GOLDMAN SACHS GROUP INC
For the period ended Mar 31, 2026. Filed May 1, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
Contents
Cover page
Show cover page
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 from | to |
Commission File Number:001-14965
The Goldman Sachs Group, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 13-4019460 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 200 West Street, New York, NY | 10282 |
| (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 class | TradingSymbol | Exchangeon whichregistered |
|---|---|---|
| Common stock, par value $0.01 per share | GS | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A | GS PrA | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C | GS PrC | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D | GS PrD | NYSE |
| 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | GS/43PE | NYSE |
| Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | GS/43PF | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. | GS/31B | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. | GS/31X | NYSE |
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.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026
INDEX
| Form 10-Q Item Number | Page No. |
|---|---|
| PART I | |
| FINANCIAL INFORMATION | 1 |
| Item 1 | |
| Financial Statements (Unaudited) | 1 |
| Consolidated Statements of Earnings | 1 |
| Consolidated Statements of Comprehensive Income | 1 |
| Consolidated Balance Sheets | 2 |
| Consolidated Statements of Changes in Shareholders’ Equity | 3 |
| Consolidated Statements of Cash Flows | 4 |
| Notes to Consolidated Financial Statements | 5 |
| Note 1. Description of Business | 5 |
| Note 2. Basis of Presentation | 6 |
| Note 3. Significant Accounting Policies | 6 |
| Note 4. Fair Value Measurements | 12 |
| Note 5. Fair Value Hierarchy | 17 |
| Note 6. Trading Assets and Liabilities | 31 |
| Note 7. Derivatives and Hedging Activities | 32 |
| Note 8. Investments | 38 |
| Note 9. Loans | 41 |
| Note 10. Fair Value Option | 50 |
| Note 11. Collateralized Agreements and Financings | 52 |
| Note 12. Other Assets | 56 |
| Note 13. Deposits | 58 |
| Note 14. Unsecured Borrowings | 59 |
| Note 15. Other Liabilities | 61 |
| Note 16. Securitization Activities | 62 |
| Note 17. Variable Interest Entities | 64 |
| Note 18. Commitments, Contingencies and Guarantees | 67 |
| Note 19. Shareholders’ Equity | 71 |
| Note 20. Regulation and Capital Adequacy | 74 |
| Note 21. Earnings Per Common Share | 78 |
| Note 22. Transactions with Affiliated Funds | 78 |
| Note 23. Interest Income and Interest Expense | 79 |
| Note 24. Income Taxes | 79 |
| Note 25. Business Segments | 80 |
| Note 26. Credit Concentrations | 82 |
| Note 27. Legal Proceedings | 83 |
| Page No. | |
|---|---|
| Report of Independent Registered Public Accounting Firm | 93 |
| Statistical Disclosures | 94 |
| Item 2 | |
| Management’s Discussion and Analysis of Financial Condition | |
| and Results of Operations | 96 |
| Introduction | 96 |
| Executive Overview | 96 |
| Business Environment | 97 |
| Critical Accounting Policy | 97 |
| Use of Estimates | 98 |
| Recent Accounting Developments | 100 |
| Results of Operations | 101 |
| Balance Sheet and Funding Sources | 115 |
| Capital Management and Regulatory Capital | 120 |
| Regulatory and Other Matters | 129 |
| Off-Balance Sheet Arrangements | 129 |
| Risk Management | 130 |
| Overview and Structure of Risk Management | 130 |
| Liquidity Risk Management | 134 |
| Market Risk Management | 141 |
| Credit Risk Management | 146 |
| Operational Risk Management | 155 |
| Cybersecurity Risk Management | 157 |
| Model Risk Management | 159 |
| Other Risk Management | 160 |
| Available Information | 162 |
| Forward-Looking Statements | 162 |
| Item 3 | |
| Quantitative and Qualitative Disclosures About Market Risk | 166 |
| Item 4 | |
| Controls and Procedures | 166 |
| PART II | |
| OTHER INFORMATION | 166 |
| Item 1 | |
| Legal Proceedings | 166 |
| Item 2 | |
| Unregistered Sales of Equity Securities and Use of Proceeds | 166 |
| Item 5 | |
| Other Information | 167 |
| Item 6 | |
| Exhibits | 167 |
| SIGNATURES | 167 |
Goldman Sachs March 2026 Form 10-Q
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.