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.
Beginning with the fourth quarter of 2025, we made certain changes to our segments as we continued to narrow our strategic focus with respect to consumer-related activities within Platform Solutions.
The primary changes within our segments are as follows: Global Banking Markets additionally includes the results from our 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 our Urban Investment Group, which makes investments in connection with our activities to satisfy requirements under the Community Reinvestment Act (CRA), 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 we continue our transition from direct investments on our balance sheet to a scaled third-party funds-driven business.
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.
The chart below presents our three business segments and their revenue sources.
Global Banking Markets generates revenues from the following: Investment banking fees.
Includes (i) secured lending to our clients through structured credit and asset-backed lending, including warehouse loans backed by mortgages (including residential and commercial mortgage loans), corporate loans and consumer loans (including auto loans and private student loans), (ii) financing through securities purchased under agreements to resell (resale agreements) and (iii) commodity financing to clients through structured transactions.
Other also includes equity and debt investing activities related to our Global Banking Markets activities.
See Management s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Asset Wealth Management in Part II, Item 7 of this Form 10-K for information about our targets to reduce our historical principal investments.