Full Year and
Fourth Quarter 2025
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
Full Year and Fourth Quarter 2025 Earnings Results
Goldman Sachs Reports Earnings Per Common Share of $51.32 for 2025 and
Increases the Quarterly Dividend to $4.50 Per Common Share in the First Quarter 2026
Fourth Quarter Earnings Per Common Share was $14.01
Financial Summary
Net Revenues | |
2025 | $58.28 billion |
4Q25 | $13.45 billion |
Net Earnings | |
2025 | $17.18 billion |
4Q25 | $ 4.62 billion |
EPS | |
2025 | $51.32 |
4Q25 | $14.01 |
ROE1 | |
2025 | 15.0% |
4Q25 | 16.0% |
Book Value Per Share | |
2025 | $357.60 |
2025 Growth | 6.2% |
NEW YORK, January 15, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $58.28 billion
and net earnings of $17.18 billion for the year ended December 31, 2025. Net revenues were $13.45 billion and net earnings
were $4.62 billion for the fourth quarter of 2025.
Diluted earnings per common share (EPS) was $51.32 for the year ended December 31, 2025 compared with $40.54 for the
year ended December 31, 2024, and was $14.01 for the fourth quarter of 2025 compared with $11.95 for the fourth quarter of
2024 and $12.25 for the third quarter of 2025.
Return on average common shareholders' equity (ROE)1 was 15.0% for 2025 and annualized ROE was 16.0% for the fourth
quarter of 2025.
Book value per common share increased by 6.2% during 2025 and by 1.1% during the fourth quarter of 2025 to $357.60.
1
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Net Revenues
Full Year
Net revenues were $58.28 billion for 2025, 9% higher than 2024, reflecting higher net
revenues in Global Banking & Markets, partially offset by significantly lower net
revenues in Platform Solutions (which reflected a reduction in net revenues of $2.26
billion from markdowns on the outstanding credit card portfolio related to the transfer
of the Apple Card loans to held for sale and contract termination obligations in
connection with the agreement to transition the program to another issuer, which was
more than offset by a related reserve reduction of $2.48 billion in provision for credit
losses).
Fourth Quarter
Net revenues were $13.45 billion for the fourth quarter of 2025, 3% lower than the
fourth quarter of 2024 and 11% lower than the third quarter of 2025. The decrease
compared with the fourth quarter of 2024 reflected negative net revenues in Platform
Solutions (which reflected a reduction in net revenues of $2.26 billion from
markdowns on the outstanding credit card portfolio related to the transfer of the
Apple Card loans to held for sale and contract termination obligations in connection
with the agreement to transition the program to another issuer, which was more than
offset by a related reserve reduction of $2.48 billion in provision for credit losses),
largely offset by significantly higher net revenues in Global Banking & Markets.
2025 Net Revenues |
$58.28 billion |
4Q25 Net Revenues |
$13.45 billion |
Global Banking & Markets
Full Year
Net revenues in Global Banking & Markets2 were $41.45 billion for 2025, 18% higher
than 2024.
Investment banking fees were $9.34 billion, 21% higher than 2024, primarily due to
significantly higher net revenues in Advisory, reflecting a significant increase in
completed mergers and acquisitions volumes. Net revenues in Debt underwriting
were higher, reflecting significantly higher net revenues from asset-backed and
investment-grade activity. Net revenues in Equity underwriting were also higher,
reflecting significantly higher net revenues from initial public and convertible
offerings, partially offset by lower net revenues from secondary offerings. The firm’s
Investment banking fees backlog3 increased significantly compared with the end of
2024.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $14.52
billion, 9% higher than 2024, primarily reflecting higher net revenues in FICC
intermediation, due to significantly higher net revenues in interest rate products and
slightly higher net revenues in currencies and commodities, partially offset by lower
net revenues in mortgages and credit products. The increase also reflected higher
net revenues in FICC financing, primarily driven by higher net revenues in mortgages
and structured lending.
Net revenues in Equities were $16.54 billion, 23% higher than 2024, due to
significantly higher net revenues in Equities financing, driven by significantly higher
net revenues in prime financing and portfolio financing, and higher net revenues in
Equities intermediation, primarily driven by higher net revenues in derivatives.
Net revenues in Other were $1.06 billion compared with $561 million for 2024, with
the increase primarily reflecting significantly higher net revenues from relationship
lending activities.
2025 Global Banking & Markets | |
$41.45 billion | |
Advisory | $ 4.73 billion |
Equity underwriting | $ 1.78 billion |
Debt underwriting | $ 2.83 billion |
Investment banking fees | $ 9.34 billion |
FICC intermediation | $10.27 billion |
FICC financing | $ 4.25 billion |
FICC | $14.52 billion |
Equities intermediation | $ 9.34 billion |
Equities financing | $ 7.20 billion |
Equities | $16.54 billion |
Other | $ 1.06 billion |
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Global Banking & Markets
Fourth Quarter
Net revenues in Global Banking & Markets2 were $10.41 billion for the fourth quarter
of 2025, 22% higher than the fourth quarter of 2024 and 2% higher than the third
quarter of 2025.
Investment banking fees were $2.58 billion, 25% higher than the fourth quarter of
2024, primarily due to significantly higher net revenues in Advisory, reflecting a
significant increase in completed mergers and acquisitions volumes. Net revenues in
Debt underwriting were higher, reflecting significantly higher net revenues from
asset-backed activity. Net revenues in Equity underwriting were slightly higher. The
firm’s Investment banking fees backlog3 increased compared with the end of the third
quarter of 2025.
Net revenues in FICC were $3.11 billion, 12% higher than the fourth quarter of 2024,
primarily reflecting higher net revenues in FICC intermediation, due to significantly
higher net revenues in interest rate products and commodities, partially offset by
lower net revenues in currencies, mortgages and credit products. Net revenues in
FICC financing were higher, driven by higher net revenues in mortgages and
structured lending.
Net revenues in Equities were $4.31 billion, 25% higher than the fourth quarter of
2024, due to significantly higher net revenues in Equities financing, driven by
significantly higher net revenues in prime financing and portfolio financing, and
higher net revenues in Equities intermediation, primarily driven by higher net
revenues in derivatives.
Net revenues in Other were $421 million compared with $239 million for the fourth
quarter of 2024, with the increase primarily reflecting higher net revenues from
relationship lending activities.
4Q25 Global Banking & Markets | |
$10.41 billion | |
Advisory | $1.36 billion |
Equity underwriting | $ 521 million |
Debt underwriting | $ 700 million |
Investment banking fees | $2.58 billion |
FICC intermediation | $2.02 billion |
FICC financing | $1.09 billion |
FICC | $3.11 billion |
Equities intermediation | $2.18 billion |
Equities financing | $2.13 billion |
Equities | $4.31 billion |
Other | $421 million |
Asset & Wealth Management
Full Year
Net revenues in Asset & Wealth Management2 were $16.68 billion for 2025, 2%
higher than 2024, reflecting higher Management and other fees, higher net revenues
in Private banking and lending and, to a lesser extent, higher Incentive fees, largely
offset by significantly lower net revenues in Investments.
The increase in Management and other fees primarily reflected the impact of higher
average assets under supervision. The increase in Private banking and lending net
revenues primarily reflected the payment of interest on a previously impaired loan
and higher net interest margin from lending. The increase in Incentive fees was
primarily driven by performance. The decrease in Investments net revenues primarily
reflected significantly lower net gains from investments in private equities and
significantly lower net interest income from debt investments due to a reduction in
the balance sheet.
2025 Asset & Wealth Management | |
$16.68 billion | |
Management and other fees | $11.54 billion |
Incentive fees | $ 489 million |
Private banking and lending | $ 3.35 billion |
Investments | $ 1.31 billion |
3
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Asset & Wealth Management
Fourth Quarter
Net revenues in Asset & Wealth Management2 were $4.72 billion for the fourth
quarter of 2025, essentially unchanged compared with the fourth quarter of 2024 and
7% higher than the third quarter of 2025. Compared with the fourth quarter of 2024,
significantly lower net revenues in Investments were largely offset by higher
Management and other fees.
The decrease in Investments net revenues primarily reflected net losses from
investments in public equities compared with net gains in the prior year period and
significantly lower net gains from investments in private equities. The increase in
Management and other fees primarily reflected the impact of higher average assets
under supervision.
4Q25 Asset & Wealth Management | |
$4.72 billion | |
Management and other fees | $3.09 billion |
Incentive fees | $181 million |
Private banking and lending | $776 million |
Investments | $670 million |
Platform Solutions
Full Year
Net revenues in Platform Solutions2 were $151 million for 2025, compared with $2.13
billion in 2024, with the decrease reflecting a reduction in net revenues of $2.26
billion from markdowns on the outstanding credit card portfolio related to the transfer
of the Apple Card loans to held for sale and contract termination obligations in
connection with the agreement to transition the program to another issuer, which was
more than offset by a related reserve reduction in provision for credit losses.
Fourth Quarter
Net revenues in Platform Solutions2 were $(1.68) billion for the fourth quarter of
2025, compared with $592 million in the fourth quarter of 2024 and $598 million in
the third quarter of 2025. The decrease compared with the fourth quarter of 2024
reflected a reduction in net revenues of $2.26 billion from markdowns on the
outstanding credit card portfolio related to the transfer of the Apple Card loans to
held for sale and contract termination obligations in connection with the agreement to
transition the program to another issuer, which was more than offset by a related
reserve reduction in provision for credit losses.
2025 Platform Solutions | |
$151 million | |
4Q25 Platform Solutions | |
$(1.68) billion | |
Provision for Credit Losses
Full Year
Provision for credit losses was a net benefit of $1.11 billion for 2025, compared with
net provisions of $1.35 billion for 2024. The net benefit for 2025 reflected a net
release related to the Apple Card portfolio (including a reserve reduction of $2.48
billion related to the transfer of the Apple Card loans to held for sale, partially offset
by net charge-offs during the year). Provisions for 2024 reflected net provisions
related to the credit card portfolio (primarily driven by net charge-offs).
Fourth Quarter
Provision for credit losses was a net benefit of $2.12 billion for the fourth quarter of
2025, compared with net provisions of $351 million for the fourth quarter of 2024 and
$339 million for the third quarter of 2025. The net benefit for the fourth quarter of
2025 reflected a net release related to the Apple Card portfolio (including a reserve
reduction of $2.48 billion related to the transfer of the Apple Card loans to held for
sale, partially offset by net charge-offs during the quarter). Provisions for the fourth
quarter of 2024 reflected net provisions related to the credit card portfolio (primarily
driven by net charge-offs).
2025 Provision for Credit Losses |
$(1.11) billion |
4Q25 Provision for Credit Losses |
$ (2.12) billion |
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Operating Expenses
Full Year
Operating expenses were $37.54 billion for 2025, 11% higher than 2024. The firm's
efficiency ratio3 was 64.4% for 2025, compared with 63.1% for 2024.
The increase in operating expenses compared with 2024 primarily reflected higher
compensation and benefits expenses (reflecting improved operating performance)
and higher transaction based expenses.
Net provisions for litigation and regulatory proceedings were $215 million for 2025,
compared with $166 million for 2024.
Headcount increased 2% during 2025.
Fourth Quarter
Operating expenses were $9.72 billion for the fourth quarter of 2025, 18% higher
than the fourth quarter of 2024 and 3% higher than the third quarter of 2025.
The increase in operating expenses compared with the fourth quarter of 2024
primarily reflected significantly higher compensation and benefits expenses
(reflecting improved operating performance) and higher transaction based expenses.
Net provisions for litigation and regulatory proceedings were $94 million for the fourth
quarter of 2025, compared with $(2) million for the fourth quarter of 2024.
Headcount decreased 2% compared with the end of the third quarter of 2025.
2025 Operating Expenses |
$37.54 billion |
2025 Efficiency Ratio |
64.4% |
4Q25 Operating Expenses |
$9.72 billion |
Provision for Taxes
The effective income tax rate for 2025 was 21.4%, down slightly from 21.5% for the
first nine months of 2025. The 2025 effective tax rate decreased from 22.4% for
2024, primarily due to an increase in tax benefits on the settlement of employee
share-based awards4, partially offset by a decrease in the impact of other permanent
tax benefits for 2025 compared with 2024.
2025 Effective Tax Rate |
21.4% |
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Other Matters
▪On January 14, 2026, the Board of Directors of The Goldman Sachs Group, Inc.
increased the quarterly dividend to $4.50 per common share from $4.00 per common
share. The dividend will be paid on March 30, 2026 to common shareholders of
record on March 2, 2026.
▪During the year, the firm returned $16.78 billion of capital to common shareholders,
including $12.36 billion of common share repurchases (18.9 million shares at an
average cost of $654.45) and $4.42 billion of common stock dividends. This included
$4.24 billion of capital returned to common shareholders during the fourth quarter,
including $3.00 billion of common share repurchases (3.6 million shares at an
average cost of $822.33) and $1.24 billion of common stock dividends.3
▪Global core liquid assets3 averaged $466 billion for 2025, compared with an average
of $429 billion for 2024. Global core liquid assets averaged $479 billion for the fourth
quarter of 2025, compared with an average of $481 billion for the third quarter of
2025.
Declared Quarterly Dividend Per Common Share |
$4.50 |
2025 Capital Returned |
$16.78 billion |
2025 Average GCLA |
$466 billion |
6
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may
differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.
For information about some of the risks and important factors that could affect the firm’s future results, financial condition and
liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31,
2024.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the imposition of tariffs, an outbreak or worsening of hostilities, volatility in the securities markets or
an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the
securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the
transaction or a failure to obtain a required regulatory approval. For information about other important factors that could
adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form
10-K for the year ended December 31, 2024.
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in
the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10
minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the
Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access
the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning
approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to
Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
YEAR ENDED | % CHANGE FROM | ||||||
DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | |||||
2025 | 2024 | 2024 | |||||
GLOBAL BANKING & MARKETS | |||||||
Advisory | $4,726 | $3,534 | 34% | ||||
Equity underwriting | 1,784 | 1,677 | 6 | ||||
Debt underwriting | 2,829 | 2,521 | 12 | ||||
Investment banking fees | 9,339 | 7,732 | 21 | ||||
FICC intermediation | 10,271 | 9,564 | 7 | ||||
FICC financing | 4,251 | 3,778 | 13 | ||||
FICC | 14,522 | 13,342 | 9 | ||||
Equities intermediation | 9,340 | 7,937 | 18 | ||||
Equities financing | 7,195 | 5,495 | 31 | ||||
Equities | 16,535 | 13,432 | 23 | ||||
Other | 1,057 | 561 | 88 | ||||
Net revenues | 41,453 | 35,067 | 18 | ||||
ASSET & WEALTH MANAGEMENT | |||||||
Management and other fees | 11,538 | 10,415 | 11 | ||||
Incentive fees | 489 | 393 | 24 | ||||
Private banking and lending | 3,347 | 2,881 | 16 | ||||
Investments | 1,305 | 2,627 | (50) | ||||
Net revenues | 16,679 | 16,316 | 2 | ||||
PLATFORM SOLUTIONS | |||||||
Net revenues | 151 | 2,129 | (93) | ||||
Total net revenues | $58,283 | $53,512 | 9 | ||||
Geographic Net Revenues (unaudited)3
$ in millions
YEAR ENDED | ||||
DECEMBER 31, | DECEMBER 31, | |||
2025 | 2024 | |||
Americas | $36,548 | $34,448 | ||
EMEA | 14,155 | 12,250 | ||
Asia | 7,580 | 6,814 | ||
Total net revenues | $58,283 | $53,512 | ||
Americas | 63% | 64% | ||
EMEA | 24% | 23% | ||
Asia | 13% | 13% | ||
Total | 100% | 100% | ||
8
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
THREE MONTHS ENDED | % CHANGE FROM | ||||||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | |||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||
GLOBAL BANKING & MARKETS | |||||||||||
Advisory | $1,356 | $1,404 | $960 | (3)% | 41% | ||||||
Equity underwriting | 521 | 465 | 499 | 12 | 4 | ||||||
Debt underwriting | 700 | 788 | 595 | (11) | 18 | ||||||
Investment banking fees | 2,577 | 2,657 | 2,054 | (3) | 25 | ||||||
FICC intermediation | 2,021 | 2,437 | 1,750 | (17) | 15 | ||||||
FICC financing | 1,086 | 1,056 | 1,012 | 3 | 7 | ||||||
FICC | 3,107 | 3,493 | 2,762 | (11) | 12 | ||||||
Equities intermediation | 2,178 | 2,020 | 1,954 | 8 | 11 | ||||||
Equities financing | 2,128 | 1,716 | 1,499 | 24 | 42 | ||||||
Equities | 4,306 | 3,736 | 3,453 | 15 | 25 | ||||||
Other | 421 | 282 | 239 | 49 | 76 | ||||||
Net revenues | 10,411 | 10,168 | 8,508 | 2 | 22 | ||||||
ASSET & WEALTH MANAGEMENT | |||||||||||
Management and other fees | 3,092 | 2,943 | 2,815 | 5 | 10 | ||||||
Incentive fees | 181 | 76 | 174 | 138 | 4 | ||||||
Private banking and lending | 776 | 1,057 | 736 | (27) | 5 | ||||||
Investments | 670 | 342 | 1,044 | 96 | (36) | ||||||
Net revenues | 4,719 | 4,418 | 4,769 | 7 | (1) | ||||||
PLATFORM SOLUTIONS | |||||||||||
Net revenues | (1,676) | 598 | 592 | N.M. | N.M. | ||||||
Total net revenues | $13,454 | $15,184 | $13,869 | (11) | (3) | ||||||
Geographic Net Revenues (unaudited)3
$ in millions
THREE MONTHS ENDED | ||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | ||||
2025 | 2025 | 2024 | ||||
Americas | $7,680 | $10,020 | $9,097 | |||
EMEA | 3,690 | 3,163 | 2,773 | |||
Asia | 2,084 | 2,001 | 1,999 | |||
Total net revenues | $13,454 | $15,184 | $13,869 | |||
Americas | 57% | 66% | 66% | |||
EMEA | 27% | 21% | 20% | |||
Asia | 16% | 13% | 14% | |||
Total | 100% | 100% | 100% | |||
9
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
In millions, except per share amounts
YEAR ENDED | % CHANGE FROM | |||||||
DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | ||||||
2025 | 2024 | 2024 | ||||||
REVENUES | ||||||||
Investment banking | $9,348 | $7,738 | 21% | |||||
Investment management | 11,749 | 10,596 | 11 | |||||
Commissions and fees | 4,042 | 4,086 | (1) | |||||
Market making | 17,993 | 18,390 | (2) | |||||
Other principal transactions | 1,592 | 4,646 | (66) | |||||
Total non-interest revenues | 44,724 | 45,456 | (2) | |||||
Interest income | 80,373 | 81,397 | (1) | |||||
Interest expense | 66,814 | 73,341 | (9) | |||||
Net interest income | 13,559 | 8,056 | 68 | |||||
Total net revenues | 58,283 | 53,512 | 9 | |||||
Provision for credit losses | (1,113) | 1,348 | N.M. | |||||
OPERATING EXPENSES | ||||||||
Compensation and benefits | 18,906 | 16,706 | 13 | |||||
Transaction based | 7,997 | 6,724 | 19 | |||||
Market development | 710 | 646 | 10 | |||||
Communications and technology | 2,170 | 1,991 | 9 | |||||
Depreciation and amortization | 2,182 | 2,392 | (9) | |||||
Occupancy | 958 | 973 | (2) | |||||
Professional fees | 1,770 | 1,652 | 7 | |||||
Other expenses | 2,851 | 2,683 | 6 | |||||
Total operating expenses | 37,544 | 33,767 | 11 | |||||
Pre-tax earnings | 21,852 | 18,397 | 19 | |||||
Provision for taxes | 4,676 | 4,121 | 13 | |||||
Net earnings | 17,176 | 14,276 | 20 | |||||
Preferred stock dividends | 876 | 751 | 17 | |||||
Net earnings applicable to common shareholders | $16,300 | $13,525 | 21 | |||||
EARNINGS PER COMMON SHARE | ||||||||
Basic3 | $51.95 | $41.07 | 26% | |||||
Diluted | $51.32 | $40.54 | 27 | |||||
AVERAGE COMMON SHARES | ||||||||
Basic | 312.7 | 328.1 | (5) | |||||
Diluted | 317.6 | 333.6 | (5) | |||||
10
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
In millions, except per share amounts and headcount
THREE MONTHS ENDED | % CHANGE FROM | |||||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | ||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||
REVENUES | ||||||||||
Investment banking | $2,579 | $2,659 | $2,056 | (3)% | 25% | |||||
Investment management | 3,201 | 2,952 | 2,923 | 8 | 10 | |||||
Commissions and fees | 505 | 1,110 | 1,085 | (55) | (53) | |||||
Market making | 3,669 | 3,868 | 3,833 | (5) | (4) | |||||
Other principal transactions | (208) | 743 | 1,627 | N.M. | N.M. | |||||
Total non-interest revenues | 9,746 | 11,332 | 11,524 | (14) | (15) | |||||
Interest income | 20,379 | 20,822 | 19,954 | (2) | 2 | |||||
Interest expense | 16,671 | 16,970 | 17,609 | (2) | (5) | |||||
Net interest income | 3,708 | 3,852 | 2,345 | (4) | 58 | |||||
Total net revenues | 13,454 | 15,184 | 13,869 | (11) | (3) | |||||
Provision for credit losses | (2,123) | 339 | 351 | N.M. | N.M. | |||||
OPERATING EXPENSES | ||||||||||
Compensation and benefits | 4,665 | 4,680 | 3,759 | – | 24 | |||||
Transaction based | 2,224 | 1,968 | 1,872 | 13 | 19 | |||||
Market development | 216 | 171 | 181 | 26 | 19 | |||||
Communications and technology | 589 | 545 | 523 | 8 | 13 | |||||
Depreciation and amortization | 527 | 531 | 498 | (1) | 6 | |||||
Occupancy | 249 | 242 | 240 | 3 | 4 | |||||
Professional fees | 474 | 432 | 475 | 10 | – | |||||
Other expenses | 778 | 884 | 713 | (12) | 9 | |||||
Total operating expenses | 9,722 | 9,453 | 8,261 | 3 | 18 | |||||
Pre-tax earnings | 5,855 | 5,392 | 5,257 | 9 | 11 | |||||
Provision for taxes | 1,238 | 1,294 | 1,146 | (4) | 8 | |||||
Net earnings | 4,617 | 4,098 | 4,111 | 13 | 12 | |||||
Preferred stock dividends | 233 | 238 | 188 | (2) | 24 | |||||
Net earnings applicable to common shareholders | $4,384 | $3,860 | $3,923 | 14 | 12 | |||||
EARNINGS PER COMMON SHARE | ||||||||||
Basic3 | $14.21 | $12.42 | $12.13 | 14% | 17% | |||||
Diluted | $14.01 | $12.25 | $11.95 | 14 | 17 | |||||
AVERAGE COMMON SHARES | ||||||||||
Basic | 307.3 | 309.6 | 322.4 | (1) | (5) | |||||
Diluted | 312.9 | 315.0 | 328.4 | (1) | (5) | |||||
SELECTED DATA AT PERIOD-END | ||||||||||
Common shareholders' equity | $109,819 | $109,249 | $108,743 | 1 | 1 | |||||
Basic shares3 | 307.1 | 308.8 | 322.9 | (1) | (5) | |||||
Book value per common share | $357.60 | $353.79 | $336.77 | 1 | 6 | |||||
Headcount | 47,400 | 48,300 | 46,500 | (2) | 2 | |||||
11
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
$ in billions
AS OF | ||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | ||||
2025 | 2025 | 2024 | ||||
ASSETS | ||||||
Cash and cash equivalents | $164 | $169 | $182 | |||
Collateralized agreements | 334 | 347 | 375 | |||
Customer and other receivables | 186 | 177 | 134 | |||
Trading assets | 657 | 653 | 571 | |||
Investments | 195 | 204 | 184 | |||
Loans | 238 | 222 | 196 | |||
Other assets | 36 | 36 | 34 | |||
Total assets | $1,810 | $1,808 | $1,676 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Deposits | $501 | $490 | $433 | |||
Collateralized financings | 305 | 300 | 359 | |||
Customer and other payables | 232 | 257 | 223 | |||
Trading liabilities | 263 | 262 | 202 | |||
Unsecured short-term borrowings | 70 | 73 | 70 | |||
Unsecured long-term borrowings | 286 | 277 | 243 | |||
Other liabilities | 28 | 25 | 24 | |||
Total liabilities | 1,685 | 1,684 | 1,554 | |||
Shareholders’ equity | 125 | 124 | 122 | |||
Total liabilities and shareholders’ equity | $1,810 | $1,808 | $1,676 | |||
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Capital Ratios and Supplementary Leverage Ratio (unaudited)3
$ in billions
AS OF | ||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | ||||
2025 | 2025 | 2024 | ||||
Common equity tier 1 capital | $104.3 | $103.8 | $103.1 | |||
STANDARDIZED CAPITAL RULES | ||||||
Risk-weighted assets | $726 | $723 | $689 | |||
Common equity tier 1 capital ratio | 14.4% | 14.3% | 15.0% | |||
ADVANCED CAPITAL RULES | ||||||
Risk-weighted assets | $694 | $687 | $675 | |||
Common equity tier 1 capital ratio | 15.0% | 15.1% | 15.3% | |||
SUPPLEMENTARY LEVERAGE RATIO | ||||||
Supplementary leverage ratio | 5.2% | 5.2% | 5.5% | |||
Average Daily VaR (unaudited)3
$ in millions
THREE MONTHS ENDED | YEAR ENDED | |||||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | ||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||
RISK CATEGORIES | ||||||||||
Interest rates | $60 | $72 | $83 | $70 | $81 | |||||
Equity prices | 48 | 51 | 49 | 47 | 37 | |||||
Currency rates | 17 | 19 | 31 | 24 | 26 | |||||
Commodity prices | 18 | 20 | 19 | 17 | 19 | |||||
Diversification effect | (63) | (71) | (86) | (68) | (71) | |||||
Total | $80 | $91 | $96 | $90 | $92 | |||||
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
$ in billions
AS OF | |||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | |||||
2025 | 2025 | 2024 | |||||
ASSET CLASS | |||||||
Alternative investments | $420 | $390 | $350 | ||||
Equity | 951 | 914 | 772 | ||||
Fixed income | 1,334 | 1,297 | 1,170 | ||||
Total long-term AUS | 2,705 | 2,601 | 2,292 | ||||
Liquidity products | 901 | 851 | 845 | ||||
Total AUS | $3,606 | $3,452 | $3,137 | ||||
THREE MONTHS ENDED | YEAR ENDED | ||||||||||
DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | DECEMBER 31, | DECEMBER 31, | |||||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||||
Beginning balance | $3,452 | $3,293 | $3,103 | $3,137 | $2,812 | ||||||
Net inflows / (outflows): | |||||||||||
Alternative investments | 27 | 12 | 11 | 52 | 38 | ||||||
Equity | 11 | 5 | 4 | 35 | 15 | ||||||
Fixed income | 28 | 39 | 7 | 81 | 53 | ||||||
Total long-term AUS net inflows / (outflows) | 66 | 56 | 22 | 168 | 106 | ||||||
Liquidity products | 50 | 23 | 70 | 56 | 108 | ||||||
Total AUS net inflows / (outflows) | 116 | 79 | 92 | 224 | 214 | ||||||
Net market appreciation / (depreciation) | 38 | 80 | (58) | 245 | 111 | ||||||
Ending balance | $3,606 | $3,452 | $3,137 | $3,606 | $3,137 | ||||||
13
Goldman Sachs Reports
Full Year and Fourth Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Footnotes
1.ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly
common shareholders’ equity. Average monthly common shareholders' equity was $108.73 billion for 2025 and $109.47 billion for the fourth quarter of
2025.
2.The firm made certain changes to its business segments, commencing with the fourth quarter of 2025. For information about these changes, see the
firm’s Form 8-K filed January 8, 2026. Reclassifications have been made to previously reported amounts to conform to the current presentation.
3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2025: (i) Investment banking fees backlog –
see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi)
basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk
Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report
on Form 10-Q for the period ended September 30, 2025: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation
and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable
rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”
Represents a preliminary estimate for the fourth quarter of 2025 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for
the year ended December 31, 2025.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for 2025 of approximately $620 million, which
increased diluted EPS by $1.95 and ROE by 0.5 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
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