The Goldman Sachs Group, Inc. (GS) SEC Filings & Earnings Calls

Platform Solutions revenue decline and credit losses on Apple Card portfolio

“Platform Solutions net revenues down 72% YoY; provision for credit losses $368M driven by wholesale loan impairments.”

Investment banking backlog decreased sequentially

“Investment banking fees backlog decreased compared with the end of the second quarter of 2026.”

Litigation Risk

“Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services.” · word for word

Regulatory Risk

“Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and, in some cases, have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations.” · word for word

Platform Solutions Decline

“Net revenues in Platform Solutions were $221 million for the second quarter of 2026, 64% lower than the second quarter of 2025, primarily reflecting net markdowns related to the Apple Card loan portfolio.” · word for word

Offering subject to market conditions; no assurance of completion.

“The pricing of the Offering, and thus whether any possible redemption of outstanding preferred stock will occur, is subject to market conditions and other considerations.” · word for word

Platform Solutions revenue decline due to Apple Card loan portfolio markdowns.

“Platform Solutions net revenues were $221 million for the second quarter of 2026, 64% lower than the second quarter of 2025 primarily reflected net markdowns recognized in net revenues related to the Apple Card loan portfolio”

Provision for credit losses remains elevated though lower YoY.

“Provision for credit losses was $102 million for the second quarter of 2026, compared with $384 million for the second quarter of 2025” · word for word

Market making revenue volatility

“Market making revenues decreased 5% to $5.46 billion for the three months ended March 2026, compared with $5.72 billion for the three months ended March 2025.”

Credit loss provision increase

“Provision for credit losses was $315 million for the three months ended March 2026, compared with $287 million for the three months ended March 2025.”

Apple Card program transition

“In December 2025, the firm entered into an agreement to transition the Apple Card program to another issuer.” · word for word

Credit loss provisions increased 9.8% YoY, reflecting growth and impairments in wholesale loans.

“Provision for credit losses was $315 million for the first quarter of 2026, compared with $287 million for the first quarter of 2025.”

Talent retention risk

“The ongoing competitive threat for the firm's talent at all levels, including available tools to retain top talent and incentivize them to aspire to the firm's most senior roles, remains an ongoing area of focus” · word for word

Regulatory and compliance risk

“We must comply with evolving, complex and sometimes inconsistent mandatory reporting requirements, which often vary by jurisdiction in terms of scope, timing and methodology.” · word for word

Geopolitical and macroeconomic uncertainty

“During 2025, Global Banking & Markets operated in an environment generally characterized by ongoing geopolitical tensions and continued broad macroeconomic concerns and uncertainties, including those about inflation, central bank policies and changes in international trade policies (including tariffs).” · word for word

Credit loss exposure in wholesale portfolio

“Provision for credit losses was $378 million for 2025, compared with $84 million for 2024. Provisions for 2025 reflected impairments and growth in the wholesale portfolio.” · word for word

Platform Solutions revenue decline

“Net revenues $151 million for 2025, compared with $2,129 million for 2024.”

Potential leadership vacuum in legal and regulatory oversight until successor is appointed.

“Retirement of Chief Legal Officer and General Counsel with a transition period.”

Platform Solutions segment drag from Apple Card portfolio transfer.

“Platform Solutions reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations.”

Exit from Apple Card program reduces consumer credit exposure but also eliminates a significant revenue stream; transition period of ~24 months introduces execution risk.

“The firm has entered into an agreement to transition the Apple Card program and associated accounts to a new issuer. ... reduction in net revenues of $2.26 billion related to markdowns on the outstanding credit card loan portfolio and contract termination obligations.” · word for word

Litigation and regulatory risk

“Net provisions for litigation and regulatory proceedings were $131 million for the third quarter of 2025, compared with $41 million for the third quarter of 2024” · word for word

Geopolitical and macroeconomic uncertainty

“If uncertainty and concerns about geopolitical tensions and the economic outlook remain elevated or grow, including those about inflation, central bank policies, the duration of the current federal government shutdown in the U.S. and changes in international trade policies, including the imposition of tariffs, it may lead to a decline in asset prices, a furt” · word for word

Credit risk in wholesale portfolio

“Provisions for the first nine months of 2025 reflected growth and impairments in the wholesale portfolio” · word for word