Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Provision for (Benefit from) Income Taxes

Components of Provision for Income Taxes


$ in millions	2025		2024		2023
Current
U.S. federal	$	2,232	$	2,011	$	1,190
State and local	601		660		542
Foreign	1,535		1,244		1,314
Total	$	4,368	$	3,915	$	3,046

Deferred
U.S. federal	$	394	$	8	$	(295)
State and local	91		(6)		(59)
Foreign	76		150		(109)
Total	$	561	$	152	$	(463)
Provision for income taxes	$	4,929	$	4,067	$	2,583

Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate

Reconciliation of U.S. Federal Statutory Income Tax to Effective Income Tax


	Year Ended December 31,
$ in millions	2025				2024				2023


	$		%		$		%		$		%
U.S. federal statutory tax	$	4,610	21.0	%	$	3,695	21.0	%	$	2,481	21.0	%
State and local taxes1	430		2.0		378		2.1		292		2.5
Foreign taxes
India
Capital gains tax	115		0.5		205		1.2		50		0.4
Other	14		0.1		15		0.1		11		0.1
Brazil
Capital gains tax	17		0.1		21		0.1		347		2.9
Other	22		0.1		15		0.1		15		0.1
Other jurisdictions	252		1.1		161		0.9		80		0.7
Changes in tax laws and rates	—		0.0		15		0.1		—		0.0
Cross-border taxes	12		0.1		30		0.2		47		0.4
U.S. tax credits
General business credits	(260)		(1.2)		(295)		(1.7)		(285)		(2.4)
Foreign tax credit	(28)		(0.1)		(50)		(0.3)		(375)		(3.2)
Changes in valuation allowances	9		0.0		14		0.1		(2)		0.0
Nontaxable or nondeductible items
Income/(loss) from affiliates	(413)		(1.9)		(368)		(2.1)		(241)		(2.0)
Employee share-based compensation	(167)		(0.8)		(71)		(0.4)		(138)		(1.2)
Other	30		0.1		36		0.2		79		0.7
Unrecognized tax benefits	99		0.5		77		0.4		66		0.6
Other
Proportional amortization	187		0.9		189		1.1		156		1.3
Effective tax	$	4,929	22.5	%	$	4,067	23.1	%	$	2,583	21.9	%

1.Amounts are net of U.S. federal income tax benefits. The tax effects in this category were primarily related to New York State and City in 2025, 2024 and 2023.

Income Taxes Paid, Net of Refunds


$ in millions	2025		2024		2023
U.S. federal	$	1,501	$	452	$	408
State and local
New York State	*		111		*
New York City	*		126		*
Other	433		96		233
Foreign
U.K.	441		200		257
India	189		235		126
Brazil	*		99		382
Japan	*		*		179
Germany	*		*		153
Other	940		566		297
Total	$	3,504	$	1,885	$	2,035

*The amount of incomes taxes paid during the year does not meet the 5% disaggregation threshold and has been included in the relevant Other category above.

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities


$ in millions	At Dec 31, 2025		At 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

Schedule of Rollforward of Unrecognized Tax Benefits

Rollforward of Unrecognized Tax Benefits


$ in millions	2025		2024		2023
Balance at beginning of period	$	1,305	$	1,244	$	1,129
Increases based on tax positions related to the current period	211		202		147
Increases based on tax positions related to prior periods	78		132		141
Decreases based on tax positions related to prior periods	(30)		(52)		(73)
Decreases related to settlements with taxing authorities	(2)		(174)		(79)
Decreases related to lapse of statute of limitations	(44)		(47)		(21)
Balance at end of period	$	1,518	$	1,305	$	1,244
Net unrecognized tax benefits1	$	1,347	$	1,159	$	1,090

1.Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods.

Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits

Interest Expense (Benefit) and Penalties Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits


$ in millions	2025		2024		2023
Recognized in income statement	$	109	$	92	$	65
Accrued at end of period	364		255		237

Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions

Earliest Tax Year Subject to Examination in Major Jurisdictions


Jurisdiction			Tax Year
U.S.			2017
New York State and New York City			2010
U.K.			2014
Japan			2021
Hong Kong			2018