v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Common Equity
As of both December 2025 and December 2024, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.
The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by the evolution of current and future regulatory capital requirements, general market conditions and the prevailing price and trading volumes of the firm’s common stock.
The table below presents information about common stock repurchases.
Year Ended December
in millions, except per share amounts202520242023
Common share repurchases18.917.516.8
Average cost per share$654.45 $457.82 $345.87 
Total cost of common share repurchases$12,360 $8,000 $5,796 
Pursuant to the terms of certain share-based awards, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. In connection with these awards, 1,072 shares in 2025, 1,197 shares in 2024 and 868 shares in 2023 were remitted with a total value of $0.7 million in 2025, $0.5 million in 2024 and $0.3 million in 2023, and the firm cancelled 3.5 million share-based awards in 2025, 3.4 million in 2024 and 3.9 million in 2023 with a total value of $2.16 billion in 2025, $1.33 billion in 2024 and $1.35 billion in 2023. The amount of cash used to settle share-based awards was not material for each of 2025, 2024 and 2023.
The table below presents common stock dividends declared.
Year Ended December
 202520242023
Dividends declared per common share$14.00 $11.50 $10.50 
On January 14, 2026, the Board of Directors of Group Inc. increased the quarterly dividend to $4.50 per common share from $4.00 per common share. The dividend will be paid on March 30, 2026 to common shareholders of record on March 2, 2026.
Preferred Equity
The tables below present information about the perpetual preferred stock issued and outstanding as of December 2025.
SeriesShares
 Authorized		Shares
 Issued		Shares
 Outstanding		Depositary Shares
Per Share
A50,00030,00029,9991,000
C25,0008,0008,0001,000
D60,00054,00053,9991,000
E17,5007,6677,667N.A.
F5,0001,6151,615N.A.
O26,00026,00026,00025
Q20,00020,00020,00025
R24,00024,00024,00025
S14,00014,00014,00025
T27,00027,00027,00025
U30,00030,00030,00025
V30,00030,00030,00025
W60,00060,00060,00025
X90,00090,00090,00025
Y
80,00080,00080,00025
Z76,00076,00076,00025
Total634,500578,282578,280 

SeriesEarliest Redemption DateLiquidation
 Preference
Redemption Value
($ in millions)
ACurrently Redeemable$25,000 $750 
CCurrently Redeemable$25,000 200 
DCurrently Redeemable$25,000 1,350 
ECurrently Redeemable$100,000 767 
FCurrently Redeemable$100,000 161 
ONovember 10, 2026$25,000 650 
QCurrently Redeemable$25,000 500 
RCurrently Redeemable$25,000 600 
SCurrently Redeemable$25,000 350 
TMay 10, 2026$25,000 675 
UAugust 10, 2026$25,000 750 
VNovember 10, 2026$25,000 750 
WFebruary 10, 2029$25,000 1,500 
X
May 10, 2029$25,000 2,250 
Y
November 10, 2034$25,000 2,000 
ZFebruary 10, 2030$25,000 1,900 
Total  $15,153 
In the tables above:
•All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares.
•The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option.
•Prior to redeeming preferred stock, the firm must receive approval from the Board of Governors of the Federal Reserve System (FRB).

•In January 2025, the firm issued 76,000 shares of Series Z 6.85% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Z Preferred Stock).
•The redemption price per share for Series A through F and Series Q through Z Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series O Preferred Stock is the liquidation preference plus accrued and unpaid dividends.
•All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation.
•The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.
•Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.
In 2024, the firm redeemed all outstanding shares of its (i) Series K 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series K Preferred Stock) with a redemption value of $700 million ($25,000 per share), plus accrued and unpaid dividends and (ii) Series P 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series P Preferred Stock) with a redemption value of $1.50 billion ($25,000 per share), plus accrued and unpaid dividends. The difference between the redemption value and net carrying value at the time of these redemptions was $34 million, which was recorded as an addition to preferred stock dividends in 2024.
In February 2026, the firm redeemed all outstanding shares of its (i) Series Q 5.50% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Q Preferred Stock) with a redemption value of $500 million ($25,000 per share), plus declared and unpaid dividends, (ii) Series R 4.95% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series R Preferred Stock) with a redemption value of $600 million ($25,000 per share), plus declared and unpaid dividends and (iii) Series S 4.40% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series S) with a redemption value of $350 million ($25,000 per share), plus declared and unpaid dividends.
The preferred stock issuance costs in the consolidated statements of shareholders’ equity reflects reclassifications of issuance costs to retained earnings on redemptions, net of issuance costs relating to new issuances.
The table below presents the dividend rates of perpetual preferred stock as of December 2025.
SeriesPer Annum Dividend Rate
A
3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C
3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D
3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E
3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F
3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
O
5.30%, payable semi-annually, from issuance date to, but excluding,
November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
Q
5 year treasury rate + 3.623%, payable semi-annually
R
5 year treasury rate + 3.224%, payable semi-annually
S
5 year treasury rate + 2.85%, payable semi-annually
T
3.80%, payable semi-annually, from issuance date to, but excluding,
May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U
3.65%, payable semi-annually, from issuance date to, but excluding,
August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V
4.125%, payable semi-annually, from issuance date to, but excluding,
November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W
7.50%, payable semi-annually, from issuance date to, but excluding,
February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
X
7.50%, payable semi-annually, from issuance date to, but excluding,
May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter
Y
6.125%, payable semi-annually, from issuance date to, but excluding,
November 10, 2034; 10 year treasury rate +2.40%, payable semi-annually, thereafter
Z
6.85%, payable semi-annually, from issuance date to, but excluding,
February 10, 2030; 5 year treasury rate + 2.461%, payable semi-annually, thereafter
In the table above:
•Dividends on each series of preferred stock are payable in arrears for the periods specified.
•The treasury rate for Series Q through Z is based on the most recent dividend determination date of the respective series.
The table below presents preferred stock dividends declared.
 202520242023
Seriesper share$ in millionsper share$ in millionsper share$ in millions
Year Ended December
A$1,347.66 $40 $1,606.63 $48 $1,484.27 $44 
C$1,347.66 11 $1,606.63 13 $1,484.27 12 
D$1,327.49 72 $1,586.18 86 $1,463.99 79 
E$5,418.79 41 $6,423.37 50 $6,074.57 46 
F$5,421.32 9 $6,425.91 10 $6,077.09 10 
J$– – $– – $1,261.02 51 
K$– – $796.88 20 $1,593.76 44 
O$1,325.00 34 $1,325.00 34 $1,325.00 34 
P$– – $1,623.09 97 $2,022.64 121 
Q$1,844.75 37 $1,375.00 28 $1,375.00 28 
R$1,563.75 38 $1,237.50 30 $1,237.50 30 
S$1,448.25 20 $1,100.00 15 $1,100.00 16 
T$950.00 26 $950.00 26 $950.00 26 
U$912.50 27 $912.50 27 $912.50 27 
V$1,031.25 31 $1,031.25 31 $1,031.25 31 
W$1,875.00 113 $1,833.33 110 $– – 
X
$1,875.00 169 $1,026.04 92 $– – 
Y$1,718.40 137 $– – $– – 
Z
$932.36 71 $– – $– – 
Total$876 $717 $599 


On January 6, 2026, Group Inc. declared dividends of $311.56 per share of Series A Preferred Stock, $311.56 per share of Series C Preferred Stock, $306.45 per share of Series D Preferred Stock, $922.38 per share of Series Q Preferred Stock, $945.00 per share of Series R Preferred Stock, $898.25 per share of Series S Preferred Stock, $456.25 per share of Series U Preferred Stock, $937.50 per share of Series W Preferred Stock, and $856.25 per share of Series Z Preferred Stock to be paid on February 10, 2026 to preferred shareholders of record on January 26, 2026 and declared dividends of $1,218.76 per share of Series E Preferred Stock and $1,219.39 per share of Series F Preferred Stock to be paid on March 2, 2026 to preferred shareholders of record on February 15, 2026. The aggregate amount of such preferred dividends was approximately $225 million.
Accumulated Other Comprehensive Income/(Loss)
The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.
$ in millionsBeginning
balance 		Other
comprehensive
income/(loss)
adjustments,
net of tax		Ending
balance
Year Ended December 2025
Currency translation$(815)$11 $(804)
Debt valuation adjustment(386)(676)(1,062)
Pension and postretirement liabilities(528)32 (496)
Available-for-sale securities(972)1,075 103 
Cash flow hedges
(1)– (1)
Total$(2,702)$442 $(2,260)
Year Ended December 2024
Currency translation$(847)$32 $(815)
Debt valuation adjustment(123)(263)(386)
Pension and postretirement liabilities(575)47 (528)
Available-for-sale securities(1,373)401 (972)
Cash flow hedges
– (1)(1)
Total$(2,918)$216 $(2,702)
Year Ended December 2023
Currency translation$(785)$(62)$(847)
Debt valuation adjustment892 (1,015)(123)
Pension and postretirement liabilities(499)(76)(575)
Available-for-sale securities(2,618)1,245 (1,373)
Total$(3,010)$92 $(2,918)