Discontinued — last reported Q4 '25
Total Operating Expenses
Goldman Sachs Group Total Operating Expenses increased by 2.8% to $9.72B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 17.7%, from $8.26B to $9.72B. Over 4 years (FY 2021 to FY 2025), Total Operating Expenses shows an upward trend with a 4.1% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
An increase faster than revenue growth suggests declining operating margins, while slower growth indicates effective cost control.
Detailed definition
Total operating expenses represent the sum of all costs incurred to operate the business, excluding the cost of goods so...
Peer comparison
Used to calculate operating margin; peers in the healthcare sector monitor this closely to manage profitability against R&D requirements.
total_operating_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $8.64B | $6.59B | $7.27B | $7.72B | $7.65B | $7.70B | $8.09B | $8.40B | $8.54B | $9.05B | $8.49B | $8.66B | $8.53B | $8.32B | $8.26B | $9.13B | $9.24B | $9.45B | $9.72B |
| QoQ Change | — | -23.7% | +10.3% | +6.1% | -0.8% | +0.7% | +5.0% | +3.8% | +1.7% | +6.0% | -6.3% | +2.0% | -1.4% | -2.6% | -0.6% | +10.5% | +1.2% | +2.3% | +2.8% |
| YoY Change | — | — | — | — | -11.4% | +16.9% | +11.3% | +8.9% | +11.6% | +17.5% | +4.9% | +3.0% | -0.1% | -8.2% | -2.7% | +5.4% | +8.3% | +13.7% | +17.7% |
Total Operating Expenses at Other Companies
Frequently Asked Questions
- What is Goldman Sachs Group's total operating expenses?
- Goldman Sachs Group (GS) reported total operating expenses of $9.72B in Q4 2025.
- How has Goldman Sachs Group's total operating expenses changed year-over-year?
- Goldman Sachs Group's total operating expenses increased by 17.7% year-over-year, from $8.26B to $9.72B.
- What is the long-term trend for Goldman Sachs Group's total operating expenses?
- Over 4 years (2021 to 2025), Goldman Sachs Group's total operating expenses has grown at a 4.1% compound annual growth rate (CAGR), from $31.94B to $37.54B.
- What does total operating expenses mean?
- The total cost of running the business, including all non-production expenses.