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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Summary of Amount of Common Stock Repurchased by the Firm | 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 |
Summary of Dividends Declared on Common Stock | 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 |
Summary of Perpetual Preferred Stock Issued and Outstanding | 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.
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding | 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.
Summary of Preferred Dividends Declared on Preferred Stock Issued | 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 |  |  |  |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | 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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