Goldman Sachs (NYSE: GS) outlines Apple Card shift and segment changes

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. has entered into an agreement to transition the Apple Card program and associated accounts to a new issuer, which is expected to increase the firm’s fourth quarter 2025 diluted earnings per share by $0.46.

This expected impact comes from a $2.48 billion release of loan loss reserves reflected in provision for credit losses, partially offset by a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card loan portfolio and contract termination obligations, plus $38 million of operating expenses. The transition is expected to occur over approximately 24 months.

The firm also refined its segment reporting while continuing to operate three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. For the quarter ended September 30, 2025, total net revenues were $15,184 million and pre-tax earnings were $5,392 million, with Global Banking & Markets providing the largest contribution.

Insights

Banking and capital markets analyst

Goldman Sachs quantifies Apple Card exit impact and updates segment reporting.

Goldman Sachs has agreed to transition the Apple Card program to a new issuer, expecting a $0.46 boost to diluted EPS in Q4 2025. The uplift is accounting-driven: a $2.48 billion release of loan loss reserves flows through provision for credit losses, while net revenues fall by $2.26 billion from portfolio markdowns and contract termination obligations, alongside $38 million of operating expenses.

This supports the firm’s strategic shift away from broader consumer activities within Platform Solutions, which has been a smaller and less profitable segment. In the quarter ended September 30, 2025, Platform Solutions generated net revenues of $598 million and a pre-tax loss of $22 million, compared with total firm net revenues of $15,184 million and pre-tax earnings of $5,392 million.

The firm is also reorganizing how transaction banking, institutional loan facilitation, structured letters of credit and Urban Investment Group activities are allocated across segments. While these changes do not alter historical firmwide totals, they clarify performance by business line. Subsequent period results will show how the Apple Card transition and narrower consumer focus affect Platform Solutions’ contribution within the updated reporting structure.

FALSE000088698200008869822026-01-072026-01-070000886982us-gaap:CommonStockMember2026-01-072026-01-070000886982gs:SeriesAFloatingRatePreferredStockMember2026-01-072026-01-070000886982gs:SeriesCFloatingRatePreferredStockMember2026-01-072026-01-070000886982gs:SeriesDFloatingRatePreferredStockMember2026-01-072026-01-070000886982gs:FivePointSevenNineThreePercentageFixedToFloatingRateNormalApexMember2026-01-072026-01-070000886982gs:FloatingRateNormalAutomaticPreferredEnhancedCapitalSecuritiesOfGoldmanSachsCapitalIiiMember2026-01-072026-01-070000886982gs:SeriesFMediumTermNotesCallableFixedAndFloatingRateNotesDueMarch2031OfGSFinanceCorpMember2026-01-072026-01-070000886982gs:SeriesFMediumTermNotesCallableFixedAndFloatingRateNotesDueMay2031OfGSFinanceCorpMember2026-01-072026-01-07

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 7, 2026

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

Delaware		13-4019460
(State or other jurisdiction of incorporation)		(IRS Employer Identification 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Exchange on which registered
Common stock, par value $.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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of

the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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. ☐

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 8.01 Other Events

SIGNATURE

1

Item 2.02 Results of Operations and Financial Condition.

On January 7, 2026, the firm (The Goldman Sachs Group, Inc., together with its consolidated subsidiaries) reported

the following information: The firm has entered into an agreement to transition the Apple Card program and

associated accounts to a new issuer. The transition is expected to take place in approximately 24 months. The

transaction is expected to result in a $0.46 increase to the firm's fourth quarter 2025 diluted earnings per share. This

reflects a release of $2.48 billion of loan loss reserves reflected in provision for credit losses, partially offset by a

reduction in net revenues of $2.26 billion related to markdowns on the outstanding credit card loan portfolio and

contract termination obligations as well as $38 million of operating expenses.

The information in this Item 2.02 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act

of 1934.

Item 8.01 Other Events.

The firm has made certain changes to its business segments commencing with the fourth quarter of 2025.

The firm will continue to operate and report its results in the following three business segments: Global Banking &

Markets, Asset & Wealth Management and Platform Solutions. Certain organizational changes have been made

within these segments as the firm continues to narrow its strategic focus regarding consumer-related activities within

Platform Solutions. The business segments are presented below:

Prior results beginning with the firm’s 2021 fiscal year are presented on a comparable basis in the tables on pages 4 -

7.

The changes to the firm’s business segments have no effect on the firm’s historical total net revenues, total provision

for credit losses, total operating expenses and total pre-tax earnings in the consolidated statements of earnings. Prior

period segment results have been conformed to reflect this new presentation.

2

The primary changes made were as follows:

•Global Banking & Markets additionally includes the results from the firm’s transaction banking business, which

are reported in Other (previously reported in Platform Solutions).

•Within Global Banking & Markets, results related to facilitating institutional primary loans for syndication and

providing structured letters of credit to corporate clients are reported in FICC financing (previously reported in

Other).

•Results from the firm’s Urban Investment Group, which makes investments in connection with the firm’s

activities to satisfy requirements under the Community Reinvestment Act, are allocated across all three

segments to reflect the shared nature of such requirements (previously reported in Asset & Wealth

Management).

•Within Asset & Wealth Management, results from Equity Investments and Debt Investments are reported in

aggregate, as the firm continues its transition from direct investments on the firm’s balance sheet to a scaled

third-party funds-driven business.

3

The firm’s three business segments are as follows:

Global Banking & Markets, which is comprised of:

•Investment banking fees, which includes:

•Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions,

divestitures, corporate defense activities, restructurings and spin-offs.

•Equity underwriting, which includes offerings of common stock, preferred stock, convertible securities and

exchangeable securities.

•Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans,

emerging- and growth-market debt offerings, and structuring of asset-backed securities.

•Fixed Income, Currency and Commodities (FICC), which includes:

•FICC intermediation, which includes client execution activities related to making markets in interest rate

products, credit products, mortgages, currencies and commodities.

•FICC financing, which includes secured lending to clients through structured mortgage and other asset-

backed lending, financing through securities purchased under agreements to resell and other FICC

financing (primarily including commodity financing to clients through structured transactions, facilitating

institutional primary loans for syndication and providing structured letters of credit to corporate clients).

•Equities, which includes:

•Equities intermediation, which includes client execution activities related to making markets in equity and

equity-related products and commissions and fees from executing and clearing institutional client

transactions.

•Equities financing, which includes prime financing (securities lending, margin lending and swap

transactions), portfolio financing and other equity financing.

•Other, which includes lending to corporate clients through relationship lending and acquisition financing,

(including related hedges), transaction banking and investing activities related to the firm’s global banking and

markets activities.

Asset & Wealth Management, which is comprised of:

•Activities related to managing client assets across traditional and alternative asset classes, as well as providing

investing and wealth advisory solutions, providing financial planning and counseling services, and executing

brokerage transactions for wealth management clients. These activities generate:

•Management and other fees.

•Incentive fees.

•Private banking and lending, which includes lending and deposit-raising activities for the firm’s wealth

management clients.

•Investments, which includes investing activities related to the firm’s asset management activities, including

investing in public and private equity in corporate, real estate and infrastructure assets, investing in corporate

debt, lending to middle-market clients and providing financing for real estate and other assets, as well as making

investments through consolidated investment entities, substantially all of which are engaged in real estate

investment activities. 

Platform Solutions, which is comprised of:

•Activities related to issuing credit cards to and raising deposits from Apple Card customers, as well as results

from activities related to Platform Solutions businesses that have been exited. See Item 2.02 for information on

Apple Card.

4

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	THREE MONTHS ENDED
		SEPTEMBER 30,		JUNE 30,		MARCH 31,
		2025		2025		2025
GLOBAL BANKING & MARKETS
Advisory		$1,404		$1,174		$792
Equity underwriting		465		428		370
Debt underwriting		788		589		752
Investment banking fees		2,657		2,191		1,914
FICC intermediation		2,437		2,423		3,390
FICC financing		1,056		1,064		1,045
FICC		3,493		3,487		4,435
Equities intermediation		2,020		2,595		2,547
Equities financing		1,716		1,706		1,645
Equities		3,736		4,301		4,192
Other		282		154		200
Net revenues		10,168		10,133		10,741
Provision for credit losses		82		173		66
Operating expenses		5,828		5,885		5,924
Pre-tax earnings		$4,258		$4,075		$4,751
ASSET & WEALTH MANAGEMENT
Management and other fees		$2,943		$2,802		$2,701
Incentive fees		76		103		129
Private banking and lending		1,057		789		725
Investments		342		137		156
Net revenues		4,418		3,831		3,711
Provision for credit losses		(29)		(96)		18
Operating expenses		3,291		3,015		2,856
Pre-tax earnings		$1,156		$912		$837
PLATFORM SOLUTIONS
Net revenues		$598		$619		$610
Provision for credit losses		286		307		203
Operating expenses		334		341		348
Pre-tax earnings/(loss)		$(22)		$(29)		$59
TOTAL
Net revenues		$15,184		$14,583		$15,062
Provision for credit losses		339		384		287
Operating expenses		9,453		9,241		9,128
Pre-tax earnings		$5,392		$4,958		$5,647

5

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	THREE MONTHS ENDED
		DECEMBER 31,		SEPTEMBER 30,		JUNE 30,		MARCH 31,
		2024		2024		2024		2024
GLOBAL BANKING & MARKETS
Advisory		$960		$875		$688		$1,011
Equity underwriting		499		385		423		370
Debt underwriting		595		605		622		699
Investment banking fees		2,054		1,865		1,733		2,080
FICC intermediation		1,750		2,013		2,330		3,471
FICC financing		1,012		986		897		883
FICC		2,762		2,999		3,227		4,354
Equities intermediation		1,954		2,208		1,786		1,989
Equities financing		1,499		1,291		1,383		1,322
Equities		3,453		3,499		3,169		3,311
Other		239		202		134		(14)
Net revenues		8,508		8,565		8,263		9,731
Provision for credit losses		(43)		62		(44)		109
Operating expenses		4,896		5,072		5,210		5,276
Pre-tax earnings		$3,655		$3,431		$3,097		$4,346
ASSET & WEALTH MANAGEMENT
Management and other fees		$2,815		$2,617		$2,534		$2,449
Incentive fees		174		85		46		88
Private banking and lending		736		756		707		682
Investments		1,044		358		576		649
Net revenues		4,769		3,816		3,863		3,868
Provision for credit losses		(56)		(118)		(70)		(36)
Operating expenses		2,989		2,835		2,985		2,922
Pre-tax earnings		$1,836		$1,099		$948		$982
PLATFORM SOLUTIONS
Net revenues		$592		$318		$605		$614
Provision for credit losses		450		453		396		245
Operating expenses		376		408		338		460
Pre-tax earnings/(loss)		$(234)		$(543)		$(129)		$(91)
TOTAL
Net revenues		$13,869		$12,699		$12,731		$14,213
Provision for credit losses		351		397		282		318
Operating expenses		8,261		8,315		8,533		8,658
Pre-tax earnings		$5,257		$3,987		$3,916		$5,237

6

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	THREE MONTHS ENDED
		DECEMBER 31,		SEPTEMBER 30,		JUNE 30,		MARCH 31,
		2023		2023		2023		2023
GLOBAL BANKING & MARKETS
Advisory		$1,005		$831		$645		$818
Equity underwriting		252		308		338		255
Debt underwriting		394		415		448		506
Investment banking fees		1,651		1,554		1,431		1,579
FICC intermediation		1,295		2,654		2,090		3,279
FICC financing		767		761		639		665
FICC		2,062		3,415		2,729		3,944
Equities intermediation		1,502		1,713		1,533		1,741
Equities financing		1,105		1,248		1,433		1,274
Equities		2,607		2,961		2,966		3,015
Other		50		50		50		(70)
Net revenues		6,370		7,980		7,176		8,468
Provision for credit losses		191		45		60		134
Operating expenses		4,558		4,897		4,368		4,741
Pre-tax earnings		$1,621		$3,038		$2,748		$3,593
ASSET & WEALTH MANAGEMENT
Management and other fees		$2,443		$2,403		$2,351		$2,280
Incentive fees		59		23		26		53
Private banking and lending		661		687		874		354
Investments		1,282		229		(103)		580
Net revenues		4,445		3,342		3,148		3,267
Provision for credit losses		(13)		34		11		(571)
Operating expenses		3,566		2,992		3,262		3,158
Pre-tax earnings/(loss)		$892		$316		$(125)		$680
PLATFORM SOLUTIONS
Net revenues		$503		$495		$571		$489
Provision for credit losses		399		(72)		544		266
Operating expenses		363		1,165		914		503
Pre-tax earnings/(loss)		$(259)		$(598)		$(887)		$(280)
TOTAL
Net revenues		$11,318		$11,817		$10,895		$12,224
Provision for credit losses		577		7		615		(171)
Operating expenses		8,487		9,054		8,544		8,402
Pre-tax earnings		$2,254		$2,756		$1,736		$3,993

7

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	NINE MONTHS				YEAR ENDED
		SEPTEMBER 30,			DECEMBER 31,		DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
		2025			2024		2023		2022		2021
GLOBAL BANKING & MARKETS
Advisory		$3,370			$3,534		$3,299		$4,704		$5,653
Equity underwriting		1,263			1,677		1,153		848		4,985
Debt underwriting		2,129			2,521		1,763		1,808		3,497
Investment banking fees		6,762			7,732		6,215		7,360		14,135
FICC intermediation		8,250			9,564		9,318		11,890		8,714
FICC financing		3,165			3,778		2,832		2,873		2,006
FICC		11,415			13,342		12,150		14,763		10,720
Equities intermediation		7,162			7,937		6,489		6,662		7,707
Equities financing		5,067			5,495		5,060		4,326		4,015
Equities		12,229			13,432		11,549		10,988		11,722
Other		636			561		80		(316)		386
Net revenues		31,042			35,067		29,994		32,795		36,963
Provision for credit losses		321			84		430		493		(151)
Operating expenses		17,637			20,454		18,564		18,150		19,770
Pre-tax earnings		$13,084			$14,529		$11,000		$14,152		$17,344
ASSET & WEALTH MANAGEMENT
Management and other fees		$8,446			$10,415		$9,477		$8,771		$7,743
Incentive fees		308			393		161		359		616
Private banking and lending		2,571			2,881		2,576		2,458		1,661
Investments		635			2,627		1,988		1,801		11,928
Net revenues		11,960			16,316		14,202		13,389		21,948
Provision for credit losses		(107)			(280)		(539)		494		(189)
Operating expenses		9,162			11,731		12,978		11,505		11,364
Pre-tax earnings		$2,905			$4,865		$1,763		$1,390		$10,773
PLATFORM SOLUTIONS
Net revenues		$1,827			$2,129		$2,058		$1,181		$428
Provision for credit losses		796			1,544		1,137		1,728		697
Operating expenses		1,023			1,582		2,945		1,509		804
Pre-tax earnings/(loss)		$8			$(997)		$(2,024)		$(2,056)		$(1,073)
TOTAL
Net revenues		$44,829			$53,512		$46,254		$47,365		$59,339
Provision for credit losses		1,010			1,348		1,028		2,715		357
Operating expenses		27,822			33,767		34,487		31,164		31,938
Pre-tax earnings		$15,997			$18,397		$10,739		$13,486		$27,044

8

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K includes “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 the firm’s control. It is possible that the

firm’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking

statements. For a discussion of some of the risks and important factors that could affect the firm’s future results, 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.

Forward-looking statements include the timing of the transition of the Apple Card program to a new issuer, which is

subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to

satisfy applicable closing conditions. The expected impact of the transaction on the firm’s fourth quarter 2025

results is also a forward-looking statement and subject to change as the firm completes its financial statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be

signed on its behalf by the undersigned hereunto duly authorized.

	THE GOLDMAN SACHS GROUP, INC. (Registrant)
Date:  January 8, 2026	By:	/s/ Denis P. Coleman III
		Name:  Denis P. Coleman III Title:Chief Financial Officer

FAQ

What did Goldman Sachs (GS) announce about the Apple Card program?

Goldman Sachs stated that it has entered into an agreement to transition the Apple Card program and associated accounts to a new issuer. The transition is expected to take place in approximately 24 months.

How will the Apple Card transition affect Goldman Sachs’ Q4 2025 earnings per share?

The Apple Card transaction is expected to result in a $0.46 increase to Goldman Sachs’ fourth quarter 2025 diluted earnings per share, driven mainly by a release of loan loss reserves.

What are the main financial components of Goldman Sachs’ Apple Card transaction?

The expected impact includes a $2.48 billion release of loan loss reserves (benefiting provision for credit losses), partially offset by a $2.26 billion reduction in net revenues related to markdowns on the outstanding credit card loan portfolio and contract termination obligations, plus $38 million of operating expenses.

What changes did Goldman Sachs make to its business segments starting in Q4 2025?

Goldman Sachs will continue with three segments—Global Banking & Markets, Asset & Wealth Management and Platform Solutions—but reallocated certain activities. Transaction banking moved into Global Banking & Markets; institutional primary loan facilitation and structured letters of credit are reported in FICC financing; Urban Investment Group results are allocated across all three segments; and Equity and Debt Investments within Asset & Wealth Management are reported in aggregate.

How did Goldman Sachs’ segments perform in the quarter ended September 30, 2025?

For the quarter ended September 30, 2025, Global Banking & Markets generated net revenues of $10,168 million and pre-tax earnings of $4,258 million. Asset & Wealth Management reported net revenues of $4,418 million and pre-tax earnings of $1,156 million. Platform Solutions had net revenues of $598 million and a pre-tax loss of $22 million.

What were Goldman Sachs’ total results for the quarter ended September 30, 2025?

For the quarter ended September 30, 2025, Goldman Sachs reported total net revenues of $15,184 million, provision for credit losses of $339 million, operating expenses of $9,453 million and pre-tax earnings of $5,392 million.

Do the new segment classifications change Goldman Sachs’ historical firmwide totals?

No. The firm stated that the changes to its business segments have no effect on historical total net revenues, total provision for credit losses, total operating expenses or total pre-tax earnings. Prior period segment results have been conformed to the new presentation.