Goldman Sachs: Q2 2025 Earnings Results

Goldman Sachs: Q2 2025 Earnings Results

• 1. Second Quarter 2025 Earnings Results Presentation July 16, 2025

• 2. 1 Annualized ROE1 Annualized ROTE1 Book Value Per Share $ in millions, except per share amounts 2Q25 2Q25 YTD Pre-tax earnings: AWM historical principal investments5 $ (136) $ (196) General Motors (GM) Card / Seller financing (1) (35) Total impact to pre-tax earnings $ (137) $ (231) Impact to net earnings $ (104) $ (184) Impact to EPS $ (0.33) $ (0.57) Impact to ROE (0.4)pp (0.4)pp Selected Items Quarterly Highlights 4 2Q25 2Q25 YTD 12.8% 14.8% 2Q25 2Q25 YTD 13.6% 15.8% 2Q25 YTD Growth $349.74 3.9% Results Snapshot #1 in announced and completed M&A; #2 in equity & equity-related, high-yield debt and leveraged loan offerings2 Record Equities net revenues and strong Advisory net revenues; Record financing net revenues in both Equities and FICC Increased quarterly dividend by 33% to $4.00 per common share in 3Q25 Record AUS3 of $3.29 trillion; 30th consecutive quarter of long-term fee-based net inflows “Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people. At this time, the economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management. Given the strategic decisions and investments we’ve made, we continue to believe that the firm is well positioned to perform for our shareholders.” — David Solomon, Chairman and Chief Executive Officer Net Revenues Net Earnings EPS 2Q25 2Q25 YTD $14.58 billion $29.65 billion 2Q25 2Q25 YTD $3.72 billion $8.46 billion 2Q25 2Q25 YTD $10.91 $25.07

• 3. Financial Overview Financial Results Financial Overview Highlights  2Q25 results included EPS of $10.91 and ROE of 12.8% — 2Q25 net revenues were higher YoY, reflecting significantly higher net revenues in Global Banking & Markets, partially offset by slightly lower net revenues in Asset & Wealth Management — 2Q25 provision for credit losses of $384 million primarily reflected net charge-offs related to the credit card portfolio and growth in the credit card and wholesale portfolios — 2Q25 operating expenses were higher YoY, primarily reflecting higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses, partially offset by lower net provisions for litigation and regulatory proceedings 2 Net Revenues by Segment ($ in millions) $ in millions, except per share amounts 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Global Banking & Markets $ 10,120 (5)% 24% $ 20,827 16% Asset & Wealth Management 3,778 3% (3)% 7,457 (3)% Platform Solutions 685 1% 2% 1,361 – Net revenues 14,583 (3)% 15% 29,645 10% Provision for credit losses 384 34% 36% 671 12% Operating expenses 9,241 1% 8% 18,369 7% Pre-tax earnings $ 4,958 (12)% 27% $ 10,605 16% Net earnings $ 3,723 (21)% 22% $ 8,461 18% Net earnings to common $ 3,473 (24)% 20% $ 8,056 18% Diluted EPS $ 10.91 (23)% 27% $ 25.07 24% ROE1 12.8% (4.1)pp 1.9pp 14.8% 2.0pp ROTE1 13.6% (4.4)pp 2.0pp 15.8% 2.0pp Efficiency Ratio3 63.4% 2.8pp (3.6)pp 62.0% (1.8)pp $685 $676 $669 $3,778 $3,679 $3,878 $10,120 $10,707 $8,184 2Q25 1Q25 2Q24 Global Banking & Markets Asset & Wealth Management Platform Solutions $15,062 $12,731 $14,583

• 4.  2Q25 net revenues were significantly higher YoY — Investment banking fees reflected significantly higher net revenues in Advisory, partially offset by slightly lower net revenues in Debt underwriting — FICC reflected significantly higher net revenues in financing and slightly higher net revenues in intermediation — Equities reflected significantly higher net revenues in intermediation and financing  Investment banking fees backlog3 increased QoQ, driven by an increase in Advisory  2Q25 select data3: — Total assets of $1.52 trillion — Loan balance of $148 billion — Net interest income of $1.54 billion Global Banking & Markets Highlights Global Banking & Markets Financial Results 3 Global Banking & Markets Net Revenues ($ in millions) $ in millions 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Investment banking fees $ 2,191 14% 26% $ 4,105 8% FICC 3,467 (21)% 9% 7,871 5% Equities 4,301 3% 36% 8,493 31% Other 161 (18)% 58% 358 214% Net revenues 10,120 (5)% 24% 20,827 16% Provision for credit losses 179 175% N.M. 244 495% Operating expenses 5,771 (1)% 14% 11,579 13% Pre-tax earnings $ 4,170 (14)% 32% $ 9,004 18% Net earnings $ 3,128 (23)% 27% $ 7,184 20% Net earnings to common $ 2,933 (25)% 25% $ 6,869 20% Average common equity $ 78,237 – 3% $ 78,071 4% Return on average common equity 15.0% (5.2)pp 2.7pp 17.6% 2.4pp $161 $197 $102 $4,301 $4,192 $3,169 $3,467 $4,404 $3,180 $2,191 $1,914 $1,733 2Q25 1Q25 2Q24 Investment banking fees FICC Equities Other $8,184 $10,707 $10,120

• 5.  2Q25 Investment banking fees were significantly higher YoY — Advisory reflected strength in the Americas and EMEA — Equity underwriting was essentially unchanged — Debt underwriting reflected a decrease in leveraged finance activity  2Q25 FICC net revenues were higher YoY — FICC intermediation reflected significantly higher net revenues in currencies, higher net revenues in credit products and slightly higher net revenues in interest rate products, largely offset by significantly lower net revenues in both mortgages and commodities — Record FICC financing primarily reflected significantly higher net revenues from mortgages and structured lending  2Q25 Equities net revenues were a record and significantly higher YoY — Equities intermediation reflected significantly higher net revenues in both cash products and derivatives — Record Equities financing primarily reflected significantly higher net revenues in portfolio financing  2Q25 Other net revenues YoY primarily reflected higher net gains from direct investments Global Banking & Markets Net Revenues Highlights Global Banking & Markets – Net Revenues Net Revenues 4 $ in millions 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Advisory $ 1,174 48% 71% $ 1,966 16% Equity underwriting 428 16% 1% 798 1% Debt underwriting 589 (22)% (5)% 1,341 2% Investment banking fees 2,191 14% 26% 4,105 8% FICC intermediation 2,423 (29)% 4% 5,813 – FICC financing 1,044 3% 23% 2,058 21% FICC 3,467 (21)% 9% 7,871 5% Equities intermediation 2,595 2% 45% 5,142 36% Equities financing 1,706 4% 23% 3,351 24% Equities 4,301 3% 36% 8,493 31% Other 161 (18)% 58% 358 214% Net revenues $ 10,120 (5)% 24% $ 20,827 16%

• 6. $83 $127 $297 $(1) $(5) $789 $725 $292 $707 $102 $129 $46 $2,805 $2,703 $2,536 2Q25 1Q25 2Q24 Management and other fees Incentive fees Private banking and lending Equity investments Debt investments $3,778 $3,679 $3,878 Asset & Wealth Management Highlights Asset & Wealth Management Financial Results $ in millions 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Management and other fees: Asset management $ 1,213 2% 10% $ 2,404 9% Wealth management 1,592 5% 11% 3,104 12% Total Management and other fees 2,805 4% 11% 5,508 10% Incentive fees 102 (21)% 122% 231 72% Private banking and lending 789 9% 12% 1,514 9% Equity investments (1) 80% N.M. (6) N.M. Debt investments 83 (35)% (72)% 210 (67)% Net revenues 3,778 3% (3)% 7,457 (3)% Provision for credit losses (102) N.M. (76)% (83) (4)% Operating expenses 3,035 6% – 5,907 (1)% Pre-tax earnings $ 845 7% (6)% $ 1,633 (8)% Net earnings $ 642 (3)% (8)% $ 1,303 (6)% Net earnings to common $ 596 (6)% (11)% $ 1,227 (7)% Average common equity $ 26,046 – – $ 26,087 – Return on average common equity 9.2% (0.5)pp (1.1)pp 9.4% (0.7)pp  2Q25 net revenues were slightly lower YoY — Management and other fees primarily reflected the impact of higher average AUS — Incentive fees were primarily driven by harvesting — Private banking and lending net revenues primarily reflected higher net interest income from lending — Equity investments reflected significantly lower net gains from investments in private equities — Debt investments reflected significantly lower net interest income due to a reduction in the debt investments balance sheet and net losses from hedges compared with net gains in 2Q24  2Q25 YTD pre-tax margin of 22% and ROE of 9.4% (both including an approximate 3pp reduction from historical principal investments5)  2Q25 select data3: — Total assets of $199 billion — Loan balance of $50 billion, of which $42 billion related to Private banking and lending — Net interest income of $786 million — Total Wealth management client assets6 of ~$1.7 trillion Asset & Wealth Management Net Revenues ($ in millions) 5

• 7. $ in billions 2Q25 1Q25 2Q24 Alternative investments $ 355 $ 341 $ 314 Equity 857 771 735 Fixed income 1,253 1,221 1,147 Long-term AUS 2,465 2,333 2,196 Liquidity products 828 840 738 Total AUS $ 3,293 $ 3,173 $ 2,934  During the quarter, AUS increased $120 billion to a record $3.29 trillion — Net market appreciation primarily in equity and fixed income assets — Net inflows in alternative investments and equity assets — Net outflows in liquidity products  Total AUS net inflows of $5 billion during the quarter, of which: — $5 billion of net inflows in Institutional client channel — $3 billion of net inflows in Wealth management client channel — $3 billion of net outflows in Third-party distributed client channel AUS by Client Channel3 AUS Highlights3 Asset & Wealth Management – Assets Under Supervision AUS Rollforward3 AUS by Asset Class3 $ in billions 2Q25 1Q25 2Q24 Beginning balance $ 3,173 $ 3,137 $ 2,848 Long-term AUS net inflows / (outflows) 17 29 31 Liquidity products (12) (5) 40 Total AUS net inflows / (outflows) 5 24 71 Net market appreciation / (depreciation) 115 12 15 Ending balance $ 3,293 $ 3,173 $ 2,934 $ in billions 2Q25 1Q25 2Q24 Institutional $ 1,140 $ 1,095 $ 1,063 Wealth management 1,003 952 865 Third-party distributed 1,150 1,126 1,006 Total AUS $ 3,293 $ 3,173 $ 2,934 2Q25 AUS by Region and Vehicle3 Americas EMEA Asia 23% 7% 70% Region Separate accounts Public funds Private funds and other Vehicle 31% 54% 15% 6

• 8. Asset & Wealth Management – Alternative Investments On-Balance Sheet Alternative Investments Alternative Investments Highlights3 3  2Q25 Management and other fees from alternative investments were $589 million, up 7% compared with 2Q24  During the quarter, alternative investments AUS increased $14 billion to $355 billion  2Q25 gross third-party alternatives fundraising across strategies was $18 billion, including: — $7 billion in corporate equity, $6 billion in credit, $1 billion in real estate and $4 billion in hedge funds and other — $360 billion raised since the end of 2019  During the quarter, on-balance sheet alternative investments increased by $0.1 billion to $35.3 billion — Historical principal investments5 declined by $0.8 billion to $8.0 billion (attributed equity of $3.5 billion) and included $1.4 billion of loans, $2.1 billion of debt securities, $3.3 billion of equity securities and $1.2 billion of CIE investments 7 Alternative Investments AUS and Effective Fees3 2Q25 $ in billions Average AUS Effective Fees (bps) Corporate equity $ 134 75 Credit 67 72 Real estate 30 57 Hedge funds and other 78 59 Funds and discretionary accounts 309 68 Advisory accounts 38 18 Total alternative investments AUS $ 347 62 $ in billions 2Q25 Loans $ 8.2 Debt securities 8.7 Equity securities 13.5 Other7 4.9 Total On-B/S alternative investments $ 35.3 $ in billions 2Q25 Client co-invest $ 18.7 Firmwide initiatives / CRA investments 8.6 Historical principal investments5 8.0 Total On-B/S alternative investments $ 35.3 Historical Principal Investments Rollforward $ in billions 2Q25 Beginning balance $ 8.8 Additions 0.1 Dispositions / paydowns8 (0.9) Net mark-ups / (mark-downs) – Net change $ (0.8) Ending balance $ 8.0

• 9. $62 $65 $70 $623 $611 $599 2Q25 1Q25 2Q24 Consumer platforms Transaction banking and other Platform Solutions Highlights Platform Solutions Financial Results 8  2Q25 net revenues were slightly higher YoY  2Q25 provision for credit losses of $307 million reflected net charge-offs and growth related to the credit card portfolio  2Q25 select data3: — Total assets of $61 billion — Loan balance of $19 billion — Net interest income of $781 million Platform Solutions Net Revenues ($ in millions) $ in millions 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Consumer platforms $ 623 2% 4% $ 1,234 1% Transaction banking and other 62 (5)% (11)% 127 (15)% Net revenues 685 1% 2% 1,361 – Provision for credit losses 307 51% (22)% 510 (20)% Operating expenses 435 (3)% 3% 883 (11)% Pre-tax earnings / (loss) $ (57) N.M. 61% $ (32) 88% Net earnings / (loss) $ (47) N.M. 59% $ (26) 87% Net earnings / (loss) to common $ (56) N.M. 53% $ (40) 82% Average common equity $ 4,413 (2)% 2% $ 4,462 (2)% Return on average common equity (5.1)% (6.5)pp 5.9pp (1.8)% 7.8pp $676 $669 $685

• 10. Loans by Segment3 ($ in billions) $ in billions 2Q25 1Q25 2Q24 Corporate $ 33 $ 32 $ 35 Commercial real estate 33 32 27 Residential real estate 29 28 24 Securities-based lending 18 18 15 Other collateralized lending 86 82 67 Credit cards 21 21 19 Other 2 2 2 Allowance for loan losses (5) (5) (5) Total loans $ 217 $ 210 $ 184 Loans and Net Interest Income  2Q25 loans increased QoQ — Gross loans by type: $211 billion - amortized cost, $6 billion - fair value, $5 billion - held for sale — Average loans of $215 billion — Total allowance for loan losses and losses on lending commitments was $5.29 billion ($4.54 billion for funded loans) o $2.82 billion for wholesale loans, $2.47 billion for consumer loans  Net charge-offs of $290 million for an annualized net charge-off rate of 0.6% — 0.0% for wholesale loans, 6.1% for consumer loans  Net interest income for 2Q25 was $3.10 billion, 56% higher YoY reflecting a decrease in funding costs — 2Q25 average interest-earning assets of $1.65 trillion Loans and Net Interest Income Highlights3 Loans by Type3 9 2.1% ALLL to Total Gross Loans, at Amortized Cost 1.1% ALLL to Gross Wholesale Loans, at Amortized Cost 12.8% ALLL to Gross Consumer Loans, at Amortized Cost Metrics ~85% Gross Loans Secured $19 $18 $17 $50 $49 $44 $148 $143 $123 2Q25 1Q25 2Q24 Global Banking & Markets Asset & Wealth Management Platform Solutions $217 $210 $184

• 11. Financial Results Efficiency Ratio3 Expense Highlights Expenses 10 $ in millions 2Q25 vs. 1Q25 vs. 2Q24 2Q25 YTD vs. 2Q24 YTD Compensation and benefits $ 4,685 (4)% 10% $ 9,561 8% Transaction based 1,955 6% 18% 3,805 21% Market development 167 7% 9% 323 6% Communications and technology 530 5% 6% 1,036 7% Depreciation and amortization 618 22% (4)% 1,124 (12)% Occupancy 234 – (4)% 467 (5)% Professional fees 440 4% 12% 864 11% Other expenses 612 6% (13)% 1,189 (15)% Total operating expenses $ 9,241 1% 8% $ 18,369 7% Provision for taxes $ 1,235 36% 41% $ 2,144 8% Effective Tax Rate 20.2% (1.4)pp  2Q25 total operating expenses were higher YoY — Compensation and benefits expenses were higher (reflecting improved operating performance) — Non-compensation expenses were higher, reflecting: o Higher transaction based expenses o Partially offset by lower net provisions for litigation and regulatory proceedings (included in other expenses)  2Q25 YTD effective income tax rate was 20.2%, up from 16.1% for 1Q25, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards 2Q25 YTD 2Q24 YTD 62.0% 63.8%

• 12. Capital3,9 Selected Balance Sheet Data Capital and Balance Sheet Highlights3 3 Book Value Capital and Balance Sheet 11 2Q25 1Q25 4Q24 Standardized CET1 capital ratio 14.5% 14.8% 15.0% Advanced CET1 capital ratio 15.3% 15.5% 15.3% Supplementary leverage ratio (SLR) 5.3% 5.5% 5.5% $ in billions 2Q25 1Q25 4Q24 Total assets $ 1,785 $ 1,766 $ 1,676 Deposits $ 466 $ 471 $ 433 Unsecured long-term borrowings $ 280 $ 263 $ 243 Shareholders’ equity $ 124 $ 124 $ 122 Average GCLA $ 462 $ 441 $ 422 In millions, except per share amounts 2Q25 1Q25 4Q24 Basic shares3 311.5 317.1 322.9 Book value per common share $ 349.74 $ 344.20 $ 336.77 Tangible book value per common share1 $ 327.78 $ 322.95 $ 316.02  Both Standardized and Advanced CET1 capital ratios decreased QoQ, primarily reflecting an increase in credit RWAs  SLR decreased QoQ, primarily reflecting an increase in on-balance sheet assets  Returned $3.96 billion of capital to common shareholders during the quarter — 5.3 million common shares repurchased for a total cost of $3.00 billion — $957 million of common stock dividends  Increased the quarterly dividend from $3.00 to $4.00 per common share in 3Q25  Deposits of $466 billion consisted of consumer $196 billion, private bank $94 billion, transaction banking $62 billion, brokered CDs $44 billion, deposit sweep programs $37 billion and other $33 billion  BVPS increased 1.6% QoQ, driven by net earnings

• 13. This presentation 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 and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) 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 regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals, (iii) the firm’s expense savings, productivity (including the opportunities presented by artificial intelligence (AI)) and strategic location initiatives, (iv) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer (SCB) requirement and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s Investment banking fees backlog and future results, (viii) the firm’s planned 2025 benchmark debt issuances, and (ix) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments, and the firm’s ability to transition the GM credit card program are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policy, including tariffs. Statements about the timing, profitability, benefits and other prospective aspects of business, expense savings and productivity (including the opportunities presented by AI) and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s SCB requirement and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, the results of supervisory stress tests, the finalization of the outstanding proposal on SCB averaging and other potential future changes to regulatory capital rules, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or 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, changes in international trade policies, including the imposition of tariffs, an outbreak or worsening of hostilities, 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. Statements regarding the firm’s planned 2025 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these investments may deteriorate as a result of the proposed and pending sales, and statements about the process to transition the GM credit card program are subject to the risk that a transaction may not close on the anticipated timeline or at all. Cautionary Note Regarding Forward-Looking Statements 12

• 14. 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings 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. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS 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 and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: 2. Dealogic – January 1, 2025 through June 30, 2025. 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 March 31, 2025: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity 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 March 31, 2025: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” Represents a preliminary estimate for the second quarter of 2025 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2025. 4. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capitalintensive business. Net earnings reflects the 2Q25 and 2Q25 YTD effective income tax rate for the respective segment of each item. Footnotes 13 AVERAGE FOR THE AS OF THREE MONTHS ENDED JUNE 30, 2025 SIX MONTHS ENDED Unaudited, $ in millions JUNE 30, 2025 JUNE 30, 2025 MARCH 31, 2025 DECEMBER 31, 2024 Total shareholders’ equity $ 123,849 $ 123,502 $ 124,096 $ 124,300 $ 121,996 Preferred stock (15,153) (14,882) (15,153) (15,153) (13,253) Common shareholders’ equity 108,696 108,620 108,943 109,147 108,743 Goodwill (5,922) (5,893) (5,952) (5,886) (5,853) Identifiable intangible assets (874) (860) (888) (854) (847) Tangible common shareholders’ equity $ 101,900 $ 101,867 $ 102,103 $ 102,407 $ 102,043

• 15. 5. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022). The 2Q25 YTD average attributed equity for historical principal investments was $3.8 billion. 6. Consists of AUS, brokerage assets and Marcus deposits. 7. Other on-balance sheet alternative investments include tax credit investments (accounted for under the proportional amortization method of accounting) of $3.3 billion and CIEs, which held assets (generally accounted for at historical cost less depreciation) of $1.6 billion, both as of June 30, 2025. The assets held by CIEs were funded with liabilities of $0.8 billion as of June 30, 2025, which are substantially all nonrecourse, thereby reducing the firm’s equity at risk. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. 8. Includes approximately $0.1 billion of investments that were transferred from historical principal investments to client co-invest. 9. Following feedback from the Federal Reserve, the firm expects its SCB requirement will be 3.4%, resulting in a Standardized CET1 ratio requirement of 10.9%, effective October 1, 2025. The Federal Reserve will provide the firm’s final SCB requirement by August 31, 2025. These results and the effective date may be subject to further changes pending the finalization of the Federal Reserve’s outstanding proposal on SCB averaging. In addition, the Federal Reserve disclosed that the firm’s current SCB from the CCAR 2024 test had been reduced by 10 basis points to 6.1%, resulting in a current Standardized CET1 ratio requirement of 13.6%. Footnotes - Continued 14