Employee Incentive Plans |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Incentive Plans | Employee Incentive Plans The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on RSUs are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In limited cases, as outlined in the applicable award agreements, the firm may cash settle share-based awards accounted for as equity instruments. For these awards, additional paid-in capital is adjusted to the extent of the difference between the value of the award at the time of cash settlement and the grant-date value of the award. The tax effect related to the settlement of share-based awards and payments of dividend equivalents is recorded in income tax benefit or expense. Stock Incentive Plan The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (2025) (2025 SIP), which provides for grants of RSUs, restricted stock, dividend equivalent rights, incentive stock options, nonqualified stock options, stock appreciation rights, and other share-based awards, each of which may be subject to terms and conditions, including performance or market conditions. On April 23, 2025, shareholders approved the 2025 SIP. The 2025 SIP is a successor to several predecessor stock incentive plans, the first of which was adopted on April 30, 1999, and each of which was approved by the firm’s shareholders. As of December 2025, 53.9 million shares were available to be delivered pursuant to awards granted under the 2025 SIP. If any shares of common stock underlying awards granted under the 2025 SIP or awards granted under predecessor stock incentive plans are not delivered because such awards are forfeited, terminated or canceled, or if shares of common stock underlying such awards are surrendered or withheld to satisfy any obligation of the grantee (including taxes), those shares will become available to be delivered pursuant to awards granted under the 2025 SIP. Shares available to be delivered under the 2025 SIP are also subject to adjustment for certain events or changes in corporate structure as provided under the 2025 SIP. The 2025 SIP is scheduled to terminate on the date of the 2029 Annual Meeting of Shareholders. Restricted Stock Units The firm grants RSUs (including RSUs subject to performance or market conditions) to employees, which are generally valued based on the closing price of the underlying shares on the date of grant, after taking into account a liquidity discount for any applicable post-vesting and delivery transfer restrictions. The value of equity awards also considers the impact of material non-public information, if any, that the firm expects to make available shortly following grant. RSUs not subject to performance or market conditions generally vest and underlying shares of common stock are delivered (net of required withholding tax) over a three-year period as outlined in the applicable award agreements. Award agreements generally provide that vesting is accelerated in certain circumstances, such as on retirement, death, disability and, in certain cases, conflicted employment. Delivery of the underlying shares of common stock is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. RSUs that are subject to performance or market conditions generally are settled after the end of a - to five-year period. For awards that are subject to performance or market conditions, generally the final award is adjusted from zero up to 150% of the original grant based on the extent to which those conditions are satisfied. Dividend equivalents that accrue on these awards are paid when the awards settle. The table below presents the 2025 activity related to stock settled RSUs.
In the table above: •The weighted average grant-date fair value of RSUs granted was $588.11 during 2025, $365.28 during 2024 and $329.23 during 2023. The grant-date fair value of these RSUs included an average liquidity discount of 4.1% during 2025, 3.9% during 2024 and 4.5% during 2023, to reflect post-vesting and delivery transfer restrictions, generally of 1 year for each of 2025, 2024 and 2023. •The aggregate fair value of awards that vested was $3.91 billion during 2025, $3.15 billion during 2024 and $2.47 billion during 2023. •The ending balance included no shares of restricted stock subject to future service requirements as of December 2025 and 4,579 shares as of December 2024. •The ending balance included RSUs subject to future service requirements and performance or market conditions of 432,790 RSUs as of December 2025 and 466,731 RSUs as of December 2024, and the maximum amount of such RSUs that may be earned was 649,185 RSUs as of December 2025 and 700,097 RSUs as of December 2024. •The ending balance also included RSUs not subject to future service requirements but subject to performance conditions of 1,244,279 RSUs as of December 2025 and 1,587,795 RSUs as of December 2024, and the maximum amount of such RSUs that may be earned was 1,866,419 RSUs as of December 2025 and 2,381,693 RSUs as of December 2024. In relation to 2025 year-end, during the first quarter of 2026, the firm granted to its employees 3.5 million RSUs (of which 1.0 million RSUs require future service as a condition for delivery of the related shares of common stock). These RSUs are subject to additional conditions as outlined in the award agreements. Shares underlying these RSUs, net of required withholding tax, generally are delivered over a three-year period and are generally subject to a one-year post-vesting and delivery transfer restriction. These awards are not included in the table above. As of December 2025, there was $740 million of total unrecognized compensation cost related to non-vested share-based awards. This cost is expected to be recognized over a weighted average period of 1.99 years. Share-based awards subject to performance conditions were recognized at the maximum payout. The table below presents the share-based compensation and the related excess tax benefit.
In the table above, excess net tax benefit for share-based awards includes the net tax benefit on dividend equivalents paid on RSUs and the delivery of common stock underlying share-based awards. Carried Interest The firm shares a portion of its carried interest related to investment management services with approximately 1,000 employees, including with the firm’s executive officers. The fair value of this carried interest is recognized as compensation expense over the vesting period, as applicable. Such expense was $513 million for 2025, $376 million for 2024 and $407 million for 2023. |
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