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Q2 25 EPS
$10.91
BEAT +13.41%
Est. $9.62
Q2 25 Revenue
$14.58B
BEAT +7.71%
Est. $13.54B
vs S&P Since Q2 25
+40.2%
BEATING MARKET
GS +57.7% vs S&P +17.5%
Market Reaction
Did GS Beat Earnings? Q2 2025 Results
Goldman Sachs delivered a strong second quarter, posting diluted earnings per share of $10.91 against a consensus estimate of $9.62, a beat of 13.41%, as robust trading activity drove results well ahead of expectations. Revenue came in at $14.58 bill… Read more Goldman Sachs delivered a strong second quarter, posting diluted earnings per share of $10.91 against a consensus estimate of $9.62, a beat of 13.41%, as robust trading activity drove results well ahead of expectations. Revenue came in at $14.58 billion, with the quarter's standout performance rooted in the Global Banking & Markets segment, where equities generated $4.30 billion in net revenues, up 36% year over year, with both intermediation and financing contributing record results. Investment banking fees climbed 26% to $2.19 billion, fueled by advisory strength in the Americas and EMEA, and management noted the IB backlog grew both sequentially and from year-end 2024, pointing to continued momentum ahead. Diluted EPS grew 27% year over year, even as the firm absorbed $384 million in credit loss provisions and operating expenses rose 8%. The board punctuated the quarter by lifting the quarterly dividend 33% to $4.00 per share, while the firm repurchased $3.00 billion in stock, signaling confidence as CEO David Solomon described markets responding positively to the evolving policy environment.
Key Takeaways
- • Record Equities net revenues driven by significantly higher intermediation (cash products and derivatives) and record financing (portfolio financing)
- • Advisory revenues up 71% YoY reflecting strength in Americas and EMEA
- • Record FICC financing driven by mortgages and structured lending
- • Management and other fees up 11% YoY on higher average assets under supervision
- • Net interest income up 56% YoY reflecting decrease in funding costs
- • 30th consecutive quarter of long-term fee-based net inflows
GS YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people. At this time, the economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management. Given the strategic decisions and investments we've made, we continue to believe that the firm is well positioned to perform for our shareholders.”
— David Solomon, Q2 2025 Earnings Press Release
GS Earnings Trends
GS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GS EPS Trend
Earnings per share: estimate vs actual
GS Revenue Trend
Quarterly revenue: estimate vs actual
GS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $16.24 | $17.55 | +8.07% | $17.23B | +1.74% |
| Q4 25 BEAT FY | $11.65 | $14.01 | +20.22% | $13.45B | -2.85% |
| FY Full Year | — | $51.32 | — | $58.28B | — |
| Q3 25 BEAT | $10.63 | $12.25 | +15.24% | $15.18B | +6.55% |
| Q2 25 BEAT | $9.62 | $10.91 | +13.41% | $14.58B | +7.71% |
| Q1 25 BEAT | $12.29 | $14.12 | +14.89% | $15.06B | +2.38% |