Goldman Sachs dividend
Goldman Sachs currently pays $5.00 per share, with the base dividend path at $22 per share in 2027, $24 in 2028 and $26 in 2029. Cash coverage is not presented as a simple free-cash-flow ratio: in 2025, Goldman Sachs earned $17,176 million but used $45,154 million of operating cash, and subtracting property and equipment purchases would create a misleading industrial-style free-cash-flow measure.
How much does Goldman Sachs pay in dividends?
The base dividend path is $22 per share in 2027 and $24 in 2028. It reaches $26 in 2029. This assumes measured quarterly increases from the current $5.00 rate, consistent with Goldman’s stated sustainable-growth policy. The bear case holds annual dividends at $20, while the bull case reaches $30 by 2029. The difference reflects capital headroom: CET1 was 12.4% against an 11.4% requirement, leaving only one percentage point of excess.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Dividend per share | 14.00 | 11.50 | 10.50 | 9.00 | 6.50 |
What this means. The dividend per share is the cash the company declares for each share, not the share's price.
Is Goldman Sachs's dividend covered by its cash?
In 2025, Goldman earned $17,176 million but used $45,154 million of operating cash. Trading assets, loans and customer balances can produce that result because the cash-flow statement captures the expansion of the financial balance sheet, not just the conversion of profit into spare cash.
Goldman still spends on staff, technology, premises and equipment. Property and equipment purchases were $2,064 million in 2025, but the accounts do not separate maintenance from expansion. Subtracting that figure from operating cash would create a misleading industrial-style free-cash-flow measure.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 5,277 | 4,497 | 4,189 | 3,682 | 2,725 |
| − Share buybacks | 12,360 | 8,000 | 5,796 | 3,500 | 5,200 |
| Paid to shareholders | 17,637 | 12,497 | 9,985 | 7,182 | 7,925 |
What this means. The dividend numbers include payments linked to preferred stock and employee awards, not just cash dividends paid to ordinary shareholders.
What could change Goldman Sachs's dividend?
The view would move toward the bear case if deals are delayed, trading and financing normalize, or risk and funding costs weaken margins between 2027 and 2028. Thin capital headroom, card-transition costs and slower buybacks would reinforce that move through 2029.
The view would move toward the bull case if the backlog converts and replenishes, client intermediation remains strong, and NEOS and LCN retain clients while growing fee-paying assets. Higher AWM margins and returns would support larger buybacks and a higher multiple.
What is Goldman Sachs's dividend yield today?
| Today (Oct 14, 2026) | |
|---|---|
| Share price | 891.91 |
| Market value (calculated) | 259,698.69 |
| P/E, next 12 months (calculated) | 13.5x |
| Price to book (calculated) | 2.4x |
| Dividend yield (calculated) | 2.2% |
What this means. The price-to-earnings number uses analysts’ estimate of next year’s profit, so it is not based on profit the company has already earned.