UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024

The Goldman Sachs Group
(Exact name of registrant as specified in its charter)

Item 1. Business
The Goldman Sachs Group, Inc., a financial institution, delivers a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments.

Item 1A. Risk Factors
The following risk factors could materially affect our business, financial condition, or results of operations:
- Market volatility impacting trading and investment banking revenues.
- Regulatory compliance costs and legal risks.
- Talent retention in a competitive environment.
- Operational risks from complex financial products.
- Additional general economic risks including inflation and interest rates.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We are a leading global company...

Results of Operations
Total net sales were $47,365.0 million for the year ended December 31, 2024.
Net income was $11,261.0 million.
Operating income: $13,500.0 million.

Future Outlook
Management expects revenue growth of approximately 4.0% for the next fiscal year. EBITDA margins are targeted at 28.0%. Refocusing on core banking and markets franchise.

Liquidity and Capital Resources
Cash and cash equivalents: $150,000.0 million.
Total debt was $260,500.0 million as of December 31, 2024.

Capital Structure:
Senior Notes: $230,000.0 million
Revolver Drawn: $0.0 million
Subordinated Debt: $30,500.0 million




SNC Regulatory Rating: N/A.
Justification: Financial Institution - GSIB.

Item 8. Financial Statements and Supplementary Data
Consolidated Balance Sheets
(In millions)
Assets
Total assets: $1,441,749.0

Liabilities and Stockholders’ Equity
Total liabilities: $1,324,560.0
Total stockholders’ equity: $117,189.0