18/22	10/18/22	1/17/23	4/18/23	7/19/23	10/17/23	1/16/24	4/15/24	7/15/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: The Goldman Sachs Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	274,000	284,000	270,000	221,000	400,000	330,766	344,281	355,700
Change	-	3.65%	-4.93%	-18.15%	81%	-17.31%	4.09%	3.32%
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: The Goldman Sachs Group, Inc.

Fiscal Period: December	2018	2019	2020	2021	2022	2023
CAPEX ¹	7,982	8,443	6,309	4,667	3,748	2,316
Change	-	5.78%	-25.28%	-26.03%	-19.69%	-38.21%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	2/26/19	2/21/20	2/22/21	2/25/22	2/24/23	2/23/24

¹USD in Million

Estimates

Forecast Financial Ratios: The Goldman Sachs Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	31.87%	34.96%	46.18%	34.2%	25.87%	35.04%	34.88%	35.88%
EBT Margin (%)	28.96%	28%	45.58%	28.47%	23.08%	31.74%	33.07%	33.78%
Net margin (%)	21.61%	20.01%	35.64%	22.73%	17%	23.51%	24.6%	25.28%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	0.82%	0.8%	1.61%	0.74%	0.51%	0.74%	0.78%	0.86%
ROE	10%	11.1%	23%	10.2%	7.5%	11.6%	12.49%	12.96%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	4.15	5	6.5	9	10.5	11.53	12.29	12.86
Change	-	20.48%	30%	38.46%	16.67%	9.8%	6.6%	4.62%
Book Value Per Share ¹	218.5	236.2	284.4	303.6	313.6	332.8	352.4	371.1
Change	-	8.07%	20.43%	6.74%	3.3%	6.15%	5.87%	5.3%
EPS ¹	21.03	24.74	59.45	30.06	22.87	36.22	40.72	44.73
Change	-	17.64%	140.3%	-49.44%	-23.92%	58.37%	12.41%	9.87%
Nbr of stocks (in thousands)	354,087	358,770	333,578	354,568	343,439	333,126	333,126	333,126
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-