v3.25.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Gross deferred tax assets    
Net operating loss and tax credit carryforwards $ 265 $ 236
Employee compensation and benefit plans 2,597 2,565
Allowance for credit losses and other reserves 802 796
Valuation of net trading inventory, investments and receivables 1,668 1,808
Other 142 223
Total deferred tax assets 5,474 5,628
Less: Deferred tax assets valuation allowance 229 214
Deferred tax assets after valuation allowance 5,245 5,414
Gross deferred tax liabilities    
Fixed assets 1,161 801
Intangibles and goodwill 1,844 1,931
Total deferred tax liabilities 3,005 2,732
Net deferred tax assets $ 2,240 $ 2,682