GOLDMAN SACHS GROUP INC
Selected financial measures — level and five-year trend
Selected financial measures — level and five-year trend
Revenue growth
% YoYRevenue growth — five-year track
The tile shows the current value (% YoY) and, below it, how it developed across the recent fiscal years.
- Revenue growth — from -20.20% to 8.90%: FY22 -20.20%, FY23 -2.30%, FY24 15.70%, FY25 8.90%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Revenue growth = revenue / prior-year revenue − 1. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Free cash flow
OCF − capexFree cash flow — five-year track
The tile shows the current value (OCF − capex) and, below it, how it developed across the recent fiscal years.
- Free cash flow — from 1.63 to -47.22: FY21 1.63, FY22 4.96, FY23 -14.90, FY24 -15.30, FY25 -47.22
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Free cash flow = operating cash flow − capex, in $bn. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Cash conversion
FCF / OCFCash conversion — five-year track
The tile shows the current value (FCF / OCF) and, below it, how it developed across the recent fiscal years.
- Cash conversion — from 26.00% to 105.00%: FY21 26.00%, FY22 57.00%, FY23 118.00%, FY24 116.00%, FY25 105.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Cash conversion = free cash flow / operating cash flow. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Payout of FCF
buybacks + dividendsPayout of FCF — five-year track
The tile shows the current value (buybacks + dividends) and, below it, how it developed across the recent fiscal years.
- Payout of FCF — from 486.00% to -37.00%: FY21 486.00%, FY22 145.00%, FY23 -67.00%, FY24 -82.00%, FY25 -37.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Payout ratio = (buybacks + dividends) / free cash flow. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Segment revenue and profit contributions — revenue × margin by segment.
Segment revenue and profit contributions — revenue × margin by segment.
Profit pool
Segment reconciliation & profit
| Segment | Revenue | Pre-tax $ | Pre-tax % | Net $ | Net % |
|---|---|---|---|---|---|
| Global Banking & Markets | 41.45 | 17.57 | 42.4% | 13.81 | 33.3% |
| Asset & Wealth Management | 16.68 | 4.13 | 24.7% | 3.24 | 19.4% |
| Platform Solutions | 0.15 | 0.15 | 100.0% | 0.12 | 78.8% |
| Σ Segments | 58.28 | 21.85 | 37.5% | 17.18 | 29.5% |
| = Group (consol. P&L) | 58.28 | 21.85 | 37.5% | 17.18 | 29.5% |
| Segment / income-statement line | FY2025 · $bn | % |
|---|---|---|
| Global Banking & Markets | 41.45 | 33.3% |
| Revenue | 41.45 | 100.0% |
| − Depreciation & amort. | 1.16 | 2.8% |
| = Pre-tax profit | 17.57 | 42.4% |
| = Net income | 13.81 | 33.3% |
| Asset & Wealth Management | 16.68 | 19.4% |
| Revenue | 16.68 | 100.0% |
| − Depreciation & amort. | 0.91 | 5.4% |
| = Pre-tax profit | 4.13 | 24.7% |
| = Net income | 3.24 | 19.4% |
| Platform Solutions | 0.15 | 78.8% |
| Revenue | 0.15 | 100.0% |
| − Depreciation & amort. | 0.12 | 78.1% |
| = Pre-tax profit | 0.15 | 100.0% |
| = Net income | 0.12 | 78.8% |
| Σ Segments | 58.28 | — |
| = Group (consol. P&L) | 58.28 | — |
Findings
structure · concentration · cost lever- No gross/EBIT concept — the segment measure is pre-tax earnings, then net.
- Global Banking & Markets is the largest revenue and profit pool.
- Asset & Wealth Management is the steadier annuity book.
- Platform Solutions is small and near break-even — the strategic question mark.
Apparatus
sources · limitations · provenance · linksSources
SEC EDGAR companyfacts 10-K (audited) · Segment-XBRL · curated kpi. Every row reconciles to the group.
Limitations
Profit levels by segment: Pre-tax, Net. Segment data annual-only (no LTM). 2nd dimension: Region.
Provenance
reported derived (yellow tint).
Related
→ Segment-Walk (who) · → Operating-Bridge (why) · → P&L
Change by segment — walk and build-up
Change by segment — walk and build-up
Segment walk — who moved the group number
$bn / ppRevenue by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 53.51 → FY25 58.28, change 4.77.
- Global Banking &. 6.39
- Asset & Wealth. 0.36
- Platform. -1.98
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Revenue by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 46.25 → FY25 58.28, change 12.03.
- Global Banking &. 11.46
- Asset & Wealth. 2.48
- Platform. -1.91
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Global Banking &. 3.05
- Asset & Wealth. -0.74
- Platform. 1.15
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Global Banking &. · vol 2.68
- Global Banking &. · marge 0.37
- Asset & Wealth. · vol 0.10
- Asset & Wealth. · marge -0.84
- Platform. · vol -0.53
- Platform. · marge 1.67
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Global Banking &. · vol 2.71
- Global Banking &. · marge 0.34
- Asset & Wealth. · vol 0.09
- Asset & Wealth. · marge -0.83
- Platform. · vol -1.98
- Platform. · marge 3.13
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2024 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 34.38pp → FY25 37.49pp, change 3.11pp.
- Global Banking &. 1.34pp
- Asset & Wealth. -1.56pp
- Platform. 3.33pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Global Banking &. 6.57
- Asset & Wealth. 2.36
- Platform. 2.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Global Banking &. · vol 4.53
- Global Banking &. · marge 2.04
- Asset & Wealth. · vol 0.46
- Asset & Wealth. · marge 1.90
- Platform. · vol -0.02
- Platform. · marge 2.19
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Global Banking &. · vol 4.86
- Global Banking &. · marge 1.72
- Asset & Wealth. · vol 0.61
- Asset & Wealth. · marge 1.75
- Platform. · vol -1.91
- Platform. · marge 4.08
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax by Segments — 2023 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 23.22pp → FY25 37.49pp, change 14.28pp.
- Global Banking &. 5.82pp
- Asset & Wealth. 3.09pp
- Platform. 5.37pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Global Banking &. 2.54
- Asset & Wealth. -0.53
- Platform. 0.89
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Global Banking &. · vol 2.09
- Global Banking &. · marge 0.45
- Asset & Wealth. · vol 0.08
- Asset & Wealth. · marge -0.61
- Platform. · vol -0.42
- Platform. · marge 1.31
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Global Banking &. · vol 2.13
- Global Banking &. · marge 0.41
- Asset & Wealth. · vol 0.07
- Asset & Wealth. · marge -0.60
- Platform. · vol -1.56
- Platform. · marge 2.45
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2024 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 26.68pp → FY25 29.47pp, change 2.79pp.
- Global Banking &. 1.33pp
- Asset & Wealth. -1.13pp
- Platform. 2.60pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Global Banking &. 5.09
- Asset & Wealth. 1.85
- Platform. 1.72
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Global Banking &. · vol 3.58
- Global Banking &. · marge 1.51
- Asset & Wealth. · vol 0.36
- Asset & Wealth. · marge 1.48
- Platform. · vol -0.01
- Platform. · marge 1.73
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Global Banking &. · vol 3.82
- Global Banking &. · marge 1.27
- Asset & Wealth. · vol 0.48
- Asset & Wealth. · marge 1.36
- Platform. · vol -1.50
- Platform. · marge 3.23
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income by Segments — 2023 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 18.41pp → FY25 29.47pp, change 11.06pp.
- Global Banking &. 4.41pp
- Asset & Wealth. 2.40pp
- Platform. 4.25pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Segment build-up — Revenue
$bn| $bn | FY23 | FY24 | FY25 | Δ | Anteil |
|---|---|---|---|---|---|
| Global Banking & Markets | 29.99 | 35.07 | 41.45 | +6.39 | 71% |
| Asset & Wealth Management | 14.20 | 16.32 | 16.68 | +0.36 | 29% |
| Platform Solutions | 2.06 | 2.13 | 0.15 | -1.98 | 0% |
| Group (Revenue) | 46.25 | 53.51 | 58.28 | +4.77 | 100% |
Change in profit — volume, margin and cost components
Change in profit — volume, margin and cost components
Driver walk — volume, margin and the cost drivers behind it
$bn / ppPre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Volume 1.79
- Margin 1.67
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Volume 1.71
- Margin 1.74
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 18.40 → FY25 21.85, change 3.45.
- Volume 1.79
- Noninterest expense -0.70
- Provisions 2.37
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 18.40 → FY25 21.85, change 3.46.
- Volume 1.71
- Noninterest expense -0.74
- Provisions 2.48
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 34.38% → FY25 37.49%, change 3.11%.
- Noninterest expense -1.31%
- Provisions 4.43%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Volume 4.51
- Margin 6.60
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Volume 3.65
- Margin 7.46
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Volume 4.51
- Noninterest expense 4.69
- Provisions 1.91
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.74 → FY25 21.85, change 11.11.
- Volume 3.65
- Noninterest expense 5.30
- Provisions 2.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 23.22% → FY25 37.49%, change 14.28%.
- Noninterest expense 10.14%
- Provisions 4.13%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.49 → FY25 21.85, change 8.37.
- Volume 4.09
- Margin 4.27
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.49 → FY25 21.85, change 8.37.
- Volume 3.60
- Margin 4.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.49 → FY25 21.85, change 8.37.
- Volume 4.09
- Noninterest expense 0.65
- Provisions 3.62
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.49 → FY25 21.85, change 8.37.
- Volume 3.60
- Noninterest expense 0.73
- Provisions 4.04
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 28.47% → FY25 37.49%, change 9.02%.
- Noninterest expense 1.38%
- Provisions 7.64%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Volume 1.41
- Margin 1.49
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Volume 1.34
- Margin 1.56
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Volume 1.41
- Noninterest expense -0.70
- Provisions 2.37
- Income tax -0.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 14.28 → FY25 17.18, change 2.90.
- Volume 1.34
- Noninterest expense -0.74
- Provisions 2.48
- Income tax -0.18
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 26.68% → FY25 29.47%, change 2.79%.
- Noninterest expense -1.31%
- Provisions 4.43%
- Income tax -0.32%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Volume 3.54
- Margin 5.12
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Volume 2.88
- Margin 5.78
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Volume 3.54
- Noninterest expense 4.69
- Provisions 1.91
- Income tax -1.49
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.52 → FY25 17.18, change 8.66.
- Volume 2.88
- Noninterest expense 5.30
- Provisions 2.16
- Income tax -1.68
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 18.41% → FY25 29.47%, change 11.06%.
- Noninterest expense 10.14%
- Provisions 4.13%
- Income tax -3.22%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 11.26 → FY25 17.18, change 5.91.
- Volume 3.22
- Margin 2.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 11.26 → FY25 17.18, change 5.91.
- Volume 2.91
- Margin 3.01
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 11.26 → FY25 17.18, change 5.91.
- Volume 3.22
- Noninterest expense 0.65
- Provisions 3.62
- Income tax -1.58
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 11.26 → FY25 17.18, change 5.91.
- Volume 2.91
- Noninterest expense 0.73
- Provisions 4.04
- Income tax -1.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 23.77% → FY25 29.47%, change 5.70%.
- Noninterest expense 1.38%
- Provisions 7.64%
- Income tax -3.33%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Common-size P&L — the two compared years
$bn · % of revenue| $bn | FY24 | FY25 | % rev FY24 | % rev FY25 | Δpp |
|---|---|---|---|---|---|
| Revenue | 53.51 | 58.28 | 100.0% | 100.0% | +0.0pp |
| Noninterest expense | 33.77 | 37.54 | 63.1% | 64.4% | +1.3pp |
| Provisions | 1.35 | -1.11 | 2.5% | -1.9% | -4.4pp |
| D&A | 2.39 | 2.18 | 4.5% | 3.7% | -0.7pp |
| Income tax | 4.12 | 4.68 | 7.7% | 8.0% | +0.3pp |
| Net income | 14.28 | 17.18 | 26.7% | 29.5% | +2.8pp |
Free cash flow and capital returned
Free cash flow and capital returned
Capital returns — buybacks, dividends and what funds them
$bn / %Capital returned to shareholders
What flows back to shareholders — and what is available for it? The third series is free cash flow, which pays for both.
- Buybacks — from 5.20 to 12.36: FY21 5.20, FY22 3.50, FY23 5.80, FY24 8.00, FY25 12.36
- Dividends — from 2.73 to 5.28: FY21 2.73, FY22 3.68, FY23 4.19, FY24 4.50, FY25 5.28
- Free cash flow — from 1.63 to -47.22: FY21 1.63, FY22 4.96, FY23 -14.90, FY24 -15.30, FY25 -47.22
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 319.00% to -26.00%: FY21 319.00%, FY22 71.00%, FY23 -39.00%, FY24 -52.00%, FY25 -26.00%
- Dividends — from 167.00% to -11.00%: FY21 167.00%, FY22 74.00%, FY23 -28.00%, FY24 -29.00%, FY25 -11.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 24.00% to 72.00%: FY21 24.00%, FY22 31.00%, FY23 68.00%, FY24 56.00%, FY25 72.00%
- Dividends — from 13.00% to 31.00%: FY21 13.00%, FY22 33.00%, FY23 49.00%, FY24 32.00%, FY25 31.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Cash hierarchy — from operating cash flow to distributions
$bn / %| FY25 | FY24 | FY23 | FY22 | FY21 | |
|---|---|---|---|---|---|
| Operating cash flow | -45.2 | -13.2 | -12.6 | 8.7 | 6.3 |
| − Capex | 2.1 | 2.1 | 2.3 | 3.7 | 4.7 |
| = Free cash flow | -47.2 | -15.3 | -14.9 | 5.0 | 1.6 |
| Dividends | 5.3 | 4.5 | 4.2 | 3.7 | 2.7 |
| Share repurchases | 12.4 | 8.0 | 5.8 | 3.5 | 5.2 |
| = Total distributions | 17.6 | 12.5 | 10.0 | 7.2 | 7.9 |
| Distributions / FCF | -37 % | -82 % | -67 % | 145 % | 486 % |
| Distributions / net income | 103 % | 88 % | 117 % | 64 % | 37 % |
Automatically generated quantitative observations
Automatically generated quantitative observations
Selected by rule, not phrased freely: candidates are ranked by size of change and data quality, at most one observation per measure family. Each names start value, end value, change and the evidence page.
- Operating cash flow fell from -13.2bn in FY24 to -45.2bn in FY25, a change of -241.8 %. See page 7.
- Net income rose from 14.3bn in FY24 to 17.2bn in FY25, a change of +20.3 %. See page 5.
- Revenue rose from 53.5bn in FY24 to 58.3bn in FY25, a change of +8.9 %. See page 5.
- Total assets rose from 1 676.0bn in FY24 to 1 809.3bn in FY25, a change of +8.0 %. See page 6.
- Equity rose from 122.0bn in FY24 to 125.0bn in FY25, a change of +2.4 %. See page 6.
Data notes
- ROIC is not derivable from the available concepts and therefore appears in no tile.
- Single quarters are unwound from cumulative filings; the four quarters sum to the reported fiscal year.
Report an error or missing source
Source coverage
Every row is bound to something that is actually in the database or in the built artifact. Missing is a valid state — the gap is shown, not bridged.
| Layer | State | What it rests on |
|---|---|---|
| SEC / XBRL facts | ● Available | snapshot.source=edgar · 39999 Fakten im Register |
| Income statement, balance sheet, cash flow | ● Available | Folien GuV · Bilanz · Kapitalfluss |
| Segments | ● Available | Folie Segmente |
| Change decomposition | ● Available | Folien driver_walk_v2 · leverage_walk_v3 · segment_walk_v2 |
| Provenance and concept register | ● Available | Folie provenance · Konzeptregister |
| ARPY normalised model | ○ Missing | dieser Lauf kommt aus EDGAR, nicht aus einem ARPY-Modell |
| Management commentary (MD&A) | ○ Missing | MD&A-Extraktion ist nicht gebaut — kein Management-Claim ohne Zitat und Anker |
| Comparable peers | ○ Missing | kein Peer-Set im Lauf — operative Benchmarks folgen dem Comparables-Modul |
| Languages | ● Available | de · en · fa · ja |
Use the result — then reproduce it
The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.