(a) Documents filed as part of this Report:
1. Consolidated Financial Statements
The consolidated financial statements required to be filed in this Form 10-K are included in Part II, Item 8 hereof.
2. Exhibits
2.1 Plan of Incorporation (incorporated by reference to Exhibit 2.1 to the Registrant’s Registration Statement on Form S-1 (No. 333-74449)).
3.1 Restated Certificate of Incorporation of The Goldman Sachs Group, Inc., amended as of February 24, 2026.
3.2 Amended and Restated By-Laws of The Goldman Sachs Group, Inc., amended as of November 3, 2023 (incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023).
3.3 Certificate of Elimination of Perpetual 5.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series Q, of The Goldman Sachs Group, Inc.
3.4 Certificate of Elimination of Perpetual 4.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series R, of The Goldman Sachs Group, Inc.
3.5 Certificate of Elimination of Perpetual 4.40% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series S, of The Goldman Sachs Group, Inc.
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| Goldman Sachs 2025 Form 10-K | | | | | | 245 | | |
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
4.1 Description of The Goldman Sachs Group, Inc.’s Securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).
4.2 Indenture, dated as of May 19, 1999, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 6 to the Registrant’s Registration Statement on Form 8-A, filed on June 29, 1999).
4.3 Subordinated Debt Indenture, dated as of February 20, 2004, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2003).
4.4 Senior Debt Indenture, dated as of December 4, 2007, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.69 to the Registrant’s Post-Effective Amendment No. 10 to Form S-3, filed on December 4, 2007).
4.5 Senior Debt Indenture, dated as of July 16, 2008, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.82 to the Registrant’s Post-Effective Amendment No. 11 to Form S-3 (No. 333-130074), filed on July 17, 2008).
4.6 Fourth Supplemental Indenture, dated as of December 31, 2016, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of July 16, 2008 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed on January 6, 2017).
4.7 Senior Debt Indenture, dated as of October 10, 2008, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.70 to the Registrant’s Registration Statement on Form S-3 (No. 333-154173), filed on October 10, 2008).
4.8 First Supplemental Indenture, dated as of February 20, 2015, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.7 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014).
4.9 Fourth Supplemental Indenture, dated as of August 21, 2018, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10‑Q for the period ended September 30, 2018).
4.10 Ninth Supplemental Subordinated Debt Indenture, dated as of May 20, 2015, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Subordinated Debt Indenture, dated as of February 20, 2004 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed on May 22, 2015).
4.11 Tenth Supplemental Subordinated Debt Indenture, dated as of July 7, 2017, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Subordinated Debt Indenture, dated as of February 20, 2004 (incorporated by reference to Exhibit 4.89 to the Registrant’s Registration Statement on Form S-3 (No. 333-219206), filed on July 10, 2017).
4.12 Seventh Supplemental Indenture, dated as of July 1, 2020, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.69 to the Registrant’s Registration Statement on Form S-3 (No. 333-239610), filed on July 1, 2020).
4.13 Eighth Supplemental Indenture, dated as of October 14, 2020, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed on October 14, 2020).
Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S‑K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.
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| 246 | | | | | | Goldman Sachs 2025 Form 10-K | | |
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
10.1 Amended and Restated The Goldman Sachs Group, Inc. Clawback Policy, effective as of December 1, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2024).
10.2 The Goldman Sachs Amended and Restated Stock Incentive Plan (2025) (incorporated by reference to Annex C to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed on March 14, 2025). †
10.3 The Goldman Sachs Partner Compensation Plan (incorporated by reference to Exhibit 10.18 to the Registrant’s Registration Statement on Form S-1 (No. 333-74449)). †
10.4 The Goldman Sachs Amended and Restated Restricted Partner Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended February 24, 2006). †
10.5 Form of Employment Agreement for Participating Managing Directors (incorporated by reference to Exhibit 10.19 to the Registrant’s Registration Statement on Form S-1 (No. 333-75213)). †
10.6 Form of Agreement Relating to Noncompetition and Other Covenants (incorporated by reference to Exhibit 10.20 to the Registrant’s Registration Statement on Form S-1 (No. 333-75213)). †
10.7 Amended and Restated Shareholders’ Agreement, effective as of December 31, 2019, among The Goldman Sachs Group, Inc. and various parties (incorporated by reference to Exhibit 10.6 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.8 Form of Amendment, dated November 27, 2004, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999 (incorporated by reference to Exhibit 10.32 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 26, 2004). †
10.9 Form of Non-Employee Director RSU Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.21 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). †
10.10 Ground Lease, dated August 23, 2005, between Battery Park City Authority d/b/a/ Hugh L. Carey Battery Park City Authority, as Landlord, and Goldman Sachs Headquarters LLC, as Tenant (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed on August 26, 2005).
10.11 Goldman Sachs & Co. LLC Executive Life Insurance Policy and Certificate with Metropolitan Life Insurance Company for Participating Managing Directors (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2006). †
10.12 Form of Goldman Sachs & Co. LLC Executive Life Insurance Policy with Pacific Life & Annuity Company for Participating Managing Directors, including policy specifications and form of restriction on Policy Owner’s Rights (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2006). †
10.13 Form of Second Amendment, dated November 25, 2006, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999, as amended effective November 27, 2004 (incorporated by reference to Exhibit 10.51 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 24, 2006). †
10.14 Description of PMD Retiree Medical Program (incorporated by reference to Exhibit 10.20 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021). †
10.15 Amendments to Certain Non-Employee Director Equity Award Agreements (incorporated by reference to Exhibit 10.69 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008). †
10.16 Form of Deed of Gift (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended June 30, 2010). †
10.17 The Goldman Sachs Long-Term Performance Incentive Plan, dated December 17, 2010 (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed on December 23, 2010). †
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| Goldman Sachs 2025 Form 10-K | | | | | | 247 | | |
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
10.18 Amended and Restated General Guarantee Agreement, dated November 21, 2011, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed on November 21, 2011).
10.19 Form of Aircraft Time Sharing Agreement (incorporated by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011). †
10.20 Form of Non-Employee Director RSU Award Agreement. †
10.21 Form of Non-Employee Director RSU Award Agreement (Cash-Settled). †
10.22 Form of One-Time/Year-End RSU Award Agreement. †
10.23 Form of One-Time/Year-End RSU Award Agreement (fully vested). †
10.24 Form of One-Time/Year-End RSU Award Agreement (Base (not fully vested) and/or Supplemental). †
10.25 Form of One-Time/Year-End Short-Term RSU Award Agreement. †
10.26 Form of One-Time/Year-End Restricted Stock Award Agreement. †
10.27 Form of One-Time/Year-End Restricted Stock Award Agreement (fully vested). †
10.28 Form of One-Time/Year-End Performance-Based Restricted Stock Unit Award Agreement. †
10.29 Form of One-Time/Year-End Performance-Based Restricted Stock Unit Award Agreement (fully vested). †
10.30 Form of Performance-Based Cash Compensation Award Agreement (incorporated by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015). †
10.31 Form of Signature Card for Equity Awards. †
10.32 Form of Amended and Restated Agreement of Limited Partnership for Participants in the Long Term Executive Carried Interest Incentive Program (incorporated by reference to Exhibit 10.46 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). †
10.33 Form of Subscription Agreement and Materials for Participants in the Long Term Executive Carried Interest Incentive Program (incorporated by reference to Exhibit 10.47 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). †
10.34 Amended and Restated General Guarantee Agreement, dated September 28, 2018, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed on September 28, 2018).
10.35 Amended and Restated General Guarantee Agreement, dated September 28, 2018, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs & Co. LLC (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, filed on September 28, 2018).
10.36 Lease, dated August 17, 2018, between Farringdon Street Partners Limited and Farringdon Street (Nominee) Limited, as Landlord, and Goldman Sachs International, as Tenant (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10‑Q for the period ended September 30, 2018).
19.1 The Goldman Sachs Group, Inc. Firmwide Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).
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| 248 | | | | | | Goldman Sachs 2025 Form 10-K | | |
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
21.1 List of significant subsidiaries of The Goldman Sachs Group, Inc.
22.1 Issuers of guaranteed securities (incorporated by reference to Exhibit 22.1 to the Registrant’s Post-Effective Amendment No. 1 to Form S-3, filed on February 18, 2021).
23.1 Consent of Independent Registered Public Accounting Firm.
31.1 Rule 13a-14(a) Certifications.
32.1 Section 1350 Certifications (This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934).
97.1 The Goldman Sachs Group, Inc. Policy for the Recovery of Erroneously Awarded Compensation, effective as of December 1, 2023 (incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023).
101 Pursuant to Rules 405 and 406 of Regulation S‑T, the following information is formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Earnings for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, (ii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, (iii) the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, (vi) the notes to the Consolidated Financial Statements and (vii) the cover page.
104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).
† This exhibit is a management contract or a compensatory plan or arrangement.
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| Goldman Sachs 2025 Form 10-K | | | | | | 249 | | |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE GOLDMAN SACHS GROUP, INC.
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| By: | | | /s/ | | | | | | Denis P. Coleman III | | |
| Name: | | | | | | | | | Denis P. Coleman III | | |
| Title: | | | | | | | | | Chief Financial Officer | | |
| Date: | | | | | | | | | February 25, 2026 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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| By: | | | /s/ | | | | | | David Solomon | | |
| Name: | | | | | | | | | David Solomon | | |
| Title: | | | | | | | | | Director, Chairman and Chief Executive | | |
| | | | | | | | | Officer (Principal Executive Officer) | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | M. Michele Burns | | |
| Name: | | | | | | | | | M. Michele Burns | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Mark A. Flaherty | | |
| Name: | | | | | | | | | Mark A. Flaherty | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Kimberley D. Harris | | |
| Name: | | | | | | | | | Kimberley D. Harris | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | John B. Hess | | |
| Name: | | | | | | | | | John B. Hess | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Kevin R. Johnson | | |
| Name: | | | | | | | | | Kevin R. Johnson | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Ellen J. Kullman | | |
| Name: | | | | | | | | | Ellen J. Kullman | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
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| By: | | | /s/ | | | | | | KC McClure | | |
| Name: | | | | | | | | | KC McClure | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Lakshmi N. Mittal | | |
| Name: | | | | | | | | | Lakshmi N. Mittal | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Thomas Montag | | |
| Name: | | | | | | | | | Thomas Montag | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Peter Oppenheimer | | |
| Name: | | | | | | | | | Peter Oppenheimer | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Jan E. Tighe | | |
| Name: | | | | | | | | | Jan E. Tighe | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | David A. Viniar | | |
| Name: | | | | | | | | | David A. Viniar | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | John E. Waldron | | |
| Name: | | | | | | | | | John E. Waldron | | |
| Title: | | | | | | | | | Director | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Denis P. Coleman III | | |
| Name: | | | | | | | | | Denis P. Coleman III | | |
| Title: | | | | | | | | | Chief Financial Officer | | |
| | | | | | | | | (Principal Financial Officer) | | |
| Date: | | | | | | | | | February 25, 2026 | | |
| | | | | | | | | | | |
| By: | | | /s/ | | | | | | Sheara J. Fredman | | |
| Name: | | | | | | | | | Sheara J. Fredman | | |
| Title: | | | | | | | | | Chief Accounting Officer | | |
| | | | | | | | | (Principal Accounting Officer) | | |
| Date: | | | | | | | | | February 25, 2026 | | |
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| 250 | | | | | | Goldman Sachs 2025 Form 10-K | | |
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