(As of December 12, 2025 | Post Q4 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $275 billion (based on ~$911/share and 302 million shares outstanding)
Introduction
The Goldman Sachs Group, Inc. (NYSE: GS), founded in 1869 by Marcus Goldman and Samuel Sachs in New York City, is a leading global investment bank and financial services firm, offering investment banking, securities, asset management, and consumer banking through segments like Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. Public since 1999, it features a single-class share structure (one vote per share), with no super-voting shares. Ownership is institutionally dominant (~75%), insiders ~0.57%, and retail ~25%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $82.7M in insider sales (e.g., Director John Hess) and $20B buybacks authorized (ongoing).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($275B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.53% | $26.2 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~28.6M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; trimmed ~2% in Q3 2025 but core S&P 500 weighting (~6%). No direct control; focuses on asset management growth. |
| 2 | BlackRock Inc. | 7.70% | $21.2 billion | Holds ~23.1M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in financials funds; GS ~0.3% of portfolio. |
| 3 | State Street Corporation | 6.39% | $17.6 billion | Owns ~19.2M shares via SPDRs (e.g., SPY); fully passive. Added ~9% in Q3; votes proxies on exec comp and risk management. ~4% of financial holdings; supports $20B buyback program. |
| 4 | JPMorgan Chase & Co. | 4.63% | $12.7 billion | ~13.9M shares in asset management; index/active blend. Stable QoQ; provides banking/debt for GS's $90B+ cash reserves. |
| 5 | Geode Capital Management, LLC | 2.20% | $6.1 billion | Fidelity affiliate with ~6.6M shares in index trackers; passive. Increased ~18% in Q3; tracks Nasdaq 100; minimal voting power. |
| 6 | Fisher Asset Management, LLC | 2.16% | $5.9 billion | ~6.5M shares; value-oriented. Trimmed ~2% in Q3 on valuation; holds for investment banking rebound. |
| 7 | Morgan Stanley | 1.24% | $3.4 billion | ~3.7M shares via wealth/ETFs; strategic peer holding. Stable QoQ; synergies in advisory services. |
| 8 | FMR LLC (Fidelity) | 1.72% | $4.7 billion | ~5.2M shares across funds (e.g., Contrafund); active with ~5% Q3 trim. Bullish on global markets (up 25% YoY). |
| 9 | Bank of America Corp /DE/ | 1.00% | $2.8 billion | ~3.0M shares; peer holding. Increased ~0.5% QoQ; focuses on wealth management synergies. |
| 10 | David M. Solomon (CEO & Chairman) | 0.05% | $0.1 billion | ~141K shares; largest active insider. Recent stability; oversees strategy since 2018; net worth ~$100M tied to performance. |
Total Top 10 = ~46.12% | Remaining: Other Institutions (~29%), Other Insiders (~0.52%, e.g., John Waldron President at ~0.02%), Retail (~25%) | Grand Total = 100%
Conclusion
As of December 2025, Goldman Sachs' ownership is institutionally anchored (~75% total) by passive leaders like Vanguard and BlackRock, providing stability for its $53.51B FY2025 revenue (up 14% YoY, 65% from investment banking) and $14.28B net income (up 47% YoY, EPS $40.54), with Q4 net revenues at $13.87B and EPS $11.95 amid record M&A advisory. Insiders (~0.57% combined) reflect diversification sales amid expansions (e.g., $3.5T assets under supervision), while retail's ~25% stake highlights financial sector appeal. With $275B market cap (up 52% YoY) and $20B buybacks (ongoing), expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and 2026 revenue ~$60B (up 12%). This structure balances capital markets dominance with returns via $12.00 annual dividends (1.32% yield). For filings, visit SEC EDGAR or Goldman Sachs' investor relations.