Goldman Sachs Group (GS) FY2025 results: revenue $58.3 billion, up 8.9% on the year

Goldman Sachs is a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System, and it sells financial services to corporations, financial institutions, governments and individuals. Its U.S. depository institution subsidiary, Goldman Sachs Bank USA, is a New York State-chartered bank. The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions.

Global Banking & Markets

This segment serves public and private sector clients, including corporations, governments, states and municipalities, with advisory and underwriting work serving as the main initial point of contact. It makes markets and facilitates client transactions in fixed income, currency, commodity and equity products, and it makes markets in and clears client transactions on major stock, options and futures exchanges worldwide. As a market maker it provides prices to clients across thousands of products in all major asset classes and markets, taking the other side of a transaction itself when a buyer or seller is not readily available, and at other times connecting clients to other parties who want to transact.

Market-making positions are held typically for a short period in response to or in anticipation of client demand, alongside positions taken to manage the risk exposures that arise from that activity, and the filing calls the two together inventory. The firm executes a high volume of transactions in large, highly liquid markets such as those for U.S. Treasury securities, stocks and certain agency mortgage pass-through securities, and also in less liquid markets such as mid-cap corporate bonds, emerging market currencies and certain non-agency mortgage-backed securities, where spreads and fees are generally somewhat larger. Much of the connectivity with clients is maintained on technology platforms including Marquee.

The segment earns investment banking fees from advisory and from equity and debt underwriting, along with FICC intermediation and financing, Equities intermediation and financing, relationship lending and acquisition financing, investing activities and transaction banking. Beginning with the fourth quarter of 2025 transaction banking is reported here, having previously sat in Platform Solutions.

Asset & Wealth Management

This segment manages client assets across equity, fixed income and alternative investments, where alternatives mainly means hedge funds, credit funds, private equity, real estate, currencies, commodities and asset allocation strategies. Offerings include those managed on a fiduciary basis by its own portfolio managers and those managed by third-party managers, in separately managed accounts, mutual funds, ETFs, private partnerships and other commingled vehicles. Institutional and individual clients reach the products directly and through a network of third-party distributors around the world.

The wealth side provides tailored wealth advisory services primarily to ultra-high-net worth clients, serving individuals, families, family offices, foundations and endowments. It offers private banking services including deposit alternatives and loans generally secured by commercial and residential real estate, securities or other assets, and it raises deposits from consumers through Marcus by Goldman Sachs. The segment is paid through management and other fees, incentive fees including overrides on private equity and credit funds, private banking and lending, and its own investments in corporate equity, credit, real estate and infrastructure assets.

Platform Solutions

Substantially all of this segment comes from issuing credit cards to and raising deposits from Apple Card customers, and from businesses that have been exited. In December 2025 the firm entered into an agreement to transition the Apple Card program to another issuer, and it states that the transition is expected to be completed in approximately 24 months. During 2025 it sold the General Motors credit card program to another issuer. The company describes the Apple Card transition as substantially completing a narrowing of its focus on consumer-related activities that it began in 2023.

Where the people are

Headcount was 47,400 as of December 2025, with offices in over 35 countries. 50 percent of headcount was based in the Americas, 20 percent in Europe, Middle East and Africa and 30 percent in Asia. Alongside offices in major financial centres the firm has established strategic locations including Bengaluru, Salt Lake City, Dallas, Singapore, Warsaw, Birmingham and Hyderabad, and 45 percent of employees were working in those locations as of December 2025.

From Goldman Sachs's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.