---
title: "Goldman Sachs: Business Model"
description: "Goldman Sachs revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/goldman-sachs/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Goldman Sachs: Business Model & Revenue Engine

## Direct Answer

Goldman Sachs reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Global Banking and Markets is the largest, with $41.5 billion of revenue (71% of the total), followed by Asset and Wealth Management at $16.7 billion (29%).

## How Does Goldman Sachs Make Money?

Global Banking and Markets supplies 71% of revenue, so Goldman Sachs's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Global Banking and Markets grew fastest (+18.2%) and Platform Solutions slowest (-92.9%), so the revenue mix tilts toward Global Banking and Markets while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Global Banking and Markets | $41.5 billion | $35.1 billion | 71.1% | 18.2% |
| Asset and Wealth Management | $16.7 billion | $16.3 billion | 28.6% | 2.2% |
| Platform Solutions | $151 million | $2.1 billion | 0.3% | -92.9% |

![Bar chart of Goldman Sachs revenue by segment for fiscal 2025: Global Banking and Markets 71.1%, Asset and Wealth Management 28.6%, Platform Solutions 0.3%.](https://www.getswoopr.com/images/charts/goldman-sachs-business-model-segment-mix.webp)
*Goldman Sachs revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Goldman Sachs's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Americas | $36.5 billion | $34.4 billion | 62.7% | 6.1% |
| EMEA | $14.2 billion | $12.3 billion | 24.3% | 15.6% |
| Asia | $7.6 billion | $6.8 billion | 13.0% | 11.2% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Goldman Sachs's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Goldman Sachs reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0000886982-26-000091), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Goldman Sachs's business segments?

In its fiscal 2025 Form 10-K, Goldman Sachs reports revenue for Global Banking and Markets, Asset and Wealth Management and Platform Solutions.

### Which part of Goldman Sachs brings in the most revenue?

Global Banking and Markets, with $41.5 billion of revenue in fiscal 2025, or 71% of the total.

### Where does Goldman Sachs report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 25, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: GOLDMAN SACHS GROUP INC Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm)
- [SEC EDGAR: GOLDMAN SACHS GROUP INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=886982&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).