Subtext

The Goldman Sachs Group, Inc. GS

SectorFinancials
Transcripts74
Date range2006-09-12 – 2025-04-14
Calls charted73

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-24-12+0+12+242006 Q32009 Q22012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32006 Q3 · Overall: +9.92006 Q4 · Overall: +10.32007 Q1 · Overall: +2.12007 Q3 · Overall: -2.62007 Q4 · Overall: +4.02008 Q1 · Overall: -0.72008 Q2 · Overall: -0.32008 Q3 · Overall: -2.02008 Q4 · Overall: -10.02009 Q1 · Overall: -5.32009 Q2 · Overall: +2.12009 Q3 · Overall: +3.82009 Q4 · Overall: +1.42010 Q1 · Overall: -7.52010 Q3 · Overall: -0.82010 Q4 · Overall: -6.62011 Q1 · Overall: -0.82011 Q2 · Overall: -8.72011 Q3 · Overall: -12.22011 Q4 · Overall: -3.52012 Q1 · Overall: +0.42012 Q2 · Overall: -0.92012 Q3 · Overall: +0.62012 Q4 · Overall: +0.82013 Q1 · Overall: +2.62013 Q2 · Overall: -0.82013 Q3 · Overall: -3.22013 Q4 · Overall: +1.32014 Q1 · Overall: +2.62014 Q2 · Overall: +2.52014 Q3 · Overall: +2.02014 Q4 · Overall: +1.92015 Q1 · Overall: +3.52015 Q2 · Overall: +0.12015 Q3 · Overall: -2.52015 Q4 · Overall: -5.72016 Q1 · Overall: -0.92016 Q2 · Overall: -1.72016 Q3 · Overall: +4.22016 Q4 · Overall: +3.02017 Q1 · Overall: +1.82017 Q2 · Overall: +0.92017 Q3 · Overall: +4.02017 Q4 · Overall: +1.82018 Q1 · Overall: +7.72018 Q2 · Overall: +10.12018 Q3 · Overall: +7.52018 Q4 · Overall: +3.52019 Q1 · Overall: +5.62019 Q2 · Overall: +5.22019 Q3 · Overall: +5.92019 Q4 · Overall: +2.02020 Q1 · Overall: -4.82020 Q2 · Overall: -0.42020 Q3 · Overall: +5.22020 Q4 · Overall: +10.62021 Q1 · Overall: +7.32021 Q2 · Overall: +11.92021 Q3 · Overall: +11.32021 Q4 · Overall: +11.42022 Q1 · Overall: +3.72022 Q2 · Overall: +0.12022 Q3 · Overall: +10.32022 Q4 · Overall: +6.32023 Q1 · Overall: +4.02023 Q2 · Overall: +7.02023 Q3 · Overall: +7.42023 Q4 · Overall: +14.62024 Q1 · Overall: +12.82024 Q2 · Overall: +10.62024 Q3 · Overall: +8.72024 Q4 · Overall: +20.92025 Q1 · Overall: +7.1
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-22-11+0+11+222006 Q32009 Q22012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32018 Q4 · CEO: +11.22019 Q1 · CEO: +10.02019 Q2 · CEO: -3.42019 Q3 · CEO: +9.92019 Q4 · CEO: +15.32020 Q1 · CEO: -4.62020 Q2 · CEO: -7.12020 Q3 · CEO: +10.22020 Q4 · CEO: +14.92021 Q1 · CEO: +13.32021 Q2 · CEO: +15.92021 Q3 · CEO: +17.02021 Q4 · CEO: +16.82022 Q1 · CEO: +5.52022 Q2 · CEO: +2.72022 Q3 · CEO: +15.12022 Q4 · CEO: +9.62023 Q1 · CEO: +5.22023 Q2 · CEO: +12.82023 Q3 · CEO: +13.22024 Q1 · CEO: +16.62024 Q2 · CEO: +7.82024 Q3 · CEO: +10.92024 Q4 · CEO: +18.92025 Q1 · CEO: +11.72006 Q3 · CFO: +10.02006 Q4 · CFO: +12.12007 Q1 · CFO: +7.82007 Q3 · CFO: -0.52007 Q4 · CFO: +6.52008 Q1 · CFO: +0.82008 Q2 · CFO: +2.22008 Q3 · CFO: +0.02008 Q4 · CFO: -8.72009 Q1 · CFO: -4.52009 Q2 · CFO: +5.72009 Q3 · CFO: +7.72009 Q4 · CFO: +4.62010 Q1 · CFO: +10.12010 Q3 · CFO: +0.92010 Q4 · CFO: -2.22011 Q3 · CFO: -10.32011 Q4 · CFO: -0.92012 Q1 · CFO: +6.22012 Q2 · CFO: +1.52012 Q3 · CFO: +4.02012 Q4 · CFO: +7.02013 Q1 · CFO: +5.92013 Q2 · CFO: +1.72013 Q3 · CFO: -0.52013 Q4 · CFO: +3.02014 Q1 · CFO: +5.52014 Q2 · CFO: +6.22014 Q3 · CFO: +4.22014 Q4 · CFO: +5.02015 Q1 · CFO: +6.02015 Q3 · CFO: +0.42015 Q4 · CFO: -3.42016 Q1 · CFO: +4.62016 Q2 · CFO: +0.92016 Q3 · CFO: +6.82016 Q4 · CFO: +4.62017 Q1 · CFO: +8.42017 Q2 · CFO: +4.52017 Q3 · CFO: +8.52017 Q4 · CFO: +3.02018 Q1 · CFO: +10.52018 Q2 · CFO: +14.02018 Q3 · CFO: +10.02018 Q4 · CFO: +2.82019 Q1 · CFO: +9.02019 Q2 · CFO: +8.72019 Q3 · CFO: +6.22019 Q4 · CFO: +2.02020 Q1 · CFO: -4.42020 Q2 · CFO: +3.12020 Q3 · CFO: +3.02020 Q4 · CFO: +9.02021 Q1 · CFO: +7.72021 Q2 · CFO: +11.72021 Q3 · CFO: +9.52021 Q4 · CFO: +13.82022 Q1 · CFO: +8.42022 Q2 · CFO: +0.62022 Q3 · CFO: +12.82022 Q4 · CFO: +11.62023 Q1 · CFO: +10.52023 Q3 · CFO: +7.42023 Q4 · CFO: +15.82024 Q2 · CFO: +14.72024 Q3 · CFO: +12.02025 Q1 · CFO: +7.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-28-14+0+14+282006 Q32009 Q22012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32006 Q3 · Prepared remarks: +8.52006 Q4 · Prepared remarks: +21.32007 Q1 · Prepared remarks: +11.32007 Q3 · Prepared remarks: +4.92007 Q4 · Prepared remarks: +13.32008 Q1 · Prepared remarks: -10.62008 Q2 · Prepared remarks: +1.32008 Q3 · Prepared remarks: -5.52008 Q4 · Prepared remarks: -20.72009 Q1 · Prepared remarks: -9.32009 Q2 · Prepared remarks: +6.82009 Q3 · Prepared remarks: +9.12009 Q4 · Prepared remarks: +5.32010 Q1 · Prepared remarks: -3.22010 Q3 · Prepared remarks: -1.72010 Q4 · Prepared remarks: +2.02011 Q1 · Prepared remarks: +0.02011 Q2 · Prepared remarks: -7.82011 Q3 · Prepared remarks: -12.92011 Q4 · Prepared remarks: -9.02012 Q1 · Prepared remarks: +2.22012 Q2 · Prepared remarks: -7.72012 Q3 · Prepared remarks: -0.62012 Q4 · Prepared remarks: +8.52013 Q1 · Prepared remarks: +14.12013 Q2 · Prepared remarks: +0.52013 Q3 · Prepared remarks: -8.02013 Q4 · Prepared remarks: +9.22014 Q1 · Prepared remarks: +5.02014 Q2 · Prepared remarks: +10.32014 Q3 · Prepared remarks: +9.82014 Q4 · Prepared remarks: +10.22015 Q1 · Prepared remarks: +6.92015 Q2 · Prepared remarks: +5.82015 Q3 · Prepared remarks: -7.52015 Q4 · Prepared remarks: -1.72016 Q1 · Prepared remarks: -11.62016 Q2 · Prepared remarks: +1.22016 Q3 · Prepared remarks: +6.72016 Q4 · Prepared remarks: +6.22017 Q1 · Prepared remarks: +4.92017 Q2 · Prepared remarks: +6.82017 Q3 · Prepared remarks: +10.02017 Q4 · Prepared remarks: +6.72018 Q1 · Prepared remarks: +22.52018 Q2 · Prepared remarks: +11.12018 Q3 · Prepared remarks: +15.32018 Q4 · Prepared remarks: +8.42019 Q1 · Prepared remarks: +12.52019 Q2 · Prepared remarks: +5.72019 Q3 · Prepared remarks: +9.42019 Q4 · Prepared remarks: +14.12020 Q1 · Prepared remarks: -5.42020 Q2 · Prepared remarks: +3.32020 Q3 · Prepared remarks: +10.22020 Q4 · Prepared remarks: +18.02021 Q1 · Prepared remarks: +15.92021 Q2 · Prepared remarks: +16.32021 Q3 · Prepared remarks: +19.42021 Q4 · Prepared remarks: +16.62022 Q1 · Prepared remarks: +3.82022 Q2 · Prepared remarks: -1.72022 Q3 · Prepared remarks: +15.22022 Q4 · Prepared remarks: +6.22023 Q1 · Prepared remarks: +6.42023 Q2 · Prepared remarks: +6.82023 Q3 · Prepared remarks: +13.52023 Q4 · Prepared remarks: +16.12024 Q1 · Prepared remarks: +13.42024 Q2 · Prepared remarks: +9.32024 Q3 · Prepared remarks: +17.72024 Q4 · Prepared remarks: +24.62025 Q1 · Prepared remarks: +18.62006 Q3 · Q&A responses: +11.22006 Q4 · Q&A responses: +2.82007 Q1 · Q&A responses: +4.62007 Q3 · Q&A responses: -5.52007 Q4 · Q&A responses: +2.72008 Q1 · Q&A responses: +4.42008 Q2 · Q&A responses: +2.22008 Q3 · Q&A responses: +2.82008 Q4 · Q&A responses: -1.22009 Q1 · Q&A responses: -1.42009 Q2 · Q&A responses: +5.22009 Q3 · Q&A responses: +6.52009 Q4 · Q&A responses: +4.32010 Q1 · Q&A responses: -3.02010 Q3 · Q&A responses: +3.22010 Q4 · Q&A responses: -7.62011 Q1 · Q&A responses: +2.42011 Q2 · Q&A responses: -6.92011 Q3 · Q&A responses: -8.92011 Q4 · Q&A responses: +1.62012 Q1 · Q&A responses: +6.62012 Q2 · Q&A responses: +2.02012 Q3 · Q&A responses: +4.22012 Q4 · Q&A responses: -0.32013 Q1 · Q&A responses: +2.72013 Q2 · Q&A responses: +1.72013 Q3 · Q&A responses: +2.12013 Q4 · Q&A responses: +0.32014 Q1 · Q&A responses: +5.42014 Q2 · Q&A responses: +2.92014 Q3 · Q&A responses: +2.82014 Q4 · Q&A responses: +2.72015 Q1 · Q&A responses: +5.42015 Q2 · Q&A responses: +1.22015 Q3 · Q&A responses: +4.02015 Q4 · Q&A responses: -4.02016 Q1 · Q&A responses: +4.32016 Q2 · Q&A responses: +0.72016 Q3 · Q&A responses: +6.82016 Q4 · Q&A responses: +3.62017 Q1 · Q&A responses: +9.02017 Q2 · Q&A responses: +4.12017 Q3 · Q&A responses: +7.82017 Q4 · Q&A responses: +1.02018 Q1 · Q&A responses: +6.02018 Q2 · Q&A responses: +15.02018 Q3 · Q&A responses: +6.72018 Q4 · Q&A responses: +4.02019 Q1 · Q&A responses: +5.62019 Q2 · Q&A responses: +7.22019 Q3 · Q&A responses: +6.82019 Q4 · Q&A responses: -2.52020 Q1 · Q&A responses: -3.32020 Q2 · Q&A responses: -1.32020 Q3 · Q&A responses: +3.62020 Q4 · Q&A responses: +6.52021 Q1 · Q&A responses: +5.82021 Q2 · Q&A responses: +12.02021 Q3 · Q&A responses: +10.72021 Q4 · Q&A responses: +15.02022 Q1 · Q&A responses: +7.82022 Q2 · Q&A responses: +2.92022 Q3 · Q&A responses: +13.52022 Q4 · Q&A responses: +12.12023 Q1 · Q&A responses: +7.62023 Q2 · Q&A responses: +9.22023 Q3 · Q&A responses: +9.52023 Q4 · Q&A responses: +1.62024 Q2 · Q&A responses: +11.12024 Q3 · Q&A responses: +8.22024 Q4 · Q&A responses: +20.72025 Q1 · Q&A responses: +5.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$13.81$29.33$44.842006 Q32009 Q22012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: $15.952014 Q2: $16.162014 Q3: $17.072014 Q4: $17.402015 Q1: $17.612015 Q2: $19.642015 Q3: $19.412015 Q4: $18.902016 Q1: $17.482016 Q2: $15.982016 Q3: $16.432016 Q4: $18.262017 Q1: $19.762017 Q2: $19.922017 Q3: $19.512017 Q4: $20.352018 Q1: $22.172018 Q2: $23.732018 Q3: $25.192018 Q4: $25.232019 Q1: $24.772019 Q2: $24.522019 Q3: $24.752019 Q4: $23.982020 Q1: $24.442020 Q2: $17.752020 Q3: $20.422020 Q4: $24.502021 Q1: $30.682021 Q2: $40.172021 Q3: $41.552021 Q4: $40.372022 Q1: $40.062022 Q2: $39.462022 Q3: $37.472022 Q4: $37.502023 Q1: $35.742023 Q2: $35.012023 Q3: $33.882023 Q4: $34.402024 Q1: $35.262024 Q2: $39.092024 Q3: $40.412024 Q4: $42.70

Forward P/E

5.149.4413.732006 Q32009 Q22012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: 10.542014 Q2: 10.512014 Q3: 10.822014 Q4: 10.632015 Q1: 10.922015 Q2: 10.842015 Q3: 9.722015 Q4: 9.852016 Q1: 8.612016 Q2: 9.142016 Q3: 10.112016 Q4: 13.142017 Q1: 12.492017 Q2: 11.372017 Q3: 11.612017 Q4: 12.562018 Q1: 11.932018 Q2: 9.862018 Q3: 9.352018 Q4: 6.712019 Q1: 7.962019 Q2: 7.982019 Q3: 8.772019 Q4: 9.612020 Q1: 5.732020 Q2: 11.622020 Q3: 9.832020 Q4: 9.952021 Q1: 11.252021 Q2: 9.242021 Q3: 9.672021 Q4: 9.662022 Q1: 8.512022 Q2: 7.352022 Q3: 8.732022 Q4: 9.612023 Q1: 8.732023 Q2: 9.672023 Q3: 9.892023 Q4: 10.542024 Q1: 11.132024 Q2: 11.702024 Q3: 11.992024 Q4: 12.89

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q2 tone ↓ -3.4 fwd EPS ↑ +2.03 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↑ +4.8 fwd EPS ↓ -1.41 Tone rose while the forward EPS estimate was cut.
  • 2017 Q3 tone ↑ +3.1 fwd EPS ↓ -0.41 Tone rose while the forward EPS estimate was cut.
  • 2017 Q4 tone ↓ -2.2 fwd EPS ↑ +0.84 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.5 fwd EPS ↑ +1.46 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↑ +2.1 fwd EPS ↓ -0.46 Tone rose while the forward EPS estimate was cut.
  • 2020 Q1 tone ↓ -6.8 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +4.4 fwd EPS ↓ -6.69 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -3.3 fwd EPS ↑ +6.18 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↑ +10.2 fwd EPS ↓ -1.99 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↑ +2.9 fwd EPS ↓ -0.73 Tone rose while the forward EPS estimate was cut.
  • 2024 Q2 tone ↓ -2.2 fwd EPS ↑ +3.84 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-14+7.1——View →
2024 Q42025-01-15+20.9$42.7012.9View →
2024 Q32024-10-15+8.7$40.4112.0View →
2024 Q22024-07-15+10.6$39.0911.7View →
2024 Q12024-04-15+12.8$35.2611.1View →
2023 Q42024-01-16+14.6$34.4010.5View →
2023 Q32023-10-17+7.4$33.889.9View →
2023 Q22023-07-19+7.0$35.019.7View →