GS · Forward model · Platform Solutions · Fundraising Guide case
What has to happen in Platform Solutions
Model as of
This page changes Platform Solutions inside the complete GS model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
Shares this vertical and portfolio case. Slider and horizon edits stay in your browser.
Platform Solutions
The Apple Card book and the residue of businesses Goldman has exited. $221M of net revenues in the basis quarter against $619M a year earlier, after markdowns on a loan portfolio moved to held-for-sale in 4Q25 and contracted to transition to another issuer over roughly 24 months from December 2025. This is a run-off modelled as a decay, not a business with a growth rate. It is 1.09% of firm revenue and -0.56% of firm pre-tax earnings and cannot move the valuation; it is carried separately because it is a reportable segment.
Latest: $54M (2031Q2E)
| Period | Value |
|---|---|
| 2023Q1 | $489M |
| 2023Q2 | $571M |
| 2023Q3 | $495M |
| 2023Q4 | $503M |
| 2024Q1 | $614M |
| 2024Q2 | $605M |
| 2024Q3 | $318M |
| 2024Q4 | $592M |
| 2025Q1 | $610M |
| 2025Q2 | $619M |
| 2025Q3 | $598M |
| 2025Q4 | −$1.68B |
| 2026Q1 | $411M |
| 2026Q2 | $221M |
| 2026Q3E | $221M |
| 2026Q4E | $218M |
| 2027Q1E | $212M |
| 2027Q2E | $203M |
| 2027Q3E | $194M |
| 2027Q4E | $183M |
| 2028Q1E | $172M |
| 2028Q2E | $160M |
| 2028Q3E | $148M |
| 2028Q4E | $137M |
| 2029Q1E | $126M |
| 2029Q2E | $115M |
| 2029Q3E | $106M |
| 2029Q4E | $96M |
| 2030Q1E | $88M |
| 2030Q2E | $80M |
| 2030Q3E | $72M |
| 2030Q4E | $65M |
| 2031Q1E | $59M |
| 2031Q2E | $54M |
Assumptions & reasoning
- capexIntensity is EXACTLY 0 here and 0.2% on the other two verticals. Basis-quarter revenue is positive at $221M so the negative-revenue rule does not bite today, but 2025 Q4 revenue was MINUS $1,676M and the projected line decays toward zero: a positive intensity on a negative revenue would produce a negative capex, which the engine would add to free cash flow as a phantom inflow.
- 2025 Q4 is left exactly as reported. Net revenues of -$1,676M came from $2.26B of markdowns on the Apple Card portfolio and contract-termination obligations, alongside a POSITIVE pre-tax result of +$143M because the same filing released $2.48B of loan-loss reserves. Negative revenue with positive pre-tax earnings is what the filing says; it is not a data error.
- The -21.72% margin is a pre-tax LOSS of $48M on $221M, against $269M of operating expenses and a provision of nil - the Apple Card portfolio moved to held-for-sale, so no provision is taken on it. Terminal 0% assumes the costs leave with the book; a run-off residue should not carry a permanent loss margin.
- Seasonality is not tested here and must not be applied. The series contains a negative quarter and a structural break, so no ratio to a moving average would be interpretable, and a vertical in run-off carries no calendar shape.
- One engine artefact worth naming: a negative growth delta on a positive-revenue, negative-margin line makes the loss SMALLER, worth about $5M a quarter in the bear case. It is immaterial and, unlike a negative-revenue residual, needs no offsetting vertical delta.