|
Third 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
|
|
Third 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
|
Third Quarter 2025 Earnings Results
Goldman Sachs Reports Third Quarter Earnings Per Common Share of $12.25
|
Financial Summary
|
|
|
|
|
| |||||||||
|
Net Revenues
|
Net Earnings
|
EPS
| ||||||||||
|
3Q25 $15.18 billion
|
3Q25 $ 4.10 billion
|
3Q25 $12.25
| ||||||||||
|
3Q25 YTD $44.83 billion
|
3Q25 YTD $12.56 billion
|
3Q25 YTD $37.33
|
|
Annualized ROE1
|
Book Value Per Share
|
|||||||
|
3Q25 14.2%
|
3Q25 $353.79
|
|||||||
|
3Q25 YTD 14.6%
|
YTD Growth 5.1%
|
|||||||
NEW YORK, October 14, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $15.18 billion and net earnings of $4.10 billion for the third quarter ended September 30, 2025. Net revenues were $44.83 billion and net earnings were $12.56 billion for the first nine months of 2025.
Diluted earnings per common share (EPS) was $12.25 for the third quarter of 2025 compared with $8.40 for the third quarter of 2024 and $10.91 for the second quarter of 2025, and was $37.33 for the first nine months of 2025 compared with $28.64 for the first nine months of 2024.
Annualized return on average common shareholders’ equity (ROE)1 was 14.2% for the third quarter of 2025 and 14.6% for the first nine months of 2025.
Book value per common share increased by 1.2% during the third quarter of 2025 and by 5.1% during the first nine months of 2025 to $353.79.
1
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
Net Revenues
| Net revenues were $15.18 billion for the third quarter of 2025, 20% higher than the third quarter of 2024 and 4% higher than the second quarter of 2025. The increase compared with the third quarter of 2024 reflected higher net revenues across all segments. |
Net Revenues
| |||
|
$15.18 billion
| ||||
| Global Banking & Markets |
| Net revenues in Global Banking & Markets were $10.12 billion for the third quarter of 2025, 18% higher than the third quarter of 2024 and essentially unchanged compared with the second quarter of 2025.
Investment banking fees were $2.66 billion, 42% higher than the third quarter of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in Debt underwriting, primarily driven by an increase in leveraged finance activity. Net revenues in Equity underwriting were higher, primarily driven by initial public offerings. The firm’s Investment banking fees backlog2 was essentially unchanged compared with the end of the second quarter of 2025 and higher compared with the end of 2024.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47 billion, 17% higher than the third quarter of 2024, primarily reflecting significantly higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and higher net revenues in mortgages and commodities, partially offset by significantly lower net revenues in currencies and lower net revenues in credit products. Net revenues in FICC financing were higher, primarily driven by mortgages and structured lending.
Net revenues in Equities were $3.74 billion, 7% higher than the third quarter of 2024, due to significantly higher net revenues in Equities financing, primarily driven by prime financing, partially offset by lower net revenues in Equities intermediation, driven by cash products.
Net revenues in Other were $250 million, compared with $227 million for the third quarter of 2024. |
Global Banking & Markets
| |||
|
$10.12 billion
| ||||
| Advisory |
$ 1.40 billion | |||
| Equity underwriting |
$ 465 million | |||
| Debt underwriting |
$ 788 million | |||
| Investment banking fees |
$ 2.66 billion | |||
|
FICC intermediation |
$ 2.44 billion | |||
| FICC financing |
$ 1.04 billion | |||
| FICC |
$ 3.47 billion | |||
|
Equities intermediation |
$ 2.02 billion | |||
| Equities financing |
$ 1.72 billion | |||
| Equities |
$ 3.74 billion | |||
|
Other |
$ 250 million | |||
2
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
| Asset & Wealth Management |
| Net revenues in Asset & Wealth Management were $4.40 billion for the third quarter of 2025, 17% higher than the third quarter of 2024 and 16% higher than the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflected higher Management and other fees and significantly higher net revenues in Private banking and lending.
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 were primarily driven by the payment of interest on a previously impaired loan. Net revenues in Debt investments were higher, reflecting net mark-ups compared with net mark-downs in the prior year period, partially offset by lower net interest income due to a reduction in the debt investments balance sheet. |
Asset & Wealth Management
| |||
|
$4.40 billion
| ||||
|
Management and other fees |
$ 2.95 billion | |||
| Incentive fees |
$ 77 million | |||
| Private banking and lending |
$ 1.06 billion | |||
| Equity investments |
$ 116 million | |||
| Debt investments |
$ 204 million | |||
| Platform Solutions |
| Net revenues in Platform Solutions were $670 million for the third quarter of 2025, 71% higher than the third quarter of 2024 and 2% lower than the second quarter of 2025.
Consumer platforms net revenues were significantly higher, primarily reflecting a net loss in the prior year period related to the General Motors credit card program that was transferred to held for sale. Transaction banking and other net revenues were higher, primarily reflecting mark-downs in the prior year period related to the seller financing loan portfolio that was transferred to held for sale. |
Platform Solutions
| |||
|
$670 million
| ||||
|
Consumer platforms |
$599 million | |||
| Transaction banking and other
|
$ 71 million
| |||
Provision for Credit Losses
| Provision for credit losses was $339 million for the third quarter of 2025, compared with $397 million for the third quarter of 2024 and $384 million for the second quarter of 2025. Provisions for the third quarter of 2025 primarily reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans). |
Provision for Credit Losses
| |||
|
$339 million
| ||||
3
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
Operating Expenses
| Operating expenses were $9.45 billion for the third quarter of 2025, 14% higher than the third quarter of 2024 and 2% higher than the second quarter of 2025. The firm’s efficiency ratio2 was 62.1% for the first nine months of 2025, compared with 64.3% for the first nine months of 2024.
The increase in operating expenses compared with the third quarter of 2024 primarily reflected increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, charitable contributions to Goldman Sachs Gives (in other expenses) and net provisions for litigation and regulatory proceedings (in other expenses).
Net provisions for litigation and regulatory proceedings were $131 million for the third quarter of 2025, compared with $41 million for the third quarter of 2024.
Headcount increased 5% compared with the end of the second quarter of 2025, reflecting the timing of campus hires.
|
Operating Expenses
| |||||
|
$9.45 billion
| ||||||
|
YTD Efficiency Ratio | ||||||
|
62.1%
| ||||||
Provision for Taxes
| The effective income tax rate for the first nine months of 2025 was 21.5%, up from 20.2% for the first half of 2025, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards.3 |
YTD Effective Tax Rate
| |||
|
21.5%
| ||||
Other Matters
| ◾ On October 13, 2025, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $4.00 per common share to be paid on December 30, 2025 to common shareholders of record on December 2, 2025.
◾ During the quarter, the firm returned $3.25 billion of capital to common shareholders, including $2.00 billion of common share repurchases (2.8 million shares at an average cost of $718.60) and $1.25 billion of common stock dividends.2
◾ Global core liquid assets2 averaged $481 billion for the third quarter of 2025, compared with an average of $462 billion for the second quarter of 2025. |
Declared Quarterly Dividend Per Common Share
| |||
|
$4.00
| ||||
|
Common Share Repurchases
| ||||
|
2.8 million shares for $2.00 billion
| ||||
|
Average GCLA
| ||||
|
$481 billion
| ||||
4
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
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 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (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.
5
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
| THREE MONTHS ENDED | % CHANGE FROM | |||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
||||||||||||||||||||
|
GLOBAL BANKING & MARKETS
|
||||||||||||||||||||||||
|
Advisory
|
|
$ 1,404 |
|
|
$ 1,174 |
|
|
$ 875 |
|
|
20 % |
|
|
60 % |
| |||||||||
| Equity underwriting
|
|
465
|
|
|
428
|
|
|
385
|
|
|
9
|
|
|
21
|
| |||||||||
| Debt underwriting
|
|
788
|
|
|
589
|
|
|
605
|
|
|
34
|
|
|
30
|
| |||||||||
| Investment banking fees |
2,657 | 2,191 | 1,865 | 21 | 42 | |||||||||||||||||||
| FICC intermediation
|
|
2,437
|
|
|
2,423
|
|
|
2,013
|
|
|
1
|
|
|
21
|
| |||||||||
| FICC financing
|
|
1,035
|
|
|
1,044
|
|
|
949
|
|
|
(1)
|
|
|
9
|
| |||||||||
| FICC |
3,472 | 3,467 | 2,962 | – | 17 | |||||||||||||||||||
| Equities intermediation
|
|
2,020
|
|
|
2,595
|
|
|
2,209
|
|
|
(22)
|
|
|
(9)
|
| |||||||||
| Equities financing
|
|
1,716
|
|
|
1,706
|
|
|
1,291
|
|
|
1
|
|
|
33
|
| |||||||||
| Equities |
3,736 | 4,301 | 3,500 | (13) | 7 | |||||||||||||||||||
| Other |
|
250
|
|
|
161
|
|
|
227
|
|
|
55
|
|
|
10
|
| |||||||||
|
Net revenues
|
|
10,115
|
|
|
10,120
|
|
|
8,554
|
|
|
–
|
|
|
18
|
| |||||||||
|
ASSET & WEALTH MANAGEMENT
|
||||||||||||||||||||||||
|
Management and other fees
|
|
2,945
|
|
|
2,805
|
|
|
2,619
|
|
|
5
|
|
|
12
|
| |||||||||
| Incentive fees
|
|
77
|
|
|
102
|
|
|
85
|
|
|
(25)
|
|
|
(9)
|
| |||||||||
| Private banking and lending
|
|
1,057
|
|
|
789
|
|
|
756
|
|
|
34
|
|
40 | |||||||||||
| Equity investments
|
|
116
|
|
|
(1)
|
|
|
116
|
|
|
N.M.
|
|
|
–
|
| |||||||||
| Debt investments
|
|
204
|
|
|
83
|
|
|
178
|
|
|
146
|
|
|
15
|
| |||||||||
|
Net revenues
|
|
4,399
|
|
|
3,778
|
|
|
3,754
|
|
|
16
|
|
|
17
|
| |||||||||
|
PLATFORM SOLUTIONS
|
||||||||||||||||||||||||
|
Consumer platforms
|
|
599
|
|
|
623
|
|
|
333
|
|
|
(4)
|
|
|
80
|
| |||||||||
| Transaction banking and other
|
|
71
|
|
|
62
|
|
|
58
|
|
|
15
|
|
|
22
|
| |||||||||
|
Net revenues
|
|
670
|
|
|
685
|
|
|
391
|
|
|
(2)
|
|
|
71
|
| |||||||||
|
Total net revenues
|
|
$ 15,184
|
|
|
$ 14,583
|
|
|
$ 12,699
|
|
|
4
|
|
|
20
|
| |||||||||
|
Geographic Net Revenues (unaudited)2 |
|
|||||||||||||||||||||||
| $ in millions | ||||||||||||||||||||||||
| THREE MONTHS ENDED | ||||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
||||||||||||||||||||||
|
Americas |
$ 10,020 | $ 8,982 | $ 8,045 | |||||||||||||||||||||
|
EMEA |
|
3,163 |
|
|
3,811 |
|
|
3,076 |
|
|||||||||||||||
|
Asia |
|
2,001 |
|
|
1,790 |
|
|
1,578 |
|
|||||||||||||||
|
Total net revenues
|
|
$ 15,184
|
|
|
$ 14,583
|
|
|
$ 12,699
|
|
|||||||||||||||
| Americas |
66% | 62% | 63% | |||||||||||||||||||||
|
EMEA |
|
21% |
|
|
26% |
|
|
24% |
|
|||||||||||||||
|
Asia
|
|
13%
|
|
|
12%
|
|
|
13%
|
|
|||||||||||||||
|
Total
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|||||||||||||||
6
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
| NINE MONTHS ENDED | % CHANGE FROM | |||||||||||||||
| SEPTEMBER 30, 2025 |
SEPTEMBER 30, 2024 |
SEPTEMBER 30, 2024 |
||||||||||||||
|
GLOBAL BANKING & MARKETS
|
||||||||||||||||
| Advisory |
$ 3,370 | $ 2,574 | 31 % | |||||||||||||
|
Equity underwriting
|
|
1,263
|
|
|
1,178
|
|
|
7
|
| |||||||
| Debt underwriting
|
|
2,129
|
|
|
1,926
|
|
11 | |||||||||
| Investment banking fees |
6,762 | 5,678 | 19 | |||||||||||||
| FICC intermediation
|
|
8,250
|
|
|
7,814
|
|
|
6
|
| |||||||
| FICC financing
|
|
3,093
|
|
|
2,651
|
|
|
17
|
| |||||||
| FICC |
11,343 | 10,465 | 8 | |||||||||||||
| Equities intermediation
|
|
7,162
|
|
|
5,984
|
|
|
20
|
| |||||||
| Equities financing
|
|
5,067
|
|
|
3,996
|
|
|
27
|
| |||||||
| Equities |
12,229 | 9,980 | 23 | |||||||||||||
| Other
|
|
608
|
|
|
341
|
|
|
78
|
| |||||||
|
Net revenues
|
|
30,942
|
|
|
26,464
|
|
|
17
|
| |||||||
|
ASSET & WEALTH MANAGEMENT
|
||||||||||||||||
| Management and other fees
|
|
8,453
|
|
|
7,607
|
|
|
11
|
| |||||||
| Incentive fees
|
|
308
|
|
|
219
|
|
|
41
|
| |||||||
| Private banking and lending
|
|
2,571
|
|
|
2,145
|
|
|
20
|
| |||||||
| Equity investments
|
|
110
|
|
|
630
|
|
|
(83)
|
| |||||||
| Debt investments
|
|
414
|
|
|
820
|
|
|
(50)
|
| |||||||
|
Net revenues
|
|
11,856
|
|
|
11,421
|
|
|
4
|
| |||||||
|
PLATFORM SOLUTIONS
|
||||||||||||||||
| Consumer platforms |
1,833 | 1,550 | 18 | |||||||||||||
|
Transaction banking and other
|
|
198
|
|
|
208
|
|
|
(5)
|
| |||||||
|
Net revenues
|
|
2,031
|
|
|
1,758
|
|
|
16
|
| |||||||
|
Total net revenues
|
|
$ 44,829
|
|
|
$ 39,643
|
|
|
13
|
| |||||||
|
Geographic Net Revenues (unaudited)2 |
|
|||||||||||||||
| $ in millions | ||||||||||||||||
| NINE MONTHS ENDED | ||||||||||||||||
| SEPTEMBER 30, 2025 |
SEPTEMBER 30, 2024 |
|||||||||||||||
|
Americas
|
$ 28,868 | $ 25,351 | ||||||||||||||
| EMEA
|
|
10,465 |
|
|
9,477 |
|
||||||||||
| Asia
|
|
5,496
|
|
|
4,815
|
|
||||||||||
|
Total net revenues
|
|
$ 44,829
|
|
|
$ 39,643
|
|
||||||||||
| Americas
|
65% | 64% | ||||||||||||||
| EMEA
|
|
23% |
|
|
24% |
|
||||||||||
| Asia
|
|
12%
|
|
|
12%
|
|
||||||||||
|
Total
|
|
100%
|
|
|
100%
|
|
||||||||||
7
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)2
In millions, except per share amounts and headcount
| THREE MONTHS ENDED | % CHANGE FROM | |||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
||||||||||||||||||||
|
REVENUES |
||||||||||||||||||||||||
|
Investment banking |
$ 2,659 | $ 2,194 | $ 1,864 | 21 % | 43 % | |||||||||||||||||||
|
Investment management |
2,952 | 2,837 | 2,649 | 4 | 11 | |||||||||||||||||||
|
Commissions and fees |
1,110 | 1,201 | 873 | (8) | 27 | |||||||||||||||||||
|
Market making |
3,868 | 4,733 | 4,127 | (18) | (6) | |||||||||||||||||||
|
Other principal transactions |
743 | 514 | 839 | 45 | (11) | |||||||||||||||||||
|
Total non-interest revenues |
11,332 | 11,479 | 10,352 | (1) | 9 | |||||||||||||||||||
| Interest income |
20,822 | 19,789 | 21,448 | 5 | (3) | |||||||||||||||||||
|
Interest expense |
16,970 | 16,685 | 19,101 | 2 | (11) | |||||||||||||||||||
|
Net interest income |
3,852 | 3,104 | 2,347 | 24 | 64 | |||||||||||||||||||
|
Total net revenues |
15,184 | 14,583 | 12,699 | 4 | 20 | |||||||||||||||||||
|
Provision for credit losses |
339 | 384 | 397 | (12) | (15) | |||||||||||||||||||
|
OPERATING EXPENSES |
||||||||||||||||||||||||
|
Compensation and benefits |
4,680 | 4,685 | 4,122 | - | 14 | |||||||||||||||||||
|
Transaction based |
1,968 | 1,955 | 1,701 | 1 | 16 | |||||||||||||||||||
|
Market development |
171 | 167 | 159 | 2 | 8 | |||||||||||||||||||
|
Communications and technology |
545 | 530 | 498 | 3 | 9 | |||||||||||||||||||
|
Depreciation and amortization |
531 | 618 | 621 | (14) | (14) | |||||||||||||||||||
|
Occupancy |
242 | 234 | 242 | 3 | - | |||||||||||||||||||
|
Professional fees |
432 | 440 | 400 | (2) | 8 | |||||||||||||||||||
|
Other expenses |
884 | 612 | 572 | 44 | 55 | |||||||||||||||||||
|
Total operating expenses |
9,453 | 9,241 | 8,315 | 2 | 14 | |||||||||||||||||||
| Pre-tax earnings |
5,392 | 4,958 | 3,987 | 9 | 35 | |||||||||||||||||||
|
Provision for taxes |
1,294 | 1,235 | 997 | 5 | 30 | |||||||||||||||||||
|
Net earnings |
4,098 | 3,723 | 2,990 | 10 | 37 | |||||||||||||||||||
|
Preferred stock dividends |
238 | 250 | 210 | (5) | 13 | |||||||||||||||||||
|
Net earnings applicable to common shareholders |
$ 3,860 | $ 3,473 | $ 2,780 | 11 | 39 | |||||||||||||||||||
|
EARNINGS PER COMMON SHARE |
||||||||||||||||||||||||
|
Basic2 |
$ 12.42 | $ 11.03 | $ 8.52 | 13 % | 46 % | |||||||||||||||||||
|
Diluted |
$ 12.25 | $ 10.91 | $ 8.40 | 12 | 46 | |||||||||||||||||||
|
AVERAGE COMMON SHARES |
||||||||||||||||||||||||
|
Basic |
309.6 | 313.7 | 324.8 | (1) | (5) | |||||||||||||||||||
|
Diluted |
315.0 | 318.3 | 330.8 | (1) | (5) | |||||||||||||||||||
|
SELECTED DATA AT PERIOD-END |
||||||||||||||||||||||||
|
Common shareholders’ equity |
$ 109,249 | $ 108,943 | $ 107,947 | - | 1 | |||||||||||||||||||
|
Basic shares2
|
|
308.8
|
|
|
311.5
|
|
|
324.2
|
|
|
(1)
|
|
|
(5)
|
| |||||||||
| Book value per common share |
$ 353.79 | $ 349.74 | $ 332.96 | 1 | 6 | |||||||||||||||||||
| Headcount |
|
48,300
|
|
|
45,900
|
|
|
46,400
|
|
|
5
|
|
|
4
|
| |||||||||
8
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)2
In millions, except per share amounts
| NINE MONTHS ENDED | % CHANGE FROM | |||||||||||||||||||
| SEPTEMBER 30, 2025 |
SEPTEMBER 30, 2024 |
SEPTEMBER 30, 2024 |
||||||||||||||||||
|
REVENUES
|
||||||||||||||||||||
| Investment banking |
$ | 6,769 | $ | 5,682 | 19 | % | ||||||||||||||
| Investment management |
8,548 | 7,673 | 11 | |||||||||||||||||
| Commissions and fees |
3,537 | 3,001 | 18 | |||||||||||||||||
| Market making |
14,324 | 14,557 | (2) | |||||||||||||||||
| Other principal transactions |
1,800 | 3,019 | (40) | |||||||||||||||||
|
Total non-interest revenues |
34,978 | 33,932 | 3 | |||||||||||||||||
| Interest income |
59,994 | 61,443 | (2) | |||||||||||||||||
| Interest expense |
50,143 | 55,732 | (10) | |||||||||||||||||
|
Net interest income |
9,851 | 5,711 | 72 | |||||||||||||||||
|
Total net revenues |
44,829 | 39,643 | 13 | |||||||||||||||||
|
Provision for credit losses |
1,010 | 997 | 1 | |||||||||||||||||
|
OPERATING EXPENSES |
||||||||||||||||||||
| Compensation and benefits |
14,241 | 12,947 | 10 | |||||||||||||||||
| Transaction based |
5,773 | 4,852 | 19 | |||||||||||||||||
| Market development |
494 | 465 | 6 | |||||||||||||||||
| Communications and technology |
1,581 | 1,468 | 8 | |||||||||||||||||
| Depreciation and amortization |
1,655 | 1,894 | (13) | |||||||||||||||||
| Occupancy |
709 | 733 | (3) | |||||||||||||||||
| Professional fees |
1,296 | 1,177 | 10 | |||||||||||||||||
| Other expenses |
2,073 | 1,970 | 5 | |||||||||||||||||
|
Total operating expenses |
27,822 | 25,506 | 9 | |||||||||||||||||
|
Pre-tax earnings |
15,997 | 13,140 | 22 | |||||||||||||||||
| Provision for taxes |
3,438 | 2,975 | 16 | |||||||||||||||||
|
Net earnings |
12,559 | 10,165 | 24 | |||||||||||||||||
| Preferred stock dividends |
643 | 563 | 14 | |||||||||||||||||
|
Net earnings applicable to common shareholders |
$ | 11,916 | $ | 9,602 | 24 | |||||||||||||||
|
EARNINGS PER COMMON SHARE |
||||||||||||||||||||
| Basic2 |
$ | 37.75 | $ | 28.98 | 30 | % | ||||||||||||||
| Diluted |
$ | 37.33 | $ | 28.64 | 30 | |||||||||||||||
|
AVERAGE COMMON SHARES |
||||||||||||||||||||
| Basic |
314.6 | 330.0 | (5) | |||||||||||||||||
|
Diluted |
319.2 | 335.3 | (5) | |||||||||||||||||
9
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)2
$ in billions
| AS OF | ||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
|||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||
| Cash and cash equivalents |
$ 169 | $ 153 | ||||||||||||||||||||
| Collateralized agreements |
347 | 367 | ||||||||||||||||||||
| Customer and other receivables |
177 | 182 | ||||||||||||||||||||
| Trading assets |
653 | 628 | ||||||||||||||||||||
| Investments |
204 | 202 | ||||||||||||||||||||
| Loans |
222 | 217 | ||||||||||||||||||||
| Other assets |
36 | 36 | ||||||||||||||||||||
|
Total assets |
$ 1,808 | $ 1,785 | ||||||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||
| Deposits |
$ 490 | $ 466 | ||||||||||||||||||||
| Collateralized financings |
300 | 311 | ||||||||||||||||||||
| Customer and other payables |
257 | 259 | ||||||||||||||||||||
| Trading liabilities |
262 | 253 | ||||||||||||||||||||
| Unsecured short-term borrowings |
73 | 69 | ||||||||||||||||||||
| Unsecured long-term borrowings |
277 | 280 | ||||||||||||||||||||
| Other liabilities |
25 | 23 | ||||||||||||||||||||
|
Total liabilities |
1,684 | 1,661 | ||||||||||||||||||||
| Shareholders’ equity
|
|
124
|
|
|
124
|
|
||||||||||||||||
|
Total liabilities and shareholders’ equity
|
|
$ 1,808
|
|
|
$ 1,785
|
|
||||||||||||||||
|
Capital Ratios and Supplementary Leverage Ratio (unaudited)2 $ in billions
|
|
|||||||||||||||||||||
| AS OF | ||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
|||||||||||||||||||||
| Common equity tier 1 capital |
$ 103.7 | $ 102.6 | ||||||||||||||||||||
|
STANDARDIZED CAPITAL RULES |
||||||||||||||||||||||
| Risk-weighted assets |
$ 722 | $ 709 | ||||||||||||||||||||
| Common equity tier 1 capital ratio |
14.4% | 14.5% | ||||||||||||||||||||
|
ADVANCED CAPITAL RULES |
||||||||||||||||||||||
| Risk-weighted assets |
$ 682 | $ 672 | ||||||||||||||||||||
| Common equity tier 1 capital ratio |
15.2% | 15.3% | ||||||||||||||||||||
|
SUPPLEMENTARY LEVERAGE RATIO |
||||||||||||||||||||||
| Supplementary leverage ratio
|
|
5.2%
|
|
|
5.3%
|
|
||||||||||||||||
|
Average Daily VaR (unaudited)2 $ in millions
|
|
|||||||||||||||||||||
| THREE MONTHS ENDED | ||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
|||||||||||||||||||||
|
RISK CATEGORIES |
||||||||||||||||||||||
| Interest rates |
$ 72 | $ 79 | ||||||||||||||||||||
| Equity prices |
51 | 48 | ||||||||||||||||||||
| Currency rates |
19 | 23 | ||||||||||||||||||||
| Commodity prices |
20 | 15 | ||||||||||||||||||||
| Diversification effect |
(71) | (67) | ||||||||||||||||||||
|
Total |
$ 91 | $ 98 | ||||||||||||||||||||
10
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)2
$ in billions
| AS OF | ||||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
||||||||||||||||||||||
|
ASSET CLASS
|
||||||||||||||||||||||||
| Alternative investments
|
$ 374 | $ 355 | $ 328 | |||||||||||||||||||||
| Equity
|
914 | 857 | 780 | |||||||||||||||||||||
| Fixed income
|
|
1,313
|
|
|
1,253
|
|
|
1,220
|
|
|||||||||||||||
|
Total long-term AUS
|
|
2,601
|
|
|
2,465
|
|
|
2,328
|
|
|||||||||||||||
| Liquidity products
|
|
851
|
|
|
828
|
|
|
775
|
|
|||||||||||||||
|
Total AUS
|
|
$ 3,452
|
|
|
$ 3,293
|
|
|
$ 3,103
|
|
|||||||||||||||
| THREE MONTHS ENDED | ||||||||||||||||||||||||
| SEPTEMBER 30, 2025 |
JUNE 30, 2025 |
SEPTEMBER 30, 2024 |
||||||||||||||||||||||
|
Beginning balance
|
|
$ 3,293
|
|
|
$ 3,173
|
|
|
$ 2,934
|
|
|||||||||||||||
| Net inflows / (outflows):
|
||||||||||||||||||||||||
| Alternative investments
|
12 | 9 | 9 | |||||||||||||||||||||
| Equity
|
5 | 8 | 4 | |||||||||||||||||||||
| Fixed income
|
39 | – | 16 | |||||||||||||||||||||
|
Total long-term AUS net inflows / (outflows)
|
|
56
|
|
|
17
|
|
|
29
|
|
|||||||||||||||
| Liquidity products
|
|
23
|
|
|
(12)
|
|
|
37
|
|
|||||||||||||||
|
Total AUS net inflows / (outflows)
|
|
79
|
|
|
5
|
|
|
66
|
|
|||||||||||||||
| Net market appreciation / (depreciation)
|
|
80
|
|
|
115
|
|
|
103
|
|
|||||||||||||||
|
Ending balance
|
|
$ 3,452
|
|
|
$ 3,293
|
|
|
$ 3,103
|
|
|||||||||||||||
11
Goldman Sachs Reports
Third Quarter 2025 Earnings Results
|
Footnotes |
|
|
| 1. | Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. |
| The table below presents average common shareholders’ equity: |
| AVERAGE FOR THE | ||||||||||||
| Unaudited, $ in millions
|
THREE MONTHS ENDED SEPTEMBER 30, 2025 |
NINE MONTHS ENDED SEPTEMBER 30, 2025 |
||||||||||
| Total shareholders’ equity
|
$ 123,507 | $ 123,444 | ||||||||||
| Preferred stock
|
|
(15,153)
|
|
|
(14,963)
|
| ||||||
|
Common shareholders’ equity
|
|
$ 108,354
|
|
|
$ 108,481
|
| ||||||
| 2. | 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 June 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 June 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.” |
| For information about net interest income and total non-interest revenues, see the firm’s Form 8-K dated January 15, 2025. |
| Represents a preliminary estimate for the third 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 Quarterly Report on Form 10-Q for the period ended September 30, 2025. |
| 3. | The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2025 of approximately $610 million, which increased diluted EPS by $1.91 and annualized ROE by 0.7 percentage points. |
12