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Side-by-side financial comparison of Goldman Sachs (GS) and United Airlines Holdings (UAL). Click either name above to swap in a different company.
United Airlines Holdings is the larger business by last-quarter revenue ($14.6B vs $13.5B, roughly 1.1× Goldman Sachs). Goldman Sachs runs the higher net margin — 34.3% vs 4.8%, a 29.5% gap on every dollar of revenue. United Airlines Holdings produced more free cash flow last quarter ($2.0B vs $-16.8B).
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is one of the largest investment banks in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue.
United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.
GS vs UAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.5B | $14.6B |
| Net Profit | $4.6B | $699.0M |
| Gross Margin | — | — |
| Operating Margin | 43.5% | 6.8% |
| Net Margin | 34.3% | 4.8% |
| Revenue YoY | — | 10.6% |
| Net Profit YoY | — | 80.6% |
| EPS (diluted) | $14.04 | $2.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $14.6B | ||
| Q4 25 | $13.5B | $15.4B | ||
| Q3 25 | $15.2B | $15.2B | ||
| Q2 25 | $14.6B | $15.2B | ||
| Q1 25 | $15.1B | $13.2B | ||
| Q4 24 | — | $14.7B | ||
| Q3 24 | $12.7B | $14.8B | ||
| Q2 24 | $12.7B | $15.0B |
| Q1 26 | — | $699.0M | ||
| Q4 25 | $4.6B | $1.0B | ||
| Q3 25 | $4.1B | $949.0M | ||
| Q2 25 | $3.7B | $973.0M | ||
| Q1 25 | $4.7B | $387.0M | ||
| Q4 24 | — | $985.0M | ||
| Q3 24 | $3.0B | $965.0M | ||
| Q2 24 | $3.0B | $1.3B |
| Q1 26 | — | 6.8% | ||
| Q4 25 | 43.5% | 9.0% | ||
| Q3 25 | 35.5% | 9.2% | ||
| Q2 25 | 34.0% | 8.7% | ||
| Q1 25 | 37.5% | 4.6% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 31.4% | 10.5% | ||
| Q2 24 | 30.8% | 12.9% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 34.3% | 6.8% | ||
| Q3 25 | 27.0% | 6.2% | ||
| Q2 25 | 25.5% | 6.4% | ||
| Q1 25 | 31.5% | 2.9% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | 23.5% | 6.5% | ||
| Q2 24 | 23.9% | 8.8% |
| Q1 26 | — | $2.14 | ||
| Q4 25 | $14.04 | $3.17 | ||
| Q3 25 | $12.25 | $2.90 | ||
| Q2 25 | $10.91 | $2.97 | ||
| Q1 25 | $14.12 | $1.16 | ||
| Q4 24 | — | $2.97 | ||
| Q3 24 | $8.40 | $2.90 | ||
| Q2 24 | $8.62 | $3.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $164.3B | $14.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $125.0B | $15.9B |
| Total Assets | $1809.3B | $80.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.2B | ||
| Q4 25 | $164.3B | $12.2B | ||
| Q3 25 | $169.6B | $13.3B | ||
| Q2 25 | $153.0B | $15.6B | ||
| Q1 25 | $167.4B | $15.3B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | $154.7B | $14.2B | ||
| Q2 24 | $206.3B | $15.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $15.9B | ||
| Q4 25 | $125.0B | $15.3B | ||
| Q3 25 | $124.4B | $14.3B | ||
| Q2 25 | $124.1B | $13.4B | ||
| Q1 25 | $124.3B | $12.6B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $121.2B | $11.4B | ||
| Q2 24 | $119.5B | $10.5B |
| Q1 26 | — | $80.9B | ||
| Q4 25 | $1809.3B | $76.4B | ||
| Q3 25 | $1808.0B | $76.3B | ||
| Q2 25 | $1785.0B | $77.2B | ||
| Q1 25 | $1766.2B | $76.1B | ||
| Q4 24 | — | $74.1B | ||
| Q3 24 | $1728.1B | $72.6B | ||
| Q2 24 | $1653.3B | $73.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.3B | $4.8B |
| Free Cash FlowOCF − Capex | $-16.8B | $2.0B |
| FCF MarginFCF / Revenue | -124.9% | 13.9% |
| Capex IntensityCapex / Revenue | 3.9% | 13.9% |
| Cash ConversionOCF / Net Profit | -3.53× | 6.87× |
| TTM Free Cash FlowTrailing 4 quarters | $-47.2B | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8B | ||
| Q4 25 | $-16.3B | $1.3B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $5.7B | $2.2B | ||
| Q1 25 | $-37.2B | $3.7B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $2.9B |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-16.8B | $-604.0M | ||
| Q3 25 | $2.1B | $-246.0M | ||
| Q2 25 | $5.2B | $930.0M | ||
| Q1 25 | $-37.7B | $2.5B | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | 13.9% | ||
| Q4 25 | -124.9% | -3.9% | ||
| Q3 25 | 14.0% | -1.6% | ||
| Q2 25 | 35.6% | 6.1% | ||
| Q1 25 | -250.5% | 18.7% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 11.4% |
| Q1 26 | — | 13.9% | ||
| Q4 25 | 3.9% | 12.3% | ||
| Q3 25 | 3.7% | 9.6% | ||
| Q2 25 | 3.3% | 8.4% | ||
| Q1 25 | 3.3% | 9.3% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 7.8% |
| Q1 26 | — | 6.87× | ||
| Q4 25 | -3.53× | 1.23× | ||
| Q3 25 | 0.65× | 1.28× | ||
| Q2 25 | 1.52× | 2.28× | ||
| Q1 25 | -7.86× | 9.59× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
