GOLDMAN SACHS GROUP INCGS

GOLDMAN SACHS GROUP INC Earnings Per Share Disclosure

10-KFiled Feb 25, 20262 min read
Earnings Per Common Share
Basic EPS is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and restricted stock units (RSUs) for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions.
The table below presents information about basic and diluted EPS.
Year Ended December
in millions, except per share amounts202520242023
Net earnings to common$16,300 $13,525 $7,907 
Weighted average basic shares312.7328.1340.8
Effect of dilutive RSUs4.95.55.0
Weighted average diluted shares317.6333.6345.8
Basic EPS$51.95 $41.07 $23.05 
Diluted EPS$51.32 $40.54 $22.87 
In the table above:
•Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.
•Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.18 for 2025, and $0.15 for both 2024 and 2023.
•Diluted EPS does not include antidilutive RSUs, including those that are subject to market or performance conditions, of 0.1 million for both 2025 and 2024, and 0.4 million for 2023.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 27, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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