高盛 2025年度报告

Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-14965 For the fiscal year ended December31, 2025 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) (212) 902-1000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: TradingSymbolExchangeon whichregistered Title of each class Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☒Yes☐NoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.☐Yes☒No 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 thepreceding 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 90days.☒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 emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange 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 revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ 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 June 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $213.2billion. As of February6, 2026, there were 296,752,922 shares of the registrant’s common stock outstanding. Documents incorporated by reference:Portions of The Goldman Sachs Group, Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporatedby reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. Goldman Sachs 2025 Form 10-K PART I Item 1. Business Introduction The chart below presents our three business segments. Goldman Sachs is a leading global financial institution thatdelivers a broad range of financial services to a large anddiversified client base that includes corporations, financialinstitutions, governments and individuals. Our purpose is toadvancesustainableeconomicgrowthandfinancialopportunity. Our goal, reflected in our One Goldman Sachsinitiative, is to deliver the full range of our services andexpertiseto support our clients in a more accessible,comprehensive and efficient manner, across businesses andproduct areas. When we use the terms “Goldman Sachs,” “we,” “us,” “our”and “the firm,” we mean The Goldman Sachs Group, Inc.(Group Inc. or parent company), a Delaware corporation, andits consolidated subsidiaries. When we use the term “oursubsidiaries,” we mean the consolidated subsidiaries of GroupInc. References to “this Form 10-K” are to our Annual Reporton Form 10-K for the year ended December 31, 2025. Allreferences to 2025, 2024 and 2023 refer to our years ended, orthedates,as the context requires,December 31,2025,December 31, 2024 and December 31, 2023, respectively. Beginning with the fourth quarter of 2025, we made certainchanges to our segments as we continued to narrow ourstrategicfocus with respect to con