GOLDMAN SACHS GROUP INC

GS 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Investment Banking Revenue 2,579 2,056 +25.4%
Investment Management 3,201 2,923 +9.5%
Brokerage Commissions Revenue 505 1,085 -53.5%
Market Making Net 3,669 3,833 -4.3%
Show Trading Activity By Type breakouts
Commodity 721 141 +411.3%
Credit 12 590 -98.0%
Equity 2,642 2,579 +2.4%
Fixed Income Interest Rate 194 -4,154 +104.7%
Foreign Exchange 100 4,677 -97.9%
Other Principal Transactions -208 1,627 -112.8%
Noninterest Income 9,746 11,524 -15.4%
Show Business Segments breakouts
Asset & Wealth Management 3,932 4,042 -2.7%
Global Banking & Markets 8,205 7,580 +8.2%
Platform Solutions -2,391 -98 -2339.8%
Interest And Dividend Income Operating 20,379 19,954 +2.1%
Interest Expense Operating 16,671 17,609 -5.3%
Interest Income Expense Net 3,708 2,345 +58.1%
Show Business Segments breakouts
Asset & Wealth Management 891 853 +4.5%
Global Banking & Markets 2,306 1,023 +125.4%
Platform Solutions 511 469 +9.0%
Revenues Net Of Interest Expense 13,454 13,869 -3.0%
Show Business Segments breakouts
Asset & Wealth Management 4,823 4,895 -1.5%
Global Banking & Markets 10,511 8,603 +22.2%
Platform Solutions -1,880 371 -606.7%
Show Geography breakouts
Americas 7,680 9,097 -15.6%
Asia 2,084 1,999 +4.3%
EMEA 3,690 2,773 +33.1%
Provision For Loan Lease And Other Losses -2,123 351 -704.8%
Show Business Segments breakouts
Asset & Wealth Management 5 -91 +105.5%
Global Banking & Markets 48 -11 +536.4%
Platform Solutions -2,176 453 -580.4%
Labor And Related Expense 4,665 3,759 +24.1%
Show Business Segments breakouts
Asset & Wealth Management 2,095 1,637 +28.0%
Global Banking & Markets 2,576 2,123 +21.3%
Platform Solutions -6 -1 -500.0%
Transaction Based 2,224 1,872 +18.8%
Business Development 216 181 +19.3%
Communications And Information Technology 589 523 +12.6%
Depreciation And Amortization 527 498 +5.8%
Show Business Segments breakouts
Asset & Wealth Management 211 152 +38.8%
Global Banking & Markets 337 370 -8.9%
Platform Solutions -21 -24 +12.5%
Occupancy Net 249 240 +3.8%
Professional Fees 474 475 -0.2%
Other Noninterest Expense 778 713 +9.1%
Noninterest Expense 9,722 8,261 +17.7%
Show Business Segments breakouts
Asset & Wealth Management 3,460 2,912 +18.8%
Global Banking & Markets 6,188 5,257 +17.7%
Platform Solutions 74 92 -19.6%
Income Before Taxes 5,855 5,257 +11.4%
Show Business Segments breakouts
Asset & Wealth Management 1,358 2,074 -34.5%
Global Banking & Markets 4,275 3,357 +27.3%
Platform Solutions 222 -174 +227.6%
Show Geography breakouts
Americas 4,502 3,914 +15.0%
Asia 363 598 -39.3%
EMEA 990 745 +32.9%
Income Tax Expense (Benefit) 1,238 1,146 +8.0%
Net Income 4,617 4,111 +12.3%
Show Business Segments breakouts
Asset & Wealth Management 1,070 1,616 -33.8%
Global Banking & Markets 3,372 2,632 +28.1%
Platform Solutions 175 -137 +227.7%
Show Equity Components breakouts
Retained Earnings 4,617 4,111 +12.3%
Preferred Stock Dividends Income Statement Impact 233 188 +23.9%
Net Income Loss Available To Common Stockholders Basic 4,384 3,923 +11.8%
Show Business Segments breakouts
Asset & Wealth Management 1,038 1,587 -34.6%
Global Banking & Markets 3,178 2,479 +28.2%
Platform Solutions 168 -143 +217.5%
EPS (Basic) 14.2 12.09 +17.5%
EPS (Diluted) 13.99 11.9 +17.6%
Wtd Avg Shares (Basic) -1.9 -1.9 -0.0%
Wtd Avg Shares (Diluted) -1.6 -1.7 +5.9%
Interest Income 1,917 1,745 +9.9%
Comprehensive Income 4,833 3,912 +23.5%
Gain Loss On Investments (Q) — — —
Show Derivative Risk breakouts
Interest Rate Contract · Designated As Hedging Instrument 70 603 -88.4%
Show — breakouts
Gain Loss On Investments -219 -627 +65.1%
Gain Loss On Investments -616 -536 -14.9%
Gain Loss On Investments -616 -559 -10.2%
Gain Loss On Investments -81 -622 +87.0%
Gain Loss On Investments -1,035 -451 -129.5%
Interest Expense 16,671 17,609 -5.3%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 164,259 182,092 -9.8%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 49 172 -71.5%
Show Consolidated Entities breakouts
Parent Company 32 21 +52.4%
Show Counterparty Name breakouts
Central banks 130.99 151.84 -13.7%
Non-Current Assets
Total Assets 1,809,320 1,675,972 +8.0%
Show Business Segments breakouts
Asset & Wealth Management 198,570 186,952 +6.2%
Global Banking & Markets 1,582,670 1,461,566 +8.3%
Platform Solutions 28,080 27,454 +2.3%
Show Financial Instrument breakouts
Corporate debt and other asset-backed · Variable Interest Entity Not Primary Beneficiary 4,579 4,114 +11.3%
Corporate debt and other asset-backed · Variable Interest Entity Primary Beneficiary 23 155 -85.2%
Mortgage Backed Securities · Variable Interest Entity Not Primary Beneficiary 6,094 5,618 +8.5%
Principal-protected notes · Variable Interest Entity Primary Beneficiary 91 402 -77.4%
Real estate and other investing · Variable Interest Entity Primary Beneficiary 466 283 +64.7%
Tax credit, credit-related, real estate and other investing · Variable Interest Entity Not Primary Beneficiary 7,073 6,978 +1.4%
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 580 840 -31.0%
Show Consolidated Entities breakouts
Parent Company 550,659 518,563 +6.2%
Variable Interest Entity Not Primary Beneficiary 17,746 16,710 +6.2%
Property, Plant & Equipment 7,474 8,024 -6.9%
Show Property Plant And Equipment By Type breakouts
Building And Building Improvements 6.55 6.57 -0.3%
Operating Lease Right-of-Use Assets 2,050 1,967 +4.2%
Goodwill 5,949 5,853 +1.6%
Show Business Segments breakouts
Asset management 1,457 1,361 +7.1%
Equities 2,647 2,647 0.0%
Global Markets Fixed Income Currency and Commodities [Member] 269 269 0.0%
Investment banking 267 267 0.0%
Wealth Management [Member] 1,309 1,309 0.0%
Other Assets
Federal Funds Sold And Securities Purchased Under Agreements To Resell 126,007 180,062 -30.0%
Securities Borrowed 208,208 194,645 +7.0%
Other Receivables 185,842 133,717 +39.0%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 1 325 -99.7%
Trading Securities 656,796 570,555 +15.1%
Show Financial Instrument breakouts
Derivative 52,953 47,339 +11.9%
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 112 95 +17.9%
Trading Cash Instruments Fair Value Disclosure [Member] 603,843 523,216 +15.4%
Show Consolidated Entities breakouts
Parent Company 246 438 -43.8%
Show Pledged Status breakouts
Asset Pledged As Collateral With Right · Securities Sold Under Agreements To Repurchase 158,641 148,417 +6.9%
Asset Pledged As Collateral Without Right · Securities Sold Under Agreements To Repurchase 193,326 173,254 +11.6%
Other Investments 25,825 26,343 -2.0%
Notes Receivable Net 237,734 196,200 +21.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 · Amortized Cost 211,071 189,330 +11.5%
Fair Value Inputs Level2 · Amortized Cost 113,861 99,790 +14.1%
Fair Value Inputs Level3 · Amortized Cost 97,210 89,540 +8.6%
Show Fair Value Measurement Basis [Axis] breakouts
Amortized Cost 210,763 187,215 +12.6%
Amortized Cost · Carrying Reported Amount Fair Value Disclosure 210,763 187,215 +12.6%
Fair Value 4,905 5,460 -10.2%
Held For Sale 22,066 3,525 +526.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Apple Card Loans 19.74 — —
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right · Securities Sold Under Agreements To Repurchase 12,939 12,065 +7.2%
Other Assets 36,212 34,187 +5.9%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 71 69 +2.9%
Show Consolidated Entities breakouts
Parent Company 9,983 8,300 +20.3%
Show Pledged Status breakouts
Asset Pledged As Collateral Without Right · Securities Sold Under Agreements To Repurchase 664 1,590 -58.2%
Non-Current Liabilities
Total Liabilities 1,684,348 1,553,976 +8.4%
Show Financial Instrument breakouts
Corporate debt and other asset-backed · Variable Interest Entity Not Primary Beneficiary 429 439 -2.3%
Corporate debt and other asset-backed · Variable Interest Entity Primary Beneficiary 298 334 -10.8%
Principal-protected notes · Variable Interest Entity Primary Beneficiary 362 343 +5.5%
Real estate and other investing · Variable Interest Entity Primary Beneficiary 221 176 +25.6%
Tax credit, credit-related, real estate and other investing · Variable Interest Entity Not Primary Beneficiary 2,587 2,315 +11.7%
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 881 853 +3.3%
Show Consolidated Entities breakouts
Parent Company 425,687 396,567 +7.3%
Variable Interest Entity Not Primary Beneficiary 3,016 2,754 +9.5%
Other Liabilities
Available For Sale Securities Debt Securities 99,244 79,458 +24.9%
Show Financial Instrument breakouts
Foreign Government Debt Securities 7,195 4,048 +77.7%
Mortgage Backed Securities Issued By US Government Sponsored Enterprises 1,467 — —
US Treasury And Government 90,582 75,410 +20.1%
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss 69,193 78,713 -12.1%
Show Investment Type breakouts
Asset Backed Securities 171 207 -17.4%
Mortgage Backed Securities Issued By US Government Sponsored Enterprises 23,785 20,637 +15.3%
US Government Debt Securities 45,237 57,869 -21.8%
Deposits 501,422 433,013 +15.8%
Securities Sold Under Agreements To Repurchase 223,384 274,380 -18.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 223,384 274,380 -18.6%
Securities Loaned 53,644 56,060 -4.3%
Other Secured Financings 28,021 28,150 -0.5%
Show Financial Instrument breakouts
Short Term Debt 17,309 — —
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 643 661 -2.7%
Show Currency breakouts
Other Currency 13,251 10,440 +26.9%
USD 14,770 17,710 -16.6%
Show Recourse Status breakouts
Nonrecourse 3.65 3.74 -2.4%
Customer And Other Payables 231,865 223,255 +3.9%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 7 7 0.0%
Trading Liabilities 262,552 202,555 +29.6%
Show Financial Instrument breakouts
Derivative 84,405 74,980 +12.6%
Trading Cash Instruments Fair Value Disclosure [Member] 178,147 127,575 +39.6%
Show Consolidated Entities breakouts
Parent Company 853 1,107 -22.9%
Unsecured Short Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings 70,459 69,709 +1.1%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 5 5 0.0%
Unsecured Long Term Debt 285,500 242,634 +17.7%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 14 15 -6.7%
Show Consolidated Entities breakouts
Parent Company 189,569 167,523 +13.2%
Parent Company · Other Currency 38,036 33,429 +13.8%
Parent Company · Unsecured Debt 189,569 — —
Parent Company · USD 151,533 134,094 +13.0%
Subsidiaries 95,931 75,111 +27.7%
Subsidiaries · Other Currency 34,903 25,364 +37.6%
Subsidiaries · Unsecured Debt 95,931 — —
Subsidiaries · USD 61,028 49,747 +22.7%
Show Currency breakouts
Other Currency 72,939 58,793 +24.1%
USD 212,561 183,841 +15.6%
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure 177.67 156.31 +13.7%
Show Long-Term Debt Type breakouts
Unsecured Debt 285,500 — —
Other Liabilities 27,501 24,220 +13.5%
Show Financial Instrument breakouts
Total consolidated VIEs · Variable Interest Entity Primary Beneficiary 212 165 +28.5%
Show Consolidated Entities breakouts
Parent Company 4,438 4,020 +10.4%
Stockholders' Equity
Preferred Stock Value 15,153 13,253 +14.3%
Show Consolidated Entities breakouts
Parent Company 15,153 13,253 +14.3%
Common Stock 9 9 0.0%
Show Consolidated Entities breakouts
Parent Company 9 9 0.0%
Share Based Awards 5,795 5,148 +12.6%
Show Consolidated Entities breakouts
Parent Company 5,795 5,148 +12.6%
Additional Paid-In Capital 61,906 61,376 +0.9%
Show Consolidated Entities breakouts
Parent Company 61,906 61,376 +0.9%
Retained Earnings 165,288 153,412 +7.7%
Show Consolidated Entities breakouts
Parent Company 165,288 153,412 +7.7%
Accumulated Other Comprehensive Income -2,260 -2,702 +16.4%
Show Consolidated Entities breakouts
Parent Company -2,260 -2,702 +16.4%
Treasury Stock Value -120,919 -108,500 -11.4%
Show Consolidated Entities breakouts
Parent Company -120,919 -108,500 -11.4%
Total Stockholders' Equity 124,972 121,996 +2.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -496 -528 +6.1%
Accumulated Gain Loss Net Cash Flow Hedge Parent -1 -1 0.0%
Accumulated Net Unrealized Investment Gain Loss 103 -972 +110.6%
Accumulated Other Comprehensive Income -2,260 -2,702 +16.4%
Accumulated Translation Adjustment -804 -815 +1.3%
Additional Paid In Capital 61,906 61,376 +0.9%
Common Stock 9 9 0.0%
Debt valuation adjustment -1,062 -386 -175.1%
Preferred Stock 15,153 13,253 +14.3%
Retained Earnings 165,288 153,412 +7.7%
Share-based awards 5,795 5,148 +12.6%
Stock held in treasury, at cost -120,919 -108,500 -11.4%
Show Consolidated Entities breakouts
Parent Company 124,972 121,996 +2.4%
Total Liabilities & Equity 1,809,320 1,675,972 +8.0%
Show Consolidated Entities breakouts
Parent Company 550,659 518,563 +6.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Deferred Income Taxes 357 -147 +342.9%
Stock-Based Compensation 258 104 +148.1%
Increase Decrease In Customer And Other Receivables And Payables Net -32,630 -15,910 -105.1%
Increase Decrease In Collateralized Transactions Excluding Other Secured Financings Net 14,930 48,938 -69.5%
Increase Decrease In Financial Instruments Used In Operating Activities -2,978 25,940 -111.5%
Increase Decrease In Trading Liabilities -569 -13,312 +95.7%
Increase Decrease In Loans Held For Sale 125 87 +43.7%
Increase Decrease In Other Operating Capital Net 1,210 -3,894 +131.1%
Net Cash from Operations -16,276 46,766 -134.8%
Investing Activities
Capital Expenditures -531 -586 +9.4%
Proceeds From Sale Of Property Plant And Equipment 299 461 -35.1%
Payments For Proceeds From Businesses And Interest In Affiliates 0 0 —
Purchases of Investments -15,580 -7,925 -96.6%
Proceeds From Sale Of Available For Sale Securities Debt 20,311 5,618 +261.5%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 42 25 +68.0%
Payments To Acquire Held To Maturity Securities -1,254 -2,358 +46.8%
Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities 4,735 2,951 +60.5%
Payments To Acquire Other Investments -3,027 -3,076 +1.6%
Proceeds From Sale And Maturity Of Other Investments 3,311 2,749 +20.4%
Payments For Proceeds From Loans And Leases -13,339 -4,974 -168.2%
Net Cash from Investing -5,033 -7,115 +29.3%
Financing Activities
Proceeds From Repayments Of Unsecured Short Term Debt -255 -3,329 +92.3%
Proceeds From Repayments Of Other Secured Short Term Debt 1,495 6,075 -75.4%
Proceeds From Issuance Of Secured Debt 2,753 292 +842.8%
Repayments Of Secured Debt -718 -444 -61.7%
Proceeds From Issuance Of Unsecured Debt 26,836 17,787 +50.9%
Repayments Of Unsecured Debt -21,275 -14,880 -43.0%
Payments For Proceeds From Derivative Instrument Financing Activities 1,436 651 +120.6%
Increase Decrease In Deposits 10,951 -9,258 +218.3%
Share Repurchases -3,000 -2,000 -50.0%
Tax Withholding for Share Compensation 0 0 —
Payments Of Dividends -1,463 -1,153 -26.9%
Proceeds From Issuance Of Preferred Stock And Preference Stock 0 0 —
Proceeds From Payments For Other Financing Activities -5 -58 +91.4%
Net Cash from Financing 16,755 -7,817 +314.3%
Supplemental
Interest Paid 15,678 18,102 -13.4%
Income Taxes Paid 1,052 863 +21.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations -764 -4,431 +82.8%
Net Change in Cash -5,318 27,403 -119.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 164,259 182,092 -9.8%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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