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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Goldman Sachs runs and where it’s prioritizing investment.Compensation and transaction‑based costs are the dominant, rising drivers of expenses—transaction spend has surged with record equities and financing activity while compensation hit multi‑year highs in Q1’26—raising the bar for sustaining Goldman’s efficiency target. Depreciation spiked in 2023 (a timing/one‑off) and has normalized, while steady increases in communications/technology and market development reflect One GS 3.0 investment. Management can meet a ~60% efficiency ratio only if top‑line momentum persists; otherwise elevated non‑compensation and comp will pressure margins and capital deployment choices.
Date | Occupancy | Depreciation and Amortization | Other | Professional Fees | Compensation and Benefits | Transaction Based | Market Development | Communications and Technology |
|---|---|---|---|---|---|---|---|---|
Jun 30, 2026 | $244.00M | $509.00M | $559.00M | $372.00M | $6.10B | $3.05B | $198.00M | $635.00M |
Mar 31, 2026 | $254.00M | $495.00M | $602.00M | $379.00M | $5.41B | $2.52B | $186.00M | $583.00M |
Dec 31, 2025 | $249.00M | $527.00M | $778.00M | $474.00M | $4.67B | $2.22B | $216.00M | $589.00M |
Sep 30, 2025 | $242.00M | $531.00M | $884.00M | $432.00M | $4.68B | $1.97B | $171.00M | $545.00M |
Jun 30, 2025 | $234.00M | $618.00M | $612.00M | $440.00M | $4.68B | $1.96B | $167.00M | $530.00M |
Mar 31, 2025 | $233.00M | $506.00M | $577.00M | $424.00M | $4.88B | $1.85B | $156.00M | $506.00M |
Dec 31, 2024 | $240.00M | $498.00M | $713.00M | $475.00M | $3.76B | $1.87B | $181.00M | $523.00M |
Sep 30, 2024 | $242.00M | $621.00M | $572.00M | $400.00M | $4.12B | $1.70B | $159.00M | $498.00M |
Jun 30, 2024 | $244.00M | $646.00M | $703.00M | $393.00M | $4.24B | $1.65B | $153.00M | $500.00M |
Mar 31, 2024 | $247.00M | $627.00M | $695.00M | $384.00M | $4.58B | $1.50B | $153.00M | $470.00M |