Full Year and Fourth Quarter 2025 Earnings Results

Full Year and Fourth Quarter 2025 Earnings Results Media Relations: Tony Fratto 212-902-5400 Investor Relations: Jehan Ilahi 212-902-0300 The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282 Full Year and Fourth Quarter 2025 Earnings Results Goldman Sachs Reports Earnings Per Common Share of $51.32 for 2025 and Increases the Quarterly Dividend to $4.50 Per Common Share in the First Quarter 2026 Fourth Quarter Earnings Per Common Share was $14.01 Financial Summary Net Revenues 2025 $58.28 billion 4Q25 $13.45 billion Net Earnings 2025 $17.18 billion 4Q25 $ 4.62 billion EPS 2025 $51.32 4Q25 $14.01 ROE1 2025 15.0% 4Q25 16.0% Book Value Per Share 2025 $357.60 2025 Growth 6.2% NEW YORK, January 15, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $58.28 billion and net earnings of $17.18 billion for the year ended December 31, 2025. Net revenues were $13.45 billion and net earnings were $4.62 billion for the fourth quarter of 2025. Diluted earnings per common share (EPS) was $51.32 for the year ended December 31, 2025 compared with $40.54 for the year ended December 31, 2024, and was $14.01 for the fourth quarter of 2025 compared with $11.95 for the fourth quarter of 2024 and $12.25 for the third quarter of 2025. Return on average common shareholders' equity (ROE)1 was 15.0% for 2025 and annualized ROE was 16.0% for the fourth quarter of 2025. Book value per common share increased by 6.2% during 2025 and by 1.1% during the fourth quarter of 2025 to $357.60. 1 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Net Revenues Full Year Net revenues were $58.28 billion for 2025, 9% higher than 2024, reflecting higher net revenues in Global Banking & Markets, partially offset by significantly lower net revenues in Platform Solutions (which reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses). Fourth Quarter Net revenues were $13.45 billion for the fourth quarter of 2025, 3% lower than the fourth quarter of 2024 and 11% lower than the third quarter of 2025. The decrease compared with the fourth quarter of 2024 reflected negative net revenues in Platform Solutions (which reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses), largely offset by significantly higher net revenues in Global Banking & Markets. 2025 Net Revenues $58.28 billion 4Q25 Net Revenues $13.45 billion Global Banking & Markets Full Year Net revenues in Global Banking & Markets2 were $41.45 billion for 2025, 18% higher than 2024. Investment banking fees were $9.34 billion, 21% higher than 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Debt underwriting were higher, reflecting significantly higher net revenues from asset-backed and investment-grade activity. Net revenues in Equity underwriting were also higher, reflecting significantly higher net revenues from initial public and convertible offerings, partially offset by lower net revenues from secondary offerings. The firm’s Investment banking fees backlog3 increased significantly compared with the end of 2024. Net revenues in Fixed Income, Currency and Commodities (FICC) were $14.52 billion, 9% higher than 2024, primarily reflecting higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and slightly higher net revenues in currencies and commodities, partially offset by lower net revenues in mortgages and credit products. The increase also reflected higher net revenues in FICC financing, primarily driven by higher net revenues in mortgages and structured lending. Net revenues in Equities were $16.54 billion, 23% higher than 2024, due to significantly higher net revenues in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives. Net revenues in Other were $1.06 billion compared with $561 million for 2024, with the increase primarily reflecting significantly higher net revenues from relationship lending activities. 2025 Global Banking & Markets $41.45 billion Advisory $ 4.73 billion Equity underwriting $ 1.78 billion Debt underwriting $ 2.83 billion Investment banking fees $ 9.34 billion FICC intermediation $10.27 billion FICC financing $ 4.25 billion FICC $14.52 billion Equities intermediation $ 9.34 billion Equities financing $ 7.20 billion Equities $16.54 billion Other $ 1.06 billion 2 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Global Banking & Markets Fourth Quarter Net revenues in Global Banking & Markets2 were $10.41 billion for the fourth quarter of 2025, 22% higher than the fourth quarter of 2024 and 2% higher than the third quarter of 2025. Investment banking fees were $2.58 billion, 25% higher than the fourth quarter of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Debt underwriting were higher, reflecting significantly higher net revenues from asset-backed activity. Net revenues in Equity underwriting were slightly higher. The firm’s Investment banking fees backlog3 increased compared with the end of the third quarter of 2025. Net revenues in FICC were $3.11 billion, 12% higher than the fourth quarter of 2024, primarily reflecting higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and commodities, partially offset by lower net revenues in currencies, mortgages and credit products. Net revenues in FICC financing were higher, driven by higher net revenues in mortgages and structured lending. Net revenues in Equities were $4.31 billion, 25% higher than the fourth quarter of 2024, due to significantly higher net revenues in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives. Net revenues in Other were $421 million compared with $239 million for the fourth quarter of 2024, with the increase primarily reflecting higher net revenues from relationship lending activities. 4Q25 Global Banking & Markets $10.41 billion Advisory $1.36 billion Equity underwriting $ 521 million Debt underwriting $ 700 million Investment banking fees $2.58 billion FICC intermediation $2.02 billion FICC financing $1.09 billion FICC $3.11 billion Equities intermediation $2.18 billion Equities financing $2.13 billion Equities $4.31 billion Other $421 million Asset & Wealth Management Full Year Net revenues in Asset & Wealth Management2 were $16.68 billion for 2025, 2% higher than 2024, reflecting higher Management and other fees, higher net revenues in Private banking and lending and, to a lesser extent, higher Incentive fees, largely offset by significantly lower net revenues in Investments. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues primarily reflected the payment of interest on a previously impaired loan and higher net interest margin from lending. The increase in Incentive fees was primarily driven by performance. The decrease in Investments net revenues primarily reflected significantly lower net gains from investments in private equities and significantly lower net interest income from debt investments due to a reduction in the balance sheet. 2025 Asset & Wealth Management $16.68 billion Management and other fees $11.54 billion Incentive fees $ 489 million Private banking and lending $ 3.35 billion Investments $ 1.31 billion 3 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Asset & Wealth Management Fourth Quarter Net revenues in Asset & Wealth Management2 were $4.72 billion for the fourth quarter of 2025, essentially unchanged compared with the fourth quarter of 2024 and 7% higher than the third quarter of 2025. Compared with the fourth quarter of 2024, significantly lower net revenues in Investments were largely offset by higher Management and other fees. The decrease in Investments net revenues primarily reflected net losses from investments in public equities compared with net gains in the prior year period and significantly lower net gains from investments in private equities. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. 4Q25 Asset & Wealth Management $4.72 billion Management and other fees $3.09 billion Incentive fees $181 million Private banking and lending $776 million Investments $670 million Platform Solutions Full Year Net revenues in Platform Solutions2 were $151 million for 2025, compared with $2.13 billion in 2024, with the decrease reflecting a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses. Fourth Quarter Net revenues in Platform Solutions2 were $(1.68) billion for the fourth quarter of 2025, compared with $592 million in the fourth quarter of 2024 and $598 million in the third quarter of 2025. The decrease compared with the fourth quarter of 2024 reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses. 2025 Platform Solutions $151 million 4Q25 Platform Solutions $(1.68) billion Provision for Credit Losses Full Year Provision for credit losses was a net benefit of $1.11 billion for 2025, compared with net provisions of $1.35 billion for 2024. The net benefit for 2025 reflected a net release related to the Apple Card portfolio (including a reserve reduction of $2.48 billion related to the transfer of the Apple Card loans to held for sale, partially offset by net charge-offs during the year). Provisions for 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Fourth Quarter Provision for credit losses was a net benefit of $2.12 billion for the fourth quarter of 2025, compared with net provisions of $351 million for the fourth quarter of 2024 and $339 million for the third quarter of 2025. The net benefit for the fourth quarter of 2025 reflected a net release related to the Apple Card portfolio (including a reserve reduction of $2.48 billion related to the transfer of the Apple Card loans to held for sale, partially offset by net charge-offs during the quarter). Provisions for the fourth quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). 2025 Provision for Credit Losses $(1.11) billion 4Q25 Provision for Credit Losses $ (2.12) billion 4 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Operating Expenses Full Year Operating expenses were $37.54 billion for 2025, 11% higher than 2024. The firm's efficiency ratio3 was 64.4% for 2025, compared with 63.1% for 2024. The increase in operating expenses compared with 2024 primarily reflected higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. Net provisions for litigation and regulatory proceedings were $215 million for 2025, compared with $166 million for 2024. Headcount increased 2% during 2025. Fourth Quarter Operating expenses were $9.72 billion for the fourth quarter of 2025, 18% higher than the fourth quarter of 2024 and 3% higher than the third quarter of 2025. The increase in operating expenses compared with the fourth quarter of 2024 primarily reflected significantly higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. Net provisions for litigation and regulatory proceedings were $94 million for the fourth quarter of 2025, compared with $(2) million for the fourth quarter of 2024. Headcount decreased 2% compared with the end of the third quarter of 2025. 2025 Operating Expenses $37.54 billion 2025 Efficiency Ratio 64.4% 4Q25 Operating Expenses $9.72 billion Provision for Taxes The effective income tax rate for 2025 was 21.4%, down slightly from 21.5% for the first nine months of 2025. The 2025 effective tax rate decreased from 22.4% for 2024, primarily due to an increase in tax benefits on the settlement of employee share-based awards4, partially offset by a decrease in the impact of other permanent tax benefits for 2025 compared with 2024. 2025 Effective Tax Rate 21.4% 5 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Other Matters ▪On January 14, 2026, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $4.50 per common share from $4.00 per common share. The dividend will be paid on March 30, 2026 to common shareholders of record on March 2, 2026. ▪During the year, the firm returned $16.78 billion of capital to common shareholders, including $12.36 billion of common share repurchases (18.9 million shares at an average cost of $654.45) and $4.42 billion of common stock dividends. This included $4.24 billion of capital returned to common shareholders during the fourth quarter, including $3.00 billion of common share repurchases (3.6 million shares at an average cost of $822.33) and $1.24 billion of common stock dividends.3 ▪Global core liquid assets3 averaged $466 billion for 2025, compared with an average of $429 billion for 2024. Global core liquid assets averaged $479 billion for the fourth quarter of 2025, compared with an average of $481 billion for the third quarter of 2025. Declared Quarterly Dividend Per Common Share $4.50 2025 Capital Returned $16.78 billion 2025 Average GCLA $466 billion 6 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the imposition of tariffs, an outbreak or worsening of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. Conference Call A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com. 7 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited) $ in millions YEAR ENDED % CHANGE FROM DECEMBER 31, DECEMBER 31, DECEMBER 31, 2025 2024 2024 GLOBAL BANKING & MARKETS Advisory $4,726 $3,534 34% Equity underwriting 1,784 1,677 6 Debt underwriting 2,829 2,521 12 Investment banking fees 9,339 7,732 21 FICC intermediation 10,271 9,564 7 FICC financing 4,251 3,778 13 FICC 14,522 13,342 9 Equities intermediation 9,340 7,937 18 Equities financing 7,195 5,495 31 Equities 16,535 13,432 23 Other 1,057 561 88 Net revenues 41,453 35,067 18 ASSET & WEALTH MANAGEMENT Management and other fees 11,538 10,415 11 Incentive fees 489 393 24 Private banking and lending 3,347 2,881 16 Investments 1,305 2,627 (50) Net revenues 16,679 16,316 2 PLATFORM SOLUTIONS Net revenues 151 2,129 (93) Total net revenues $58,283 $53,512 9 Geographic Net Revenues (unaudited)3 $ in millions YEAR ENDED DECEMBER 31, DECEMBER 31, 2025 2024 Americas $36,548 $34,448 EMEA 14,155 12,250 Asia 7,580 6,814 Total net revenues $58,283 $53,512 Americas 63% 64% EMEA 24% 23% Asia 13% 13% Total 100% 100% 8 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited) $ in millions THREE MONTHS ENDED % CHANGE FROM DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 2025 2024 GLOBAL BANKING & MARKETS Advisory $1,356 $1,404 $960 (3)% 41% Equity underwriting 521 465 499 12 4 Debt underwriting 700 788 595 (11) 18 Investment banking fees 2,577 2,657 2,054 (3) 25 FICC intermediation 2,021 2,437 1,750 (17) 15 FICC financing 1,086 1,056 1,012 3 7 FICC 3,107 3,493 2,762 (11) 12 Equities intermediation 2,178 2,020 1,954 8 11 Equities financing 2,128 1,716 1,499 24 42 Equities 4,306 3,736 3,453 15 25 Other 421 282 239 49 76 Net revenues 10,411 10,168 8,508 2 22 ASSET & WEALTH MANAGEMENT Management and other fees 3,092 2,943 2,815 5 10 Incentive fees 181 76 174 138 4 Private banking and lending 776 1,057 736 (27) 5 Investments 670 342 1,044 96 (36) Net revenues 4,719 4,418 4,769 7 (1) PLATFORM SOLUTIONS Net revenues (1,676) 598 592 N.M. N.M. Total net revenues $13,454 $15,184 $13,869 (11) (3) Geographic Net Revenues (unaudited)3 $ in millions THREE MONTHS ENDED DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 Americas $7,680 $10,020 $9,097 EMEA 3,690 3,163 2,773 Asia 2,084 2,001 1,999 Total net revenues $13,454 $15,184 $13,869 Americas 57% 66% 66% EMEA 27% 21% 20% Asia 16% 13% 14% Total 100% 100% 100% 9 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of Earnings (unaudited) In millions, except per share amounts YEAR ENDED % CHANGE FROM DECEMBER 31, DECEMBER 31, DECEMBER 31, 2025 2024 2024 REVENUES Investment banking $9,348 $7,738 21% Investment management 11,749 10,596 11 Commissions and fees 4,042 4,086 (1) Market making 17,993 18,390 (2) Other principal transactions 1,592 4,646 (66) Total non-interest revenues 44,724 45,456 (2) Interest income 80,373 81,397 (1) Interest expense 66,814 73,341 (9) Net interest income 13,559 8,056 68 Total net revenues 58,283 53,512 9 Provision for credit losses (1,113) 1,348 N.M. OPERATING EXPENSES Compensation and benefits 18,906 16,706 13 Transaction based 7,997 6,724 19 Market development 710 646 10 Communications and technology 2,170 1,991 9 Depreciation and amortization 2,182 2,392 (9) Occupancy 958 973 (2) Professional fees 1,770 1,652 7 Other expenses 2,851 2,683 6 Total operating expenses 37,544 33,767 11 Pre-tax earnings 21,852 18,397 19 Provision for taxes 4,676 4,121 13 Net earnings 17,176 14,276 20 Preferred stock dividends 876 751 17 Net earnings applicable to common shareholders $16,300 $13,525 21 EARNINGS PER COMMON SHARE Basic3 $51.95 $41.07 26% Diluted $51.32 $40.54 27 AVERAGE COMMON SHARES Basic 312.7 328.1 (5) Diluted 317.6 333.6 (5) 10 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of Earnings (unaudited) In millions, except per share amounts and headcount THREE MONTHS ENDED % CHANGE FROM DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 2025 2024 REVENUES Investment banking $2,579 $2,659 $2,056 (3)% 25% Investment management 3,201 2,952 2,923 8 10 Commissions and fees 505 1,110 1,085 (55) (53) Market making 3,669 3,868 3,833 (5) (4) Other principal transactions (208) 743 1,627 N.M. N.M. Total non-interest revenues 9,746 11,332 11,524 (14) (15) Interest income 20,379 20,822 19,954 (2) 2 Interest expense 16,671 16,970 17,609 (2) (5) Net interest income 3,708 3,852 2,345 (4) 58 Total net revenues 13,454 15,184 13,869 (11) (3) Provision for credit losses (2,123) 339 351 N.M. N.M. OPERATING EXPENSES Compensation and benefits 4,665 4,680 3,759 – 24 Transaction based 2,224 1,968 1,872 13 19 Market development 216 171 181 26 19 Communications and technology 589 545 523 8 13 Depreciation and amortization 527 531 498 (1) 6 Occupancy 249 242 240 3 4 Professional fees 474 432 475 10 – Other expenses 778 884 713 (12) 9 Total operating expenses 9,722 9,453 8,261 3 18 Pre-tax earnings 5,855 5,392 5,257 9 11 Provision for taxes 1,238 1,294 1,146 (4) 8 Net earnings 4,617 4,098 4,111 13 12 Preferred stock dividends 233 238 188 (2) 24 Net earnings applicable to common shareholders $4,384 $3,860 $3,923 14 12 EARNINGS PER COMMON SHARE Basic3 $14.21 $12.42 $12.13 14% 17% Diluted $14.01 $12.25 $11.95 14 17 AVERAGE COMMON SHARES Basic 307.3 309.6 322.4 (1) (5) Diluted 312.9 315.0 328.4 (1) (5) SELECTED DATA AT PERIOD-END Common shareholders' equity $109,819 $109,249 $108,743 1 1 Basic shares3 307.1 308.8 322.9 (1) (5) Book value per common share $357.60 $353.79 $336.77 1 6 Headcount 47,400 48,300 46,500 (2) 2 11 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited)3 $ in billions AS OF DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 ASSETS Cash and cash equivalents $164 $169 $182 Collateralized agreements 334 347 375 Customer and other receivables 186 177 134 Trading assets 657 653 571 Investments 195 204 184 Loans 238 222 196 Other assets 36 36 34 Total assets $1,810 $1,808 $1,676 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits $501 $490 $433 Collateralized financings 305 300 359 Customer and other payables 232 257 223 Trading liabilities 263 262 202 Unsecured short-term borrowings 70 73 70 Unsecured long-term borrowings 286 277 243 Other liabilities 28 25 24 Total liabilities 1,685 1,684 1,554 Shareholders’ equity 125 124 122 Total liabilities and shareholders’ equity $1,810 $1,808 $1,676 12 Capital Ratios and Supplementary Leverage Ratio (unaudited)3 $ in billions AS OF DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 Common equity tier 1 capital $104.3 $103.8 $103.1 STANDARDIZED CAPITAL RULES Risk-weighted assets $726 $723 $689 Common equity tier 1 capital ratio 14.4% 14.3% 15.0% ADVANCED CAPITAL RULES Risk-weighted assets $694 $687 $675 Common equity tier 1 capital ratio 15.0% 15.1% 15.3% SUPPLEMENTARY LEVERAGE RATIO Supplementary leverage ratio 5.2% 5.2% 5.5% Average Daily VaR (unaudited)3 $ in millions THREE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, 2025 2025 2024 2025 2024 RISK CATEGORIES Interest rates $60 $72 $83 $70 $81 Equity prices 48 51 49 47 37 Currency rates 17 19 31 24 26 Commodity prices 18 20 19 17 19 Diversification effect (63) (71) (86) (68) (71) Total $80 $91 $96 $90 $92 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Assets Under Supervision (unaudited)3,5 $ in billions AS OF DECEMBER 31, SEPTEMBER 30, DECEMBER 31, 2025 2025 2024 ASSET CLASS Alternative investments $420 $390 $350 Equity 951 914 772 Fixed income 1,334 1,297 1,170 Total long-term AUS 2,705 2,601 2,292 Liquidity products 901 851 845 Total AUS $3,606 $3,452 $3,137 THREE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, 2025 2025 2024 2025 2024 Beginning balance $3,452 $3,293 $3,103 $3,137 $2,812 Net inflows / (outflows): Alternative investments 27 12 11 52 38 Equity 11 5 4 35 15 Fixed income 28 39 7 81 53 Total long-term AUS net inflows / (outflows) 66 56 22 168 106 Liquidity products 50 23 70 56 108 Total AUS net inflows / (outflows) 116 79 92 224 214 Net market appreciation / (depreciation) 38 80 (58) 245 111 Ending balance $3,606 $3,452 $3,137 $3,606 $3,137 13 Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Footnotes 1.ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Average monthly common shareholders' equity was $108.73 billion for 2025 and $109.47 billion for the fourth quarter of 2025. 2.The firm made certain changes to its business segments, commencing with the fourth quarter of 2025. For information about these changes, see the firm’s Form 8-K filed January 8, 2026. Reclassifications have been made to previously reported amounts to conform to the current presentation. 3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2025: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2025: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.” Represents a preliminary estimate for the fourth quarter of 2025 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. 4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for 2025 of approximately $620 million, which increased diluted EPS by $1.95 and ROE by 0.5 percentage points. 5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation. 14