Business Context and Reporting Period
This Form 8-K, dated January 7, 2026, reports material events for The Goldman Sachs Group, Inc. The filing primarily addresses the transition of the Apple Card program to a new issuer and a restructuring of the firm's business segments effective for the fourth quarter of 2025.
Key Financial Metrics and Segment Results
The filing provides unaudited segment operating results for the three months ended September 30, 2025, and comparative periods. Key consolidated metrics for the three months ended September 30, 2025, include:
- Total Net Revenues: $15,184 million
- Total Provision for Credit Losses: $339 million
- Total Operating Expenses: $9,453 million
- Total Pre-tax Earnings: $5,392 million
Segment performance for the three months ended September 30, 2025:
- Global Banking & Markets: Net revenues of $10,168 million; Pre-tax earnings of $4,258 million.
- Asset & Wealth Management: Net revenues of $4,418 million; Pre-tax earnings of $1,156 million.
- Platform Solutions: Net revenues of $598 million; Pre-tax loss of $22 million.
The filing does not provide consolidated cash flow, debt balances, or liquidity ratios for the current period.
Material Changes and Segment Restructuring
Effective with the fourth quarter of 2025, the firm reorganized its reporting into three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. Historical results from 2021 onward have been conformed to this new presentation. Key changes include:
- Global Banking & Markets: Now includes transaction banking (previously in Platform Solutions) and specific institutional primary loan facilitation activities (previously in Other).
- Asset & Wealth Management: Equity and Debt Investments are now reported in aggregate to reflect a transition to a third-party funds-driven business.
- Platform Solutions: Narrowed strategic focus regarding consumer-related activities, primarily retaining Apple Card operations pending transition.
Guidance, Outlook, and Unusual Items
Apple Card Transition: The firm entered an agreement to transition the Apple Card program to a new issuer, expected to complete in approximately 24 months. This transaction is projected to impact the fourth quarter 2025 results as follows:
- Diluted Earnings Per Share (EPS): Expected increase of $0.46.
- Provision for Credit Losses: Release of $2.48 billion in loan loss reserves.
- Net Revenues: Reduction of $2.26 billion due to markdowns on the credit card loan portfolio and contract termination obligations.
- Operating Expenses: Reduction of $38 million.
Risks and Contingencies: The filing includes a cautionary note that the Apple Card transition is subject to closing conditions and may not occur on the anticipated timeline. The financial impact estimates are forward-looking and subject to change as financial statements are finalized.
Investor Verification Checklist
- Verify the final closing date and terms of the Apple Card transition agreement.
- Confirm the actual fourth quarter 2025 financial impact against the projected $0.46 EPS increase and $2.48 billion reserve release.
- Review the detailed composition of the "Other" category within Global Banking & Markets to understand the full scope of transaction banking integration.
- Monitor the transition progress of Asset & Wealth Management from direct balance sheet investments to a third-party funds model.
- Assess the long-term profitability of the Platform Solutions segment post-Apple Card exit.