v3.26.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Common Equity
As of both June 2026 and December 2025, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.
The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by the evolution of current and future regulatory capital requirements, general market conditions and the prevailing price and trading volumes of the firm’s common stock.
The table below presents information about common stock repurchases.
Three Months
Ended June		Six Months
Ended June
in millions, except per share amounts2026202520262025
Common share repurchases4.15.39.512.5
Average cost per share$984.57 $564.57 $949.67 $590.94 
Total cost of common share repurchases$4,000 $3,000 $9,000 $7,360 
Pursuant to the terms of certain share-based awards, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. In connection with these awards, during the six months ended June 2026, 2,073 shares were remitted with a total value of $1.9 million and the firm cancelled 3.0 million share-based awards with a total value of $2.86 billion. The amount of cash used to settle share-based awards was not material for each of the three and six months ended June 2026 and June 2025.
The table below presents common stock dividends declared.
Three Months
Ended June		Six Months
Ended June
2026202520262025
Dividends declared per common share$4.50 $3.00 $9.00 $6.00 
On July 13, 2026, the Board of Directors of Group Inc. increased the quarterly dividend to $5.00 per common share from $4.50 per common share. The dividend will be paid on September 29, 2026 to common shareholders of record on September 1, 2026.
Preferred Equity
The tables below present information about the perpetual preferred stock issued and outstanding as of June 2026.
SeriesShares
 Authorized		Shares
 Issued		Shares
 Outstanding		Depositary Shares
Per Share
A50,00030,00029,9991,000
C25,0008,0008,0001,000
D60,00054,00053,9991,000
E17,5007,6677,667N.A.
F5,0001,6151,615N.A.
O26,00026,00026,00025
U30,00030,00030,00025
V30,00030,00030,00025
W60,00060,00060,00025
X90,00090,00090,00025
Y
80,00080,00080,00025
Z76,00076,00076,00025
Total549,500493,282493,280

SeriesEarliest Redemption DateLiquidation
 Preference
Redemption Value
($ in millions)
ACurrently redeemable$25,000 $750 
CCurrently redeemable$25,000 200 
DCurrently redeemable$25,000 1,350 
ECurrently redeemable$100,000 767 
FCurrently redeemable$100,000 161 
ONovember 10, 2026$25,000 650 
UAugust 10, 2026$25,000 750 
VNovember 10, 2026$25,000 750 
WFebruary 10, 2029$25,000 1,500 
X
May 10, 2029$25,000 2,250 
Y
November 10, 2034$25,000 2,000 
ZFebruary 10, 2030$25,000 1,900 
Total$13,028 
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 U 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.
In the first quarter of 2026, the firm redeemed all outstanding shares of its (i) Series Q 5.50% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Q Preferred Stock) with a redemption value of $500 million ($25,000 per share) plus declared and unpaid dividends, (ii) Series R 4.95% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series R Preferred Stock) with a redemption value of $600 million ($25,000 per share) plus declared and unpaid dividends and (iii) Series S 4.40% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series S Preferred Stock) with a redemption value of $350 million ($25,000 per share) plus declared and unpaid dividends. The difference between the redemption value and net carrying value at the time of these redemptions was $3 million, which was recorded as an addition to preferred stock dividends in the first quarter of 2026.
In the second quarter of 2026, the firm redeemed all outstanding shares of its Series T 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series T Preferred Stock) with a redemption value of $675 million ($25,000 per share) plus declared and unpaid dividends. The difference between the redemption value and net carrying value at the time of the redemption was $1 million, which was recorded as an addition to preferred stock dividends in the second quarter of 2026.
In July 2026, the firm issued 100,000 shares of Series AA 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series AA Preferred Stock). Each share of Series AA Preferred Stock issued and outstanding has a liquidation preference of $25,000 per share, is represented by 25 depositary shares and is redeemable at the firm’s option beginning August 10, 2031 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. Dividends on Series AA Preferred Stock, if declared, are payable semi-annually at (i) 6.500% per annum from the issuance date to, but excluding, August 10, 2031 and, thereafter, (ii) 2.175% per annum plus the five-year treasury rate.

In July 2026, the firm announced it will redeem all outstanding shares of its Series U 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series U Preferred Stock) with a redemption value of $750 million ($25,000 per share) plus declared and unpaid dividends.
The preferred stock issuance costs in the consolidated statements of changes in shareholders’ equity reflect reclassifications of issuance costs to retained earnings on redemptions, net of issuance costs relating to new issuances.
The table below presents the dividend rates of perpetual preferred stock as of June 2026.
SeriesPer 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
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
6.850%, 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 U through Z is based on the most recent dividend determination date of the respective series.

The table below presents preferred stock dividends declared.
20262025
Seriesper share$ in millionsper share$ in millions
Three Months Ended June
A$290.72 $9 $335.50 $11 
C$290.72 3 $335.50 3 
D$285.72 15 $330.44 18 
E$1,187.17 10 $1,351.76 10 
F$1,187.80 2 $1,352.39 2 
O$662.50 17 $662.50 17 
T$475.00 12 $475.00 13 
V$515.63 15 $515.63 15 
X
$937.50 84 $937.50 84 
Y$765.63 61 $952.78 77 
Total$228 $250 
Six Months Ended June
A$602.28 $18 $680.99 $21 
C$602.28 5 $680.99 6 
D$592.17 32 $670.93 36 
E$2,405.93 19 $2,749.24 21 
F$2,407.19 4 $2,750.50 4 
O$662.50 17 $662.50 17 
Q$922.38 17 $922.38 18 
R$945.00 21 $618.75 15 
S$898.25 12 $550.00 8 
T$475.00 12 $475.00 13 
U$456.25 14 $456.25 14 
V$515.63 15 $515.63 15 
W$937.50 56 $937.50 56 
X$937.50 84 $937.50 84 
Y$765.63 61 $952.78 77 
Z
$856.25 65 $– – 
Total$452 $405 
On July 7, 2026, Group Inc. declared dividends of $294.44 per share of Series A Preferred Stock, $294.44 per share of Series C Preferred Stock, $289.39 per share of Series D Preferred Stock, $456.25 per share of Series U Preferred Stock, $937.50 per share of Series W Preferred Stock and $856.25 per share of Series Z Preferred Stock to be paid on August 10, 2026 to preferred shareholders of record on July 26, 2026 and declared dividends of $1,198.44 per share of Series E Preferred Stock and $1,199.08 per share of Series F Preferred Stock to be paid on September 1, 2026 to preferred shareholders of record on August 17, 2026. The aggregate amount of such preferred dividends was approximately $175 million.

Accumulated Other Comprehensive Income/(Loss)
The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.
$ in millionsBeginning
balance 		Other
comprehensive
income/(loss)
adjustments,
net of tax		Ending
balance
Three Months Ended June 2026
Currency translation$(831)$(46)$(877)
Debt valuation adjustment86 (806)(720)
Pension and postretirement liabilities(495)3 (492)
Available-for-sale securities(650)(94)(744)
Cash flow hedges
(22)(1)(23)
Total$(1,912)$(944)$(2,856)
Three Months Ended June 2025
Currency translation$(850)$(35)$(885)
Debt valuation adjustment(154)(162)(316)
Pension and postretirement liabilities(518)13 (505)
Available-for-sale securities(552)273 (279)
Cash flow hedges
5 (5)– 
Total$(2,069)$84 $(1,985)
Six Months Ended June 2026
Currency translation$(804)$(73)$(877)
Debt valuation adjustment(1,062)342 (720)
Pension and postretirement liabilities(496)4 (492)
Available-for-sale securities103 (847)(744)
Cash flow hedges
(1)(22)(23)
Total$(2,260)$(596)$(2,856)
Six Months Ended June 2025
Currency translation$(815)$(70)$(885)
Debt valuation adjustment(386)70 (316)
Pension and postretirement liabilities(528)23 (505)
Available-for-sale securities(972)693 (279)
Cash flow hedges
(1)1 – 
Total$(2,702)$717 $(1,985)