Parent Company (Tables)

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

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

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