Goldman Sachs to move Apple Card to new issuer, adding $0.46 to Q4 2025 EPS
Goldman Sachs agreed to transition the Apple Card program and associated accounts to a new issuer, a process expected to take about 24 months. The firm expects the transaction to increase fourth quarter 2025 diluted EPS by $0.46, driven by a $2.48 billion release of loan loss reserves that is partly offset by a $2.26 billion reduction in net revenues and $38 million of operating expenses. The filing also reorganizes the firm's reporting segments starting in Q4 2025, narrowing its consumer-related focus within Platform Solutions.
Key points
- Apple Card program and associated accounts to transition to a new issuer in about 24 months
- Expected $0.46 increase to fourth quarter 2025 diluted EPS
- $2.48 billion loan loss reserve release, offset by $2.26 billion net revenue reduction and $38 million operating expenses
- Reporting segments reorganized from Q4 2025 into Global Banking & Markets, Asset & Wealth Management and Platform Solutions
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 08, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.