v3.25.4
Regulation and Capital Adequacy (Tables)
 12 Months Ended
Dec. 31, 2025
Regulation And Capital Adequacy [Abstract]  
Leverage Ratios and Risk-Based Capital The table below presents the minimum, capital conservation buffer and total risk-based capital requirements.
As of December
2025202420252024
 StandardizedAdvanced
Risk-based capital minimum requirements
CET1 capital ratio
4.5%4.5%4.5%4.5%
Tier 1 capital ratio
6.0%6.0%6.0%6.0%
Total capital ratio
8.0%8.0%8.0%8.0%
Capital conservation buffer requirements
G-SIB surcharge (Method 2)
3.0%3.0%3.0%3.0%
Stress capital buffer
3.4%6.2%N/AN/A
Fixed buffer
N/AN/A2.5%2.5%
Countercyclical capital buffer
0.0%0.0%0.0%0.0%
Total
6.4%9.2%5.5%5.5%
Total risk-based capital requirements
CET1 capital ratio10.9%13.7%10.0%10.0%
Tier 1 capital ratio12.4%15.2%11.5%11.5%
Total capital ratio14.4%17.2%13.5%13.5%
In the table above:
•The total risk-based capital requirements for each of the capital ratios consist of the required risk-based capital minimum and the capital conservation buffer requirements.
•The G-SIB surcharge is calculated using two methodologies (Method 1 and Method 2), the higher of which is reflected in the firm’s capital conservation buffer requirements. Method 1 relies upon measures of the size, interconnectedness, substitutability, complexity and cross-jurisdictional activities of each G-SIB. Method 2 uses similar inputs but includes a measure of reliance on short-term wholesale funding instead of substitutability. As of both December 2025 and December 2024, the G-SIB surcharge (Method 2) was higher and therefore was reflected in the capital conservation buffer requirements.
•In June 2025, the FRB disclosed that the firm’s stress capital buffer (SCB), from the 2024 Comprehensive Capital Analysis and Review (CCAR) stress test, has been reduced from 6.2% to 6.1%. The impact of this change would have been a reduction of 10 basis points to the December 2024 Standardized CET1 capital, Tier 1 capital and Total capital ratio requirements presented in the table above. Additionally, based on the firm’s 2025 CCAR submission, the FRB has set the SCB for the firm at 3.4% starting October 1, 2025. In February 2026, the FRB announced that BHCs will continue to be subject to their current SCB requirements until they receive new SCB requirements in 2027. As a result, absent further action from the FRB, the 3.4% SCB will remain effective through September 30, 2027.
The table below presents the leverage requirements.
As of December
 20252024
Tier 1 leverage ratio4.0%4.0%
SLR5.0%5.0%
In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs.
On January 1, 2026, the firm early adopted the modified Enhanced Supplementary Leverage Ratio (eSLR) standards, which replaced the 2% buffer applicable to G-SIBs, with a buffer equal to 50% of the firm's G-SIB surcharge (Method 1). As a result, effective January 1, 2026, the firm's SLR buffer decreased to 0.75% and the SLR requirement decreased to 3.75%.
The table below presents information about leverage ratios.
For the Three Months
 
Ended or as of December
$ in millions20252024
Tier 1 capital$118,943 $115,647 
Average adjusted total assets$1,810,007 $1,692,500 
Total leverage exposure
$2,297,597 $2,120,756 
Tier 1 leverage ratio6.6%6.8%
SLR5.2%5.5%
In the table above:
•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended December 2024, also reflected the impact of Current Expected Credit Losses (CECL) transition.
•Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.
•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.
•SLR is calculated as Tier 1 capital divided by total leverage exposure.
The table below presents information about GS Bank USA’s risk-based capital ratios.
$ in millionsStandardizedAdvanced
As of December 2025  
CET1 capital$64,071 $64,071 
Tier 1 capital$64,071 $64,071 
Tier 2 capital$2,052 $677 
Total capital$66,123 $64,748 
RWAs$409,796 $306,699 
CET1 capital ratio15.6%20.9%
Tier 1 capital ratio15.6%20.9%
Total capital ratio16.1%21.1%
As of December 2024  
CET1 capital$62,022 $62,022 
Tier 1 capital$62,022 $62,022 
Tier 2 capital$4,209 $955 
Total capital$66,231 $62,977 
RWAs$386,922 $284,624 
CET1 capital ratio16.0%21.8%
Tier 1 capital ratio16.0%21.8%
Total capital ratio17.1%22.1%
In the table above:
•The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both December 2025 and December 2024.
•The Standardized and Advanced risk-based capital ratios as of December 2025 decreased compared with December 2024, primarily reflecting an increase in Credit RWAs, partially offset by net earnings and a decrease in Market RWAs.
The table below presents information about GS Bank USA’s leverage ratios.
For the Three Months
 
Ended or as of December
$ in millions20252024
Tier 1 capital$64,071 $62,022 
Average adjusted total assets$656,463 $565,513 
Total leverage exposure
$912,004 $775,170 
Tier 1 leverage ratio9.8%11.0%
SLR7.0%8.0%
In the table above:
•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended December 2024, also reflected the impact of CECL transition.
•Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.
•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.
•SLR is calculated as Tier 1 capital divided by total leverage exposure.
Risk-Based Capital Ratios
The table below presents information about risk-based capital ratios.
$ in millionsStandardizedAdvanced
As of December 2025  
CET1 capital$104,297 $104,297 
Tier 1 capital$118,943 $118,943 
Tier 2 capital$11,722 $9,527 
Total capital$130,665 $128,470 
RWAs$727,338 $691,470 
CET1 capital ratio14.3%15.1%
Tier 1 capital ratio16.4%17.2%
Total capital ratio18.0%18.6%
As of December 2024  
CET1 capital$103,065 $103,065 
Tier 1 capital$115,647 $115,647 
Tier 2 capital$14,125 $10,164 
Total capital$129,772 $125,811 
RWAs$688,541 $674,812 
CET1 capital ratio15.0%15.3%
Tier 1 capital ratio16.8%17.1%
Total capital ratio18.8%18.6%
In the table above, the Standardized risk-based capital ratios as of December 2025 decreased compared with December 2024, reflecting an increase in Credit RWAs, partially offset by a decrease in Market RWAs and an increase in capital. The Advanced CET1 capital ratio as of December 2025 decreased compared with December 2024, reflecting an increase in Credit RWAs, partially offset by decreases in both Operational and Market RWAs, and an increase in capital. The Advanced Tier 1 and Total capital ratios as of December 2025 were essentially unchanged compared with December 2024.
Minimum Risk-Based Capital Under the Standardized and Advanced Capital Rules and the Leverage Ratios and "well-capitalized" Minimum Ratios
The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements.
As of December
 2025202420252024
"Well-capitalized"
Requirements
Requirements
Risk-based capital requirements 
CET1 capital ratio7.0%7.0%6.5%6.5%
Tier 1 capital ratio8.5%8.5%8.0%8.0%
Total capital ratio10.5%10.5%10.0%10.0%
Leverage requirements 
Tier 1 leverage ratio4.0%4.0%5.0%5.0%
SLR3.0%3.0%6.0%6.0%
In the table above:
•The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent.
•The “well-capitalized” requirements were the binding requirements for leverage ratios as of both December 2025 and December 2024.
On January 1, 2026, the firm early adopted the modified eSLR standards, which replaced the SLR requirement for insured depository institution subsidiaries of G-SIBs, such as GS Bank USA, to be well-capitalized with a new buffer requirement equal to 50% of their parents’ G-SIB surcharge (Method 1), capped at 1%, in addition to the 3% SLR minimum. As a result, effective January 1, 2026, GS Bank USA’s SLR requirement is 3.75%.