Goldman Sachs Group, Inc. (the) · NYSE:GS
Goldman Sachs Group, Inc. (the) — Q4 2025 Earnings Presentation
31 slides from Goldman Sachs Group, Inc. (the)'s earnings presentation, Jan 15, 2026
Slide 1: Full Year and Fourth Quarter 2025 Earnings Results Presentation
Full Year and Fourth Quarter 2025 Earnings Results Presentation January 15, 2026
Slide 2: Strategic execution delivering growth and driving value creation
Strategic execution delivering growth and driving value creation Longer-term operating focus Investing for growth Enhanced accountability Uncompromising risk management Firmwide net revenues ($bn) Significant growth across key metrics since our first Investor Day Impact from Apple Card transition1 2
Slide 3: Growth alongside a meaningfully improved risk profile
Growth alongside a meaningfully improved risk profile Longer-term operating focus Investing for growth Enhanced accountability Uncompromising risk management Firmwide more durable revenues4 ($bn) Historical principal investments5,6 ($bn) Stress capital buffer $26.3 $63.5 6.6% -3 20 % bp 15 s +1 -91
Slide 4: One Goldman Sachs ethos supporting strong progress on strategic priorities in 2025
One Goldman Sachs ethos supporting strong progress on strategic priorities in 2025 GLOBAL BANKING & MARKETS A S S E T & W E A LT H M A N A G E M E N T #1 #1 Leading One Top 5 Leading Premier Goldman Global Active Alternative Ultra High Net Worth M&A Advisor7 Equities Franchise8 FICC Franchise8 Sachs
Slide 5: Multiplier effect from increased M&A drives activity and growth across our businesses
Multiplier effect from increased M&A drives activity and growth across our businesses LEADING INVESTMENT BANK F O R W A R D C ATA LY S T S #1 for 23 years Trusted advisor Advisory net revenue share11 for >13,000 clients Strategic Activity Focused on Scale Advisory net revenues for 2021-2025 ($bn) 20
Slide 6: Powerful origination platform and growing financing footprint provides strong foundation
Powerful origination platform and growing financing footprint provides strong foundation Capital Solutions Group: Capturing secular growth opportunities Financing net revenues in FICC and Equities ($bn) FICC financing Preeminent client Differentiated Globally scaled Equities financing franchise orig
Slide 7: Demonstrated resiliency in intermediation and positioned to capture growth opportunities
Demonstrated resiliency in intermediation and positioned to capture growth opportunities Intermediation net revenues ($bn) FICC – Interest rate products, Currencies and Commodities FICC – Credit products and Mortgages Equities – Cash products Equities – Derivatives $19.6 $18.6 $17.5 Average: $16.4 $
Slide 8: Preeminent AWM franchise capturing opportunities in secular growth areas
Preeminent AWM franchise capturing opportunities in secular growth areas Key highlights More durable revenues ($bn) Private banking and lending Management and other fees Premier Ultra High Net Worth Franchise AGR ~$1.9tn Total Wealth Management Client Assets6,12 +12% C $14.89 $13.30 $12.06 $3.35 $11
Slide 9: Premier wealth management business continuing to execute on growth
Premier wealth management business continuing to execute on growth Key highlights Wealth management net revenues14 ($bn) Private banking and lending Management and other fees Proven track record of serving clients AGR 50+ years in the Private Wealth Management business +11% C $9.90 $8.72 $7.42 $7.85
Slide 10: Scaled asset management franchises well positioned to capture secular growth opportunities
Scaled asset management franchises well positioned to capture secular growth opportunities Alternatives fundraising6 ($bn) Solutions Corporate equity Credit Real estate Hedge funds and other FUNDRAISING #1 #1 #2 Insurance 2025 $48 $34 $8 $25 $115 $438bn US OCIO manager16 In SMAs17 solutions provider
Slide 11: Accelerating growth in AWM with recent partnership and acquisitions
Accelerating growth in AWM with recent partnership and acquisitions Announced Partnership September 2025 Completed Acquisition January 2026 Announced Acquisition December 2025 Leading global asset Leading venture Leading active ETF sponsor and management firm capital platform pioneer of outcome-base
Slide 12: Balance sheet strength provides significant capacity to diligently support clients
Balance sheet strength provides significant capacity to diligently support clients Robust capital management6 Capital management philosophy 14.4% as of 4Q25 FORWARD DRIVERS Invest in our business at attractive returns Excess Growth opportunities, including in Equities financing, FICC financing, Stre
Slide 13: Diversified funding mix and conservative liquidity management underpin balance sheet strength
Diversified funding mix and conservative liquidity management underpin balance sheet strength Diversified funding mix6 Liquidity principles KEY TENETS Stress testing Maintain substantial liquidity to meet a broad range of potential cash Diversification outflows in a stressed environment 39% Deposits
Slide 14: One Goldman Sachs 3.0: A new operating model
One Goldman Sachs 3.0: A new operating model One GS 1.0 One GS 2.0 One GS 3.0 Client coverage program; Breaking down silos; A new operating model propelled by artificial intelligence Delivering the Firm Enhancing synergies Goals Improving profitability Strengthening resilience & capacity to scale El
Slide 15: Exceptional talent underpinned by a culture of excellence
Exceptional talent underpinned by a culture of excellence 1.1mm+ >310 Experienced hire applicants, with <1% hire rate Compelling Boomerang hires for Experienced Talent ~45% <1% Invested Aspirational of the firm’s Partners were campus hires for Campus Selection rate from ~365k applicants for in Our P
Slide 16: Firmwide financial targets
Firmwide financial targets F I R M W I D E T H R O U G H - T H E - C Y C L E TA R G E T S Returns20 Efficiency Ratio Mid-teens ~60% Forward catalysts position us well to exceed targets in the near term Preeminent Global Banking & Markets franchise poised to deliver in cyclical upswing Leading Asset
Slide 17: Results Snapshot
Results Snapshot "Since our first Investor Day where we laid out our comprehensive strategy, the firm has grown its revenues by 60%, improved returns by 500 basis points and delivered total shareholder returns of more than 340%. We continue to see high levels of client engagement across our franchis
Slide 18: Financial Overview
Financial Overview Financial Results22 Financial Overview Highlights ■ 4Q25 results included EPS of $14.01 and ROE of 16.0% $ in millions, vs. vs. vs. except per share amounts 4Q25 3Q25 4Q24 2025 2024 — 4Q25 net revenues were slightly lower YoY, reflecting negative net revenues in Platform Solutions
Slide 19: Global Banking & Markets
Global Banking & Markets Financial Results Global Banking & Markets Highlights ■ 4Q25 net revenues were significantly higher YoY vs. vs. vs. $ in millions 4Q25 3Q25 4Q24 2025 2024 — Investment banking fees reflected significantly higher net revenues in Advisory, higher net revenues in Debt underwrit
Slide 20: Global Banking & Markets – Net Revenues
Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights ■ 4Q25 Investment banking fees were significantly higher YoY vs. vs. vs. — Advisory reflected a significant increase in completed mergers and acquisitions volumes $ in millions 4Q25 3Q25 4Q24 2025 2
Slide 21: Asset & Wealth Management
Asset & Wealth Management Financial Results Asset & Wealth Management Highlights ■ 4Q25 net revenues were essentially unchanged YoY vs. vs. vs. — Record Management and other fees primarily reflected the impact of higher average AUS $ in millions 4Q25 3Q25 4Q24 2025 2024 Management and other fees: —
Slide 22: Asset & Wealth Management – Assets Under Supervision
Asset & Wealth Management – Assets Under Supervision AUS Highlights6 AUS by Asset Class6,23 ■ During the year, AUS increased $469 billion to a record $3.61 trillion 4Q25 3Q25 4Q24 $ in billions — Net market appreciation primarily in equity and fixed income assets Alternative investments $ 420 $ 390
Slide 23: Asset & Wealth Management – Alternative Investments
Asset & Wealth Management – Alternative Investments Alternative Investments Highlights6 On-Balance Sheet Alternative Investments6,22 ■ 2025 Management and other fees from alternative investments were a record $2.37 billion (including $645 million in 4Q25), up 8% compared with 2024 $ in billions 4Q25
Slide 24: Platform Solutions
Platform Solutions Financial Results Platform Solutions Highlights ■ 4Q25 net revenues YoY reflected a reduction in net revenues of $2.26 billion related to the Apple Card vs. vs. vs. transition (which was more than offset by a related reserve reduction in provision for credit losses) $ in millions
Slide 25: Loans and Net Interest Income
Loans and Net Interest Income Loans and Net Interest Income Highlights6 Loans by Segment6 ($ in billions) ■ During the year, total loans increased $42 billion, up 21% $238 — Gross loans by type: $213 billion - amortized cost, $5 billion - fair value, $22 billion - held for sale $222 — Average loans
Slide 26: Expenses
Expenses Financial Results Expense Highlights ■ 4Q25 total operating expenses were higher YoY vs. vs. vs. — Compensation and benefits expenses were significantly higher, reflecting improved operating $ in millions 4Q25 3Q25 4Q24 2025 2024 performance Compensation and benefits $ 4,665 — 24% $ 18,906
Slide 27: Capital and Balance Sheet
Capital and Balance Sheet Capital and Balance Sheet Highlights6 Selected Balance Sheet Data6 ■ Standardized CET1 capital ratio decreased YoY, reflecting an increase in credit RWAs, partially offset by a decrease in market RWAs and an increase in CET1 capital 4Q25 3Q25 4Q24 $ in billions ■ Advanced C
Slide 28: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation 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 con
Slide 29: Footnotes
Footnotes 1. In the fourth quarter of 2025, the firm entered into an agreement to transition the Apple Card program to another issuer. Results for the fourth quarter of 2025 reflect the impact of transferring the credit card portfolio to held for sale and related impacts of contract termination obli
Slide 30: Footnotes – Continued
Footnotes – Continued 3. Dividend per share as of 4Q25, growth vs. 4Q24. Total shareholder return as of December 31, 2025 vs. December 31, 2024. Peers include MS, JPM, BAC and C. 4. More durable revenues include FICC financing and Equities financing, within Global Banking & Markets, and Management a
Slide 31: Footnotes – Continued
Footnotes – Continued 20. Mid-teens returns refers to an ROE of 14-16% and a ROTE of 15-17%. 21. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management
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