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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Common Equity As of both September 2025 and December 2024, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share. The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by the evolution of current and future regulatory capital requirements, general market conditions and the prevailing price and trading volumes of the firm’s common stock. The table below presents information about common stock repurchases.
| Three Months Ended September |  | Nine Months Ended September
in millions, except per share amounts | 2025 | 2024 |  | 2025 | 2024
Common share repurchases | 2.8 | 2.0 |  | 15.2 | 13.9
Average cost per share | $ | 718.60 |  | $ | 489.50 |  |  | $ | 614.26 |  | $ | 430.34 |
Total cost of common share repurchases | $ | 2,000 |  | $ | 1,000 |  |  | $ | 9,360 |  | $ | 6,000 |
Pursuant to the terms of certain share-based awards, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. In connection with these awards, during the nine months ended September 2025, 1,072 shares were remitted with a total value of $0.7 million and the firm cancelled 3.5 million share-based awards with a total value of $2.16 billion. The amount of cash used to settle share-based awards was not material for each of the three and nine months ended September 2025 and September 2024. The table below presents common stock dividends declared.
| Three Months Ended September |  | Nine Months Ended September
| 2025 | 2024 |  | 2025 | 2024
Dividends declared per common share | $ | 4.00 |  | $ | 3.00 |  |  | $ | 10.00 |  | $ | 8.50 |
On October 13, 2025, the Board of Directors of Group Inc. declared a dividend of $4.00 per common share to be paid on December 30, 2025 to common shareholders of record on December 2, 2025. Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of September 2025.
Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share
A | 50,000 | 30,000 | 29,999 | 1,000
C | 25,000 | 8,000 | 8,000 | 1,000
D | 60,000 | 54,000 | 53,999 | 1,000
E | 17,500 | 7,667 | 7,667 | N.A.
F | 5,000 | 1,615 | 1,615 | N.A.
O | 26,000 | 26,000 | 26,000 | 25
Q | 20,000 | 20,000 | 20,000 | 25
R | 24,000 | 24,000 | 24,000 | 25
S | 14,000 | 14,000 | 14,000 | 25
T | 27,000 | 27,000 | 27,000 | 25
U | 30,000 | 30,000 | 30,000 | 25
V | 30,000 | 30,000 | 30,000 | 25
W | 60,000 | 60,000 | 60,000 | 25
X | 90,000 | 90,000 | 90,000 | 25
Y | 80,000 | 80,000 | 80,000 | 25
Z | 76,000 | 76,000 | 76,000 | 25
Total | 634,500 | 578,282 | 578,280 |
Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions)
A | Currently Redeemable | $ | 25,000 |  | $ | 750 |
C | Currently Redeemable | $ | 25,000 |  | 200 |
D | Currently Redeemable | $ | 25,000 |  | 1,350 |
E | Currently Redeemable | $ | 100,000 |  | 767 |
F | Currently Redeemable | $ | 100,000 |  | 161 |
O | November 10, 2026 | $ | 25,000 |  | 650 |
Q | Currently Redeemable | $ | 25,000 |  | 500 |
R | Currently Redeemable | $ | 25,000 |  | 600 |
S | Currently Redeemable | $ | 25,000 |  | 350 |
T | May 10, 2026 | $ | 25,000 |  | 675 |
U | August 10, 2026 | $ | 25,000 |  | 750 |
V | November 10, 2026 | $ | 25,000 |  | 750 |
W | February 10, 2029 | $ | 25,000 |  | 1,500 |
X | May 10, 2029 | $ | 25,000 |  | 2,250 |
Y | November 10, 2034 | $ | 25,000 |  | 2,000 |
Z | February 10, 2030 | $ | 25,000 |  | 1,900 |
Total |  |  | $ | 15,153 |
In the tables above: •All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. •The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option. •Prior to redeeming preferred stock, the firm must receive approval from the Board of Governors of the Federal Reserve System (FRB). •In January 2025, the firm issued 76,000 shares of Series Z 6.85% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Z Preferred Stock). •The redemption price per share for Series A through F and Series Q through Z Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series O Preferred Stock is the liquidation preference plus accrued and unpaid dividends. •All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. •The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. •Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes. In the third quarter of 2024, the firm issued a notice that it will redeem all outstanding shares of its Series P 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series P Preferred Stock) with a redemption value of $1.50 billion ($25,000 per share). Upon the issuance of the notice of redemption, Series P Preferred Stock was reclassified to unsecured short-term borrowings in a non-cash transaction. The difference between its redemption value and net carrying value at the issuance of the notice of redemption was $18 million, which was recorded as an addition to preferred stock dividends in the third quarter of 2024. The shares of Series P Preferred Stock were redeemed in October 2024. In the second quarter of 2024, the firm redeemed all outstanding shares of its Series K 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series K Preferred Stock) with a redemption value of $700 million ($25,000 per share), plus accrued and unpaid dividends. The difference between the redemption value and net carrying value was $16 million, which was recorded as an addition to preferred stock dividends in the second quarter of 2024. The preferred stock issuance costs in the consolidated statements of shareholders’ equity reflects reclassifications of issuance costs to retained earnings on redemptions, net of issuance costs relating to new issuances. The table below presents the dividend rates of perpetual preferred stock as of September 2025.
Series | Per Annum Dividend Rate
A | 3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C | 3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D | 3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E | 3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F | 3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
O | 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
Q | 5 year treasury rate + 3.623%, payable semi-annually
R | 5 year treasury rate + 3.224%, payable semi-annually
S | 5 year treasury rate + 2.85%, payable semi-annually
T | 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U | 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V | 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W | 7.50%, payable semi-annually, from issuance date to, but excluding, February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
X | 7.50%, payable semi-annually, from issuance date to, but excluding, May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter
Y | 6.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2034; 10 year treasury rate +2.40%, payable semi-annually, thereafter
Z | 6.85%, payable semi-annually, from issuance date to, but excluding, February 10, 2030; 5 year treasury rate + 2.461%, payable semi-annually, thereafter
In the table above: •Dividends on each series of preferred stock are payable in arrears for the periods specified. •The treasury rate for Series Q through Z is based on the most recent dividend determination date of the respective series. The table below presents preferred stock dividends declared.
| 2025 |  | 2024 |  |
Series | per share | $ in millions |  | per share | $ in millions |  |  |
Three Months Ended September |  |  |  |  |  |  |
A | $ | 335.68 |  | $ | 9 |  |  | $ | 413.68 |  | $ | 12 |  |  |  |
C | $ | 335.68 |  | 2 |  |  | $ | 413.68 |  | 4 |  |  |  |
D | $ | 330.63 |  | 18 |  |  | $ | 408.45 |  | 22 |  |  |  |
E | $ | 1,369.51 |  | 11 |  |  | $ | 1,629.22 |  | 13 |  |  |  |
F | $ | 1,370.15 |  | 3 |  |  | $ | 1,629.85 |  | 3 |  |  |  |
P | $ | – |  | – |  |  | $ | 552.33 |  | 33 |  |  |  |
Q | $ | 922.38 |  | 19 |  |  | $ | 687.50 |  | 14 |  |  |  |
R | $ | 945.00 |  | 23 |  |  | $ | 618.75 |  | 15 |  |  |  |
S | $ | 898.25 |  | 12 |  |  | $ | 550.00 |  | 7 |  |  |  |
U | $ | 456.25 |  | 13 |  |  | $ | 456.25 |  | 13 |  |  |  |
W | $ | 937.50 |  | 57 |  |  | $ | 937.50 |  | 56 |  |  |  |
Z | $ | 932.36 |  | 71 |  |  | $ | – |  | – |  |  |  |
Total |  | $ | 238 |  |  |  | $ | 192 |  |  |  |
Nine Months Ended September |  |  |
A | $ | 1,016.67 |  | $ | 30 |  |  | $ | 1,215.99 |  | $ | 36 |  |  |  |
C | $ | 1,016.67 |  | 8 |  |  | $ | 1,215.99 |  | 10 |  |  |  |
D | $ | 1,001.56 |  | 54 |  |  | $ | 1,200.65 |  | 65 |  |  |  |
E | $ | 4,118.75 |  | 32 |  |  | $ | 4,911.94 |  | 38 |  |  |  |
F | $ | 4,120.64 |  | 7 |  |  | $ | 4,913.85 |  | 8 |  |  |  |
K | $ | – |  | – |  |  | $ | 796.88 |  | 20 |  |  |  |
O | $ | 662.50 |  | 17 |  |  | $ | 662.50 |  | 17 |  |  |  |
P | $ | – |  | – |  |  | $ | 1,623.09 |  | 97 |  |  |  |
Q | $ | 1,844.75 |  | 37 |  |  | $ | 1,375.00 |  | 28 |  |  |  |
R | $ | 1,563.75 |  | 38 |  |  | $ | 1,237.50 |  | 30 |  |  |  |
S | $ | 1,448.25 |  | 20 |  |  | $ | 1,100.00 |  | 15 |  |  |  |
T | $ | 475.00 |  | 13 |  |  | $ | 475.00 |  | 13 |  |  |  |
U | $ | 912.50 |  | 27 |  |  | $ | 912.50 |  | 27 |  |  |  |
V | $ | 515.63 |  | 15 |  |  | $ | 515.63 |  | 15 |  |  |  |
W | $ | 1,875.00 |  | 113 |  |  | $ | 1,833.33 |  | 110 |  |  |  |
X | $ | 937.50 |  | 84 |  |  | $ | – |  | – |  |  |  |
Y | $ | 952.78 |  | 77 |  |  | $ | – |  | – |  |  |  |
Z | $ | 932.36 |  | 71 |  |  | $ | – |  | – |  |  |  |
Total |  | $ | 643 |  |  |  | $ | 529 |  |  |  |
On October 6, 2025, Group Inc. declared dividends of $330.99 per share of Series A Preferred Stock, $330.99 per share of Series C Preferred Stock, $325.93 per share of Series D Preferred Stock, $662.50 per share of Series O Preferred Stock, $475.00 per share of Series T Preferred Stock, $515.63 per share of Series V Preferred Stock, $937.50 per share of Series X Preferred Stock, and $765.63 per share of Series Y Preferred Stock to be paid on November 10, 2025 to preferred shareholders of record on October 26, 2025 and declared dividends of $1,300.04 per share of Series E Preferred Stock and $1,300.67 per share of Series F Preferred Stock to be paid on December 1, 2025 to preferred shareholders of record on November 16, 2025. The aggregate amount of such preferred dividends was approximately $235 million. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.
$ in millions | Beginning balance | Other comprehensive income/(loss) adjustments, net of tax | Ending balance
Three Months Ended September 2025
Currency translation | $ | (885) |  | $ | 23 |  | $ | (862) |
Debt valuation adjustment | (316) |  | (711) |  | (1,027) |
Pension and postretirement liabilities | (505) |  | 11 |  | (494) |
Available-for-sale securities | (279) |  | 185 |  | (94) |
Cash flow hedges | – |  | 1 |  | 1 |
Total | $ | (1,985) |  | $ | (491) |  | $ | (2,476) |
Three Months Ended September 2024
Currency translation | $ | (825) |  | $ | (25) |  | $ | (850) |
Debt valuation adjustment | (411) |  | (95) |  | (506) |
Pension and postretirement liabilities | (553) |  | 13 |  | (540) |
Available-for-sale securities | (1,111) |  | 504 |  | (607) |
Total | $ | (2,900) |  | $ | 397 |  | $ | (2,503) |
Nine Months Ended September 2025
Currency translation | $ | (815) |  | $ | (47) |  | $ | (862) |
Debt valuation adjustment | (386) |  | (641) |  | (1,027) |
Pension and postretirement liabilities | (528) |  | 34 |  | (494) |
Available-for-sale securities | (972) |  | 878 |  | (94) |
Cash flow hedges | (1) |  | 2 |  | 1 |
Total | $ | (2,702) |  | $ | 226 |  | $ | (2,476) |
Nine Months Ended September 2024
Currency translation | $ | (847) |  | $ | (3) |  | $ | (850) |
Debt valuation adjustment | (123) |  | (383) |  | (506) |
Pension and postretirement liabilities | (575) |  | 35 |  | (540) |
Available-for-sale securities | (1,373) |  | 766 |  | (607) |
Total | $ | (2,918) |  | $ | 415 |  | $ | (2,503) |

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