# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0000886982-26-000004
**Filing Date:** 2026-1
**Character Count:** 21773
**Document Hash:** 91e9a600f6cfd148330b227cd1171cec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000886982-26-000004.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0000886982-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**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:** 26519808

**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'? gs-20260107

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**Form 8-K**

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 7, 2026

**The Goldman Sachs Group, Inc.**

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

---

| | |
|:---|:---|
| Delaware | 13-4019460 |
| (State or other jurisdiction of<br>incorporation)<br>| (IRS Employer<br>Identification No.)<br>|
| 200 West Street, New York, NY | 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:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol<br>| Exchange<br>on which<br>registered<br>|
| 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 |

---

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. ☐

**TABLE OF CONTENTS** 

---

| |
|:---|
| <u>[Item 2.02 Results of Operations and Financial Condition](#i7f5548d880d045a4a123efce06399b31_128)</u> |
| <u>[Item 8.01 Other Events](#i7f5548d880d045a4a123efce06399b31_253)</u> |
| <u>[SIGNATURE](#i7f5548d880d045a4a123efce06399b31_335)</u> |

---

**Item 2.02 Results of Operations and Financial Condition.**

On January 7, 2026, the firm (The Goldman Sachs Group, Inc., together with its consolidated subsidiaries) reported

the following information: The firm has entered into an agreement to transition the Apple Card program and

associated accounts to a new issuer. The transition is expected to take place in approximately 24 months. The

transaction is expected to result in a $0.46 increase to the firm's fourth quarter 2025 diluted earnings per share. This

reflects a release of $2.48 billion of loan loss reserves reflected in provision for credit losses, partially offset by a

reduction in net revenues of $2.26 billion related to markdowns on the outstanding credit card loan portfolio and

contract termination obligations as well as $38 million of operating expenses.

The information in this Item 2.02 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act

of 1934.

**Item 8.01 Other Events.**

The firm has made certain changes to its business segments commencing with the fourth quarter of 2025.

The firm will continue to operate and report its results in the following three business segments: Global Banking &

Markets, Asset & Wealth Management and Platform Solutions. Certain organizational changes have been made

within these segments as the firm continues to narrow its strategic focus regarding consumer-related activities within

Platform Solutions. The business segments are presented below:

![Structure.jpg](gs-20260107_g1.jpg)

Prior results beginning with the firm's 2021 fiscal year are presented on a comparable basis in the tables on pages 4 -

7. The changes to the firm's business segments have no effect on the firm's historical total net revenues, total provision

for credit losses, total operating expenses and total pre-tax earnings in the consolidated statements of earnings. Prior

period segment results have been conformed to reflect this new presentation.

The primary changes made were as follows:

![Changes to Structure.jpg](gs-20260107_g2.jpg)

• Global Banking & Markets additionally includes the results from the firm's transaction banking business, which

are reported in Other (previously reported in Platform Solutions).

• Within Global Banking & Markets, results related to facilitating institutional primary loans for syndication and

providing structured letters of credit to corporate clients are reported in FICC financing (previously reported in

Other).

• Results from the firm's Urban Investment Group, which makes investments in connection with the firm's

activities to satisfy requirements under the Community Reinvestment Act, are allocated across all three

segments to reflect the shared nature of such requirements (previously reported in Asset & Wealth

Management).

• Within Asset & Wealth Management, results from Equity Investments and Debt Investments are reported in

aggregate, as the firm continues its transition from direct investments on the firm's balance sheet to a scaled

third-party funds-driven business.

The firm's three business segments are as follows:

**Global Banking & Markets**, which is comprised of:

• Investment banking fees, which includes:

• Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions,

divestitures, corporate defense activities, restructurings and spin-offs.

• Equity underwriting, which includes offerings of common stock, preferred stock, convertible securities and

exchangeable securities.

• Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans,

emerging- and growth-market debt offerings, and structuring of asset-backed securities.

• Fixed Income, Currency and Commodities (FICC), which includes:

• FICC intermediation, which includes client execution activities related to making markets in interest rate

products, credit products, mortgages, currencies and commodities.

• FICC financing, which includes secured lending to clients through structured mortgage and other asset-

backed lending, financing through securities purchased under agreements to resell and other FICC

financing (primarily including commodity financing to clients through structured transactions, facilitating

institutional primary loans for syndication and providing structured letters of credit to corporate clients).

• Equities, which includes:

• Equities intermediation, which includes client execution activities related to making markets in equity and

equity-related products and commissions and fees from executing and clearing institutional client

transactions.

• Equities financing, which includes prime financing (securities lending, margin lending and swap

transactions), portfolio financing and other equity financing.

• Other, which includes lending to corporate clients through relationship lending and acquisition financing,

(including related hedges), transaction banking and investing activities related to the firm's global banking and

markets activities.

**Asset & Wealth Management**, which is comprised of:

• Activities related to managing client assets across traditional and alternative asset classes, as well as providing

investing and wealth advisory solutions, providing financial planning and counseling services, and executing

brokerage transactions for wealth management clients. These activities generate:

• Management and other fees.

• Incentive fees.

• Private banking and lending, which includes lending and deposit-raising activities for the firm's wealth

management clients.

• Investments, which includes investing activities related to the firm's asset management activities, including

investing in public and private equity in corporate, real estate and infrastructure assets, investing in corporate

debt, lending to middle-market clients and providing financing for real estate and other assets, as well as making

investments through consolidated investment entities, substantially all of which are engaged in real estate

investment activities.

**Platform Solutions**, which is comprised of:

• Activities related to issuing credit cards to and raising deposits from Apple Card customers, as well as results

from activities related to Platform Solutions businesses that have been exited. See Item 2.02 for information on

Apple Card.

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Segment Operating Results (unaudited)**

*$ in millions*

---

| | | | |
|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
| | **SEPTEMBER 30,**<br>**2025** | **JUNE 30,**<br>**2025** | **MARCH 31,**<br>**2025** |
| **GLOBAL BANKING & MARKETS** |  |  |  |
| Advisory | $1404 | $1174 | $792 |
| Equity underwriting | 465 | 428 | 370 |
| Debt underwriting | 788 | 589 | 752 |
| Investment banking fees | 2657 | 2191 | 1914 |
| FICC intermediation | 2437 | 2423 | 3390 |
| FICC financing | 1056 | 1064 | 1045 |
| FICC | 3493 | 3487 | 4435 |
| Equities intermediation | 2020 | 2595 | 2547 |
| Equities financing | 1716 | 1706 | 1645 |
| Equities | 3736 | 4301 | 4192 |
| Other | 282 | 154 | 200 |
| **Net revenues** | 10168 | 10133 | 10741 |
| Provision for credit losses | 82 | 173 | 66 |
| Operating expenses | 5828 | 5885 | 5924 |
| **Pre-tax earnings** | $4258 | $4075 | $4751 |
| **ASSET & WEALTH MANAGEMENT** |  |  |  |
| Management and other fees | $2943 | $2802 | $2701 |
| Incentive fees | 76 | 103 | 129 |
| Private banking and lending | 1057 | 789 | 725 |
| Investments | 342 | 137 | 156 |
| **Net revenues** | 4418 | 3831 | 3711 |
| Provision for credit losses | (29) | (96) | 18 |
| Operating expenses | 3291 | 3015 | 2856 |
| **Pre-tax earnings** | $1156 | $912 | $837 |
| **PLATFORM SOLUTIONS** |  |  |  |
| **Net revenues** | $598 | $619 | $610 |
| Provision for credit losses | 286 | 307 | 203 |
| Operating expenses | 334 | 341 | 348 |
| **Pre-tax earnings/(loss)** | $(22) | $(29) | $59 |
| **TOTAL** |  |  |  |
| **Net revenues** | $15184 | $14583 | $15062 |
| Provision for credit losses | 339 | 384 | 287 |
| Operating expenses | 9453 | 9241 | 9128 |
| **Pre-tax earnings** | $5392 | $4958 | $5647 |

---

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Segment Operating Results (unaudited)**

*$ in millions*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  |  | **DECEMBER 31,** | **SEPTEMBER 30,**  | **JUNE 30,**  | |
| | | **2024** | **2024** | **2024** | **MARCH 31,** <br>**2024** |
| **GLOBAL BANKING & MARKETS** |  |  |  |  |  |
| Advisory |  | $960 | $875 | $688 | $1011 |
| Equity underwriting |  | 499 | 385 | 423 | 370 |
| Debt underwriting |  | 595 | 605 | 622 | 699 |
| Investment banking fees |  | 2054 | 1865 | 1733 | 2080 |
| FICC intermediation |  | 1750 | 2013 | 2330 | 3471 |
| FICC financing |  | 1012 | 986 | 897 | 883 |
| FICC |  | 2762 | 2999 | 3227 | 4354 |
| Equities intermediation |  | 1954 | 2208 | 1786 | 1989 |
| Equities financing |  | 1499 | 1291 | 1383 | 1322 |
| Equities |  | 3453 | 3499 | 3169 | 3311 |
| Other |  | 239 | 202 | 134 | (14) |
| **Net revenues** |  | 8508 | 8565 | 8263 | 9731 |
| Provision for credit losses |  | (43) | 62 | (44) | 109 |
| Operating expenses |  | 4896 | 5072 | 5210 | 5276 |
| **Pre-tax earnings** |  | $3655 | $3431 | $3097 | $4346 |
| **ASSET & WEALTH MANAGEMENT** | **ASSET & WEALTH MANAGEMENT** |  |  |  |  |
| Management and other fees |  | $2815 | $2617 | $2534 | $2449 |
| Incentive fees |  | 174 | 85 | 46 | 88 |
| Private banking and lending |  | 736 | 756 | 707 | 682 |
| Investments |  | 1044 | 358 | 576 | 649 |
| **Net revenues** |  | 4769 | 3816 | 3863 | 3868 |
| Provision for credit losses |  | (56) | (118) | (70) | (36) |
| Operating expenses |  | 2989 | 2835 | 2985 | 2922 |
| **Pre-tax earnings** |  | $1836 | $1099 | $948 | $982 |
| **PLATFORM SOLUTIONS** |  |  |  |  |  |
| **Net revenues** |  | $592 | $318 | $605 | $614 |
| Provision for credit losses |  | 450 | 453 | 396 | 245 |
| Operating expenses |  | 376 | 408 | 338 | 460 |
| **Pre-tax earnings/(loss)** |  | $(234) | $(543) | $(129) | $(91) |
| **TOTAL** |  |  |  |  |  |
| **Net revenues** |  | $13869 | $12699 | $12731 | $14213 |
| Provision for credit losses |  | 351 | 397 | 282 | 318 |
| Operating expenses |  | 8261 | 8315 | 8533 | 8658 |
| **Pre-tax earnings** |  | $5257 | $3987 | $3916 | $5237 |

---

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Segment Operating Results (unaudited)**

*$ in millions*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
|  |  | **DECEMBER 31,** | **SEPTEMBER 30,** | **JUNE 30,** | |
| | | **2023** | **2023** | **2023** | **MARCH 31,**<br>**2023** |
| **GLOBAL BANKING & MARKETS** |  |  |  |  |  |
| Advisory |  | $1005 | $831 | $645 | $818 |
| Equity underwriting |  | 252 | 308 | 338 | 255 |
| Debt underwriting |  | 394 | 415 | 448 | 506 |
| Investment banking fees |  | 1651 | 1554 | 1431 | 1579 |
| FICC intermediation |  | 1295 | 2654 | 2090 | 3279 |
| FICC financing |  | 767 | 761 | 639 | 665 |
| FICC |  | 2062 | 3415 | 2729 | 3944 |
| Equities intermediation |  | 1502 | 1713 | 1533 | 1741 |
| Equities financing |  | 1105 | 1248 | 1433 | 1274 |
| Equities |  | 2607 | 2961 | 2966 | 3015 |
| Other |  | 50 | 50 | 50 | (70) |
| **Net revenues** |  | 6370 | 7980 | 7176 | 8468 |
| Provision for credit losses |  | 191 | 45 | 60 | 134 |
| Operating expenses |  | 4558 | 4897 | 4368 | 4741 |
| **Pre-tax earnings** |  | $1621 | $3038 | $2748 | $3593 |
| **ASSET & WEALTH MANAGEMENT** | **ASSET & WEALTH MANAGEMENT** |  |  |  |  |
| Management and other fees |  | $2443 | $2403 | $2351 | $2280 |
| Incentive fees |  | 59 | 23 | 26 | 53 |
| Private banking and lending |  | 661 | 687 | 874 | 354 |
| Investments |  | 1282 | 229 | (103) | 580 |
| **Net revenues** |  | 4445 | 3342 | 3148 | 3267 |
| Provision for credit losses |  | (13) | 34 | 11 | (571) |
| Operating expenses |  | 3566 | 2992 | 3262 | 3158 |
| **Pre-tax earnings/(loss)** |  | $892 | $316 | $(125) | $680 |
| **PLATFORM SOLUTIONS** |  |  |  |  |  |
| **Net revenues** |  | $503 | $495 | $571 | $489 |
| Provision for credit losses |  | 399 | (72) | 544 | 266 |
| Operating expenses |  | 363 | 1165 | 914 | 503 |
| **Pre-tax earnings/(loss)** |  | $(259) | $(598) | $(887) | $(280) |
| **TOTAL** |  |  |  |  |  |
| **Net revenues** |  | $11318 | $11817 | $10895 | $12224 |
| Provision for credit losses |  | 577 | 7 | 615 | (171) |
| Operating expenses |  | 8487 | 9054 | 8544 | 8402 |
| **Pre-tax earnings** |  | $2254 | $2756 | $1736 | $3993 |

---

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Segment Operating Results (unaudited)**

*$ in millions*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NINE MONTHS** | **NINE MONTHS** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | | **SEPTEMBER 30,**<br>**2025** | **DECEMBER 31,**<br>**2024** | **DECEMBER 31,**<br>**2023** | **DECEMBER 31,**<br>**2022** | **DECEMBER 31,**<br>**2021** |
| **GLOBAL BANKING & MARKETS** |  |  |  |  |  |  |
| Advisory |  | $3370 | $3534 | $3299 | $4704 | $5653 |
| Equity underwriting |  | 1263 | 1677 | 1153 | 848 | 4985 |
| Debt underwriting |  | 2129 | 2521 | 1763 | 1808 | 3497 |
| Investment banking fees |  | 6762 | 7732 | 6215 | 7360 | 14135 |
| FICC intermediation |  | 8250 | 9564 | 9318 | 11890 | 8714 |
| FICC financing |  | 3165 | 3778 | 2832 | 2873 | 2006 |
| FICC |  | 11415 | 13342 | 12150 | 14763 | 10720 |
| Equities intermediation |  | 7162 | 7937 | 6489 | 6662 | 7707 |
| Equities financing |  | 5067 | 5495 | 5060 | 4326 | 4015 |
| Equities |  | 12229 | 13432 | 11549 | 10988 | 11722 |
| Other |  | 636 | 561 | 80 | (316) | 386 |
| **Net revenues** |  | 31042 | 35067 | 29994 | 32795 | 36963 |
| Provision for credit losses |  | 321 | 84 | 430 | 493 | (151) |
| Operating expenses |  | 17637 | 20454 | 18564 | 18150 | 19770 |
| **Pre-tax earnings** |  | $13084 | $14529 | $11000 | $14152 | $17344 |
| **ASSET & WEALTH MANAGEMENT** | **ASSET & WEALTH MANAGEMENT** |  |  |  |  |  |
| Management and other fees |  | $8446 | $10415 | $9477 | $8771 | $7743 |
| Incentive fees |  | 308 | 393 | 161 | 359 | 616 |
| Private banking and lending |  | 2571 | 2881 | 2576 | 2458 | 1661 |
| Investments |  | 635 | 2627 | 1988 | 1801 | 11928 |
| **Net revenues** |  | 11960 | 16316 | 14202 | 13389 | 21948 |
| Provision for credit losses |  | (107) | (280) | (539) | 494 | (189) |
| Operating expenses |  | 9162 | 11731 | 12978 | 11505 | 11364 |
| **Pre-tax earnings** |  | $2905 | $4865 | $1763 | $1390 | $10773 |
| **PLATFORM SOLUTIONS** |  |  |  |  |  |  |
| **Net revenues** |  | $1827 | $2129 | $2058 | $1181 | $428 |
| Provision for credit losses |  | 796 | 1544 | 1137 | 1728 | 697 |
| Operating expenses |  | 1023 | 1582 | 2945 | 1509 | 804 |
| **Pre-tax earnings/(loss)** |  | $8 | $(997) | $(2024) | $(2056) | $(1073) |
| **TOTAL** |  |  |  |  |  |  |
| **Net revenues** |  | $44829 | $53512 | $46254 | $47365 | $59339 |
| Provision for credit losses |  | 1010 | 1348 | 1028 | 2715 | 357 |
| Operating expenses |  | 27822 | 33767 | 34487 | 31164 | 31938 |
| **Pre-tax earnings** |  | $15997 | $18397 | $10739 | $13486 | $27044 |

---

<u>Cautionary Note Regarding Forward-Looking Statements</u>

This Current Report on Form 8-K 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 or statements of current conditions, 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 actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking

statements. For a discussion of some of the risks and important factors that could affect the firm's future results, 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.

Forward-looking statements include the timing of the transition of the Apple Card program to a new issuer, which is

subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to

satisfy applicable closing conditions. The expected impact of the transaction on the firm's fourth quarter 2025

results is also a forward-looking statement and subject to change as the firm completes its financial statements.

**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.

---

| | | |
|:---|:---|:---|
|  | THE GOLDMAN SACHS GROUP, INC.<br>(Registrant) | THE GOLDMAN SACHS GROUP, INC.<br>(Registrant) |
| Date: January 8, 2026 | By:  | /s/ Denis P. Coleman III |
|  |  | Name: Denis P. Coleman III<br> Title:Chief Financial Officer<br>|

---