# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-25-154097
**Filing Date:** 2025-7
**Character Count:** 8654
**Document Hash:** 1e0d3b22486a48a0dc865cde3061b65e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154097.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-154097

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250701

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14965
- **FILM NUMBER:** 251097203

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104

?xml version='1.0' encoding='ASCII'? 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### Form 8-K

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| |
|:---|
| CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Date of Report (Date of earliest event reported): July 1, 2025 |

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### The Goldman Sachs Group, Inc.
(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

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| | |
|:---|:---|
| Delaware | 13-4019460 |
| (State or other jurisdiction of<br> incorporation) | (IRS Employer<br> Identification No.) |
| 200 West Street, New York, N.Y. | 10282 |
| (Address of principal executive offices) | (Zip Code) |

---

(212) 902-1000

(Registrant's telephone number, including area code)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol | Exchange <br> on which<br> registered |
| Common stock, par value $.01 per share | GS | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A | GS PrA | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C | GS PrC | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D | GS PrD | NYSE |
| 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | GS/43PE | NYSE |
| Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | GS/43PF | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. | GS/31B | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. | GS/31X | NYSE |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 8.01 Other Events.
On July 1, 2025, The Goldman Sachs Group, Inc. (the Registrant) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated into this Item 8.01 by reference.

#### Item 9.01 Financial Statements and Exhibits.
&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

The following exhibit is filed as part of this Current Report on Form 8-K:

99.1 [Press release of the Registrant, dated July 1, 2025](d86055dex991.htm)

101 Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language)

104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101)

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#### 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.

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| | | |
|:---|:---|:---|
|  | THE GOLDMAN SACHS GROUP, INC. | THE GOLDMAN SACHS GROUP, INC. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: July 1, 2025 | By: | /s/ Denis P. Coleman III |
|  |  | Name: Denis P. Coleman III |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**GOLDMAN SACHS STATEMENT ON STRESS CAPITAL BUFFER** 

**Firm announces 33% increase in common stock dividend** 

NEW YORK, NY, July 1, 2025 — On Friday, June 27, the Federal Reserve released the results of its 2025 Comprehensive Capital Analysis and Review ("CCAR") stress test process. Goldman Sachs expects the firm's Stress Capital Buffer ("SCB") requirement will be 3.4%, resulting in a Standardized Common Equity Tier 1 ("CET1") ratio requirement of 10.9%, effective October 1.

The Federal Reserve will provide the firm's final SCB requirement by August 31. These results and effective date may be subject to further changes pending the finalization of the Federal Reserve's outstanding proposal on SCB averaging.

In addition, the Federal Reserve disclosed that the firm's current SCB, from the CCAR 2024 test, has been reduced by 10 basis points to 6.1%. This results in a current CET1 ratio requirement of 13.6%, effective immediately.

The firm's capital plan includes a 33% increase in the common stock dividend from $3.00 to $4.00 per share beginning July 1, 2025, subject to approval by the firm's Board of Directors at the customary third quarter meeting. This increase is a continuation of the firm's plan to pay shareholders a sustainable and growing dividend.

"Today's announcement is a reflection of the work we have done over the years to reduce our capital intensity," said Chairman and CEO David Solomon. "The Federal Reserve has expressed its intention to institute a more transparent and fair approach to these tests, as it looks to uphold the safety and soundness of our financial system. A more balanced approach to the tests would allow Goldman Sachs to continue to serve our clients' needs, invest in our world-class businesses, and support economic growth. We look forward to continued progress."

###

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note on Forward-Looking Statements

This press release 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, 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 final Stress Capital Buffer and capital actions (including dividends) may differ, possibly materially, from those described in this press release. For a discussion of some of the risks and important factors that could affect the firm's future results and financial condition, as well as its actual Stress Capital Buffer and capital actions, 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.

Media Contact:

Tony Fratto

Tel: +1 212 902 5400

Investor Contact:

Jehan Ilahi

Tel: +1 212 902 0300