Major ClientsWide moat

Goldman Sachs (GS) — moat facet

Goldman depends on no single client and can show no order book, so its risk is the whole market, not any customer in it.

Goldman's revenue concentration and its forward visibility answer different questions, and both answers are unusual. On concentration: none disclosed. The firm serves a "large and diversified client base that includes corporations, financial institutions, governments and individuals"1 and advises more than 13,000 clients2.

Net revenues by region, 2025 ($M)Americas — 63%EMEA — 24%Asia — 13%Goldman Sachs Q4 2025 earnings release
Most of the revenue is American.

On visibility: almost none. Goldman gives no dollar backlog, only a description of its banking pipeline, which was the highest in four years at the end of 20253 and mixed by June 20264. The page on the backlog covers why that matters.

Geography is the concentration Goldman does report. The Americas produced $36,548 million of 2025 net revenues, 63%, EMEA $14,155 million, 24%, and Asia $7,580 million, 13%5. In the second quarter of 2026 Asia rose to 18% of the total, against 12% a year earlier6.

The four pages below cover the client base from four angles: the absence of any dominant customer, the absence of a measurable backlog, the one consumer client being handed back, and the institutions behind the asset business.

Revenue from Asia grew fastest in the first half of 2026: $6,658 million against $3,495 million a year earlier7. The Americas produced $22,638 million, against $18,848 million8. The firm describes its clients as corporations, financial institutions, governments and individuals9.

The mix shifted within a year. EMEA fell from 26% of net revenues in the second quarter of 2025 to 22%, while Asia rose from 12% to 18%10. The Americas share barely moved, at 62% and then 60%11.

The Americas share was 60% in the second quarter of 202612. Back above two-thirds, it would mean the international growth of the past year had reversed.

Moat trajectory: Holding steady

No concentration disclosed; Americas 63% of 2025 revenue.

The number that tests this moat
Reported
Americas share of net revenues, latest quarter
60% (Q2 2026: $12,222M of $20,338M) vs 63% for 2025

The one concentration Goldman reports; a rise above two-thirds would reverse the international growth.

Source: Goldman Sachs Q2 2026 earnings results ↗
Dig deeper
DIG DEEPER 01
No Customer Worth Naming
Goldman has no customer it cannot afford to lose; its risk is that all 13,000 of them slow down together.
DIG DEEPER 02
A Backlog With No Dollar Figure
Goldman has no customer it depends on and no order book it can show, so its forward view is a sentence, not a number.
DIG DEEPER 03
Apple: The Client Goldman Is Handing Back
Goldman's one large consumer client is Apple, and the whole relationship is being handed to another bank.
DIG DEEPER 04
The Institutions Behind Four Trillion Dollars
Goldman runs tens of billions each for pension funds like Shell's, and not one of them is large enough to hurt if it left.
References
  1. ReportedThe firm serves a "large and diversified client base that includes corporations, financial institutions, governments and individuals" and advises more than 13,000 clients.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  2. ReportedThe firm serves a "large and diversified client base that includes corporations, financial institutions, governments and individuals" and advises more than 13,000 clients.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - league tables, wallet share and client rankings. — FY2025 · publ. 15 January 2026 · source ↗
  3. ReportedGoldman gives no dollar backlog, only a description of its banking pipeline, which was the highest in four years at the end of 2025 and mixed by June 2026.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Global Banking & Markets: league tables, wallet share, clients, financing and intermediation. — FY2025 · publ. 15 January 2026 · source ↗
  4. ReportedGoldman gives no dollar backlog, only a description of its banking pipeline, which was the highest in four years at the end of 2025 and mixed by June 2026.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  5. ReportedThe Americas produced $36,548 million of 2025 net revenues, 63%, EMEA $14,155 million, 24%, and Asia $7,580 million, 13%.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  6. ReportedIn the second quarter of 2026 Asia rose to 18% of the total, against 12% a year earlier.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedRevenue from Asia grew fastest in the first half of 2026: $6,658 million against $3,495 million a year earlier.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedThe Americas produced $22,638 million, against $18,848 million.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  9. ReportedThe firm describes its clients as corporations, financial institutions, governments and individuals.
    Goldman Sachs statement on the 2026 CCAR results, Form 8-K exhibit 99.1 - stress capital buffer of 3.4% through 30 September 2027, an 11.4% Standardized CET1 requirement and the dividend increase to $5.00. — June 2026 · publ. 24 June 2026 · source ↗
  10. ReportedEMEA fell from 26% of net revenues in the second quarter of 2025 to 22%, while Asia rose from 12% to 18%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedThe Americas share barely moved, at 62% and then 60%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  12. ReportedThe Americas share was 60% in the second quarter of 2026.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
Sources
Generated September 28, 2026