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Goldman Sachs vs Schwab Charles: revenue, profit, margins and growth compared

Goldman Sachs brought in $58.3B of revenue in fiscal 2025, Schwab Charles $23.9B in fiscal 2025. Revenue changed by +8.9% at Goldman Sachs and +22.0% at Schwab Charles on the year before, so Schwab Charles grew faster. Goldman Sachs kept 29.5% of its revenue as net profit, Schwab Charles 37.0%. Free cash flow was -$47.2B at Goldman Sachs and $8.8B at Schwab Charles.

Side by side, latest fiscal year

GSSCHW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$58.3B$23.9B
Revenue growth+8.9%+22.0%
Net income$17.2B$8.9B
Net margin29.5%37.0%
Free cash flow-$47.2B$8.8B
Free cash flow margin-81.0%36.6%
Earnings per share (diluted)$51.32$4.65
Cash$164.3B$46B
Debtn/a$22.2B
Price to earnings18.221.3
Market value$272.4B$171.3B
Dividend yield1.50%1.09%
Rank by revenue in sector#16 of 495 · Finance#29 of 495 · Finance

Over the years

Revenue
GS FY2018: $36.6BGS FY2019: $36.5BGS FY2020: $44.6BGS FY2021: $59.3BGS FY2022: $47.4BGS FY2023: $46.3BGS FY2024: $53.5BGS FY2025: $58.3BSCHW FY2018: $10.1BSCHW FY2019: $10.7BSCHW FY2020: $11.7BSCHW FY2021: $18.5BSCHW FY2022: $20.8BSCHW FY2023: $18.8BSCHW FY2024: $19.6BSCHW FY2025: $23.9BFY18FY19FY20FY21FY22FY23FY24FY25
GS $58.3BSCHW $23.9B
Net income
GS FY2018: $10.5BGS FY2019: $8.5BGS FY2020: $9.5BGS FY2021: $21.6BGS FY2022: $11.3BGS FY2023: $8.5BGS FY2024: $14.3BGS FY2025: $17.2BSCHW FY2018: $3.5BSCHW FY2019: $3.7BSCHW FY2020: $3.3BSCHW FY2021: $5.9BSCHW FY2022: $7.2BSCHW FY2023: $5.1BSCHW FY2024: $5.9BSCHW FY2025: $8.9BFY18FY19FY20FY21FY22FY23FY24FY25
GS $17.2BSCHW $8.9B
Net margin
GS FY2018: 28.6%GS FY2019: 23.2%GS FY2020: 21.2%GS FY2021: 36.5%GS FY2022: 23.8%GS FY2023: 18.4%GS FY2024: 26.7%GS FY2025: 29.5%SCHW FY2018: 34.6%SCHW FY2019: 34.5%SCHW FY2020: 28.2%SCHW FY2021: 31.6%SCHW FY2022: 34.6%SCHW FY2023: 26.9%SCHW FY2024: 30.3%SCHW FY2025: 37.0%FY18FY19FY20FY21FY22FY23FY24FY25
GS 29.5%SCHW 37.0%
Revenue growth
GS FY2019: -0.2%GS FY2020: +21.9%GS FY2021: +33.2%GS FY2022: -20.2%GS FY2023: -2.3%GS FY2024: +15.7%GS FY2025: +8.9%SCHW FY2019: +5.8%SCHW FY2020: +9.0%SCHW FY2021: +58.4%SCHW FY2022: +12.1%SCHW FY2023: -9.3%SCHW FY2024: +4.1%SCHW FY2025: +22.0%FY19FY20FY21FY22FY23FY24FY25
GS +8.9%SCHW +22.0%
Free cash flow
GS FY2018: $8.6BGS FY2019: $15.4BGS FY2020: -$24.8BGS FY2021: $1.6BGS FY2022: $5BGS FY2023: -$14.9BGS FY2024: -$15.3BGS FY2025: -$47.2BSCHW FY2018: $11.9BSCHW FY2019: $8.6BSCHW FY2020: $6.2BSCHW FY2021: $1.2BSCHW FY2022: $1.1BSCHW FY2023: $18.9BSCHW FY2024: $2.1BSCHW FY2025: $8.8BFY18FY19FY20FY21FY22FY23FY24FY25
GS -$47.2BSCHW $8.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Goldman Sachs and Schwab Charles

Which is bigger by revenue, Goldman Sachs or Schwab Charles?

Goldman Sachs is bigger by revenue: $58.3B in fiscal 2025, against $23.9B for Schwab Charles in fiscal 2025.

Which keeps more of its revenue as profit, Goldman Sachs or Schwab Charles?

Goldman Sachs had a net margin of 29.5% in fiscal 2025; Schwab Charles had 37.0% in fiscal 2025.

Which grew revenue faster, Goldman Sachs or Schwab Charles?

In their latest fiscal years revenue changed by +8.9% at Goldman Sachs and +22.0% at Schwab Charles.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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