Goldman Sachs Group annual debt-to-equity ratio
2008
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2025
Goldman Sachs Group Debt-to-Equity Ratio Growth & History (GS)
Goldman Sachs Group's debt-to-equity ratio was 2.87 for fiscal 2025.
View full Goldman Sachs Group company overviewGoldman Sachs Group annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 2.87 | 0.29 | +11.19% |
| 2024 | 2024-12-31 | 2.58 | −0.16 | −5.86% |
| 2023 | 2023-12-31 | 2.74 | 0.09 | +3.41% |
| 2022 | 2022-12-31 | 2.65 | −0.11 | −4.06% |
| 2021 | 2022-01-14 | 2.76 | −0.04 | −1.46% |
| 2020 | 2020-12-31 | 2.80 | −0.06 | −1.93% |
| 2019 | 2019-12-31 | 2.86 | −0.08 | −2.69% |
| 2018 · Dec 31 | 2018-12-31 | 2.93 | −0.20 | −6.34% |
| 2017 | 2017-12-31 | 3.13 | 0.59 | +23.17% |
| 2016 | 2016-12-31 | 2.54 | 0.11 | +4.39% |
| 2015 | 2015-12-31 | 2.44 | 0.02 | +1.03% |
| 2014 | 2014-12-31 | 2.41 | −0.06 | −2.36% |
| 2013 | 2013-12-31 | 2.47 | −0.19 | −7.25% |
| 2012 | 2012-12-31 | 2.66 | −0.33 | −11.00% |
| 2011 | 2011-12-31 | 2.99 | 0.23 | +8.33% |
| 2010 | 2010-12-31 | 2.76 | −0.27 | −8.83% |
| 2009 | 2009-12-31 | 3.03 | — | — |
| 2008 | 2008-11-30 | 2.61 | — | — |
Goldman Sachs Group quarterly debt-to-equity ratio
As of Nov 28, 2008
Q4.08
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q3.20
Q4.20
Q1.21
Q2.21
As of Dec 31, 2021
Q4.21
Q1.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.58 | 0.75 | +26.68% |
| Q1 2026 | 2026-03-31 | 3.24 | 0.54 | +20.06% |
| Q4 2025 | 2025-12-31 | 2.87 | 0.29 | +11.19% |
| Q3 2025 | 2025-09-30 | 2.83 | 0.12 | +4.47% |
| Q2 2025 | 2025-06-30 | 2.83 | 0.21 | +7.81% |
| Q1 2025 | 2025-03-31 | 2.70 | 0.05 | +1.82% |
| Q4 2024 | 2024-12-31 | 2.58 | −0.16 | −5.86% |
| Q3 2024 | 2024-09-30 | 2.70 | 0.18 | +7.07% |
| Q2 2024 | 2024-06-30 | 2.62 | 0.02 | +0.91% |
| Q1 2024 | 2024-03-31 | 2.65 | 0.04 | +1.43% |
| Q4 2023 | 2023-12-31 | 2.74 | 0.09 | +3.41% |
| Q3 2023 | 2023-09-30 | 2.53 | 0.06 | +2.54% |
| Q2 2023 | 2023-06-30 | 2.60 | — | — |
| Q1 2023 | 2023-03-31 | 2.62 | −0.15 | −5.38% |
| Q4 2022 | 2022-12-31 | 2.65 | — | — |
| Q3 2022 | 2022-09-30 | 2.46 | — | — |
| Q1 2022 | 2022-03-31 | 2.77 | −0.10 | −3.47% |
| Q4 2021 | 2022-01-14 | 2.76 | −0.04 | −1.46% |
| As of Dec 31, 2021 | 2021-12-31 | 2.76 | −0.04 | −1.46% |
| Q2 2021 | 2021-06-30 | 2.97 | — | — |
| Q1 2021 | 2021-03-31 | 2.87 | — | — |
| Q4 2020 | 2020-12-31 | 2.80 | −0.06 | −1.93% |
| Q3 2020 | 2020-09-30 | 2.85 | −0.03 | −1.11% |
| Q4 2019 | 2019-12-31 | 2.86 | −0.08 | −2.69% |
| Q3 2019 | 2019-09-30 | 2.88 | −0.16 | −5.39% |
| Q2 2019 | 2019-06-30 | 2.93 | −0.13 | −4.35% |
| Q1 2019 | 2019-03-31 | 2.98 | −0.19 | −5.84% |
| Q4 2018 · Dec 31 | 2018-12-31 | 2.93 | −0.20 | −6.34% |
| Q3 2018 | 2018-09-30 | 3.05 | 0.14 | +4.80% |
| Q2 2018 | 2018-06-30 | 3.06 | 0.27 | +9.74% |
| Q1 2018 | 2018-03-31 | 3.17 | 0.51 | +19.26% |
| Q4 2017 | 2017-12-31 | 3.13 | 0.59 | +23.17% |
| Q3 2017 | 2017-09-30 | 2.91 | 0.34 | +13.02% |
| Q2 2017 | 2017-06-30 | 2.79 | 0.28 | +10.99% |
| Q1 2017 | 2017-03-31 | 2.66 | 0.12 | +4.92% |
| Q4 2016 | 2016-12-31 | 2.54 | 0.11 | +4.39% |
| Q3 2016 | 2016-09-30 | 2.57 | 0.16 | +6.70% |
| Q2 2016 | 2016-06-30 | 2.52 | 0.12 | +5.14% |
| Q1 2016 | 2016-03-31 | 2.53 | 0.19 | +8.28% |
| Q4 2015 | 2015-12-31 | 2.44 | 0.02 | +1.03% |
| Q3 2015 | 2015-09-30 | 2.41 | −0.03 | −1.41% |
| Q2 2015 | 2015-06-30 | 2.39 | — | — |
| Q1 2015 | 2015-03-31 | 2.34 | −0.18 | −7.07% |
| Q4 2014 | 2014-12-31 | 2.41 | −0.06 | −2.36% |
| Q3 2014 | 2014-09-30 | 2.45 | −0.09 | −3.61% |
| Q1 2014 | 2014-03-31 | 2.52 | −0.06 | −2.37% |
| Q4 2013 | 2013-12-31 | 2.47 | −0.19 | −7.25% |
| Q3 2013 | 2013-09-30 | 2.54 | −0.24 | −8.69% |
| Q2 2013 | 2013-06-30 | 2.48 | −0.31 | −11.14% |
| Q1 2013 | 2013-03-31 | 2.58 | −0.34 | −11.57% |
| Q4 2012 | 2012-12-31 | 2.66 | −0.33 | −11.00% |
| Q3 2012 | 2012-09-30 | 2.78 | −0.32 | −10.24% |
| Q2 2012 | 2012-06-30 | 2.79 | −0.20 | −6.75% |
| Q1 2012 | 2012-03-31 | 2.91 | −0.03 | −0.90% |
| Q4 2011 | 2011-12-31 | 2.99 | 0.23 | +8.33% |
| Q3 2011 | 2011-09-30 | 3.10 | 0.20 | +6.76% |
| Q2 2011 | 2011-06-30 | 2.99 | 0.16 | +5.65% |
| Q1 2011 | 2011-03-31 | 2.94 | 0.47 | +18.91% |
| Q4 2010 | 2010-12-31 | 2.76 | −0.27 | −8.83% |
| Q3 2010 | 2010-09-30 | 2.90 | −0.00 | −0.10% |
| Q2 2010 | 2010-06-30 | 2.83 | −0.21 | −7.00% |
| Q1 2010 | 2010-03-31 | 2.47 | — | — |
| Q4 2009 | 2009-12-31 | 3.03 | — | — |
| Q3 2009 | 2009-09-25 | 2.90 | — | — |
| Q2 2009 | 2009-06-26 | 3.04 | — | — |
| Q4 2008 | 2008-11-30 | 2.61 | — | — |
| As of Nov 28, 2008 | 2008-11-28 | 2.61 | — | — |
Goldman Sachs Group debt-to-equity ratio trends
Over the last five fiscal years, Goldman Sachs Group's debt-to-equity ratio increased from 2.80 to 2.87, a change of 0.07. The latest reported quarter, Q2 2026, shows 3.58.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Goldman Sachs Group source filings ↗