Goldman Sachs(GS) - 2025 Q1 - Quarterly Report

Financial Performance - Net earnings for Q1 2025 reached $4,738 million, a 14.7$4,132 million in Q1 2024[8] - Comprehensive income for the quarter was $5,371 million, compared to$3,733 million in the same period last year, reflecting a significant increase[8] - Revenues from contracts with clients represented approximately 45% of total non-interest revenues for the three months ended March 2025, compared to approximately 40% for the same period in 2024[38] - Net earnings for the three months ended March 2025 were $4,738 million, an increase of 14.7$4,132 million in March 2024[17] Assets and Liabilities - Total assets as of March 31, 2025, amounted to $1,766,181 million, up from$1,675,972 million at the end of 2024, indicating a growth of 5.4%[10] - Total liabilities increased to $1,641,881 million from$1,553,976 million, representing a rise of 5.6%[10] - Shareholders' equity rose to $124,300 million, compared to$121,996 million in December 2024, marking a 1.9% increase[10] - The company reported a net increase in loans to $210,142 million, up from$196,200 million at the end of 2024, reflecting a growth of 7.4%[10] Cash Flow and Investments - Net cash used for operating activities was $(37,230) million for March 2025, compared to$(28,038) million in March 2024, reflecting a significant increase in cash outflows[17] - The firm reported a net cash used for investing activities of $(22,747) million in March 2025, significantly higher than$(7,980) million in March 2024[17] - Total cash and cash equivalents at the end of March 2025 were $167,408 million, down from$209,385 million at the end of March 2024[17] - As of March 2025, total investments amounted to $115,579 million, an increase from$104,742 million as of December 2024, reflecting a growth of approximately 10.4%[157] Stock and Equity Transactions - The company issued $1,900 million in preferred stock during the quarter, increasing the total preferred stock balance to$15,153 million[13] - The company repurchased $4,360 million worth of stock during the quarter, increasing the treasury stock balance to$112,843 million[13] Financial Assets and Liabilities - Total financial assets at fair value reached $954,892 million in March 2025, compared to$907,669 million in December 2024, indicating a growth of approximately 5.2%[76] - Total financial liabilities at fair value rose to $743,785 million in March 2025, compared to$699,661 million in December 2024, representing an increase of approximately 6.3%[76] - Total level 1 financial assets increased to $453,241 million as of March 2025, up from$436,298 million in December 2024, reflecting a growth of approximately 2.2%[76] Level 3 Financial Instruments - The total amount of Level 3 assets for other financial instruments was $325 million, with a yield range of 4.2$59 million for the three months ended March 2025[192] - The ending balance of Level 3 loans was $658 million, down from$766 million in March 2024, reflecting a decrease of 14.2%[178] - The net realized gains on Level 3 loans for the three months ended March 2025 were $14 million, with no net unrealized gains or losses reported[181] Derivatives and Trading Instruments - The total gross fair value of derivatives as of March 2025 was$343,152 million, compared to $376,352 million in December 2024, reflecting a decrease of about 8.8$15 million, while net unrealized gains were $612 million, primarily driven by interest rate, commodity, and equity derivatives[149][150] - The ending balance for equities net was$(1,203) million in March 2025, showing a decrease from $(1,106) million in December 2024, with net realized gains of$28 million[147] Regulatory and Compliance - The firm segregated cash for regulatory purposes amounting to $12.86 billion as of March 2025[52] - The firm recognizes incentive fees when it is probable that a significant reversal of such fees will not occur, generally when fees are no longer subject to market fluctuations[46] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - Future net revenues associated with remaining performance obligations related to committed capital are expected to average less than$300 million annually through 2033[49]