| Parent Company |
Parent Company Group Inc. – Condensed Statements of Earnings | | | | | | | | | | | | | Year Ended December | | $ in millions | 2025 | 2024 | 2023 | | Revenues | | | | | Dividends from subsidiaries and other affiliates: | | | | Bank | $ | 7,570 | | $ | 62 | | $ | 58 | | | Nonbank | 9,272 | | 9,021 | | 11,499 | | | Other revenues | 2,197 | | (1,214) | | (1,965) | | | Total non-interest revenues | 19,039 | | 7,869 | | 9,592 | | | Interest income | 18,845 | | 20,533 | | 18,839 | | | Interest expense | 20,743 | | 23,527 | | 21,479 | | | Net interest loss | (1,898) | | (2,994) | | (2,640) | | | Total net revenues | 17,141 | | 4,875 | | 6,952 | | | Operating expenses | | | | | Compensation and benefits | 975 | | 676 | | 287 | | | Other expenses | 1,067 | | 693 | | 219 | | | Total operating expenses | 2,042 | | 1,369 | | 506 | | | Pre-tax earnings | 15,099 | | 3,506 | | 6,446 | | | Benefit for taxes | (678) | | (1,617) | | (1,070) | | Undistributed earnings of subsidiaries | | | | | and other affiliates | 1,399 | | 9,153 | | 1,000 | | | Net earnings | 17,176 | | 14,276 | | 8,516 | | | Preferred stock dividends | 876 | | 751 | | 609 | | Net earnings applicable to common shareholders | $ | 16,300 | | $ | 13,525 | | $ | 7,907 | |
Supplemental Disclosures: In the condensed statements of earnings above, revenues and expenses included the following with subsidiaries and other affiliates: •Dividends from bank subsidiaries included cash dividends of $7.57 billion for 2025, $62 million for 2024 and $58 million for 2023. •Dividends from nonbank subsidiaries and other affiliates included cash dividends of $9.27 billion for 2025, $9.02 billion for 2024 and $11.49 billion for 2023. •Other revenues included $4.43 billion for 2025, $(1.72) billion for 2024 and $(892) million for 2023. •Interest income included $15.55 billion for 2025, $17.65 billion for 2024 and $16.82 billion for 2023. •Interest expense included $10.82 billion for 2025, $11.91 billion for 2024 and $9.94 billion for 2023. •Other expenses included $176 million for 2025, $104 million for 2024 and $105 million for 2023. Group Inc.’s other comprehensive income/(loss) was $442 million for 2025, $216 million for 2024 and $92 million for 2023.
Group Inc. – Condensed Balance Sheets | | | | | | | | | | As of December | | $ in millions | 2025 | 2024 | | Assets | | | | Cash and cash equivalents: | | | | With third-party banks | $ | 28 | | $ | 19 | | | With subsidiary bank | 4 | | 2 | | | Loans to and receivables from subsidiaries: | | | | Bank | 4,504 | | 5,738 | | Nonbank ($17,782 and $15,494 at fair value) | 319,511 | | 282,580 | | | Investments in subsidiaries and other affiliates: | | | | Bank | 65,856 | | 63,427 | | | Nonbank | 77,257 | | 77,362 | | | Trading assets (at fair value) | 246 | | 438 | | Investments ($41,036 and $35,205 at fair value) | 73,270 | | 80,697 | | | Other assets | 9,983 | | 8,300 | | | Total assets | $ | 550,659 | | $ | 518,563 | | | | | | Liabilities and shareholders’ equity | | | | Repurchase agreements with subsidiaries (at fair value) | $ | 71,296 | | $ | 78,145 | | | Secured borrowings with subsidiaries | 25,240 | | 28,151 | | | Payables to subsidiaries | 3,536 | | 1,803 | | | Trading liabilities (at fair value) | 853 | | 1,107 | | | Unsecured short-term borrowings: | | | With third parties ($7,562 and $4,583 at fair value) | 17,436 | | 22,409 | | | With subsidiaries | 7,039 | | 3,526 | | | Unsecured long-term borrowings: | | | With third parties ($32,529 and $29,051 at fair value) | 189,569 | | 167,523 | | | With subsidiaries | 106,280 | | 89,883 | | | Other liabilities | 4,438 | | 4,020 | | | Total liabilities | 425,687 | | 396,567 | | | Commitments, contingencies and guarantees | | | | Shareholders' equity | | | | Preferred stock | 15,153 | | 13,253 | | | Common stock | 9 | | 9 | | | Share-based awards | 5,795 | | 5,148 | | | Additional paid-in capital | 61,906 | | 61,376 | | | Retained earnings | 165,288 | | 153,412 | | | Accumulated other comprehensive loss | (2,260) | | (2,702) | | | Stock held in treasury, at cost | (120,919) | | (108,500) | | | Total shareholders’ equity | 124,972 | | 121,996 | | | Total liabilities and shareholders’ equity | $ | 550,659 | | $ | 518,563 | |
Supplemental Disclosures: Goldman Sachs Funding LLC, a wholly-owned, direct subsidiary of Group Inc., has provided Group Inc. with a committed line of credit that allows Group Inc. to draw sufficient funds to meet its cash needs in the ordinary course of business. Trading assets included derivative contracts with subsidiaries of $156 million as of December 2025 and $261 million as of December 2024. Trading liabilities included derivative contracts with subsidiaries of $853 million as of December 2025 and $1.11 billion as of December 2024. As of December 2025, unsecured long-term borrowings with subsidiaries by maturity date are $103.13 billion in 2027, $362 million in 2028, $258 million in 2029, $254 million in 2030 and $2.28 billion in 2031-thereafter. Group Inc. – Condensed Statements of Cash Flows | | | | | | | | | | | | | Year Ended December | | $ in millions | 2025 | 2024 | 2023 | | Cash flows from operating activities | | | | | Net earnings | $ | 17,176 | | $ | 14,276 | | $ | 8,516 | | | Adjustments to reconcile net earnings to net | | | | | cash provided by operating activities: | | | | Undistributed earnings of subsidiaries | | | | and other affiliates | (1,399) | | (9,153) | | (1,000) | | | Depreciation and amortization | 16 | | 25 | | 13 | | | Deferred income taxes | 22 | | (844) | | (380) | | | Share-based compensation | 544 | | 361 | | (11) | | | | | | | | | | | Changes in operating assets and liabilities: | | | | | Collateralized transactions (excluding | | | | | secured borrowings, net) | (6,849) | | (631) | | 11,937 | | | Trading assets | 6,797 | | 3,685 | | 7,620 | | | Trading liabilities | (254) | | 209 | | (1,646) | | | Other, net | 954 | | 5,090 | | (221) | | | Net cash provided by operating activities | 17,007 | | 13,018 | | 24,828 | | | Cash flows from investing activities | | | | | Purchase of property, leasehold | | | | | improvements and equipment | (83) | | (55) | | (48) | | | Repayments/(issuances) of short-term loans | | | | | to subsidiaries, net | 502 | | 9,578 | | 3,145 | | | Issuance of term loans to subsidiaries | (33,370) | | (22,275) | | (25,473) | | | Repayments of term loans by subsidiaries | 130 | | 12,626 | | 921 | | | Purchase of investments | (27,066) | | (30,473) | | (25,904) | | | Sales/paydowns of investments | 36,676 | | 30,239 | | 17,801 | | Capital distributions from/(contributions to) | | | | subsidiaries, net | 1,152 | | 127 | | 1,205 | | | Net cash used for investing activities | (22,059) | | (233) | | (28,353) | | | Cash flows from financing activities | | | | | Secured borrowings with subsidiary, net | (118) | | 8,518 | | 3,810 | | | Unsecured short-term borrowings, net: | | | | | With third parties | (268) | | (54) | | 87 | | | With subsidiaries | 16,366 | | 8,152 | | 19,314 | | | Issuance of unsecured long-term borrowings | 99,806 | | 77,389 | | 127,728 | | | Repayment of unsecured long-term borrowings | (92,763) | | (94,943) | | (136,618) | | | | | | | Preferred stock redemption | – | | (2,200) | | (1,000) | | | Common stock repurchased | (12,360) | | (8,000) | | (5,796) | | | Settlement of share-based awards in | | | | | satisfaction of withholding tax requirements | (2,156) | | (1,331) | | (1,345) | | | Dividends and dividend equivalents paid on | | | | | stock and share-based awards | (5,277) | | (4,497) | | (4,189) | | | Issuance of preferred stock, net of costs | 1,895 | | 4,239 | | 1,496 | | | Other financing, net | (62) | | (79) | | (1) | | Net cash provided by/(used for) financing activities | 5,063 | | (12,806) | | 3,486 | | Net increase/(decrease) in cash and cash equivalents | 11 | | (21) | | (39) | | | Cash and cash equivalents, beginning balance | 21 | | 42 | | 81 | | | Cash and cash equivalents, ending balance | $ | 32 | | $ | 21 | | $ | 42 | |
Supplemental Disclosures: Cash payments for interest, net of capitalized interest, were $21.20 billion for 2025, $22.43 billion for 2024 and $20.53 billion for 2023, and included $10.82 billion for 2025, $11.60 billion for 2024 and $9.40 billion for 2023 of payments to subsidiaries. Cash payments for income taxes, net, were $1.48 billion for 2025, $1.29 billion for 2024 and $671 million for 2023. Non-cash activities during the year ended December 2025: •Group Inc. exchanged $1.11 billion of an equity investment in its wholly-owned subsidiaries for loans. There were no material non-cash activities during the year ended December 2024. Non-cash activities during the year ended December 2023: •Group Inc. exchanged $1.42 billion of an equity investment in its wholly-owned subsidiaries for loans.
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