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Q3 25 EPS
$12.25
BEAT +15.24%
Est. $10.63
Q3 25 Revenue
$15.18B
BEAT +6.55%
Est. $14.25B
vs S&P Since Q3 25
+30.6%
BEATING MARKET
GS +41.3% vs S&P +10.7%
Market Reaction
Did GS Beat Earnings? Q3 2025 Results
Goldman Sachs delivered a standout third quarter, posting earnings per share of $12.25 against a Wall Street consensus of $10.63, a beat of 15.24%, as the firm's investment banking revival and record asset management fees powered results well ahead o… Read more Goldman Sachs delivered a standout third quarter, posting earnings per share of $12.25 against a Wall Street consensus of $10.63, a beat of 15.24%, as the firm's investment banking revival and record asset management fees powered results well ahead of expectations. Reported revenue came in at $15.18 billion, with the filing noting a 20% year-over-year gain driven by broad strength across all three segments. The single most material catalyst was a 42% surge in investment banking fees to $2.66 billion, led by a 60% jump in advisory revenues on sharply higher completed M&A volumes, reflecting an improving dealmaking environment that Goldman has been positioning for aggressively. Asset and Wealth Management also contributed meaningfully, with assets under supervision reaching a record $3.45 trillion following $79.00 billion in net inflows during the quarter, pushing management fees to a record $2.94 billion. Net earnings rose 37% year-over-year to $4.10 billion, producing an annualized return on equity of 14.2%, while the firm returned $3.25 billion to shareholders through buybacks and dividends.
Key Takeaways
- • Significant increase in completed M&A volumes driving Advisory revenues up 60% YoY
- • Strong leveraged finance activity boosting Debt underwriting 30% YoY
- • Record Equities financing driven by significantly higher prime financing net revenues
- • Higher average AUS driving record Management and other fees
- • 31st consecutive quarter of long-term fee-based net inflows totaling $56 billion
- • Net interest income surged 64% YoY reflecting decreased funding costs and increased interest-earning assets
- • Record AUS of $3.45 trillion
- • FICC intermediation up 21% YoY on strength in interest rate products, mortgages, and commodities
GS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“This quarter's results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment. Across our business, clients continue to turn to us for their most complex and consequential matters. We know that conditions can change quickly and so we remain focused on strong risk management. Longer term, we are prioritizing the need to operate more efficiently to seamlessly deliver the firm to our clients helped by new AI technologies.”
— David Solomon, Q3 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% |