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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto

Commission File Number: 001-14965

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware13-4019460
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 West Street, New York, NY10282
(Address of principal executive offices)(Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolExchange on which registered
Common stock, par value $0.01 per shareGSNYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series AGS PrANYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series CGS PrCNYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series DGS PrDNYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital IIGS/43PENYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital IIIGS/43PFNYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.GS/31BNYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.GS/31XNYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer ☐Non-accelerated filer ☐Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of April 17, 2026, there were 295,007,421 shares of the registrant’s common stock outstanding.

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

INDEX

Form 10-Q Item NumberPage No.
PART I
FINANCIAL INFORMATION1
Item 1.
Financial Statements (Unaudited)1
Consolidated Statements of Earnings1
Consolidated Statements of Comprehensive Income1
Consolidated Balance Sheets2
Consolidated Statements of Changes in Shareholders’ Equity3
Consolidated Statements of Cash Flows4
Notes to Consolidated Financial Statements5
Note 1. Description of Business5
Note 2. Basis of Presentation6
Note 3. Significant Accounting Policies6
Note 4. Fair Value Measurements12
Note 5. Fair Value Hierarchy17
Note 6. Trading Assets and Liabilities31
Note 7. Derivatives and Hedging Activities32
Note 8. Investments38
Note 9. Loans41
Note 10. Fair Value Option50
Note 11. Collateralized Agreements and Financings52
Note 12. Other Assets56
Note 13. Deposits58
Note 14. Unsecured Borrowings59
Note 15. Other Liabilities61
Note 16. Securitization Activities62
Note 17. Variable Interest Entities64
Note 18. Commitments, Contingencies and Guarantees67
Note 19. Shareholders’ Equity71
Note 20. Regulation and Capital Adequacy74
Note 21. Earnings Per Common Share78
Note 22. Transactions with Affiliated Funds78
Note 23. Interest Income and Interest Expense79
Note 24. Income Taxes79
Note 25. Business Segments80
Note 26. Credit Concentrations82
Note 27. Legal Proceedings83
Page No.
Report of Independent Registered Public Accounting Firm93
Statistical Disclosures94
Item 2.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations96
Introduction96
Executive Overview96
Business Environment97
Critical Accounting Policy97
Use of Estimates98
Recent Accounting Developments100
Results of Operations101
Balance Sheet and Funding Sources115
Capital Management and Regulatory Capital120
Regulatory and Other Matters129
Off-Balance Sheet Arrangements129
Risk Management130
Overview and Structure of Risk Management130
Liquidity Risk Management134
Market Risk Management141
Credit Risk Management146
Operational Risk Management155
Cybersecurity Risk Management157
Model Risk Management159
Other Risk Management160
Available Information162
Forward-Looking Statements162
Item 3.
Quantitative and Qualitative Disclosures About Market Risk166
Item 4.
Controls and Procedures166
PART II
OTHER INFORMATION166
Item 1.
Legal Proceedings166
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds166
Item 5.
Other Information167
Item 6.
Exhibits167
SIGNATURES167
Goldman Sachs March 2026 Form 10-Q

PART I. FINANCIAL INFORMATION

Next: Item 1. Financial Statements (Unaudited)