Goldman Sachs Group · Earnings release

Second Quarter

Earnings Results

The Goldman Sachs

Group, Inc.

Second Quarter 2025 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $10.91 and Increases the

Quarterly Dividend to $4.00 Per Common Share in the Third Quarter

Financial Summary

Net Revenues

Net Earnings

EPS

Annualized ROE1

Book Value Per Share

YTD Growth 3.9%

Sachs Group, Inc. (NYSE: GS) today reported net revenues of $14.58 billion and net earnings of $3.72 billion for the second quarter ended June 30, 2025. Net revenues were $29.65 billion and net earnings were $8.46 billion for the first half of 2025.

Diluted earnings per common share (EPS) was $10.91 for the second

quarter of 2025 compared with $8.62 for the second quarter of 2024 and $14.12 for the first quarter of 2025, and was $25.07 for the first half of 2025 compared with $20.21 for the first half of 2024.

Annualized return on average common shareholders’ equity (ROE)1 was 12.8% for the second quarter of 2025 and 14.8% for the first half of 2025.

Book value per common share increased by 1.6% during the second quarter of

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Goldman Sachs Reports

Second Quarter 2025 Earnings Results

Net Revenues

Net revenues were $14.58 billion for the second quarter of 2025, 15% higher

than the second quarter of 2024 and 3% lower than the first quarter of 2025. The increase compared with the second quarter of 2024 reflected significantly higher net revenues in Global Banking & Markets, partially

offset by slightly lower net revenues in Asset & Wealth Management.

Net Revenues

Global Banking & Markets

Net revenues in Global Banking & Markets were $10.12 billion for the second

quarter of 2025, 24% higher than the second quarter of 2024 and 5% lower than the first quarter of 2025.

Investment banking fees were $2.19 billion, 26% higher than the second quarter of 2024, due to significantly

higher net revenues in Advisory, reflecting strength in the Americas and EMEA. Net revenues in Debt underwriting were slightly lower, driven by a decrease in leveraged finance activity, while net revenues in Equity underwriting were essentially unchanged. The firm’s Investment banking fees backlog2 was higher compared with both the end of the first

Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47 billion, 9% higher than the second quarter of 2024, primarily reflecting significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. Net revenues in FICC intermediation were slightly higher, reflecting significantly higher net revenues in currencies, higher net revenues in credit products and slightly higher net revenues in interest rate products, largely offset by significantly lower net revenues in both mortgages and commodities.

Net revenues in Equities were $4.30 billion, 36% higher than the second quarter of 2024, due to significantly

higher net revenues in Equities intermediation (driven by both cash products and derivatives) and in Equities financing (primarily driven by portfolio financing).

Net revenues in Other were

$161 million, compared with $102 million for the second quarter of 2024, primarily reflecting higher net gains from direct investments.

Global Banking & Markets

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

2

Goldman Sachs Reports

Second Quarter 2025 Earnings Results

Asset & Wealth Management

Net revenues in Asset & Wealth

Management were $3.78 billion for the second quarter of 2025, 3% lower than the second quarter of 2024 and 3% higher than the first quarter of 2025. The decrease compared with the second quarter of 2024 reflected significantly lower

net revenues in both 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. 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 from hedges 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 primarily driven by harvesting.

Asset & Wealth Management

Management and other fees

Incentive

fees

Private banking and lending

Equity

investments

$ (1) million

Debt investments

Platform Solutions

Net revenues in Platform Solutions were $685 million for the

second quarter of 2025, 2% higher than the second quarter of 2024 and essentially unchanged compared with the first quarter of 2025.

Consumer platforms net revenues were slightly higher compared with the second quarter of

2024, while Transaction banking and other net revenues were lower.

Platform Solutions

Consumer platforms

Transaction banking

and other

Provision for Credit Losses

Provision for credit losses was $384 million for the second

quarter of 2025, compared with $282 million for the second quarter of 2024 and $287 million for the first quarter of 2025. Provisions for the second quarter of 2025 primarily reflected net charge-offs related to the credit card portfolio and growth

in the credit card and wholesale portfolios. Provisions for the second quarter of 2024 reflected net provisions related to the credit card portfolio (driven by net charge-offs).

Provision for Credit Losses

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Goldman Sachs Reports

Second Quarter 2025 Earnings Results

Operating Expenses

Operating expenses were $9.24 billion for the second quarter

of 2025, 8% higher than the second quarter of 2024 and essentially unchanged compared with the first quarter of 2025. The firm’s efficiency ratio2 was 62.0% for

The increase in operating expenses compared with the second quarter of 2024 primarily

reflected higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses, partially offset by lower net provisions for litigation and regulatory proceedings (included in

other expenses).

Net provisions for litigation and regulatory proceedings were $1 million for the second quarter of 2025, compared with $104 million for the second quarter of 2024.

Headcount decreased 2% compared with the end of the first quarter of 2025.

Operating

Expenses

YTD

Efficiency Ratio

Provision for Taxes

The effective income tax rate for the

first half of 2025 was 20.2%, up from 16.1% for the first quarter 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 July 14, 2025, the Board of Directors of The Goldman Sachs Group, Inc.

increased the quarterly dividend to $4.00 per common share from $3.00 per common share. The dividend will be paid on September 29, 2025 to common shareholders of record on August 29, 2025.

◾ During the quarter, the firm returned $3.96 billion of capital to common shareholders, including $3.00 billion of common share

repurchases (5.3 million shares at an average cost of $564.57) and $957 million of common stock dividends.2

◾ Global core liquid assets2 averaged $462 billion for the second

quarter of 2025, compared with an average of $441 billion for the first quarter of 2025.

Declared Quarterly

Dividend Per Common Share

Common Share Repurchases

5.3 million shares

Average GCLA

4

Goldman Sachs Reports

Second 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.

5

Goldman Sachs Reports

Second 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

1

Debt

underwriting

(5)

Investment banking fees

FICC intermediation

4

FICC financing

3

FICC

9

Equities intermediation

2

Equities

financing

4

Equities

3

Other

Net revenues

(5)

ASSET & WEALTH MANAGEMENT

Management and other fees

4

Incentive fees

Private banking and lending

9

Equity investments

(1)

(5)

N.M.

Debt investments

Net revenues

3

(3)

PLATFORM SOLUTIONS

Consumer platforms

2

4

Transaction banking and other

(5)

Net revenues

1

2

Total net revenues

(3)

Geographic Net Revenues (unaudited)2

$ in millions

THREE MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

6

Goldman Sachs Reports

Second Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

SIX MONTHS ENDED

% CHANGE FROM

GLOBAL BANKING & MARKETS

Advisory

Equity underwriting

1

Debt underwriting

2

Investment banking fees

8

FICC intermediation

–

FICC financing

FICC

5

Equities intermediation

Equities financing

Equities

Other

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

Incentive fees

Private banking and lending

9

Equity investments

(6)

N.M.

Debt investments

Net revenues

(3)

PLATFORM SOLUTIONS

Consumer platforms

1

Transaction banking and other

Net revenues

–

Total net revenues

Geographic Net Revenues (unaudited)2

$ in millions

SIX MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

7

Goldman Sachs Reports

Second 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

3

Commissions and fees

(2)

Market making

9

Other principal transactions

(5)

Total non-interest revenues

(6)

7

Interest income

2

(3)

Interest expense

1

Net interest income

7

Total net revenues

(3)

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

(4)

Transaction based

6

Market development

7

9

Communications and technology

5

6

Depreciation and amortization

(4)

Occupancy

–

(4)

Professional fees

4

Other expenses

6

Total operating expenses

1

8

Pre-taxearnings

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings applicable to common shareholders

EARNINGS PER COMMON SHARE

Basic2

Diluted

AVERAGE COMMON SHARES

Basic

(2)

(5)

Diluted

(2)

(5)

SELECTED DATA AT PERIOD-END

Common shareholders’ equity

–

2

Basic shares2

(2)

(5)

Book value per common share

2

7

Headcount

(2)

4

8

Goldman Sachs Reports

Second Quarter 2025 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)2

In millions, except per share amounts

SIX MONTHS ENDED

% CHANGE FROM

REVENUES

Investment banking

8 %

Investment management

Commissions and fees

Market making

–

Other principal transactions

Total non-interest revenues

–

Interest income

(2)

Interest expense

(9)

Net interest income

Total net revenues

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

8

Transaction based

Market development

6

Communications and technology

7

Depreciation and amortization

Occupancy

(5)

Professional fees

Other expenses

Total operating expenses

7

Pre-taxearnings

Provision for taxes

8

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

Second 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

Second 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

4

Equity

8

6

Fixed income

–

7

Total long-term AUS net inflows / (outflows)

Liquidity products

(5)

Total AUS net inflows / (outflows)

5

Net market appreciation / (depreciation)

Ending balance

Goldman Sachs Reports

Second 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

SIX 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 March 31, 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 March 31, 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 have non-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 second 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

3.

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

provision for taxes for the first half of 2025 of approximately $600 million, which increased diluted EPS by $1.85 and annualized ROE by 1.1 percentage points.