AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 22/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · 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.
durability · 3/4 · 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.
customer dependency · 2/4 · 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.
erosion resilience · 2/4 · 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.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · 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.
retention · 3/4 · 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.
margin resilience · 2/4 · 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.
contractual freedom · 2/4 · 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.
Predictability36
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 13.58
- Positive FCF years (%)
- 20.00
- FCF margin volatility (pp)
- 30.91
Financial strength—
Missing required inputs: currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 56.76
- interestCoverageGrade
- 2.97
- Net debt / operating income (x)
- 2.16
Capital allocation71
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 37.03
- 3-year average dilution (%)
- -3.88
- 3-year average SBC / revenue (%)
- 5.13
- cashConversionGrade
- 0.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 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.
incentive alignment · 3/4 · 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.
execution · 2/4 · 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.
governance · 2/4 · 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.
Evidence
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.
Business — Equity underwriting; historical complex mandates and leading position · Filed 23/02/2024
In particular, we help clients execute large, complex transactions for which we provide multiple services, including cross-border structuring expertise.
Business — Advisory; complex transactions and cross-border expertise · Filed 25/02/2026
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.
Second-quarter 2026 presentation — rankings, fee-based inflow history and management commentary · Filed 14/07/2026
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.
Third-quarter 2026 presentation — rankings, 35-quarter inflow history and management commentary · Filed 13/10/2026
Assets Under Supervision (unaudited)3,5
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in billions
2026
2026
2025
ASSET CLASS (as of period-end)
Alternative investments
$
491
$
459
$
390
Equity
1,150
1,123
914
Fixed income
1,405
1,394
1,297
Total long-term AUS
3,046
2,976
2,601
Liquidity products
1,051
1,065
851
Total AUS
$
4,097
$
4,041
$
3,452
ROLLFORWARD (for the three months ended)
Beginning balance
$
4,041
$
3,650
$
3,293
Net inflows / (outflows):
Alternative investments
34
21
12
Equity
13
46
5
Fixed income
50
24
39
Total long-term AUS net inflows / (outflows)6
97
91
56
Liquidity products
(14)
139
23
Total AUS net inflows / (outflows)
83
230
79
Net market appreciation / (depreciation)
(27)
161
80
Ending balance
$
4,097
$
4,041
$
3,452
Footnotes
1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
Third-quarter 2026 results — assets under supervision rollforward · Filed 13/10/2026
Peers (Bank of America Corporation (BAC), Citigroup Inc.
Proxy glossary — named U.S. peers · Filed 20/03/2026
(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)).
Proxy glossary — named U.S. and European peers · Filed 20/03/2026
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.
Risk Factors — realized electronic-trading commission and spread compression · Filed 25/02/2026
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.
Transactions with Affiliated Funds — management fee waivers and deferrals · Filed 25/02/2026
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.
Transactions with Affiliated Funds — quantified 2025 waiver and deferral impact · Filed 25/02/2026
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.
Second-quarter 2026 Asset & Wealth Management — fee growth drivers and Marcus margin pressure · Filed 14/07/2026
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.
Risk Factors — realized compensation-related talent recruitment and retention disadvantages · Filed 25/02/2026
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.
Third-quarter presentation footnotes — acquisition and disposition effects on second-quarter inflows · Filed 13/10/2026
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
Third-quarter 2026 financial overview — revenue, expenses, earnings and efficiency comparisons · Filed 13/10/2026
Year Ended December
$ in millions
2023
2022
2021
Global Banking & Markets
Non-interest revenues
$
29,254
$
30,042
$
34,079
Net interest income
742
2,445
2,655
Total net revenues
29,996
32,487
36,734
Provision for credit losses
401
468
(171)
Operating expenses
18,040
17,851
19,542
Pre-tax earnings
$
11,555
$
14,168
$
17,363
Net earnings
$
9,163
$
11,830
$
13,890
Net earnings to common
$
8,703
$
11,458
$
13,535
Average common equity
$
71,863
$
69,951
$
60,064
Return on average common equity
12.1
%
16.4
%
22.5
%
Asset & Wealth Management
Non-interest revenues
$
10,790
$
9,843
$
18,922
Net interest income
3,090
3,533
3,043
Total net revenues
307,686
302,678
Non-U.S.
2023 financial statements — Global Banking & Markets results for 2021–2023 · Filed 23/02/2024
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.
Revenue recognition — non-refundable advisory deposits and milestone payments · Filed 03/08/2026
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.
Revenue recognition — private equity management fee bases · Filed 03/08/2026
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.
Capital Management — actual 2025 shareholder distributions · Filed 25/02/2026
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
Third-quarter 2026 capital and balance sheet — distributions, funding, shares and capital ratios · Filed 13/10/2026
•Platform Solutions included a write-down related to GreenSky of $506 million and an impairment of goodwill of $504 million for 2023.
Segment Results — 2023 GreenSky write-down and goodwill impairment · Filed 25/02/2026
•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.
Segment Results — Apple Card markdowns, termination obligations and offsetting reserve reduction · Filed 25/02/2026
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.
Compensation — adopted Carried Interest Program and actual allocations · Filed 20/03/2026
Other Key Terms
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.
Compensation — carried interest distribution restrictions · Filed 20/03/2026
∎ Retention RSUs include a dividend equivalent right
Vesting
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).
Compensation — granted retention RSUs; January 2030 cliff vesting · Filed 20/03/2026
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.
Compensation — PSU and carried interest performance conditions · Filed 20/03/2026
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.
Compensation — approximately 66% support in the 2025 advisory vote · Filed 20/03/2026
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.
Compensation decisions — CEO excluded from recommending his own compensation · Filed 20/03/2026
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.
Lead Director letter — independent lead director identification · Filed 20/03/2026
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.
Critical Accounting Policy — independent price verification coverage · Filed 03/08/2026
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.
Market Risk Management — actual first-half 2026 firmwide VaR limit exceedance · Filed 03/08/2026
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.
Third-quarter presentation footnotes — preliminary estimate qualification · Filed 13/10/2026
Dealogic – January 1, 2026 through September 30, 2026.
Third-quarter presentation footnotes — Dealogic ranking period · Filed 13/10/2026
