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Shareholders' Equity (Tables)

9 Months Ended

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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