What Goldman Sachs's FY2025 10-K says: 11 signals
Goldman Sachs filed its latest 10-K with the SEC on Feb 25, 2026. It discusses platform strategy, AI investment and backlog growth.
Public (GS)Financial Services10,000+ employeesgoldmansachs.comLinkedIn
- Filed
- Feb 25, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What Goldman Sachs's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 11 signals
Goldman Sachs flags AI as a key competitive threat, driving need for new tech and risk management.
The company explicitly states that AI presents business risks and that the growth of AI technologies has increased competition.
AIdistributed ledger technologiescryptocurrencies
Investment banking backlog grew significantly in 2025, driven by advisory and debt underwriting.
A significant increase in the investment banking backlog suggests a strong pipeline of future M&A and underwriting transactions.
Credit loss provisions surged over 350% to $378M in 2025, driven by the wholesale portfolio.
The more than four-fold increase in provisions for credit losses from $84M in 2024 indicates rising defaults or credit deterioration in the wholesale loan portfolio.
$378M
Provision for credit losses in 2025
350%
Year-over-year increase in credit loss provisions
The firm highlights its 'Marquee' technology platform as a core part of its client connectivity strategy, providing market intelligence, risk analytics, and proprietary datasets.
analyticsdatasets
The firm is actively transitioning its Asset & Wealth Management division from direct balance sheet investments to a scaled, third-party funds model.
Investment banking backlog grew significantly in 2025, signaling need for deal execution capacity.
A significant increase in the investment banking backlog, driven by advisory and debt underwriting deals, indicates a higher volume of future transactions.
Goldman Sachs cites cyber attacks as a critical risk, requiring continuous security investment.
The firm explicitly identifies failure to protect against cyber attacks as a risk that could impair business, disclose confidential information, and cause losses.
Goldman Sachs identifies the development and use of AI as a key business risk and challenge.
The firm explicitly calls out AI development and usage as a source of risk, suggesting a need for governance, security, and compliance solutions to manage its AI initiatives safely and effectively.
AI
Goldman Sachs explicitly states that the growth of AI technologies has increased competition and that the development and use of AI present business risks.
AIAI technologiesdistributed ledger technologies
Firm cites increased competition from new technologies like AI, crypto, and distributed ledgers.
Goldman Sachs acknowledges that the growth of electronic trading and new technologies is intensifying competition.
AIcryptocurrenciesdistributed ledger technologies
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Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .