{"schemaVersion":1,"research":true,"symbol":"gs","name":"Goldman Sachs Group","topic":"moat","path":"/stock/gs/moat","status":"stale","version":7,"updatedAt":"2026-10-19T10:39:32.113Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Goldman Sachs has a narrow moat from its advisory and underwriting reputation, execution expertise and established client relationships. Repeated complex mandates, disclosed leading transaction rankings and 35 consecutive quarters of long-term fee-based net inflows substantiate an advantage beyond scale or margins alone. Pricing power remains limited: electronic trading has compressed spreads, selected fund fees have been waived or deferred, and Marcus deposit margins have weakened. The evidence does not establish strong switching costs, a network effect or exceptional durability.","advantages":[{"mechanism":"intangible_assets","claim":"Reputation, specialized execution capabilities and established relationships support repeat selection for complex transactions and sustained demand for investment management. Disclosed transaction leadership and persistent fee-based inflows support a current franchise advantage, although they do not demonstrate a firm-specific price premium.","durability":"Historical complex mandates and 35 consecutive quarters of long-term fee-based net inflows support persistence. Durability is conditional on retaining talent, client trust and competitive execution; the evidence supports a narrow rather than wide moat.","risks":"Talent competition and compensation restrictions can weaken expertise. Electronic execution has already reduced commissions and spreads. Fee concessions, deposit margin pressure and cyclical transaction activity limit monetization. Acquisitions contribute to some reported inflows.","invalidation":"The thesis would weaken materially if comparable transaction rankings deteriorated persistently across several reporting periods, long-term fee-based flows turned persistently negative after excluding acquisitions and dispositions, or client demand could be maintained only through escalating fee concessions. Sustained loss of complex mandates despite healthy industry activity would directly challenge the claimed franchise advantage.","competitors":["Morgan Stanley","JPMorgan Chase & Co.","Bank of America Corporation","Citigroup Inc.","Barclays PLC","Deutsche Bank AG","UBS Group AG"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business — Equity underwriting; historical complex mandates and leading position","excerpt":"We regularly receive mandates for large, complex transactions and have held a leading position in worldwide public common stock offerings and worldwide initial public offerings for many years."},{"id":"e2","sourceId":"filing-1","location":"Business — Advisory; complex transactions and cross-border expertise","excerpt":"In particular, we help clients execute large, complex transactions for which we provide multiple services, including cross-border structuring expertise."},{"id":"e3","sourceId":"filing-10","location":"Second-quarter 2026 presentation — rankings, fee-based inflow history and management commentary","excerpt":"13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade ■ Record net revenues and diluted EPS1; 2nd highest net earnings ■ Record net revenues in GBM, including record Equities (record intermediation and financing), record Debt underwriting and record FICC financing ■ #1 in announced and completed M&A, equity & equity-related offerings and leveraged lending; #2 in high- yield debt3 ■ Record Management and other fees ■ Record AUS4 of $4.04 trillion; 34th consecutive quarter of long-term fee-based net inflows; record third-party alternatives fundraising ■ Increased quarterly dividend by 11% to $5.00 per common share in 3Q26 Results Snapshot Quarterly Highlights Net Revenues $ in millions 2Q26 $20,338 2Q26 YTD $37,565 Net Earnings $ in millions 2Q26 $6,628 2Q26 YTD $12,258 Annualized ROE2 2Q26 23.5% 2Q26 YTD 21.7% Annualized ROTE2 2Q26 25.5% 2Q26 YTD 23.4% Book Value Per Share 2Q26 $367.67 YTD Growth 2.8% EPS1 2Q26 $20.98 2Q26 YTD $38.51 “Our record performance this quarter reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs."},{"id":"e4","sourceId":"filing-8","location":"Third-quarter 2026 presentation — rankings, 35-quarter inflow history and management commentary","excerpt":"Theme Colors Primary Sequence Secondary Shade ■ Charitable contributions reduced diluted EPS by approximately $1.00, annualized ROE by approximately 1.1 percentage points and annualized ROTE by approximately 1.1 percentage points2 ■ 2nd highest net revenues ■ 2nd highest net revenues in GBM, including record net revenues in Advisory and 2nd highest net revenues in both FICC financing and Equities (record financing and 2nd highest intermediation) ■ #1 in announced and completed M&A and equity & equity-related offerings; #2 in leveraged lending; #3 in HY debt4 ■ Record Management and other fees ■ Record AUS5 of $4.10 trillion; 35th consecutive quarter of long-term fee-based net inflows ■ During 3Q26, the firm announced agreements to acquire NEOS Investments and LCN Capital Partners Results Snapshot Quarterly Highlights Net Revenues $ in millions 3Q26 $18,679 3Q26 YTD $56,244 Net Earnings $ in millions 3Q26 $5,294 3Q26 YTD $17,552 Annualized ROE2,3 3Q26 18.7% 3Q26 YTD 20.7% Annualized ROTE2,3 3Q26 20.5% 3Q26 YTD 22.4% Book Value Per Share 3Q26 $372.64 YTD Growth 4.2% EPS1,2 3Q26 $17.01 3Q26 YTD $55.56 \"Against the backdrop of a complicated operating environment, our clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities, resulting in our second highest quarterly net revenues and record year-to-date net revenues."},{"id":"e5","sourceId":"filing-7","location":"Third-quarter 2026 results — assets under supervision rollforward","excerpt":"Assets Under Supervision (unaudited)3,5\nSEPTEMBER 30,\nJUNE 30,\nSEPTEMBER 30,\n$ in billions\n2026\n2026\n2025\nASSET CLASS (as of period-end)\nAlternative investments\n$\n491\n$\n459\n$\n390\nEquity\n1,150\n1,123\n914\nFixed income\n1,405\n1,394\n1,297\nTotal long-term AUS\n3,046\n2,976\n2,601\nLiquidity products\n1,051\n1,065\n851\nTotal AUS\n$\n4,097\n$\n4,041\n$\n3,452\nROLLFORWARD (for the three months ended)\nBeginning balance\n$\n4,041\n$\n3,650\n$\n3,293\nNet inflows / (outflows):\nAlternative investments\n34\n21\n12\nEquity\n13\n46\n5\nFixed income\n50\n24\n39\nTotal long-term AUS net inflows / (outflows)6\n97\n91\n56\nLiquidity products\n(14)\n139\n23\nTotal AUS net inflows / (outflows)\n83\n230\n79\nNet market appreciation / (depreciation)\n(27)\n161\n80\nEnding balance\n$\n4,097\n$\n4,041\n$\n3,452\nFootnotes\n1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements."},{"id":"e6","sourceId":"filing-3","location":"Proxy glossary — named U.S. peers","excerpt":"Peers (Bank of America Corporation (BAC), Citigroup Inc."},{"id":"e7","sourceId":"filing-3","location":"Proxy glossary — named U.S. and European peers","excerpt":"(C), JPMorgan Chase & Co. (JPM), Morgan Stanley (MS), The Bank of New York Mellon Corporation (BK) and Wells Fargo & Company (WFC)) and our European Peers (Barclays PLC (BARC), Deutsche Bank AG (DB) and UBS Group AG (UBS))."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors — realized electronic-trading commission and spread compression","excerpt":"In addition, the increased use by our clients of low-cost electronic trading systems and direct electronic access to trading markets has caused and could continue to cause a reduction in commissions and spreads."},{"id":"e9","sourceId":"filing-1","location":"Transactions with Affiliated Funds — management fee waivers and deferrals","excerpt":"The firm has waived or deferred collection of management fees and has deferred reimbursement of expenses, and in the future may waive or defer collection of management fees, from select funds."},{"id":"e10","sourceId":"filing-1","location":"Transactions with Affiliated Funds — quantified 2025 waiver and deferral impact","excerpt":"The impact of these voluntary waivers and deferrals to the firm’s results of operations was $188 million for 2025 and was not material for both 2024 and 2023."},{"id":"e11","sourceId":"filing-10","location":"Second-quarter 2026 Asset & Wealth Management — fee growth drivers and Marcus margin pressure","excerpt":"13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Asset & Wealth Management Financial Results Asset & Wealth Management Highlights ■ 2Q26 net revenues were significantly higher YoY ‐ Record Management and other fees primarily reflected the impact of higher average AUS ‐ Investments primarily reflected significantly higher net gains from investments in private equities ‐ Private banking and lending net revenues were lower, reflecting the impact of lower net interest margin related to Marcus deposits, partially offset by higher average Marcus and private bank deposit balances ■ 2Q26 YTD pre-tax margin of 24% ■ 2Q26 select data4: ‐ Management and other fees: Asset management $1.43 billion; Wealth management $1.92 billion ‐ Total Wealth management client assets of ~$2.0 trillion ‐ Total assets of $216 billion ‐ Loan balance of $53 billion, of which $48 billion related to Private banking and lending ‐ Net interest income of $662 million ‐ $ in millions 2Q26 vs."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors — realized compensation-related talent recruitment and retention disadvantages","excerpt":"These limitations have shaped our compensation practices, which has, in some cases, adversely affected our ability to attract and retain talented employees, in particular in relation to companies not subject to these limitations, and future legislation or regulation may have similar adverse effects."},{"id":"e13","sourceId":"filing-8","location":"Third-quarter presentation footnotes — acquisition and disposition effects on second-quarter inflows","excerpt":"6. Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the disposition of Goldman Sachs TFI, for the three months ended June 30, 2026."},{"id":"e14","sourceId":"filing-8","location":"Third-quarter 2026 financial overview — revenue, expenses, earnings and efficiency comparisons","excerpt":"2Q26 vs. 3Q25 3Q26 YTD vs. 3Q25 YTD Global Banking & Markets $ 13,458 (13)% 32% $ 41,716 34% Asset & Wealth Management 5,051 10% 14% 13,726 15% Platform Solutions 170 (23)% (72)% 802 (56)% Net revenues 18,679 (8)% 23% 56,244 25% Provision for credit losses 368 261% 9% 785 (22)% Operating expenses 11,308 (3)% 20% 33,407 20% Pre-tax earnings $ 7,003 (18)% 30% $ 22,052 38% Net earnings $ 5,294 (20)% 29% $ 17,552 40% Net earnings to common $ 5,122 (20)% 33% $ 16,924 42% Diluted EPS1,2 $ 17.01 (19)% 39% $ 55.56 49% ROE2,3 18.7% (4.8)pp 4.5pp 20.7% 6.1pp ROTE2,3 20.5% (5.0)pp 5.3pp 22.4% 6.8pp Efficiency Ratio5 60.5% 3.1pp (1.8)pp 59.4% (2.7)pp Net Revenues by Segment ($ in millions) $170 $221 $598"},{"id":"e15","sourceId":"filing-5","location":"2023 financial statements — Global Banking & Markets results for 2021–2023","excerpt":"Year Ended December\n$ in millions\n2023\n2022\n2021\nGlobal Banking & Markets\n \n \nNon-interest revenues\n$\n29,254 \n$\n30,042 \n$\n34,079 \nNet interest income\n742 \n2,445 \n2,655 \nTotal net revenues\n29,996 \n32,487 \n36,734 \nProvision for credit losses\n401 \n468 \n(171)\nOperating expenses\n18,040 \n17,851 \n19,542 \nPre-tax earnings\n$\n11,555 \n$\n14,168 \n$\n17,363 \nNet earnings\n$\n9,163 \n$\n11,830 \n$\n13,890 \nNet earnings to common\n$\n8,703 \n$\n11,458 \n$\n13,535 \nAverage common equity\n$\n71,863 \n$\n69,951 \n$\n60,064 \nReturn on average common equity\n12.1 \n%\n16.4 \n%\n22.5 \n%\nAsset & Wealth Management\n \n \nNon-interest revenues\n$\n10,790 \n$\n9,843 \n$\n18,922 \nNet interest income\n3,090 \n3,533 \n3,043 \nTotal net revenues\n307,686 \n302,678 \nNon-U.S."},{"id":"e16","sourceId":"filing-2","location":"Revenue recognition — non-refundable advisory deposits and milestone payments","excerpt":"Non-refundable deposits and milestone payments in connection with financial advisory assignments are recognized in revenues upon completion of the underlying transaction or when the assignment is otherwise concluded."},{"id":"e17","sourceId":"filing-2","location":"Revenue recognition — private equity management fee bases","excerpt":"Management fees for private equity funds are calculated as a percentage of monthly invested capital or committed capital and are generally received quarterly, semi-annually or annually, depending on the fund."},{"id":"e18","sourceId":"filing-1","location":"Capital Management — actual 2025 shareholder distributions","excerpt":"During 2025, we returned a total of $16.78 billion of capital to common shareholders, including $12.36 billion of common share repurchases and $4.42 billion of common stock dividends."},{"id":"e19","sourceId":"filing-8","location":"Third-quarter 2026 capital and balance sheet — distributions, funding, shares and capital ratios","excerpt":"13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Capital and Balance Sheet Capital and Balance Sheet Highlights5Capital5 ■ Standardized CET1 capital ratio decreased QoQ, primarily reflecting an increase in market and credit RWAs ■ Advanced CET1 capital ratio was unchanged QoQ, primarily reflecting a decrease in credit and operational RWAs, offset by an increase in market RWAs ■ Returned $4.49 billion of capital to common shareholders during the quarter ‐ 2.9 million common shares repurchased for a total cost of $3.00 billion ‐ $1.49 billion of common stock dividends ■ Deposits of $568 billion consisted of consumer $230 billion, private bank $105 billion, transaction banking $93 billion, brokered CDs $52 billion, deposit sweep programs $42 billion and other $46 billion ■ Book value per common share increased 1.4% QoQ $ in billions 3Q26 2Q26 4Q25 Total assets $ 2,182 $ 2,128 $ 1,809 Deposits $ 568 $ 558 $ 501 Unsecured long-term borrowings $ 352 $ 348 $ 285 Shareholders' equity $ 125 $ 123 $ 125 Average GCLA $ 574 $ 555 $ 479 Book Value Selected Balance Sheet Data5 3Q26 2Q26 4Q25 Standardized CET1 capital ratio 12.4% 12.9% 14.3% Advanced CET1 capital ratio 13.6% 13.6% 15.1% Supplementary leverage ratio (SLR) 4.3% 4.3% 5.2% in millions, except per share amounts 3Q26 2Q26 4Q25 Basic shares5 295.6 298.4 307.1 Book value per common share $ 372.64 $ 367.67 $ 357.60 Tangible book value per common share3 $ 341.43 $ 336.61 $ 335.49"},{"id":"e20","sourceId":"filing-1","location":"Segment Results — 2023 GreenSky write-down and goodwill impairment","excerpt":"•Platform Solutions included a write-down related to GreenSky of $506 million and an impairment of goodwill of $504 million for 2023."},{"id":"e21","sourceId":"filing-1","location":"Segment Results — Apple Card markdowns, termination obligations and offsetting reserve reduction","excerpt":"•Platform Solutions results for 2025 reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loan portfolio to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses."},{"id":"e22","sourceId":"filing-3","location":"Compensation — adopted Carried Interest Program and actual allocations","excerpt":"Initially adopted in January 2025, the independent directors of the Board, as recommended by our independent Compensation Committee, again allocated carry points pursuant to our Carried Interest Program to each of our NEOs as well as certain of our other senior leaders in connection with 2025 compensation."},{"id":"e23","sourceId":"filing-3","location":"Compensation — carried interest distribution restrictions","excerpt":"Other Key Terms\n No distributions (other than tax distributions) will be paid to participants for a year in which the firm’s ROE is less than 5% or its CET1 ratio falls below regulatory minimums; in those circumstances, distributions will be deferred until ROE and capital requirements are met."},{"id":"e24","sourceId":"filing-3","location":"Compensation — granted retention RSUs; January 2030 cliff vesting","excerpt":"∎ Retention RSUs include a dividend equivalent right\n Vesting\n Five-year cliff vesting (will not vest until January 2030, subject to continuous service with Goldman Sachs and with only certain limited exceptions provided in the applicable award agreement and the SIP, such as death and disability)."},{"id":"e25","sourceId":"filing-3","location":"Compensation — PSU and carried interest performance conditions","excerpt":"While annual compensation decisions are based on our Compensation Committee’s informed judgment and use of structured discretion, the amounts ultimately realized by our NEOs with respect to PSUs are subject to ongoing performance metrics and tied to the firm’s longer-term stock price (settlement of PSUs and Shares at Risk delivered in respect of PSUs), and the amounts ultimately realized by our NEOs with respect to carry points are subject to underlying fund performance."},{"id":"e26","sourceId":"filing-3","location":"Compensation — approximately 66% support in the 2025 advisory vote","excerpt":"Proxy Statement for the 2026 Annual Meeting of Shareholders | Goldman Sachs 35 COMPENSATION MATTERS—COMPENSATION DISCUSSION AND ANALYSIS How Our Compensation Committee Makes Decisions We are pleased with the unequivocal majority support (approximately 66%) for our Say on Pay vote at our 2025 Annual Meeting, reflecting shareholder support for our Board’s compensation philosophy and the structure of our executive compensation program."},{"id":"e27","sourceId":"filing-3","location":"Compensation decisions — CEO excluded from recommending his own compensation","excerpt":"In this context, Mr. Solomon submitted variable compensation recommendations to the Compensation Committee for our NEOs but did not make recommendations about his own compensation."},{"id":"e28","sourceId":"filing-3","location":"Lead Director letter — independent lead director identification","excerpt":"David Viniar Independent Lead Director iv Goldman Sachs | Proxy Statement for the 2026 Annual Meeting of Shareholders Executive Summary—2026 Annual Meeting Information Executive Summary This summary highlights information from our Proxy Statement for the 2026 Annual Meeting."},{"id":"e29","sourceId":"filing-2","location":"Critical Accounting Policy — independent price verification coverage","excerpt":"All financial instruments at fair value classified in levels 1, 2 and 3 of the fair value hierarchy are subject to our independent price verification process."},{"id":"e30","sourceId":"filing-2","location":"Market Risk Management — actual first-half 2026 firmwide VaR limit exceedance","excerpt":"During the six months ended June 2026, the firmwide VaR risk limit was exceeded on one occasion, primarily due to higher levels of volatility, generally resulting from broad macroeconomic and geopolitical concerns."},{"id":"e31","sourceId":"filing-8","location":"Third-quarter presentation footnotes — preliminary estimate qualification","excerpt":"Represents a preliminary estimate for the third quarter of 2026 for the firm's assets under supervision, Wealth management client assets, alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets."},{"id":"e32","sourceId":"filing-8","location":"Third-quarter presentation footnotes — Dealogic ranking period","excerpt":"Dealogic – January 1, 2026 through September 30, 2026."}],"changes":["Changed the verdict from uncertain to narrow because the supplied catalog establishes transaction leadership and a 35-quarter history of long-term fee-based net inflows, supporting an intangible franchise advantage beyond general capability descriptions.","Extended operating coverage through September 2026 using the October 13, 2026 filed results and presentation, while retaining their preliminary-data qualifications.","Added disclosed compensation arrangements and governance evidence; these support numerical management assessments without assuming ownership or treating future vesting as completed.","Retained the conclusion that trading spread compression and fee concessions constrain pricing power."],"limitations":["All supplied sources are issuer filings or issuer presentations. Reported operating achievements support grades, but leadership descriptions and CEO confidence are not independent demonstrations of durability.","Named companies are disclosed peers or talent references; the passages do not provide comprehensive product-level competitor comparisons. Ranking methodology cites Dealogic, but the underlying dataset is not supplied.","Net inflows demonstrate sustained aggregate demand, not a customer retention rate or contractual lock-in. Acquisitions and dispositions affect some flows; market appreciation also affects assets and fee revenues.","Comparable fee rates, transaction-level price premiums and broad unilateral repricing rights are missing. Revenue growth is not treated as proof of higher prices.","Third-quarter assets, capital ratios and selected balance-sheet data are preliminary estimates. Source dates are treated as filed dates, not retrieval dates.","The proxy supplies actual award terms and oversight disclosures, but the selected passages do not establish comprehensive executive ownership, board independence proportions or realized long-term incentive outcomes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Complex execution expertise, historical mandates and current leading transaction rankings support a demonstrated reputation and relationship advantage. Neither scale nor profitability alone establishes the conclusion.","evidenceIds":["e1","e2","e3","e4","e32"]},{"criterion":"durability","grade":3,"rationale":"Historical complex mandates and 35 consecutive quarters of long-term fee-based inflows support persistence. Talent mobility and actual pricing pressure prevent an exceptional durability assessment.","evidenceIds":["e1","e4","e8","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"Persistent fee-based inflows and complex assignments show repeated demand indirectly. The passages do not establish customer lock-in, exclusivity or material costs of changing providers.","evidenceIds":["e2","e4","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Transaction leadership and sustained inflows coexist with realized spread compression, fee concessions and talent disadvantages. The franchise has remained competitive, but resistance to further erosion is mixed.","evidenceIds":["e4","e8","e10","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Electronic trading has reduced commissions and spreads; selected funds received fee waivers or deferrals, and Marcus experienced lower net interest margins. Higher management fee revenue primarily reflects higher assets, not demonstrated price increases.","evidenceIds":["e8","e9","e10","e11"]},{"criterion":"retention","grade":3,"rationale":"The 35-quarter fee-based net inflow history strongly demonstrates sustained aggregate demand. This is an indirect retention assessment rather than a measured customer renewal rate; acquisition effects qualify individual quarters.","evidenceIds":["e4","e5","e13"]},{"criterion":"margin_resilience","grade":2,"rationale":"The nine-month 2026 efficiency ratio improved as revenue outgrew expenses, but quarterly profitability remains variable, earlier banking results weakened materially, and deposit margins compressed. Current operating resilience does not establish durable pricing protection.","evidenceIds":["e14","e15","e11"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Non-refundable advisory deposits and fees calculated on invested or committed capital provide some contractual monetization. Actual discretionary concessions show flexibility, but market-driven spread compression and missing unilateral repricing rights limit the assessment.","evidenceIds":["e16","e17","e9","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual distributions, declining shares and book-value growth are positive. GreenSky impairments and consumer exit costs temper that record; balance-sheet and funding growth alongside lower capital ratios make discipline mixed rather than clearly strong. Preliminary ratios do not establish a regulatory breach.","evidenceIds":["e18","e19","e20","e21","e31"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Adopted carried interest allocations, performance-sensitive PSUs, distribution restrictions and granted five-year retention awards demonstrate meaningful long-term alignment mechanisms. Retention awards are not yet vested, and their service condition is not an operating-performance hurdle. Comprehensive executive ownership is unavailable.","evidenceIds":["e22","e23","e24","e25"]},{"criterion":"execution","grade":2,"rationale":"Leading transaction positions, persistent inflows and improved 2026 operating results demonstrate substantial execution. The wider record includes GreenSky impairments and costly consumer retrenchment, so overall execution remains mixed. Operating results provide indirect evidence of management contribution.","evidenceIds":["e4","e14","e20","e21"]},{"criterion":"governance","grade":2,"rationale":"An independent lead director, CEO exclusion from recommending his own pay and independent valuation verification support functioning oversight. Approximately 66% say-on-pay support and an actual VaR limit exceedance temper the assessment without proving governance failure. Full board independence and oversight effectiveness are not established.","evidenceIds":["e26","e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"b363032df2995aa01e8b27c4013a19917581418546f240ed5c95c8cb3b07e4d2","updatedAt":"2026-10-19T10:39:32.113Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm","publishedAt":"2026-02-25","sha256":"33a120aadb3d90de846d28aefc54257c9cdae844aa0a8dc16d8b0cc0c3cfc323","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000297/gs-20260630.htm","publishedAt":"2026-08-03","sha256":"719a7befc584dc4d4c4f0f1f1ab026259788f25e98ffda1a9f9e649a50409d93","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/886982/000119312526117433/gs-20260319.htm","publishedAt":"2026-03-20","sha256":"293d84b10a322104137f14ceb505b229ab4992dce071b266ca509778b15506b0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698225000005/gs-20241231.htm","publishedAt":"2025-02-27","sha256":"9169dc5c90f0281c8dff3785265b3295e48d27934712bafccba5dbca176b8832","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698224000006/gs-20231231.htm","publishedAt":"2024-02-23","sha256":"c9f76e8b493312b027b187da688c14ae15a4f30bd0b055eb356b74a06abc9f5d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000118/gs-20260331.htm","publishedAt":"2026-05-01","sha256":"25bcd130f3f171ebadbcd78e5aa475910283b1c611da7f8451642f87d5888998","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000529/a3q26gsearningsresults.htm","publishedAt":"2026-10-13","sha256":"5c5a11a84715255f59035ce691bc4c49f21df95fdf1f271f193ac086f4bea737","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000529/a3q26gsearningsresultspr.htm","publishedAt":"2026-10-13","sha256":"008c96f83278299ac06250891402b302625895d6ddef306a740bcee3c18eb3aa","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000294/a2q26gsearningsresults.htm","publishedAt":"2026-07-14","sha256":"b06f207fc1293196708efdbbf24141176603590782141d0392c849ce6a16e5f2","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000294/a2q26gsearningsresultspr.htm","publishedAt":"2026-07-14","sha256":"b1a196e381cd5169bac9b0e9df9e674cb4b1138db0205a65f0f289f65b2cabd7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000096/a1q26gsearningsresults.htm","publishedAt":"2026-04-13","sha256":"abcd52345d2397c0b3c56a7c9ec7dd2a76a5213cebab2cd298068041d24cc537","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/886982/000088698226000096/a1q26gsearningsresultspr.htm","publishedAt":"2026-04-13","sha256":"b6215f4e19d8b55d511dcc8e444627b485b5bf23ffcccdec3042b4f2ef1a7a58","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:83ee2fc806a1cfd114e56d3b480b70680ce238f18156ad43fef2dced0b91bf69","usage":{"input_tokens":170487,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3706,"reasoning_output_tokens":105}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":-6.31288023053978,"sbc_revenue":3.956925462174961},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; 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