Short answer
Goldman Sachs Group (GS) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $58.3B (+8.9% year over year) and net income of $17.2B.
- Top risk flagged: One-notch credit rating downgrade triggers $224M in additional collateral calls; two-notch downgrade triggers $1.80B
FY2025 key financial metrics · XBRL
- Revenue
- $58.3B
- +8.9% YoY
- Net income
- $17.2B
- +20.3% YoY
- EPS (diluted)
- $51.32
- +26.6% YoY
- ROE
- 13.7%
- +2.0 pp YoY
- Operating cash flow
- −$45.2B
- −241.8% YoY
Source: XBRL data from the Goldman Sachs Group (GS) FY2025 10-K on SEC EDGAR. USD.
Goldman Sachs Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Segment restructuring Q4 2025: transaction banking moved from Platform Solutions to Global Banking & Markets; equity/debt investments consolidated within Asset & Wealth Management reflecting shift toward third-party fund-driven model
- Headcount 47,400 as of December 2025, with 45% in strategic locations (Bengaluru, Dallas, Warsaw, etc.) and 45% of partners being campus hires; Management Committee average tenure ~23 years
- GENIUS Act stablecoin framework enacted July 2025 and EU Basel III Revisions (CRR III) effective January 2025 represent new regulatory frontiers explicitly flagged as competitive and compliance variables
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
- Best segment: Global Banking & Markets revenue $41.45B (+18%), ROE 16.4% vs 13.8%; worst: Platform Solutions revenue $151M vs $2.13B, hit by $2.26B Apple Card markdown
- Capital returned $16.78B total: $12.36B buybacks + $4.42B dividends; CET1 ratio 14.3% (Standardized); Board approved $40B repurchase program; quarterly dividend raised to $4.50/share in Q1 2026
- Management targets AWM ROE high-teens (~17-19%) and ~30% pre-tax margin medium-term; 2026 effective tax rate guided ~20%; key risks: tariff uncertainty, geopolitical tensions, potential G-SIB surcharge rising to 4.0% by 2028
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
- Cloud provider outage in October 2025 affected GS and many businesses worldwide, exposing third-party infrastructure dependency
- AI and distributed ledger technologies enabling competitors to reduce costs and improve execution, risking GS market share loss
- G-SIB surcharge increases as balance sheet grows; FRB July 2023 proposal to broaden surcharge calculation could further raise capital requirements
Generated from the filing text; verify against the original. How to read a 10-K
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