Goldman Sachs Group · Earnings release

Third Quarter

Earnings Results

The Goldman Sachs

Group, Inc.

200 West Street | New York, NY

Third Quarter 2025 Earnings Results

Goldman Sachs Reports Third Quarter Earnings Per Common Share of $12.25

Financial Summary

Net Revenues

Net Earnings

EPS

Annualized ROE1

Book Value Per Share

YTD Growth 5.1%

NEW YORK, October 14, 2025 – The Goldman

Sachs Group, Inc. (NYSE: GS) today reported net revenues of $15.18 billion and net earnings of $4.10 billion for the third quarter ended September 30, 2025. Net revenues were $44.83 billion and net earnings were $12.56 billion for the

Diluted earnings per common share (EPS) was $12.25 for the

third quarter of 2025 compared with $8.40 for the third quarter of 2024 and $10.91 for the second quarter of 2025, and was $37.33 for the first nine months of 2025 compared with $28.64 for the first nine months of 2024.

Annualized return on average common shareholders’ equity (ROE)1 was 14.2% for the third quarter of 2025 and 14.6% for the first nine months of 2025.

Book value per common share increased by 1.2% during the third quarter of 2025 and by 5.1% during

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Goldman Sachs Reports

Third Quarter 2025 Earnings Results

Net Revenues

Net revenues were $15.18 billion for

the third quarter of 2025, 20% higher than the third quarter of 2024 and 4% higher than the second quarter of 2025. The increase compared with the

third quarter of 2024 reflected higher net revenues across all segments.

Net Revenues

Global Banking & Markets

Net revenues in Global Banking & Markets were $10.12

billion for the third quarter of 2025, 18% higher than the third quarter of 2024 and essentially unchanged compared with the second quarter of 2025.

Investment banking fees were $2.66 billion, 42% higher than the third quarter of 2024,

primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in Debt underwriting, primarily driven by an increase in leveraged finance activity.

Net revenues in Equity underwriting were higher, primarily driven by initial public offerings. The firm’s Investment banking fees backlog2 was essentially unchanged compared with

the end of the second quarter of 2025 and higher compared with the end of 2024.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47 billion,

17% higher than the third quarter of 2024, primarily reflecting significantly higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and higher net revenues in mortgages and

commodities, partially offset by significantly lower net revenues in currencies and lower net revenues in credit products. Net revenues in FICC financing were higher, primarily driven by mortgages and structured lending.

Net

revenues in Equities were $3.74 billion, 7% higher than the third quarter of 2024, due to significantly higher net revenues in Equities financing, primarily driven by prime financing, partially offset by lower net revenues in Equities

intermediation, driven by cash products.

Net revenues in Other were $250 million, compared with $227 million for the third

Global Banking & Markets

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

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Goldman Sachs Reports

Third Quarter 2025 Earnings Results

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $4.40

billion for the third quarter of 2025, 17% higher than the third quarter of 2024 and 16% higher than the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflected higher Management and

other fees and significantly higher net revenues in Private banking and lending.

The increase in Management and other fees primarily reflected the impact of higher

average assets under supervision. The increase in Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan. Net revenues in Debt investments were higher, reflecting net

mark-ups compared with net mark-downs in the prior year period, partially offset by lower net interest income due to a reduction in the debt investments balance sheet.

Asset & Wealth Management

Management and other fees

Incentive fees

Private banking and lending

Equity investments

Debt

investments

Platform Solutions

Net revenues in Platform Solutions were $670 million for the

third quarter of 2025, 71% higher than the third quarter of 2024 and 2% lower than the second quarter of 2025.

Consumer platforms net revenues were significantly higher, primarily reflecting a net

loss in the prior year period related to the General Motors credit card program that was transferred to held for sale. Transaction banking and other net revenues were higher, primarily reflecting mark-downs in the prior year period related

to the seller financing loan portfolio that was transferred to held for sale.

Platform Solutions

Consumer platforms

Transaction banking

and other

Provision for Credit Losses

Provision for credit losses was $339 million for the third

quarter of 2025, compared with $397 million for the third quarter of 2024 and $384 million for the second quarter of 2025. Provisions for the third quarter of 2025 primarily reflected net provisions related to the credit card

portfolio (driven by net charge-offs). Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset

by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans).

Provision for Credit Losses

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Goldman Sachs Reports

Third Quarter 2025 Earnings Results

Operating Expenses

Operating expenses were $9.45 billion for the third quarter of 2025, 14% higher

than the third quarter of 2024 and 2% higher than the second quarter of 2025. The firm’s efficiency ratio2 was 62.1% for the first nine months of 2025, compared with 64.3% for the

The increase in operating expenses compared with the third quarter of 2024 primarily reflected increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, charitable

contributions to Goldman Sachs Gives (in other expenses) and net provisions for litigation and regulatory proceedings (in other expenses).

Net provisions for litigation and regulatory proceedings were $131 million for the third quarter of 2025,

compared with $41 million for the third quarter of 2024.

Headcount increased 5% compared with the end of the second quarter of 2025, reflecting the timing of campus

hires.

Operating Expenses

YTD

Efficiency Ratio

Provision for Taxes

The effective income tax rate for the first nine months of

2025 was 21.5%, up from 20.2% for the first half of 2025, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based

awards.3

YTD Effective Tax Rate

Other Matters

◾ On October 13, 2025, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $4.00 per common share

to be paid on December 30, 2025 to common shareholders of record on December 2, 2025.

◾ During the quarter, the firm returned $3.25 billion of capital to common shareholders, including $2.00 billion of common share repurchases (2.8 million shares at an average cost of

◾ Global core liquid assets2 averaged $481 billion for the third quarter of 2025, compared with an average of $462 billion for the

Declared Quarterly

Dividend Per Common Share

Common Share Repurchases

2.8 million shares

Average GCLA

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Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments

and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking

statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent

only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may

differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future

results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted

assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm

completes its financial statements.

Statements about the firm’s Investment

banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized

or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the

imposition of tariffs, an outbreak or worsening of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities

markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely

affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.

Conference Call

A conference call to discuss the firm’s financial results,

outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the

U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the

firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately

three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

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Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

THREE MONTHS ENDED

% CHANGE FROM

GLOBAL BANKING & MARKETS

Advisory

Equity underwriting

9

Debt underwriting

Investment banking fees

FICC intermediation

1

FICC financing

(1)

9

FICC

–

Equities intermediation

(9)

Equities financing

1

Equities

7

Other

Net revenues

–

ASSET & WEALTH MANAGEMENT

Management and other fees

5

Incentive fees

(9)

Private banking and lending

Equity investments

(1)

N.M.

–

Debt investments

Net revenues

PLATFORM SOLUTIONS

Consumer platforms

(4)

Transaction banking and other

Net revenues

(2)

Total net revenues

4

Geographic Net Revenues (unaudited)2

$ in millions

THREE MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

6

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

NINE MONTHS ENDED

% CHANGE FROM

GLOBAL BANKING & MARKETS

Advisory

Equity underwriting

7

Debt underwriting

Investment banking fees

FICC intermediation

6

FICC financing

FICC

8

Equities intermediation

Equities financing

Equities

Other

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

Incentive fees

Private banking and lending

Equity investments

Debt investments

Net revenues

4

PLATFORM SOLUTIONS

Consumer platforms

Transaction banking and other

(5)

Net revenues

Total net revenues

Geographic Net Revenues (unaudited)2

$ in millions

NINE MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

7

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)2

In millions, except per share amounts and headcount

THREE MONTHS ENDED

% CHANGE FROM

REVENUES

Investment banking

Investment management

4

Commissions and fees

(8)

Market making

(6)

Other principal transactions

Total non-interest revenues

(1)

9

Interest income

5

(3)

Interest expense

2

Net interest income

Total net revenues

4

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

-

Transaction based

1

Market development

2

8

Communications and technology

3

9

Depreciation and amortization

Occupancy

3

-

Professional fees

(2)

8

Other expenses

Total operating expenses

2

Pre-taxearnings

9

Provision for taxes

5

Net earnings

Preferred stock dividends

(5)

Net earnings applicable to common shareholders

EARNINGS PER COMMON SHARE

Basic2

Diluted

AVERAGE COMMON SHARES

Basic

(1)

(5)

Diluted

(1)

(5)

SELECTED DATA AT PERIOD-END

Common shareholders’ equity

-

1

Basic shares2

(1)

(5)

Book value per common share

1

6

Headcount

5

4

8

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)2

In millions, except per share amounts

NINE MONTHS ENDED

% CHANGE FROM

REVENUES

Investment banking

$

$

%

Investment management

Commissions and fees

Market making

(2)

Other principal transactions

Total non-interest revenues

3

Interest income

(2)

Interest expense

Net interest income

Total net revenues

Provision for credit losses

1

OPERATING EXPENSES

Compensation and benefits

Transaction based

Market development

6

Communications and technology

8

Depreciation and amortization

Occupancy

(3)

Professional fees

Other expenses

5

Total operating expenses

9

Pre-tax earnings

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings applicable to common shareholders

$

$

EARNINGS PER COMMON SHARE

Basic2

$

$

%

Diluted

$

$

AVERAGE COMMON SHARES

Basic

(5)

Diluted

(5)

9

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)2

$ in billions

AS OF

ASSETS

Cash and cash equivalents

Collateralized agreements

Customer and other receivables

Trading assets

Investments

Loans

Other assets

Total assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

Collateralized financings

Customer and other payables

Trading liabilities

Unsecured short-term borrowings

Unsecured long-term borrowings

Other liabilities

Total liabilities

Shareholders’ equity

Total liabilities and shareholders’ equity

Capital Ratios and Supplementary Leverage Ratio (unaudited)2

$ in billions

AS OF

Common equity tier 1 capital

STANDARDIZED CAPITAL RULES

Risk-weighted assets

Common equity tier 1 capital ratio

ADVANCED CAPITAL RULES

Risk-weighted assets

Common equity tier 1 capital ratio

SUPPLEMENTARY LEVERAGE RATIO

Supplementary

leverage ratio

Average Daily VaR (unaudited)2

$ in millions

THREE MONTHS ENDED

RISK CATEGORIES

Interest rates

Equity prices

Currency rates

Commodity prices

Diversification effect

Total

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)2

$ in billions

AS OF

ASSET CLASS

Alternative investments

Equity

Fixed income

Total long-term AUS

Liquidity products

Total AUS

THREE MONTHS ENDED

Beginning balance

Net inflows / (outflows):

Alternative investments

9

9

Equity

5

8

4

Fixed income

–

Total long-term AUS net inflows / (outflows)

Liquidity products

Total AUS net inflows / (outflows)

5

Net market appreciation / (depreciation)

Ending balance

Goldman Sachs Reports

Third Quarter 2025 Earnings Results

Footnotes

1.

Annualized ROE is calculated by dividing annualized net earnings applicable to common

shareholders by average monthly common shareholders’ equity.

The table below presents average common shareholders’ equity:

AVERAGE FOR THE

Unaudited, $ in millions

THREE MONTHS ENDED

NINE MONTHS ENDED

Total

shareholders’ equity

Preferred

stock

Common shareholders’ equity

2.

For information about the following items, see the referenced sections in Part I, Item 2

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2025: (i)

Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management –

Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital

Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics”

and (vii) VaR – see “Risk Management – Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1

“Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2025: (i) risk-based capital ratios and the supplementary leverage ratio

– see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that havenon-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

For information about net interest income and totalnon-interest revenues, see the firm’s Form 8-K dated January 15, 2025.

Represents a preliminary estimate for the third quarter of 2025 for the firm’s assets under

supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Qfor the period ended September 30, 2025.

3.

The impact of tax benefits related to employee share-based awards was a reduction to provision

for taxes for the first nine months of 2025 of approximately $610 million, which increased diluted EPS by $1.91 and annualized ROE by 0.7 percentage points.