David Solomon
Chairman & CEO

Audio webcast. I will now call the meeting to order. The Board and I are happy to be here in Salt Lake City, Utah with our shareholders as well as our people, our clients and other stakeholders. Goldman Sachs has an office presence in Salt Lake City for over 25 years. We have an extraordinary team in this region and the work exemplifies each of our core values: partnership, client service, integrity and excellence.

In 2025, we delivered strong performance across our world-class interconnected franchises as we continue to execute on our strategy and serve our clients with excellence. We increased our net revenues year-over-year by 9% to $58.3 billion, grew our earnings per share by 27% to $51.32 and improved our return on equity by 230 basis points to 15%. In the first quarter of 2026, we achieved the second highest net revenues, net earnings and earnings per share in the history of Goldman Sachs. These results are the product of sustained execution.

When I look back over the past 6-plus years, I'm incredibly proud of the progress we've made as a firm. At our January 2020 Investor Day, we laid out a clear strategy to grow and strengthen our firm. From 2019 through 2025, we have increased firm-wide net revenues by roughly 60%, grown earnings per share by 144% and improved our returns by 500 basis points, and we delivered a total shareholder return of over 340%, the most of our peer group during this time frame. At the same time, we've materially improved the risk profile of the firm and enhanced the resilience of our earnings.