Goldman Sachs Group (GS) FY2025 10-K Annual Report
Goldman Sachs Group (GS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Goldman Sachs Group FY2025 10-K Analysis
Business Overview
- • Global investment bank and BHC operating three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions
- • Decisive consumer exit: sold GM credit card program in 2025; signed agreement in December 2025 to transition Apple Card to another issuer, completing ~2-year wind-down of consumer-lending strategy
Management Discussion & Analysis
- • Revenue $58.28B, up 9% YoY ($4.77B increase); driven by Global Banking & Markets, net interest income +68% to $13.56B, investment banking fees +21% to $9.35B
- • Efficiency ratio 64.4% vs 63.1% prior year; ROE 15.0% vs 12.7%; ROTE 16.0% vs 13.5%; net earnings $17.18B vs $14.28B
Risk Factors
- • One-notch credit rating downgrade triggers $224M in additional collateral calls; two-notch downgrade triggers $1.80B
- • April 2025 U.S. broad tariffs on China imports, China retaliating with rare earth export restrictions — directly threatening GS client activity and revenues
Goldman Sachs Group FY2025 Key Financial MetricsXBRL
Revenue
$58.3B
▲ +8.9% YoY
Net Income
$17.2B
▲ +20.3% YoY
Net Margin
29.5%
▲ +279bp YoY
ROE
13.7%
▲ +204bp YoY
Total Assets
$1.81T
▲ +8.0% YoY
EPS (Diluted)
$51.32
▲ +26.6% YoY
Operating Cash Flow
-$45.2B
▼ -241.8% YoY
Source: XBRL data from Goldman Sachs Group FY2025 10-K filing on SEC EDGAR. All figures in USD.
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