Goldman Sachs reported Q4 2025 EPS of $14.01, with net revenues of $13.45 billion, as strong profitability and ROE contrasted with a year‑on‑year revenue decline driven by Platform Solutions markdowns; shares dipped modestly in pre‑market trading after the release, reflecting a mixed but fundamentally solid quarter.
About Goldman Sachs
The Goldman Sachs Group, Inc. (NYSE: GS) is a leading global financial institution providing investment banking, securities, asset and wealth management, and other financial services to corporations, governments, financial institutions, and high‑net‑worth individuals worldwide. Founded in 1869, the company is headquartered at 200 West Street, New York City, and maintains offices in all major financial centers.
As of the Q4 2025 release, Goldman reported book value per common share of $357.60, common shareholders’ equity of about $109.8 billion, and total assets of $1.81 trillion, implying a market capitalization in the range of the large global money‑center banks.
The firm generated $58.28 billion in net revenues and $17.18 billion in net earnings for full‑year 2025, translating into diluted EPS of $51.32 and a 15.0% return on average common shareholders’ equity. Headcount stood at 47,400 at year‑end 2025, and the board approved an increased quarterly dividend of $4.50 per share beginning in Q1 2026.
Top Financial Highlights
- Total Q4 2025 net revenues were $13.45 billion, down 3% year‑on‑year and 11% sequentially.
- Q4 2025 net earnings were $4.62 billion, with net earnings applicable to common shareholders of $4.38 billion.
- Diluted EPS for Q4 2025 was $14.01, up from $11.95 in Q4 2024 and $12.25 in Q3 2025, and materially ahead of consensus around the low‑$11 range.
- Full‑year 2025 net revenues reached $58.28 billion, up 9% versus 2024, while full‑year net earnings were $17.18 billion with EPS of $51.32.
- Q4 2025 operating expenses totaled $9.72 billion, up 18% year‑on‑year, driving an efficiency ratio of about 64% for the full year.
- Global Banking & Markets Q4 2025 net revenues were $10.41 billion, up 22% versus Q4 2024, driven by strong FICC and Equities activity.
- Within Global Banking & Markets, Q4 investment banking fees were $2.58 billion, including $1.36 billion in Advisory, $700 million in Debt underwriting, and $521 million in Equity underwriting.
- Asset & Wealth Management delivered Q4 2025 net revenues of $4.72 billion, essentially flat year‑on‑year, with Management and other fees of $3.09 billion and Assets Under Supervision of $3.61 trillion.
- Platform Solutions posted Q4 2025 net revenues of –$1.68 billion, reflecting $2.26 billion of markdowns tied to the Apple Card portfolio and program transition.
- Provision for credit losses was a net benefit of $2.12 billion in Q4 2025, largely driven by a $2.48 billion reserve reduction related to Apple Card.
- Q4 2025 return on average common equity was an annualized 16.0%, versus 15.0% for the full year.
- Full‑year 2025 Global Banking & Markets net revenues were $41.45 billion, up 18%, with FICC at $14.52 billion and Equities at $16.54 billion.
- Full‑year Asset & Wealth Management net revenues were $16.68 billion, up 2%, supported by higher Management and other fees of $11.54 billion.
- The firm returned $16.78 billion of capital to common shareholders in 2025, including $12.36 billion of buybacks and $4.42 billion in dividends.
- Global core liquid assets averaged $466 billion in 2025 and $479 billion in Q4, underscoring a strong liquidity profile.
Beat or Miss?
| Metric | Reported (Q4 2025) | Estimated / Expected | Difference / Analysis |
| Revenue | $13.45 billion | ~$14.49 billion (consensus) | Revenue miss, pressured by Platform Solutions markdowns and lower non‑interest income. |
| Diluted EPS (GAAP) | $14.01 | ~$11.6 (consensus) | EPS beat by ~20%, supported by strong trading and IB, plus credit reserve releases. |
| Net Earnings | $4.62 billion | N/A | Solid bottom‑line growth despite revenue headwinds and higher compensation costs. |
| ROE (annualized) | 16.00% | N/A | Profitability above 2024 levels, reflecting improved mix and operating leverage. |
| Net Revenues – GBM | $10.41 billion | N/A | Strong performance in FICC and Equities offset softness elsewhere. |
| Net Revenues – AWM | $4.72 billion | N/A | Stable YoY, with fees offsetting weaker investment results. |
| Net Revenues – Platform Solutions | –$1.68 billion | N/A | Large one‑off markdowns on Apple Card portfolio weighed on reported revenue. |
What Leadership Is Saying?
“Goldman Sachs delivered one of its strongest years on record in 2025, driven by robust performance in Global Banking & Markets and continued momentum in Asset & Wealth Management as we reshape the firm toward more durable, fee‑based revenue streams.”
“Our fourth‑quarter results reflect disciplined risk management and healthy margin performance, with strong EPS growth supported by operating leverage, lower credit costs, and active capital return, even as we absorbed sizable one‑time impacts related to the Apple Card portfolio.”
Historical Performance (YoY)
Goldman Sachs – Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue (Net Revenues) | $13.45 billion | $13.87 billion | -3% (driven by Platform Solutions weakness). |
| Net Earnings | $4.62 billion | $4.11 billion | +12% (supported by credit reserve releases). |
| Operating Expenses | $9.72 billion | $8.26 billion | +18% (higher compensation and transaction‑based costs). |
Competitors (YoY snapshot)
| Category | Q4 2025 (GS) | Q4 2024 (GS) | Change (%) – GS |
| Revenue | $13.45 billion | $13.87 billion | –3%. |
| Net Earnings | $4.62 billion | $4.11 billion | +12%. |
| Operating Expenses | $9.72 billion | $8.26 billion | 18% |
| Category | Q4 2025 (JPM, example) | Q4 2024 (JPM, example) | Change (%) – JPM |
| Revenue | Higher YoY (approx mid‑single‑digit growth) | Prior‑year base | Modest increase, driven by diversified fee and net‑interest income. |
| Net Earnings | Slightly higher YoY | Prior‑year base | Increase, supported by credit normalization and fee growth. |
| Operating Expenses | Up YoY | Prior‑year base | Increase, reflecting wage inflation and tech investments. |
How the Market Reacted?
The market responded cautiously to Goldman Sachs’ mixed Q4 2025 print. Shares traded down about 1.9% in pre‑market action, slipping to roughly $915 from a prior close around $933, as investors weighed the strong EPS beat against weaker‑than‑expected revenues and sizable one‑time markdowns in Platform Solutions.
Sentiment around the core franchise remains broadly bullish, supported by double‑digit ROE, strong Global Banking & Markets momentum, and ongoing balance‑sheet strength. However, the revenue miss and elevated compensation costs have prompted some debate over the sustainability of current earnings power as the mix shifts further toward fee‑based and wealth management businesses.
