Platform Solutions (Apple Card)
Apple Card loans are held for sale and Chase is set to become the issuer; net revenues were $170 million in Q3 2026, down 72% YoY.
The numbers
What it is
Goldman's platform segment, whose largest exposure is the Apple Card co-branded card portfolio. Goldman has agreed to transfer the Apple Card program to JPMorgan Chase, so this segment is shrinking and its revenue now reflects loan markdowns rather than growth.
Why it matters to the stock. The exit from Apple Card removes a source of consumer-credit risk and volatility from the segment. Traders should watch how much revenue the segment keeps after the transition and whether Goldman announces a replacement for the platform.
News
Goldman returned $4.49B in Q3 through buybacks and dividends
Goldman Sachs returned $4.49 billion to common shareholders in the third quarter, including $3.00 billion of buybacks and $1.49 billion of dividends.
Goldman Sachs reports Q4 2025 EPS of $14.01 and raises dividend to $4.50
Goldman Sachs reported fourth-quarter 2025 net revenues of $13.45 billion and diluted EPS of $14.01 on January 15, 2026.
Apple and Chase say Chase will become the new Apple Card issuer
Apple announced on January 7, 2026 that JPMorgan Chase will replace Goldman Sachs Bank USA as the issuer of the Apple Card, with an expected transition of about 24 months.