Companies /Financial Services

Goldman Sachs Group Inc

NYSE: GS Capital Markets

Q1 2025 Earnings

Reported Apr 14, 2025, 7:32am ET · SEC source
$14.12
Beat +14.89%
EPS · est. $12.29
$15.1B
Beat +2.38%
Revenue · est. $14.7B
+12.7%
Beating market
GS vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1%0+1%+2%Apr 14Apr 15report 7:32am ETearnings−0.6%+1.2%
−1%0+1%+2%Apr 14Apr 15earnings−0.6%+1.2%
GS +1.2%S&P 500 −0.6%
−2%0+2%Apr 14Apr 15report 7:32am ETearnings−0.9%+1.2%
−2%0+2%Apr 14Apr 15earnings−0.9%+1.2%
GS +1.2%NASDAQ −0.9%
−6%−3%0+3%Apr 14Apr 22report 7:32am ETearnings−4.1%+1.1%
−6%−3%0+3%Apr 14Apr 22earnings−4.1%+1.1%
GS +1.1%S&P 500 −4.1%
−6%−3%0+3%Apr 14Apr 22report 7:32am ETearnings−5.2%+1.1%
−6%−3%0+3%Apr 14Apr 22earnings−5.2%+1.1%
GS +1.1%NASDAQ −5.2%
+1.93%
Day of report
+0.78%
Next session
+3.18%
One week
+22.21%
30 days

S&P 500 over the same 30 days: +9.52%.

Did GS Beat Earnings? Q1 2025 Results

Goldman Sachs opened 2025 with a standout quarter, posting earnings per share of $14.12 against a consensus estimate of $12.27, a beat of 15.07%, while revenue of $15.06 billion cleared expectations by 2.38%, cementing what the firm described as its third-highest quarterly net revenues on record. The primary engine behind the outperformance was a record quarter in Equities within the Global Banking & Markets segment, where revenues surged 27% year over year on significantly higher derivatives activity and record financing revenues, helping to offset an 8% decline in investment banking fees as advisory activity pulled back from a strong prior-year period. A sharply lower effective tax rate of 16.1%, driven by roughly $525 million in share-based award settlement benefits worth $1.63 per diluted share, further amplified the bottom-line result. Goldman also announced a new $40 billion share repurchase authorization, which lifted shares approximately 6% on the day. Looking ahead, CEO David Solomon cautioned that tariff-driven volatility and trade policy uncertainty are reshaping the operating environment entering Q2, though an expanding advisory backlog offers some reassurance on deal flow recovery.

Key Takeaways
  • Record Equities net revenues driven by significantly higher derivatives and portfolio financing activity
  • Record financing net revenues in both Equities and FICC
  • Net interest income surged 111% YoY to $2.90 billion reflecting higher-yielding assets and lower funding costs
  • Management and other fees grew 10% YoY on higher average assets under supervision
  • Effective tax rate of 16.1% boosted EPS by $1.63 from employee share-based award tax benefits
  • Record assets under supervision of $3.17 trillion with 29th consecutive quarter of long-term fee-based net inflows
  • Significantly lower CIE expenses including impairments and absence of FDIC special assessment fee

“Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight. While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”

Goldman Sachs CEO, on the earnings call

Forward Guidance & Outlook

CEO David Solomon noted that the firm is entering Q2 2025 with a markedly different operating environment than earlier in the year, referencing elevated uncertainty. However, he expressed confidence in Goldman Sachs' ability to continue supporting clients. The investment banking fees backlog increased compared with the end of 2024, primarily driven by Advisory. The firm cautioned that changes in international trade policies, including tariffs, hostilities, and securities market volatility could materially affect future results. The firm also noted ongoing efforts to transition the GM credit card program and exit historical principal investments over the medium term.

GS YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$9.0B$18.0B$27.0B$32.4B$15.1BRevenue$4.1B$4.7BNet Income$5.2B$5.6BOperating Income
$0$9.0B$18.0B$27.0BRevenueNet IncomeOperating Income

GS Revenue by Segment

Global Banking & Markets$10.7B+10.0%
Asset & Wealth Management$3.7B−3.0%
Equities Intermediation
FICC intermediation$3.4B−2.0%
FICC Intermediation
Equities Financing
Asset Management Fees
Management and other fees

GS Revenue by Geography

Americas$9.9B
EMEA$3.5B
Asia$1.7B

Figures from SEC filings and company reports. Not investment advice.