Full Year and

Fourth Quarter 2024

Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

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 Full Year and Fourth Quarter 2024 Earnings Results
Goldman Sachs Reports Earnings Per Common Share of $40.54 for 2024
Fourth Quarter Earnings Per Common Share was $11.95

“We are very pleased with our strong results for the quarter and the year. I’m encouraged that we have met or
exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both
grown our revenues by nearly 50% and enhanced the durability of our franchise. With an improving operating
backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve
our clients with excellence and create further value for our shareholders.”
- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues Net Earnings EPS

2024 $53.51 billion 2024 $14.28 billion 2024 $40.54
4Q24 $13.87 billion 4Q24 $4.11 billion 4Q24 $11.95

ROE1 ROTE1 Book Value Per Share

2024 12.7% 2024 13.5% 2024 $336.77
4Q24 14.6% 4Q24 15.5% 2024 Growth 7.4%

NEW YORK, January 15, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $53.51 billion
and net earnings of $14.28 billion for the year ended December 31, 2024. Net revenues were $13.87 billion and net earnings
were $4.11 billion for the fourth quarter of 2024.

Diluted earnings per common share (EPS) was $40.54 for the year ended December 31, 2024 compared with $22.87 for the
year ended December 31, 2023, and was $11.95 for the fourth quarter of 2024 compared with $5.48 for the fourth quarter of
2023 and $8.40 for the third quarter of 2024.

Return on average common shareholders’ equity (ROE)1 was 12.7% for 2024 and annualized ROE was 14.6% for the fourth
quarter of 2024. Return on average tangible common shareholders’ equity (ROTE)1 was 13.5% for 2024 and annualized ROTE
was 15.5% for the fourth quarter of 2024.

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 Goldman Sachs Reports
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Annual Highlights.

 During the year, the firm supported clients and continued to execute on strategic priorities, which contributed to net revenues
of $53.51 billion, net earnings of $14.28 billion and diluted EPS of $40.54, the second highest results for each.

 Global Banking & Markets generated net revenues of $34.94 billion, driven by record net revenues in Equities and strong
performances in Investment banking fees and Fixed Income, Currency and Commodities (FICC). These results included
record net revenues in each of Equities financing and FICC financing.

 The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.2

 Asset & Wealth Management generated net revenues of $16.14 billion, including record Management and other fees and
record Private banking and lending net revenues.

 Assets under supervision3 increased 12% during the year to a record $3.14 trillion.

 Book value per common share increased by 7.4% during the year to $336.77.

Net Revenues

Full Year
Net revenues were $53.51 billion for 2024, 16% higher compared with 2023, primarily 2024 Net Revenues
reflecting higher net revenues in Global Banking & Markets and Asset & Wealth
Management. $53.51 billion

Fourth Quarter
Net revenues were $13.87 billion for the fourth quarter of 2024, 23% higher than the
fourth quarter of 2023 and 9% higher than the third quarter of 2024. The increase 4Q24 Net Revenues
compared with the fourth quarter of 2023 reflected higher net revenues across all $13.87 billion
segments, with significant growth in Global Banking & Markets.

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Full Year and Fourth Quarter 2024 Earnings Results

Global Banking & Markets

Full Year
Net revenues in Global Banking & Markets were $34.94 billion for 2024, 16% higher 2024 Global Banking & Markets
than 2023.
$34.94 billion
Investment banking fees were $7.73 billion, 24% higher than 2023, primarily reflecting
significantly higher net revenues in Debt underwriting, primarily driven by leveraged Advisory $ 3.53 billion
finance activity, and in Equity underwriting, primarily driven by secondary and initial Equity underwriting $ 1.68 billion
public offerings. In addition, net revenues in Advisory were higher, reflecting an
Debt underwriting $ 2.52 billion
increase in completed mergers and acquisitions transactions. The firm's Investment
Investment banking fees $ 7.73 billion
banking fees backlog3 increased compared with the end of 2023.
Net revenues in FICC were $13.20 billion, 9% higher than 2023, primarily reflecting
FICC intermediation $ 9.56 billion
significantly higher net revenues in FICC financing, primarily driven by mortgages and
structured lending. Net revenues in FICC intermediation were slightly higher, driven by FICC financing $ 3.64 billion
significantly higher net revenues in currencies, mortgages and credit products, largely FICC $13.20 billion
offset by lower net revenues in interest rate products and significantly lower net
revenues in commodities. Equities intermediation $ 7.94 billion
Net revenues in Equities were $13.43 billion, 16% higher than 2023, reflecting Equities financing $ 5.49 billion
significantly higher net revenues in Equities intermediation, primarily driven by Equities $13.43 billion
derivatives, and higher net revenues in Equities financing, driven by prime financing.
Net revenues in Other were $576 million compared with $171 million for 2023, primarily Other $ 576 million
reflecting significantly lower net losses on hedges.

Fourth Quarter
Net revenues in Global Banking & Markets were $8.48 billion for the fourth quarter of 4Q24 Global Banking & Markets
2024, 33% higher than the fourth quarter of 2023 and essentially unchanged compared
with the third quarter of 2024. $8.48 billion

Investment banking fees were $2.05 billion, 24% higher than the fourth quarter of Advisory $ 960 million
2023, reflecting significantly higher net revenues in Equity underwriting, primarily Equity underwriting $ 499 million
driven by secondary and initial public offerings and private placements, and in Debt
Debt underwriting $ 595 million
underwriting, primarily driven by leveraged finance activity. Net revenues in Advisory
were slightly lower. The firm's Investment banking fees backlog3 increased compared Investment banking fees $ 2.05 billion
with the end of the third quarter of 2024.
FICC intermediation $ 1.75 billion
Net revenues in FICC were $2.74 billion, 35% higher than the fourth quarter of 2023,
primarily reflecting significantly higher net revenues in FICC intermediation, driven by FICC financing $ 989 million
significantly higher net revenues in currencies and mortgages and higher net revenues FICC $ 2.74 billion
in credit products, partially offset by lower net revenues in commodities. Net revenues
in interest rate products were essentially unchanged. Net revenues in FICC financing $ 1.95 billion
Equities intermediation
were also significantly higher, primarily driven by mortgages and structured lending.
Equities financing $ 1.50 billion
Net revenues in Equities were $3.45 billion, 32% higher than the fourth quarter of 2023, Equities $ 3.45 billion
due to significantly higher net revenues in Equities intermediation, primarily driven by
cash products, and in Equities financing, driven by significantly higher net revenues in
prime financing and portfolio financing. Other $ 235 million

Net revenues in Other were $235 million compared with $61 million for the fourth
quarter of 2023, reflecting significantly lower net losses on hedges.

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Full Year and Fourth Quarter 2024 Earnings Results

Asset & Wealth Management

Full Year
Net revenues in Asset & Wealth Management were $16.14 billion for 2024, 16% higher
2024 Asset & Wealth Management
than 2023, primarily reflecting significantly higher net revenues in Equity investments
and higher Management and other fees. In addition, net revenues in Private banking $16.14 billion
and lending and Incentive fees were higher, while net revenues in Debt investments
were lower. Management and
$10.43 billion
other fees
The increase in Equity investments net revenues primarily reflected significantly higher Incentive fees $ 393 million
net gains from investments in private equities (largely reflecting the impact of net Private banking and
losses in real estate investments in the prior year). The increase in Management and $ 2.88 billion
lending
other fees primarily reflected the impact of higher average assets under supervision. Equity investments $ 1.36 billion
The increase in Private banking and lending net revenues primarily reflected the
Debt investments $ 1.08 billion
impact of the sale of the Marcus loan portfolio in 2023 (including net revenues of
approximately $(370) million related to the sale of substantially all of the portfolio) and
the impact of higher direct-to-consumer deposit balances. The increase in Incentive
fees was driven by harvesting. The decrease in Debt investments net revenues
reflected lower net interest income due to a reduction in the debt investments balance
sheet, partially offset by net gains in the current year compared with net losses
(particularly in real estate investments) in the prior year.

Fourth Quarter
Net revenues in Asset & Wealth Management were $4.72 billion for the fourth quarter
of 2024, 8% higher than the fourth quarter of 2023 and 26% higher than the third 4Q24 Asset & Wealth Management
quarter of 2024. The increase compared with the fourth quarter of 2023 primarily
reflected higher Management and other fees, significantly higher Incentive fees and $4.72 billion
higher net revenues in Private banking and lending, partially offset by significantly Management and
$ 2.82 billion
lower net revenues in Debt investments and lower net revenues in Equity investments. other fees
Incentive fees $ 174 million
The increase in Management and other fees primarily reflected the impact of higher
average assets under supervision. The increase in Incentive fees was driven by Private banking and $ 736 million
lending
harvesting. The increase in Private banking and lending net revenues primarily
reflected the impact of higher deposit balances. The decrease in Debt investments net Equity investments $ 729 million
revenues reflected lower net interest income due to a reduction in the debt investments Debt investments $ 264 million
balance sheet. The decrease in Equity investments net revenues primarily reflected
the impact of the net gain related to the sale of Personal Financial Management in the
prior year period, partially offset by significantly higher mark-to-market net gains from
investments in public equities.

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Full Year and Fourth Quarter 2024 Earnings Results

Platform Solutions
Full Year
Net revenues in Platform Solutions were $2.43 billion for 2024, 2% higher than 2023, 2024 Platform Solutions
reflecting slightly higher net revenues in Consumer platforms.
$2.43 billion
The increase in Consumer platforms net revenues reflected higher average credit card
balances and higher average deposit balances, largely offset by the impact of the Consumer platforms $ 2.15 billion
planned transition of the General Motors (GM) credit card program to another issuer. Transaction banking
$ 280 million
and other
Transaction banking and other net revenues were lower, primarily reflecting lower net
revenues related to the seller financing loan portfolio.
Fourth Quarter
Net revenues in Platform Solutions were $669 million for the fourth quarter of 2024, 4Q24 Platform Solutions
16% higher than the fourth quarter of 2023 and 71% higher than the third quarter of
2024. The increase compared with the fourth quarter of 2023 reflected higher net $669 million
revenues in Consumer platforms. Consumer platforms $ 597 million
The increase in Consumer platforms net revenues primarily reflected the mark-downs Transaction banking
$ 72 million
and other
related to the GreenSky held for sale loan portfolio in the prior year period. Transaction
banking and other net revenues were essentially unchanged.

Provision for Credit Losses

Full Year
Provision for credit losses was $1.35 billion for 2024, compared with $1.03 billion for
2023. Provisions for 2024 reflected net provisions related to the credit card portfolio 2024 Provision for Credit Losses
(primarily driven by net charge-offs). Provisions for 2023 reflected net provisions related
$1.35 billion
to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans
(primarily driven by impairments), partially offset by reserve reductions of $637 million
related to the transfer of the GreenSky loan portfolio to held for sale and $442 million
related to the sale of substantially all of the Marcus loan portfolio.
Fourth Quarter
Provision for credit losses was $351 million for the fourth quarter of 2024, compared
4Q24 Provision for Credit Losses
with $577 million for the fourth quarter of 2023 and $397 million for the third quarter of
2024. Provisions for the fourth quarter of 2024 reflected net provisions related to the
$351 million
credit card portfolio (primarily driven by net charge-offs). Provisions for the fourth
quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily
driven by net charge-offs and portfolio growth, partially offset by a reserve reduction of
$160 million related to the transfer of the GM credit card portfolio to held for sale) and
wholesale loans (driven by impairments).

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Full Year and Fourth Quarter 2024 Earnings Results

Operating Expenses

Full Year
Operating expenses were $33.77 billion for 2024, 2% lower than 2023. The firm’s
2024 Operating Expenses
efficiency ratio3 was 63.1% for 2024, compared with 74.6% for 2023.
Operating expenses, compared with 2023, reflected decreases driven by significantly $33.77 billion
lower expenses, including impairments, related to commercial real estate in
consolidated investment entities (CIEs) (largely in depreciation and amortization) and
2024 Efficiency Ratio
other significant expenses recognized in the prior year, including the write-down of
intangibles related to GreenSky and an impairment of goodwill related to Consumer 63.1%
platforms (both in depreciation and amortization), and the FDIC special assessment fee
(in other expenses). These decreases were partially offset by higher compensation and
benefits expenses (reflecting improved operating performance) and higher transaction
based expenses.

Net provisions for litigation and regulatory proceedings were $166 million for 2024
compared with $115 million for 2023.

Headcount increased 3% during 2024.

Fourth Quarter
Operating expenses were $8.26 billion for the fourth quarter of 2024, 3% lower than the 4Q24 Operating Expenses
fourth quarter of 2023 and essentially unchanged compared with the third quarter of
2024. $8.26 billion
The decrease in operating expenses compared with the fourth quarter of 2023 primarily
reflected the FDIC special assessment fee (in other expenses) in the prior year period
and significantly lower expenses, including impairments, related to commercial real
estate in CIEs (largely in depreciation and amortization), partially offset by higher
transaction based expenses.

Net provisions for litigation and regulatory proceedings were $(2) million for the fourth
quarter of 2024 compared with $9 million for the fourth quarter of 2023.

Provision for Taxes

The effective income tax rate for 2024 was 22.4%, down from 22.6% for the first nine 2024 Effective Tax Rate
months of 2024, primarily due to changes in the geographic mix of earnings. The 2024
effective income tax rate increased from 20.7% for 2023, primarily due to a decrease 22.4%
in the impact of permanent tax benefits for 2024 compared with 2023, partially offset by
changes in the geographic mix of earnings.

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Full Year and Fourth Quarter 2024 Earnings Results

Other Matters

 On January 14, 2025, the Board of Directors of The Goldman Sachs Group, Inc. Declared Quarterly
Dividend Per Common Share
declared a dividend of $3.00 per common share to be paid on March 28, 2025 to
common shareholders of record on February 28, 2025. $3.00

 During the year, the firm returned $11.80 billion of capital to common shareholders,
including $8.00 billion of common share repurchases (17.5 million shares at an 2024 Capital Returned
average cost of $457.82) and $3.80 billion of common stock dividends. This included
$2.97 billion of capital returned to common shareholders during the fourth quarter, $11.80 billion
including $2.00 billion of common share repurchases (3.5 million shares at an
average cost of $566.27) and $965 million of common stock dividends.3 2024 Average GCLA
 Global core liquid assets3 averaged $429 billion for 2024, compared with an average lion] for 2024
$429 billion
of $407 billion for 2023. Global core liquid assets averaged $422 billion for the fourth
quarter of 2024, compared with an average of $447 billion for the third quarter of
2024.

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869,
the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions,
but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain
and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly
materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information
about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk
Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements.
Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net
revenues may not be realized or may be materially less than expected. Important factors that could have such a result include,
for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities,
including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to
the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain
adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory
approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk
Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be
open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.)
or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the
start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations
section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable
to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the
event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via
e-mail, at gs-investor-relations@gs.com.

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)
$ in millions
YEAR ENDED % CHANGE FROM
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2023 2023
GLOBAL BANKING & MARKETS
Advisory $ 3,534 $ 3,299 7 %
Equity underwriting 1,677 1,153 45
Debt underwriting 2,521 1,764 43
Investment banking fees 7,732 6,216 24

FICC intermediation 9,564 9,318 3

FICC financing 3,640 2,742 33
FICC 13,204 12,060 9

Equities intermediation 7,937 6,489 22

Equities financing 5,494 5,060 9
Equities 13,431 11,549 16

Other 576 171 237

Net revenues 34,943 29,996 16

ASSET & WEALTH MANAGEMENT

Management and other fees 10,425 9,486 10
Incentive fees 393 161 144
Private banking and lending 2,881 2,576 12
Equity investments 1,359 342 297
Debt investments 1,084 1,315 (18)
Net revenues 16,142 13,880 16

PLATFORM SOLUTIONS
Consumer platforms 2,147 2,072 4
Transaction banking and other 280 306 (8)
Net revenues 2,427 2,378 2

Total net revenues $ 53,512 $ 46,254 16

Geographic Net Revenues (unaudited) 3

$ in millions
YEAR ENDED
DECEMBER 31, DECEMBER 31,
2024 2023
Americas $ 34,448 $ 29,335
EMEA 12,250 11,744
Asia 6,814 5,175
Total net revenues $ 53,512 $ 46,254

Americas 64% 64%

EMEA 23% 25%
Asia 13% 11%
Total 100% 100%

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)
$ in millions
THREE MONTHS ENDED % CHANGE FROM
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023 2024 2023
GLOBAL BANKING & MARKETS
Advisory $ 960 $ 875 $ 1,005 10 % (4) %
Equity underwriting 499 385 252 30 98
Debt underwriting 595 605 395 (2) 51
Investment banking fees 2,054 1,865 1,652 10 24

FICC intermediation 1,750 2,013 1,295 (13) 35

FICC financing 989 949 739 4 34
FICC 2,739 2,962 2,034 (8) 35

Equities intermediation 1,953 2,209 1,502 (12) 30

Equities financing 1,498 1,291 1,105 16 36
Equities 3,451 3,500 2,607 (1) 32

Other 235 227 61 4 285

Net revenues 8,479 8,554 6,354 (1) 33

ASSET & WEALTH MANAGEMENT

Management and other fees 2,818 2,619 2,445 8 15
Incentive fees 174 85 59 105 195
Private banking and lending 736 756 661 (3) 11
Equity investments 729 116 838 528 (13)
Debt investments 264 178 384 48 (31)
Net revenues 4,721 3,754 4,387 26 8

PLATFORM SOLUTIONS
Consumer platforms 597 333 504 79 18
Transaction banking and other 72 58 73 24 (1)
Net revenues 669 391 577 71 16

Total net revenues $ 13,869 $ 12,699 $ 11,318 9 23

Geographic Net Revenues (unaudited)3

$ in millions
THREE MONTHS ENDED
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
Americas $ 9,097 $ 8,045 $ 7,770
EMEA 2,773 3,076 2,481
Asia 1,999 1,578 1,067
Total net revenues $ 13,869 $ 12,699 $ 11,318

Americas 66% 63% 69%

EMEA 20% 24% 22%
Asia 14% 13% 9%
Total 100% 100% 100%

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited) 4
In millions, except per share amounts
YEAR ENDED % CHANGE FROM
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2023 2023
REVENUES
Investment banking $ 7,738 $ 6,218 24 %
Investment management 10,596 9,532 11
Commissions and fees 4,086 3,789 8
Market making 18,390 18,238 1
Other principal transactions 4,646 2,126 119
Total non-interest revenues 45,456 39,903 14

Interest income 81,397 68,515 19

Interest expense 73,341 62,164 18
Net interest income 8,056 6,351 27

Total net revenues 53,512 46,254 16

Provision for credit losses 1,348 1,028 31

OPERATING EXPENSES
Compensation and benefits 16,706 15,499 8
Transaction based 6,724 5,698 18
Market development 646 629 3
Communications and technology 1,991 1,919 4
Depreciation and amortization 2,392 4,856 (51)
Occupancy 973 1,053 (8)
Professional fees 1,652 1,623 2
Other expenses 2,683 3,210 (16)
Total operating expenses 33,767 34,487 (2)

Pre-tax earnings 18,397 10,739 71

Provision for taxes 4,121 2,223 85
Net earnings 14,276 8,516 68
Preferred stock dividends 751 609 23
Net earnings applicable to common shareholders $ 13,525 $ 7,907 71

EARNINGS PER COMMON SHARE

Basic3 $ 41.07 $ 23.05 78 %
Diluted $ 40.54 $ 22.87 77

AVERAGE COMMON SHARES

Basic 328.1 340.8 (4)
Diluted 333.6 345.8 (4)

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited) 4
In millions, except per share amounts and headcount
THREE MONTHS ENDED % CHANGE FROM
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023 2024 2023
REVENUES
Investment banking $ 2,056 $ 1,864 $ 1,653 10 % 24 %
Investment management 2,923 2,649 2,478 10 18
Commissions and fees 1,085 873 925 24 17
Market making 3,833 4,127 3,496 (7) 10
Other principal transactions 1,627 839 1,427 94 14
Total non-interest revenues 11,524 10,352 9,979 11 15

Interest income 19,954 21,448 18,484 (7) 8

Interest expense 17,609 19,101 17,145 (8) 3
Net interest income 2,345 2,347 1,339 - 75

Total net revenues 13,869 12,699 11,318 9 23

Provision for credit losses 351 397 577 (12) (39)

OPERATING EXPENSES
Compensation and benefits 3,759 4,122 3,602 (9) 4
Transaction based 1,872 1,701 1,456 10 29
Market development 181 159 175 14 3
Communications and technology 523 498 503 5 4
Depreciation and amortization 498 621 780 (20) (36)
Occupancy 240 242 268 (1) (10)
Professional fees 475 400 471 19 1
Other expenses 713 572 1,232 25 (42)
Total operating expenses 8,261 8,315 8,487 (1) (3)

Pre-tax earnings 5,257 3,987 2,254 32 133

Provision for taxes 1,146 997 246 15 366
Net earnings 4,111 2,990 2,008 37 105
Preferred stock dividends 188 210 141 (10) 33
Net earnings applicable to common shareholders $ 3,923 $ 2,780 $ 1,867 41 110

EARNINGS PER COMMON SHARE

Basic 3 $ 12.13 $ 8.52 $ 5.52 42 % 120 %
Diluted $ 11.95 $ 8.40 $ 5.48 42 118

AVERAGE COMMON SHARES

Basic 322.4 324.8 335.7 (1) (4)
Diluted 328.4 330.8 340.9 (1) (4)

SELECTED DATA AT PERIOD-END

Common shareholders' equity $ 108,743 $ 107,947 $ 105,702 1 3
Basic shares 3 322.9 324.2 337.1 - (4)
Book value per common share $ 336.77 $ 332.96 $ 313.56 1 7

Headcount 46,500 46,400 45,300 - 3

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

3
Condensed Consolidated Balance Sheets (unaudited)
$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
ASSETS
Cash and cash equivalents $ 182 $ 155 $ 242
Collateralized agreements 369 417 423
Customer and other receivables 134 145 132
Trading assets 571 601 478
Investments 185 183 147
Loans 196 192 183
Other assets 34 35 37
Total assets $ 1,671 $ 1,728 $ 1,642

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits $ 433 $ 445 $ 428
Collateralized financings 353 347 324
Customer and other payables 223 251 231
Trading liabilities 203 215 200
Unsecured short-term borrowings 70 76 76
Unsecured long-term borrowings 243 250 242
Other liabilities 24 23 24
Total liabilities 1,549 1,607 1,525
Shareholders’ equity 122 121 117
Total liabilities and shareholders’ equity $ 1,671 $ 1,728 $ 1,642

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
Common equity tier 1 capital $ 103.0 $ 102.3 $ 99.4

STANDARDIZED CAPITAL RULES

Risk-weighted assets $ 686 $ 698 $ 693
Common equity tier 1 capital ratio 15.0% 14.6% 14.4%

ADVANCED CAPITAL RULES

Risk-weighted assets $ 671 $ 658 $ 665
Common equity tier 1 capital ratio 15.4% 15.5% 14.9%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio 5.5% 5.5% 5.5%

Average Daily VaR (unaudited)3

$ in millions
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2024 2023 2024 2023
RISK CATEGORIES
Interest rates $ 83 $ 75 $ 87 $ 81 $ 96
Equity prices 49 39 29 37 29
Currency rates 31 26 18 26 24
Commodity prices 19 20 19 19 19
Diversification effect (86) (68) (62) (71) (69)
Total $ 96 $ 92 $ 91 $ 92 $ 99

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Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3
$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
ASSET CLASS
Alternative investments $ 336 $ 328 $ 295
Equity 772 780 658
Fixed income 1,184 1,220 1,122
Total long-term AUS 2,292 2,328 2,075
Liquidity products 845 775 737
Total AUS $ 3,137 $ 3,103 $ 2,812

THREE MONTHS ENDED YEAR ENDED

DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2024 2023 2024 2023
Beginning balance $ 3,103 $ 2,934 $ 2,680 $ 2,812 $ 2,547
Net inflows / (outflows):
Alternative investments 11 9 23 38 25
Equity 4 4 2 15 (3)
Fixed income 7 16 26 53 52
Total long-term AUS net inflows / (outflows) 22 29 51 106 74
Liquidity products 70 37 (37) 108 27
Total AUS net inflows / (outflows) 92 66 14 214 101
Acquisitions / (dispositions) - - (23) - (23)
Net market appreciation / (depreciation) (58) 103 141 111 187
Ending balance $ 3,137 $ 3,103 $ 2,812 $ 3,137 $ 2,812

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Footnotes

1. ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly
common shareholders’ equity. ROTE is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common
shareholders by average monthly tangible common shareholders’ equity (tangible common shareholders’ equity is calculated as total shareholders’ equity
less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of
businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a
measure that the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity are non-GAAP measures and may
not be comparable to similar non-GAAP measures used by other companies.

The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:

AVERAGE FOR THE

YEAR ENDED THREE MONTHS ENDED
Unaudited, $ in millions DECEMBER 31, 2024 DECEMBER 31, 2024
Total shareholders’ equity $ 119,204 $ 121,083
Preferred stock (12,430) (13,253)
Common shareholders’ equity 106,774 107,830
Goodwill (5,895) (5,880)
Identifiable intangible assets (1,003) (886)
Tangible common shareholders’ equity $ 99,876 $ 101,064

2. Dealogic – January 1, 2024 through December 31, 2024.

3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets
Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management
and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares –
see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on
Form 10-Q for the period ended September 30, 2024: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and
Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights
to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

Represents a preliminary estimate for the fourth quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary
leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for the year ended
December 31, 2024.

4. Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency swaps used in connection with the firm’s funding strategy
are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were
included within net interest income ($234 million for the first quarter of 2024, $252 million for the second quarter of 2024 and $276 million for the third quarter
of 2024). This change has no impact to total net revenues of the firm. Amounts previously reported for the first, second and third quarters of 2024 have
been conformed to the current presentation. Revenues related to such swaps were not material for 2023, and therefore no adjustments have been made
to prior year amounts.

Net interest income for the fourth quarter of 2024 included $869 million in Global Banking & Markets, $713 million in Asset & Wealth Management and $763
million in Platform Solutions, and for 2024 included $2.41 billion in Global Banking & Markets, $2.80 billion in Asset & Wealth Management and $2.86 billion
in Platform Solutions.

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