GSMEDIUM SIGNALMANAGEMENT10-K

Goldman Sachs executed a substantial capital return program while continuing its strategic narrowing of consumer-focused Platform Solutions activities.

The firm's meaningfully expanded share buyback program signals strong capital generation and management confidence in the business trajectory. The strategic pivot away from consumer platforms represents a continued focus on core institutional strengths, though the Platform Solutions segment now relies heavily on the Apple Card relationship and businesses marked for exit.

Comparing 2026-02-25 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Goldman Sachs delivered solid financial performance with net income growing over 20% to $17.2B, supported by deposit growth of nearly 16% to $501.4B. The firm substantially increased shareholder returns, with share buybacks reaching $12.4B and dividends growing modestly to $5.3B. The combination of strong earnings growth and aggressive capital return reduced the outstanding share count meaningfully, reflecting robust cash generation and disciplined capital allocation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+54.5%
$8.0B→$12.4B

Share repurchases increased 54.5% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+20.3%
$14.3B→$17.2B

Net income grew 20.3% — bottom-line growth signals improving overall business health.

Dividends Paid
Cash Flow
+17.3%
$4.5B→$5.3B

Dividend payments increased 17.3% — management confidence in sustained cash generation.

Total Deposits
Balance Sheet
+15.8%
$433.0B→$501.4B

Deposits grew 15.8% — expanding customer base or increased trust in the institution.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-27
ADDED
As of February 6, 2026, there were 296,752,922 shares of the registrant s common stock outstanding.
When we use the terms Goldman Sachs, we, us, our and the firm, we mean The Goldman Sachs Group, Inc.
All references to 2025, 2024 and 2023 refer to our years ended, or the dates, as the context requires, December 31, 2025, December 31, 2024 and December 31, 2023, respectively.
Asset Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending and investments.
Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited.
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REMOVED
As of February 7, 2025, there were 312,039,033 shares of the registrant s common stock outstanding.
When we use the terms Goldman Sachs, we, us, our and "the firm," we mean The Goldman Sachs Group, Inc.
All references to 2024, 2023 and 2022 refer to our years ended, or the dates, as the context requires, December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
Asset Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending, equity investments and debt investments.
Platform Solutions generates revenues from consumer platforms and transaction banking and other.
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