GS-PDNYSESecurity Brokers, Dealers & Flotation CompaniesUS GAAP · USD

The Goldman Sachs Group, Inc

Goldman Sachs Group Inc. is a U.S.-based financial holding company that provides investment banking, trading, asset management, wealth advisory and lending services to institutional and private clients worldwide. Its business is built around advising on capital raising and M&A, making markets across major asset classes, and managing client assets through its Asset & Wealth Management franchise.

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Net income17.2bn USD
+20.3 %y/y
Free cash flow-47.2bn USD
−208.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01m USD202020212022202320242025
RevenueOperating profit (EBIT)
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Business

Share of revenue
Global Banking & Markets62 %

Advisory, underwriting, market making, financing, transaction banking and client execution across asset classes.

Asset & Wealth Management28 %

Asset management, wealth advisory, private banking, lending and investment-related fees.

Platform Solutions10 %

Credit card issuing, deposits and other consumer-related activities that are being narrowed.

Customers

Goldman Sachs serves a diversified client base that includes corporations, governments, financial institutions and individuals. Its core clients are institutional and high-net-worth customers that need capital markets access, risk management, financing, asset management or wealth advice, while Platform Solutions historically served consumer cardholders and deposit customers. The firm’s business model depends on deep relationships with clients that trade frequently, raise capital, or outsource investment and financing decisions.

Corporate clients

Buy advisory, underwriting, financing and risk-management services for capital raising, M&A and balance-sheet needs.

Financial institutions and professional market participants

Buy trading, market-making, clearing and financing services to execute and hedge large portfolios.

Governments, states and municipalities

Use underwriting, advisory and transaction banking services for funding and public-sector capital needs.

Wealth management clients

Buy private banking, lending, investment management and wealth advisory for long-term asset growth and preservation.

Consumer card and deposit customers

Use credit cards and deposits in the Platform Solutions business, though this exposure is being reduced.

Strategy

Goldman Sachs is narrowing its strategic focus toward institutional and wealth-management businesses while reducing consumer-related exposure in Platform Solutions. The firm is also emphasizing One Goldman Sachs, which aims to cross-sell advisory, trading, lending and asset management capabilities more seamlessly to clients. Capital management, stress testing and attributed equity discipline are central to how it allocates resources and protects resilience in volatile markets.

Refocus the portfolio toward core institutional and wealth businessesMedium term

These businesses better fit Goldman Sachs' franchise strengths and capital deployment model.

Deepen client relationships through One Goldman SachsShort term

Integrated coverage improves cross-sell, retention and wallet share across products.

Preserve capital and liquidity resilienceShort term

Trading, lending and market-making require strong balance-sheet flexibility in stress periods.

Geography

Goldman Sachs operates globally, with client activity spanning the Americas, Europe, Asia and other major financial centers. The reports emphasize worldwide market-making, underwriting and asset management, and the firm’s regulatory footprint is broad because it conducts business across many jurisdictions. Geography matters because trading, client demand, funding conditions and regulation differ by region, and the firm’s capital and liquidity are managed on a global basis.

Risks

Goldman Sachs faces market, credit, liquidity, operational and regulatory risks that are inherent in a balance-sheet-intensive financial institution. Its trading, underwriting, lending and transaction banking activities expose it to volatility in asset prices, client defaults, funding spreads, cyber threats and extensive global supervision, while the Platform Solutions and consumer-related businesses add execution and portfolio-transition risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market risk and low-volatility environments1Regulatory, legal and sanctions risk2Credit and counterparty risk3Liquidity and funding risk4Operational and cyber risk5Geopolitical exposure6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market risk and low-volatility environmentsImpact: HighLikelihood: High

    Market-making and client execution revenues depend on trading activity, spreads and volatility.

    ExposureFICCEquitiesPrincipal transactions
  2. Regulatory, legal and sanctions riskImpact: HighLikelihood: High

    Global banking, transaction banking and commodities activities are heavily regulated and cross-border.

    ExposureKYCAMLSanctionsCapitalResolution rules
  3. Credit and counterparty riskImpact: HighLikelihood: Medium

    Lending, derivatives, underwriting commitments and financing can produce losses if clients default.

    ExposureRelationship lendingAcquisition financingDerivativesInventory positions
  4. Liquidity and funding riskImpact: HighLikelihood: Medium

    The firm relies on market confidence and subsidiary funding flows; higher spreads raise costs.

    Exposure: Holding company liquidity and wholesale funding

  5. Operational and cyber riskImpact: HighLikelihood: Medium

    Technology failures, human error or cyberattacks can interrupt trading and expose confidential data.

    ExposureClient executionClearingInternal infrastructure
  6. Geopolitical exposureImpact: MediumLikelihood: High

    Multi-jurisdiction operations are sensitive to tariffs, sanctions, trade policy and regional instability.

    ExposureGlobal tradingFinancingTransaction banking
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Accounting

Judgemental items
Fair value measurement

Trading assets, liabilities and certain loans/investments are marked to market, so market moves flow directly into earnings.

Impact: Major driver of quarterly volatility in market-making and principal transactions

Goodwill impairment

Reporting unit valuations depend on projected earnings, multiples and capital allocation assumptions.

Impact: Could create non-cash charges if business conditions weaken

Derivative and hedge accounting

Client hedging, market-making and financing use derivatives extensively, creating timing and valuation effects.

Impact: Can affect revenue recognition and volatility

Credit loss estimates

Lending and financing activities require judgment about counterparty defaults and expected losses.

Impact: Affects provisions and net interest-related results

Segment attribution and capital allocation

Attributed equity is used to assess business capital usage and segment performance.

Impact: Influences segment returns and strategic resource allocation

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Last updated: 24/09/2026

The Goldman Sachs Group, Inc (NYSE) – Security Brokers, Dealers & Flotation Co | Financial Analysis – Clarifo