Cover and table of contents

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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 June 30, 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 July 17, 2026, there were 291,171,408 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 JUNE 30, 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 Liabilities33
Note 7. Derivatives and Hedging Activities34
Note 8. Investments40
Note 9. Loans43
Note 10. Fair Value Option52
Note 11. Collateralized Agreements and Financings54
Note 12. Other Assets58
Note 13. Deposits60
Note 14. Unsecured Borrowings61
Note 15. Other Liabilities63
Note 16. Securitization Activities64
Note 17. Variable Interest Entities66
Note 18. Commitments, Contingencies and Guarantees69
Note 19. Shareholders’ Equity73
Note 20. Regulation and Capital Adequacy76
Note 21. Earnings Per Common Share80
Note 22. Transactions with Affiliated Funds81
Note 23. Interest Income and Interest Expense82
Note 24. Income Taxes82
Note 25. Business Segments83
Note 26. Credit Concentrations85
Note 27. Legal Proceedings86
Page No.
Report of Independent Registered Public Accounting Firm96
Statistical Disclosures97
Item 2.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations99
Introduction99
Executive Overview99
Business Environment100
Critical Accounting Policy101
Use of Estimates102
Recent Accounting Developments104
Results of Operations105
Balance Sheet and Funding Sources123
Capital Management and Regulatory Capital127
Regulatory and Other Matters137
Off-Balance Sheet Arrangements137
Risk Management138
Overview and Structure of Risk Management138
Liquidity Risk Management142
Market Risk Management149
Credit Risk Management155
Operational Risk Management163
Cybersecurity Risk Management165
Model Risk Management167
Other Risk Management168
Available Information170
Forward-Looking Statements170
Item 3.
Quantitative and Qualitative Disclosures About Market Risk174
Item 4.
Controls and Procedures174
PART II
OTHER INFORMATION174
Item 1.
Legal Proceedings174
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds174
Item 5.
Other Information174
Item 6.
Exhibits175
SIGNATURES175
Goldman Sachs June 2026 Form 10-Q

PART I. FINANCIAL INFORMATION

Next: Item 1. Financial Statements (Unaudited)