The Goldman Sachs Group, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$58.3B
Gross margin	— not reported
Operating income	— not reported
Net income	$17.2B
Diluted EPS	$51.32
Cash & equivalents	$164.3B
Total assets	$1.81T
Long-term debt	— not reported

Key takeaway

Goldman Sachs reported $58.28 billion in revenue and $17.18 billion in net income for 2025, with diluted EPS of $51.32.

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Beneath the surface

Total debt (short- and long-term combined) of $355.96 billion is more than covered by cash of $164.3 billion plus AFS securities of $99.2 billion, though a $92 billion gap remains, indicating reliance on other liquid assets or ongoing rollover of funding rather than a net-cash position.

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