Goldman Sachs Group · Earnings release

Earnings Results

The Goldman Sachs

Group, Inc.

200 West Street | New York, NY

First Quarter 2025 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $14.12

“Our strong results this quarter have demonstrated that in times

of great uncertainty, clients turn to Goldman Sachs for execution and insight. While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue

to support our clients.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues

Net Earnings

EPS

Annualized ROE1

Annualized ROTE1

Book Value Per Share

Sachs Group, Inc. (NYSE: GS) today reported net revenues of $15.06 billion and net earnings of $4.74 billion for the first quarter ended March 31, 2025.

Diluted earnings per common share (EPS) was $14.12 for the first quarter of

2025 compared with $11.58 for the first quarter of 2024 and $11.95 for the fourth quarter of 2024.

Annualized return on average common shareholders’ equity (ROE)1 was 16.9% and annualized return on average tangible common shareholders’ equity (ROTE)1 was

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Goldman Sachs Reports

First Quarter 2025 Earnings Results

Quarterly Highlights

◾

During the quarter, the firm supported clients and continued to execute on strategic priorities,

which contributed to the firm’s third highest quarterly net revenues of $15.06 billion, as well as strong net earnings of $4.74 billion and diluted EPS of $14.12.

◾

Global Banking & Markets generated net revenues of $10.71 billion, driven by record net

revenues in Equities (including record net revenues in financing) and strong performances in Fixed Income, Currency and Commodities (including record net revenues in financing) and Debt underwriting.

◾

The firm ranked #1 in worldwide announced and completed mergers and acquisitions, equity and

equity-related offerings and common stock offerings, and ranked #2 in high-yield debt offerings and leveraged loan offerings, for the year-to-date.2

◾

Asset & Wealth Management generated net revenues of $3.68 billion. Assets under supervision3 increased $36 billion during the quarter to a record $3.17 trillion.

◾

Book value per common share increased by 2.2% during the quarter to $344.20.

Net Revenues

Net revenues were $15.06 billion for the first quarter of

2025, 6% higher than the first quarter of 2024 and 9% higher than the fourth quarter of 2024. The increase compared with the first quarter of 2024 reflected higher net revenues in Global Banking & Markets, partially offset by slightly lower net

revenues in Asset & Wealth Management.

Net Revenues

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Goldman Sachs Reports

First Quarter 2025 Earnings Results

Global Banking & Markets

Net revenues in Global Banking & Markets were $10.71 billion for the first quarter of 2025, 10% higher than the first quarter of 2024 and 26% higher than the fourth quarter of 2024.

Investment banking fees were $1.91 billion, 8% lower than the first quarter of 2024,

primarily due to significantly lower net revenues in Advisory compared with a strong prior year period, partially offset by higher net revenues in Debt underwriting, primarily driven by asset-backed and investment-grade activity. Net revenues

in Equity underwriting were unchanged. The firm’s Investment banking fees backlog3 increased compared with the end of 2024.

Net

revenues in Fixed Income, Currency and Commodities (FICC) were $4.40 billion, 2% higher than the first quarter of 2024, reflecting higher net revenues in FICC financing, driven by significantly higher net revenues from mortgages and

structured lending. Net revenues in FICC intermediation were slightly lower, reflecting lower net revenues in credit products, interest rate products and commodities, largely offset by higher net revenues in currencies and slightly

higher net revenues in mortgages.

Net revenues in Equities were $4.19 billion, 27% higher than the first quarter of 2024,

due to significantly higher net revenues in Equities intermediation (primarily reflecting significantly higher net revenues in derivatives) and in Equities financing (primarily reflecting significantly higher net revenues in portfolio

financing).

Net revenues in Other were $197 million, compared with $12 million for the first quarter of 2024, primarily reflecting significantly lower net losses on hedges.

Global Banking & Markets

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $3.68

billion for the first quarter of 2025, 3% lower than the first quarter of 2024 and 22% lower than the fourth quarter of 2024. The decrease compared with the first quarter of 2024 reflected significantly lower net revenues in Equity investments

and Debt investments, partially offset by higher Management and other fees. Net revenues in Private banking and lending and Incentive fees were also higher.

The

decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities and higher net losses from investments in public equities. The decrease in Debt investments net revenues reflected

significantly lower net interest income due to a reduction in the debt investments balance sheet and net losses compared with net gains in the prior year period. 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 primarily reflected higher net interest income from lending. The increase in Incentive fees was driven by harvesting.

Asset & Wealth Management

Management and

other fees

Incentive fees

Private banking and

lending

Equity investments

$ (5) million

Debt investments

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Goldman Sachs Reports

First Quarter 2025 Earnings Results

Platform Solutions

Net revenues in Platform Solutions were $676 million for the

first quarter of 2025, 3% lower than the first quarter of 2024 and essentially unchanged compared with the fourth quarter of 2024.

Transaction banking and other net revenues were lower compared with the first quarter of

2024, primarily reflecting lower average deposit balances. Consumer platforms net revenues were essentially unchanged compared with the first quarter of 2024.

Platform Solutions

Consumer platforms

Transaction banking

and other

Provision for Credit Losses

Provision for credit losses was $287 million for the first

quarter of 2025, compared with $318 million for the first quarter of 2024 and $351 million for the fourth quarter of 2024. Provisions for the first quarter of 2025 primarily reflected net provisions related to the credit card portfolio. Provisions

for the first quarter of 2024 reflected net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments).

Provision for Credit Losses

Operating Expenses

Operating expenses were $9.13 billion

for the first quarter of 2025, 5% higher than the first quarter of 2024 and 10% higher than the fourth quarter of 2024. The firm’s

efficiency ratio3 was 60.6% for the first quarter of 2025, compared with 60.9% for the

The increase in operating expenses compared with the first quarter of

2024 primarily reflected significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance), partially offset by significantly lower consolidated investment entities

expenses, including impairments (largely in depreciation and amortization) and a decrease from the FDIC special assessment fee recognized in the first quarter of 2024 (in other expenses).

Net provisions for litigation and regulatory proceedings were $(11) million for the first quarter of 2025, compared with $23 million for the first quarter of

Headcount was essentially unchanged compared with the end of

Operating Expenses

Efficiency Ratio

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Goldman Sachs Reports

First Quarter 2025 Earnings Results

Provision for Taxes

The effective income tax rate for the

first quarter of 2025 was 16.1%, down from the full year rate of 22.4% for 2024, primarily reflecting an increase in tax benefits on the settlement of employee share-based

awards4, partially offset by a decrease in other permanent tax benefits, for the first quarter of 2025 compared with the full year of 2024.

Effective Tax Rate

Other Matters

◾ On April 11, 2025, the Board of Directors of The Goldman Sachs Group, Inc. (Board) declared a dividend of $3.00 per

common share to be paid on June 27, 2025 to common shareholders of record on May 30, 2025.

◾ In the first quarter of 2025, the firm returned $5.34 billion of capital to common shareholders, including $4.36 billion of common share

repurchases (7.1 million shares at an average cost of $610.57) and $976 million of common stock

dividends. During the quarter, the Board approved a share repurchase program authorizing repurchases of up to $40 billion of common stock.3

◾ Global core liquid assets3 averaged $441 billion for the first

quarter of 2025, compared with an average of $422 billion for the fourth quarter of 2024.

Declared Quarterly

Dividend Per Common Share

Common Share Repurchases

7.1 million shares

Average GCLA

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Goldman Sachs Reports

First 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, viae-mail, at gs-investor-relations@gs.com.

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Goldman Sachs Reports

First 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

–

Debt underwriting

8

Investment banking

fees

(7)

(8)

FICC intermediation

(2)

FICC financing

3

FICC

2

Equities intermediation

Equities financing

Equities

Other

N.M.

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

(4)

Incentive fees

Private banking and lending

(1)

6

Equity investments

(5)

N.M.

N.M.

Debt investments

Net revenues

(3)

PLATFORM SOLUTIONS

Consumer platforms

2

(1)

Transaction banking and other

Net revenues

1

(3)

Total net revenues

9

6

Geographic Net Revenues (unaudited)3

$ in millions

THREE MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

7

Goldman Sachs Reports

First Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)3

In millions, except per share amounts and headcount

THREE MONTHS ENDED

% CHANGE FROM

REVENUES

Investment banking

(7) %

(8) %

Investment management

(6)

Commissions and fees

Market making

(6)

Other principal transactions

Total non-interest revenues

6

(5)

Interest income

(3)

(1)

Interest expense

(6)

(9)

Net interest income

Total net revenues

9

6

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

6

Transaction based

(1)

Market development

2

Communications and technology

(3)

8

Depreciation and amortization

2

Occupancy

(3)

(6)

Professional fees

Other expenses

Total operating expenses

5

Pre-taxearnings

7

8

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings applicable to common shareholders

EARNINGS PER COMMON SHARE

Basic3

Diluted

AVERAGE COMMON SHARES

Basic

–

(4)

Diluted

(1)

(4)

SELECTED DATA AT PERIOD-END

Common shareholders’ equity

–

2

Basic shares3

(2)

(5)

Book value per common share

2

7

Headcount

–

5

8

Goldman Sachs Reports

First Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

$ 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)3

$ 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)3

$ in millions

THREE MONTHS ENDED

RISK CATEGORIES

Interest rates

Equity prices

Currency rates

Commodity prices

Diversification effect

Total

9

Goldman Sachs Reports

First Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3

$ 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

4

–

Equity

4

1

Fixed income

7

Total long-term AUS net inflows / (outflows)

Liquidity products

(5)

Total AUS net inflows / (outflows)

Net market appreciation / (depreciation)

Ending balance

$

$

$

Goldman Sachs Reports

First 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. Annualized ROTE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity (tangible common

shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of businesses

consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that the firm and investors use to assess capital adequacy. ROTE and tangible common

shareholders’ equity are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents a reconciliation of average common

shareholders’ equity to average tangible common shareholders’ equity:

AVERAGE FOR THE

Unaudited, $ in millions

THREE MONTHS ENDED

Total

shareholders’ equity

Preferred

stock

Common shareholders’ equity

Goodwill

Identifiable intangible

assets

Tangible common shareholders’ equity

2.

3.

For information about the following items, see the referenced sections in Part II, Item 7

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2024: (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 II, Item 8

“Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2024: (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 first 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-Q for

4.

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

provision for taxes for the first quarter of 2025 of approximately $525 million, which increased diluted EPS by $1.63 and annualized ROE by 2.0 percentage points.