Goldman Sachs Group Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Other Events
$GS
Investment Bankers/Brokers/Service
Finance
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 7, 2026
(Exact name of registrant as specified in its charter)
Commission File Number: 001-14965
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
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1
Item 2.02 Results of Operations and Financial Condition.
On January 7, 2026, the firm (The Goldman Sachs Group, Inc., together with its consolidated subsidiaries) reported
the following information: The firm has entered into an agreement to transition the Apple Card program and
associated accounts to a new issuer. The transition is expected to take place in approximately 24 months. The
transaction is expected to result in a $0.46 increase to the firm's fourth quarter 2025 diluted earnings per share. This
reflects a release of $2.48 billion of loan loss reserves reflected in provision for credit losses, partially offset by a
reduction in net revenues of $2.26 billion related to markdowns on the outstanding credit card loan portfolio and
contract termination obligations as well as $38 million of operating expenses.
The information in this Item 2.02 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934.
Item 8.01 Other Events.
The firm has made certain changes to its business segments commencing with the fourth quarter of 2025.
The firm will continue to operate and report its results in the following three business segments: Global Banking &
Markets, Asset & Wealth Management and Platform Solutions. Certain organizational changes have been made
within these segments as the firm continues to narrow its strategic focus regarding consumer-related activities within
Platform Solutions. The business segments are presented below:
Prior results beginning with the firm’s 2021 fiscal year are presented on a comparable basis in the tables on pages 4 -
7.
The changes to the firm’s business segments have no effect on the firm’s historical total net revenues, total provision
for credit losses, total operating expenses and total pre-tax earnings in the consolidated statements of earnings. Prior
period segment results have been conformed to reflect this new presentation.
2
The primary changes made were as follows:
•Global Banking & Markets additionally includes the results from the firm’s transaction banking business, which
are reported in Other (previously reported in Platform Solutions).
•Within Global Banking & Markets, results related to facilitating institutional primary loans for syndication and
providing structured letters of credit to corporate clients are reported in FICC financing (previously reported in
Other).
•Results from the firm’s Urban Investment Group, which makes investments in connection with the firm’s
activities to satisfy requirements under the Community Reinvestment Act, are allocated across all three
segments to reflect the shared nature of such requirements (previously reported in Asset & Wealth
Management).
•Within Asset & Wealth Management, results from Equity Investments and Debt Investments are reported in
aggregate, as the firm continues its transition from direct investments on the firm’s balance sheet to a scaled
third-party funds-driven business.
3
The firm’s three business segments are as follows:
Global Banking & Markets, which is comprised of:
•Investment banking fees, which includes:
•Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions,
divestitures, corporate defense activities, restructurings and spin-offs.
•Equity underwriting, which includes offerings of common stock, preferred stock, convertible securities and
exchangeable securities.
•Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans,
emerging- and growth-market debt offerings, and structuring of asset-backed securities.
•Fixed Income, Currency and Commodities (FICC), which includes:
•FICC intermediation, which includes client execution activities related to making markets in interest rate
products, credit products, mortgages, currencies and commodities.
•FICC financing, which includes secured lending to clients through structured mortgage and other asset-
backed lending, financing through securities purchased under agreements to resell and other FICC
financing (primarily including commodity financing to clients through structured transactions, facilitating
institutional primary loans for syndication and providing structured letters of credit to corporate clients).
•Equities, which includes:
•Equities intermediation, which includes client execution activities related to making markets in equity and
equity-related products and commissions and fees from executing and clearing institutional client
transactions.
•Equities financing, which includes prime financing (securities lending, margin lending and swap
transactions), portfolio financing and other equity financing.
•Other, which includes lending to corporate clients through relationship lending and acquisition financing,
(including related hedges), transaction banking and investing activities related to the firm’s global banking and
markets activities.
Asset & Wealth Management, which is comprised of:
•Activities related to managing client assets across traditional and alternative asset classes, as well as providing
investing and wealth advisory solutions, providing financial planning and counseling services, and executing
brokerage transactions for wealth management clients. These activities generate:
•Management and other fees.
•Incentive fees.
•Private banking and lending, which includes lending and deposit-raising activities for the firm’s wealth
management clients.
•Investments, which includes investing activities related to the firm’s asset management activities, including
investing in public and private equity in corporate, real estate and infrastructure assets, investing in corporate
debt, lending to middle-market clients and providing financing for real estate and other assets, as well as making
investments through consolidated investment entities, substantially all of which are engaged in real estate
investment activities.
Platform Solutions, which is comprised of:
•Activities related to issuing credit cards to and raising deposits from Apple Card customers, as well as results
from activities related to Platform Solutions businesses that have been exited. See Item 2.02 for information on
Apple Card.
4
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Operating Results (unaudited)
$ in millions
THREE MONTHS ENDED | ||||||
SEPTEMBER 30, | JUNE 30, | MARCH 31, | ||||
2025 | 2025 | 2025 | ||||
GLOBAL BANKING & MARKETS | ||||||
Advisory | $1,404 | $1,174 | $792 | |||
Equity underwriting | 465 | 428 | 370 | |||
Debt underwriting | 788 | 589 | 752 | |||
Investment banking fees | 2,657 | 2,191 | 1,914 | |||
FICC intermediation | 2,437 | 2,423 | 3,390 | |||
FICC financing | 1,056 | 1,064 | 1,045 | |||
FICC | 3,493 | 3,487 | 4,435 | |||
Equities intermediation | 2,020 | 2,595 | 2,547 | |||
Equities financing | 1,716 | 1,706 | 1,645 | |||
Equities | 3,736 | 4,301 | 4,192 | |||
Other | 282 | 154 | 200 | |||
Net revenues | 10,168 | 10,133 | 10,741 | |||
Provision for credit losses | 82 | 173 | 66 | |||
Operating expenses | 5,828 | 5,885 | 5,924 | |||
Pre-tax earnings | $4,258 | $4,075 | $4,751 | |||
ASSET & WEALTH MANAGEMENT | ||||||
Management and other fees | $2,943 | $2,802 | $2,701 | |||
Incentive fees | 76 | 103 | 129 | |||
Private banking and lending | 1,057 | 789 | 725 | |||
Investments | 342 | 137 | 156 | |||
Net revenues | 4,418 | 3,831 | 3,711 | |||
Provision for credit losses | (29) | (96) | 18 | |||
Operating expenses | 3,291 | 3,015 | 2,856 | |||
Pre-tax earnings | $1,156 | $912 | $837 | |||
PLATFORM SOLUTIONS | ||||||
Net revenues | $598 | $619 | $610 | |||
Provision for credit losses | 286 | 307 | 203 | |||
Operating expenses | 334 | 341 | 348 | |||
Pre-tax earnings/(loss) | $(22) | $(29) | $59 | |||
TOTAL | ||||||
Net revenues | $15,184 | $14,583 | $15,062 | |||
Provision for credit losses | 339 | 384 | 287 | |||
Operating expenses | 9,453 | 9,241 | 9,128 | |||
Pre-tax earnings | $5,392 | $4,958 | $5,647 | |||
5
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Operating Results (unaudited)
$ in millions
THREE MONTHS ENDED | ||||||||
DECEMBER 31, | SEPTEMBER 30, | JUNE 30, | MARCH 31, | |||||
2024 | 2024 | 2024 | 2024 | |||||
GLOBAL BANKING & MARKETS | ||||||||
Advisory | $960 | $875 | $688 | $1,011 | ||||
Equity underwriting | 499 | 385 | 423 | 370 | ||||
Debt underwriting | 595 | 605 | 622 | 699 | ||||
Investment banking fees | 2,054 | 1,865 | 1,733 | 2,080 | ||||
FICC intermediation | 1,750 | 2,013 | 2,330 | 3,471 | ||||
FICC financing | 1,012 | 986 | 897 | 883 | ||||
FICC | 2,762 | 2,999 | 3,227 | 4,354 | ||||
Equities intermediation | 1,954 | 2,208 | 1,786 | 1,989 | ||||
Equities financing | 1,499 | 1,291 | 1,383 | 1,322 | ||||
Equities | 3,453 | 3,499 | 3,169 | 3,311 | ||||
Other | 239 | 202 | 134 | (14) | ||||
Net revenues | 8,508 | 8,565 | 8,263 | 9,731 | ||||
Provision for credit losses | (43) | 62 | (44) | 109 | ||||
Operating expenses | 4,896 | 5,072 | 5,210 | 5,276 | ||||
Pre-tax earnings | $3,655 | $3,431 | $3,097 | $4,346 | ||||
ASSET & WEALTH MANAGEMENT | ||||||||
Management and other fees | $2,815 | $2,617 | $2,534 | $2,449 | ||||
Incentive fees | 174 | 85 | 46 | 88 | ||||
Private banking and lending | 736 | 756 | 707 | 682 | ||||
Investments | 1,044 | 358 | 576 | 649 | ||||
Net revenues | 4,769 | 3,816 | 3,863 | 3,868 | ||||
Provision for credit losses | (56) | (118) | (70) | (36) | ||||
Operating expenses | 2,989 | 2,835 | 2,985 | 2,922 | ||||
Pre-tax earnings | $1,836 | $1,099 | $948 | $982 | ||||
PLATFORM SOLUTIONS | ||||||||
Net revenues | $592 | $318 | $605 | $614 | ||||
Provision for credit losses | 450 | 453 | 396 | 245 | ||||
Operating expenses | 376 | 408 | 338 | 460 | ||||
Pre-tax earnings/(loss) | $(234) | $(543) | $(129) | $(91) | ||||
TOTAL | ||||||||
Net revenues | $13,869 | $12,699 | $12,731 | $14,213 | ||||
Provision for credit losses | 351 | 397 | 282 | 318 | ||||
Operating expenses | 8,261 | 8,315 | 8,533 | 8,658 | ||||
Pre-tax earnings | $5,257 | $3,987 | $3,916 | $5,237 | ||||
6
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Operating Results (unaudited)
$ in millions
THREE MONTHS ENDED | ||||||||
DECEMBER 31, | SEPTEMBER 30, | JUNE 30, | MARCH 31, | |||||
2023 | 2023 | 2023 | 2023 | |||||
GLOBAL BANKING & MARKETS | ||||||||
Advisory | $1,005 | $831 | $645 | $818 | ||||
Equity underwriting | 252 | 308 | 338 | 255 | ||||
Debt underwriting | 394 | 415 | 448 | 506 | ||||
Investment banking fees | 1,651 | 1,554 | 1,431 | 1,579 | ||||
FICC intermediation | 1,295 | 2,654 | 2,090 | 3,279 | ||||
FICC financing | 767 | 761 | 639 | 665 | ||||
FICC | 2,062 | 3,415 | 2,729 | 3,944 | ||||
Equities intermediation | 1,502 | 1,713 | 1,533 | 1,741 | ||||
Equities financing | 1,105 | 1,248 | 1,433 | 1,274 | ||||
Equities | 2,607 | 2,961 | 2,966 | 3,015 | ||||
Other | 50 | 50 | 50 | (70) | ||||
Net revenues | 6,370 | 7,980 | 7,176 | 8,468 | ||||
Provision for credit losses | 191 | 45 | 60 | 134 | ||||
Operating expenses | 4,558 | 4,897 | 4,368 | 4,741 | ||||
Pre-tax earnings | $1,621 | $3,038 | $2,748 | $3,593 | ||||
ASSET & WEALTH MANAGEMENT | ||||||||
Management and other fees | $2,443 | $2,403 | $2,351 | $2,280 | ||||
Incentive fees | 59 | 23 | 26 | 53 | ||||
Private banking and lending | 661 | 687 | 874 | 354 | ||||
Investments | 1,282 | 229 | (103) | 580 | ||||
Net revenues | 4,445 | 3,342 | 3,148 | 3,267 | ||||
Provision for credit losses | (13) | 34 | 11 | (571) | ||||
Operating expenses | 3,566 | 2,992 | 3,262 | 3,158 | ||||
Pre-tax earnings/(loss) | $892 | $316 | $(125) | $680 | ||||
PLATFORM SOLUTIONS | ||||||||
Net revenues | $503 | $495 | $571 | $489 | ||||
Provision for credit losses | 399 | (72) | 544 | 266 | ||||
Operating expenses | 363 | 1,165 | 914 | 503 | ||||
Pre-tax earnings/(loss) | $(259) | $(598) | $(887) | $(280) | ||||
TOTAL | ||||||||
Net revenues | $11,318 | $11,817 | $10,895 | $12,224 | ||||
Provision for credit losses | 577 | 7 | 615 | (171) | ||||
Operating expenses | 8,487 | 9,054 | 8,544 | 8,402 | ||||
Pre-tax earnings | $2,254 | $2,756 | $1,736 | $3,993 | ||||
7
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Operating Results (unaudited)
$ in millions
NINE MONTHS | YEAR ENDED | ||||||||||
SEPTEMBER 30, | DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | |||||||
2025 | 2024 | 2023 | 2022 | 2021 | |||||||
GLOBAL BANKING & MARKETS | |||||||||||
Advisory | $3,370 | $3,534 | $3,299 | $4,704 | $5,653 | ||||||
Equity underwriting | 1,263 | 1,677 | 1,153 | 848 | 4,985 | ||||||
Debt underwriting | 2,129 | 2,521 | 1,763 | 1,808 | 3,497 | ||||||
Investment banking fees | 6,762 | 7,732 | 6,215 | 7,360 | 14,135 | ||||||
FICC intermediation | 8,250 | 9,564 | 9,318 | 11,890 | 8,714 | ||||||
FICC financing | 3,165 | 3,778 | 2,832 | 2,873 | 2,006 | ||||||
FICC | 11,415 | 13,342 | 12,150 | 14,763 | 10,720 | ||||||
Equities intermediation | 7,162 | 7,937 | 6,489 | 6,662 | 7,707 | ||||||
Equities financing | 5,067 | 5,495 | 5,060 | 4,326 | 4,015 | ||||||
Equities | 12,229 | 13,432 | 11,549 | 10,988 | 11,722 | ||||||
Other | 636 | 561 | 80 | (316) | 386 | ||||||
Net revenues | 31,042 | 35,067 | 29,994 | 32,795 | 36,963 | ||||||
Provision for credit losses | 321 | 84 | 430 | 493 | (151) | ||||||
Operating expenses | 17,637 | 20,454 | 18,564 | 18,150 | 19,770 | ||||||
Pre-tax earnings | $13,084 | $14,529 | $11,000 | $14,152 | $17,344 | ||||||
ASSET & WEALTH MANAGEMENT | |||||||||||
Management and other fees | $8,446 | $10,415 | $9,477 | $8,771 | $7,743 | ||||||
Incentive fees | 308 | 393 | 161 | 359 | 616 | ||||||
Private banking and lending | 2,571 | 2,881 | 2,576 | 2,458 | 1,661 | ||||||
Investments | 635 | 2,627 | 1,988 | 1,801 | 11,928 | ||||||
Net revenues | 11,960 | 16,316 | 14,202 | 13,389 | 21,948 | ||||||
Provision for credit losses | (107) | (280) | (539) | 494 | (189) | ||||||
Operating expenses | 9,162 | 11,731 | 12,978 | 11,505 | 11,364 | ||||||
Pre-tax earnings | $2,905 | $4,865 | $1,763 | $1,390 | $10,773 | ||||||
PLATFORM SOLUTIONS | |||||||||||
Net revenues | $1,827 | $2,129 | $2,058 | $1,181 | $428 | ||||||
Provision for credit losses | 796 | 1,544 | 1,137 | 1,728 | 697 | ||||||
Operating expenses | 1,023 | 1,582 | 2,945 | 1,509 | 804 | ||||||
Pre-tax earnings/(loss) | $8 | $(997) | $(2,024) | $(2,056) | $(1,073) | ||||||
TOTAL | |||||||||||
Net revenues | $44,829 | $53,512 | $46,254 | $47,365 | $59,339 | ||||||
Provision for credit losses | 1,010 | 1,348 | 1,028 | 2,715 | 357 | ||||||
Operating expenses | 27,822 | 33,767 | 34,487 | 31,164 | 31,938 | ||||||
Pre-tax earnings | $15,997 | $18,397 | $10,739 | $13,486 | $27,044 | ||||||
8
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K includes “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 the firm’s control. It is possible that the
firm’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking
statements. For a discussion of some of the risks and important factors that could affect the firm’s future results, 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.
Forward-looking statements include the timing of the transition of the Apple Card program to a new issuer, which is
subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to
satisfy applicable closing conditions. The expected impact of the transaction on the firm’s fourth quarter 2025
results is also a forward-looking statement and subject to change as the firm completes its financial statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE GOLDMAN SACHS GROUP, INC. (Registrant) | ||
Date: January 8, 2026 | By: | /s/ Denis P. Coleman III |
Name: Denis P. Coleman III Title:Chief Financial Officer | ||