Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Amount of Common Stock Repurchased by the Firm

The table below presents information about common stock repurchases.



	Three Months Ended March
in millions, except per share amounts	2026		2025
Common share repurchases	5.4		7.1
Average cost per share	$	923.49	$	610.57
Total cost of common share repurchases	$	5,000	$	4,360

Summary of Dividends Declared on Common Stock

The table below presents common stock dividends declared.



	Three Months Ended March
	2026		2025
Dividends declared per common share	$	4.50	$	3.00

Summary of Perpetual Preferred Stock Issued and Outstanding

The tables below present information about the perpetual preferred stock issued and outstanding as of March 2026.


Series	Shares Authorized	Shares Issued	Shares Outstanding	Depositary Shares Per Share
A	50,000	30,000	29,999	1,000
C	25,000	8,000	8,000	1,000
D	60,000	54,000	53,999	1,000
E	17,500	7,667	7,667	N.A.
F	5,000	1,615	1,615	N.A.
O	26,000	26,000	26,000	25



T	27,000	27,000	27,000	25
U	30,000	30,000	30,000	25
V	30,000	30,000	30,000	25
W	60,000	60,000	60,000	25
X	90,000	90,000	90,000	25
Y	80,000	80,000	80,000	25
Z	76,000	76,000	76,000	25
Total	576,500	520,282	520,280


Series	Earliest Redemption Date	Liquidation Preference		Redemption Value ($ in millions)
A	Currently redeemable	$	25,000	$	750
C	Currently redeemable	$	25,000	200
D	Currently redeemable	$	25,000	1,350
E	Currently redeemable	$	100,000	767
F	Currently redeemable	$	100,000	161
O	November 10, 2026	$	25,000	650



T	May 10, 2026	$	25,000	675
U	August 10, 2026	$	25,000	750
V	November 10, 2026	$	25,000	750
W	February 10, 2029	$	25,000	1,500
X	May 10, 2029	$	25,000	2,250
Y	November 10, 2034	$	25,000	2,000
Z	February 10, 2030	$	25,000	1,900
Total				$	13,703

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).

•The redemption price per share for Series A through F and Series T 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.

Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding

The table below presents the dividend rates of perpetual preferred stock as of March 2026.


Series			Per 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



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 T through Z is based on the most recent dividend determination date of the respective series.

Summary of Preferred Dividends Declared on Preferred Stock Issued

The table below presents preferred stock dividends declared.



	2026				2025
Series	per share		$ in millions		per share		$ in millions
Three Months Ended March
A	$	311.56	$	9	$	345.49	$	10
C	$	311.56	2		$	345.49	3
D	$	306.45	17		$	340.49	18
E	$	1,218.76	9		$	1,397.48	11
F	$	1,219.39	2		$	1,398.11	2




Q	$	922.38	17		$	922.38	18
R	$	945.00	21		$	618.75	15
S	$	898.25	12		$	550.00	8

U	$	456.25	14		$	456.25	14

W	$	937.50	56		$	937.50	56


Z	$	856.25	65		$	–	–
Total			$	224			$	155

Accumulated Other Comprehensive Income/(Loss), Net of Tax

The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.


$ in millions	Beginning balance		Other comprehensive income/(loss) adjustments, net of tax		Ending balance
Three Months Ended March 2026
Currency translation	$	(804)	$	(27)	$	(831)
Debt valuation adjustment	(1,062)		1,148		86
Pension and postretirement liabilities	(496)		1		(495)
Available-for-sale securities	103		(753)		(650)
Cash flow hedges	(1)		(21)		(22)
Total	$	(2,260)	$	348	$	(1,912)
Three Months Ended March 2025
Currency translation	$	(815)	$	(35)	$	(850)
Debt valuation adjustment	(386)		232		(154)
Pension and postretirement liabilities	(528)		10		(518)
Available-for-sale securities	(972)		420		(552)
Cash flow hedges	(1)		6		5
Total	$	(2,702)	$	633	$	(2,069)