# GOLDMAN SACHS FINANCIAL MARKETS, L.P. X-17A-5 (2026-02-26) — Broker-dealer annual report - Company: GOLDMAN SACHS FINANCIAL MARKETS, L.P. - Form: X-17A-5 - Filed: 2026-02-26 - Period: 2025-12-31 - Accession: 0001085407-26-000003 - CIK: 1085407 - File #: 8-51753 - Type: Broker-dealer - Material weakness: No - Auditor: PricewaterhouseCoopers LLP - Auditor location: New York, NY - Contact: Thomas Favia - Phone: 2129021710 - Signed by: Thomas Favia (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1085407/000108540726000003/gsfmpub1.pdf --- {0}------------------------------------------------ ;809-:&-/4?5:-:/5-8!->71@? \$ &@-@191:@;25:-:/5-8;:05@5;: 1/19.1> {1}------------------------------------------------ **& %\$%%\$ \$&#%\$ ) !\$\$! (+<2371=87** |
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A:01> % -% -;> % --?-<<85/-.81 - -B :01<1:01:@ 1<;>@ .-?10 ;: -: 1D-95:-@5;: ;2 /1>@-5: ?@-@191:@? 5: @41 /;9<85-:/1 >1<;>@A:01> % -;> % --?-<<85/-.81 - -C:01<1:01:@1<;>@.-?10;:->1B51C;2@411D19<@5;:>1<;>@A:01> % -;> % --?-<<85/-.81 - -D &A<<8191:@-8 >1<;>@? ;: -<<8E5:3 -3>110A<;: <>;/10A>1? 5: -//;>0-:/1 C5@4 % / 1 ;> % --?-<<85/-.81 - -E %1<;>@ 01?/>5.5:3 -:E 9-@1>5-8 5:-01=A-/51? 2;A:0 @; 1D5?@ ;> 2;A:0 @; 4-B1 1D5?@10 ?5:/1 @41 0-@1 ;2 @41 <>1B5;A?-A05@;>-?@-@191:@@4-@:;9-@1>5-85:-01=A-/51?1D5?@A:01> % --7 - -F#@41> *! \$#'%& ! & &\$& & ! \$& "!\$&! % ! &% % !\$ %""* {3}------------------------------------------------ #### **)** | | | "+1/ 8 | |------|--------------------------------------------------------------------|--------| | | | | | | | | | | '@-@191:@;25:-:/5-8;:05@5;: | | | | | | | #;@1 | 1?/>5<@5;:;2A?5:1?? | | | #;@1 | -?5?;2%>1?1:@-@5;: | | | #;@1 | '53:525/-:@//;A:@5:3%;85/51? | | | #;@1 | -5>*-8A1"1-?A>191:@? | | | #;@1 | -5>*-8A151>->/4E | | | #;@1 | 5:-:/5-8:?@>A91:@?\$C:10-:05:-:/5-8:?@>A91:@?';80A@#;@,1@%A>/4-?10 | | | #;@1 | 1>5B-@5B1?-:01035:3/@5B5@51? | | | #;@1 | -5>*-8A1\$<@5;: | | | #;@1 | ;88-@1>-85F103>1191:@?-:05:-:/5:3? | | | #;@1 | ):?1/A>10;>>;C5:3? | | | #;@1 | 'A.;>05:-@10;>>;C5:3? | | | #;@1 | ;995@91:@?;:@5:31:/51?-:0A->-:@11? | | | #;@1 | (>-:?-/@5;:?C5@4&18-@10%->@51? | | | #;@1 | :/;91(-D1? | | | #;@1 | >105@;:/1:@>-@5;:? | | | #;@1 | !13-8%>;/1105:3? | | | #;@1 | #1@-<5@-8&1=A5>191:@? | | | #;@1 | 'A.?1=A1:@B1:@? | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **Report of Independent Auditors** To the Partners of Goldman Sachs Financial Markets, L.P. #### *Opinion* We have audited the accompanying statement of financial condition of Goldman Sachs Financial Markets, L.P. (the Firm) as of December 31, 2025, including the related notes (referred to as the "statement of financial condition"). In our opinion, the accompanying statement of financial condition presents fairly, in all material respects, the financial position of the Firm as of December 31, 2025 in accordance with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Statement of Financial Condition section of our report. We are required to be independent of the Firm and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. #### *Responsibilities of Management for the Statement of Financial Condition* Management is responsible for the preparation and fair presentation of the statement of financial condition in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of a statement of financial condition that is free from material misstatement, whether due to fraud or error. In preparing the statement of financial condition, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Firm's ability to continue as a going concern for one year after the date the statement of financial condition is available to be issued. #### *Auditors' Responsibilities for the Audit of the Statement of Financial Condition* Our objectives are to obtain reasonable assurance about whether the statement of financial condition as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statement of financial condition. In performing an audit in accordance with US GAAS, we: - භ Exercise professional judgment and maintain professional skepticism throughout the audit. - භ Identify and assess the risks of material misstatement of the statement of financial condition, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statement of financial condition. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) - භ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Firm's internal control. Accordingly, no such opinion is expressed. - භ Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statement of financial condition. - භ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Firm's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. New York, New York February 26, 2026 {6}------------------------------------------------ | | | <80 | |---------------------------------------------------------------------------|-------------|----------| |
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| D | | D | | :@41@-.81-.;B1 - 'A.?@-:@5-88E -88 ;2 @41 3>;?? /->>E5:3 B-8A1? ;2 @41?1 ->>-:3191:@?->1?A.61/@@;1:2;>/1-.81:1@@5:3-3>1191:@? - 9;A:@? :;@ ;22?1@ 5:/8A01? @41 2-5> B-8A1 ;2 ?1/A>5@51? /;88-@1>-8 >1/15B10 ;> <;?@10 ?A.61/@ @; 1:2;>/1-.81 />105@ ?A<<;>@ -3>1191:@? +41>1 @41 25>9 4-? >1/15B10 ;> <;?@10 /;88-@1>-8 A:01> />105@ ?A<<;>@ -3>1191:@? .A@ 4-? :;@ E1@ 01@1>95:10 ?A/4 -3>1191:@? ->1 1:2;>/1-.81 @41 >18-@10 /;88-@1>-84-?:;@.11::1@@10 ## **;8<<+;;B371'+5>/80#/9>;-2+;3=3/<8+7/.** :@41/-?1;2>1/4-?1-3>1191:@?@4125>9>1/15B10/-?4-:0 <810310 ) ' 3;B1>:91:@ -:0 -31:/E ;.853-@5;:? -? /;88-@1>-8 :@41/-?1;2?1/A>5@51?8;-:10@4125>98;-:101=A5@E?1/A>5@51? -:0>1/15B10/-?4-?/;88-@1>-8 (41>1/4-?1-3>1191:@?-:0 ?1/A>5@51? 8;-:10 C1>1 15@41> ;B1>:534@ ;> 4-0 :; ?@-@10 9-@A>5@E {16}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| | <80 | |--------------------------------------------|------------------| |
&!'% % | /-/6,/;
| | ;88-@1>-8-B-58-.81@;.10185B1>10;>>1<810310 |

| | ;88-@1>-8@4-@C-?0185B1>10;>>1<810310 |



| (41@-.81.18;C<>1?1:@?5:2;>9-@5;:-.;A@-??1@?<810310 | | <80 | |-----------------------------------------------------|-------------| |
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| | 5:-:/5-85:?@>A91:@?;C:10<810310@;/;A:@1><->@51?@4-@ | | | 4-0@41>534@@;0185B1>;>>1<81031 |

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&!'% % | /-/6,/;
| | | <-85F10-3>1191:@? | | | | %1?-81-3>1191:@? |
| | | %1/15B-.81? | | | | >;71>?01-81>?-:0/81->5:3;>3-:5F-@5;:? | | | | A?@;91>?-:0/;A:@1><->@51? | | | | 5:-:/5-85:?@>A91:@?;C:10 | |
| | #@41>-??1@? | | | | %8=+5 |
|
| | 3+,353=3/< | | | | ;88-@1>-85F1025:-:/5:3? | | | | &1/A>5@51?8;-:10 |
| | | #@41>?1/A>1025:-:/5:3? | | | | \$-E-.81? | | | | A?@;91>?-:0/;A:@1><->@51? | | | | 5:-:/5-85:?@>A91:@??;80.A@:;@E1@/4-?10 | |
| | (:?1/A>10?4;>@@1>9.;>>;C5:3? | | | | &A.;>05:-@10.;>>;C5:3? | |

| | %8=+5 |
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