GSGoldman Sachs

No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.

New in the latest 10-Q

7 paragraphs in the 10-Q filed Nov 2, 2026 with nothing like them in the 10-Q filed Aug 3, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

• Multiples was not a significant unobservable input used to value other trading cash instruments as of December 2025.

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In August 2026, the firm entered into an agreement to acquire NEOS Investments (NEOS), a specialized provider of systematic options-based income exchange-traded funds. The aggregate transaction amount for this acquisition consists of up to approximately $ 2.25 billion in cash and equity, including approximately $ 250 million of contingent consideration (which is subject to achievement of future performance targets through the third quarter of 2033). The acquisition is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

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In August 2026, the firm also entered into an agreement to acquire LCN Capital Partners (LCN), a leading investment manager specializing in the sale-leaseback, build-to-suit, and triple net lease sectors of the real estate market. The aggregate transaction amount for this acquisition consists of up to approximately $ 410 million in cash and equity, including approximately $ 150 million of contingent consideration (which is subject to achievement of future performance targets through the first quarter of 2034). The acquisition is expected to close by the end of the first quarter of 2027, subject to customary closing conditions.

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We expect our 2026 annual effective tax rate to be approximately 20%, but it could be lower if any tax audits are resolved in the fourth quarter of 2026.

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Supervisory Stress Testing and SCB Reforms. In September 2026, the FRB issued final rules to revise its supervisory stress testing framework. The final rules enhance the transparency of the supervisory stress tests by requiring the Federal Reserve to request public comment annually on the stress test scenarios and material changes to the supervisory stress test models. Under the final rules, the annual effective date of the SCB will shift from October 1 to January 1, beginning with the 2027 CCAR cycle. In addition, beginning with the 2028 CCAR cycle, the Federal Reserve will use a two-year average of the stress capital decline projected in each of the two most recent annual tests for the purpose of determining the SCB.

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The chart below presents our daily VaR for the nine months ended September 2026.

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Share sales and buybacks

In the table above, total shares purchased included 49 shares during July 2026 and 8 shares during August 2026 remitted to satisfy statutory withholding taxes related to share-based awards.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 2, 2026 against Item 1A of the 10-K filed Feb 25, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.