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Goldman Sachs

GS Q4 2025 Earnings

Reported Apr 13, 2026 at 7:40 AM ET · SEC Source

Q4 25 EPS

$14.01

BEAT +20.22%

Est. $11.65

Q4 25 Revenue

$13.45B

MISS 2.85%

Est. $13.85B

Full Year 2025 Results

FY 25 EPS

$51.32

FY 25 Revenue

$58.28B

Did GS Beat Earnings? Q4 2025 Results

Goldman Sachs delivered a strong first quarter for fiscal 2026, posting diluted earnings per share of $17.55, beating the consensus estimate of $16.39 by 7.06%, while net revenues of $17.23 billion edged past the $16.93 billion forecast by 1.74%. The… Read more Goldman Sachs delivered a strong first quarter for fiscal 2026, posting diluted earnings per share of $17.55, beating the consensus estimate of $16.39 by 7.06%, while net revenues of $17.23 billion edged past the $16.93 billion forecast by 1.74%. The headline driver was a record performance in Global Banking & Markets, where investment banking fees surged 48% year-over-year to $2.84 billion, powered by advisory revenues that nearly doubled to $1.49 billion on significantly higher completed M&A volumes. Equities net revenues climbed 27% to $5.33 billion, helping lift firmwide net earnings to $5.63 billion, up 19% from a year ago, with return on equity reaching 19.8%. Goldman also returned $6.38 billion to shareholders through buybacks and dividends during the quarter. Looking ahead, CEO David Solomon cautioned that the geopolitical landscape remains complex, with trade policy shifts, tariff uncertainty, and Middle East tensions among the key risks, and noted the firm's investment banking backlog edged slightly lower compared to year-end 2025, with advisory activity softening.

Key Takeaways

  • • Significantly higher completed M&A volumes driving 89% YoY growth in Advisory revenues
  • • Record Equities net revenues up 27% YoY, led by significantly higher prime financing revenues
  • • Higher management and other fees from record AUS of $3.65 trillion
  • • 33rd consecutive quarter of long-term fee-based net inflows totaling $62 billion
  • • Significantly higher net revenues from convertible offerings in equity underwriting
  • • Significantly higher net gains from direct investments
  • • Net interest income of $3.56 billion, up 23% YoY from higher interest-earning assets and lower funding costs
  • • Lower effective tax rate of 13.2% due to ~$895 million in tax benefits from employee share-based award settlements

GS Forward Guidance & Outlook

The investment banking fees backlog decreased slightly compared with the end of 2025, driven by a decrease in Advisory, partially offset by an increase in Debt underwriting. CEO David Solomon noted the geopolitical landscape remains very complex and that disciplined risk management must remain core to operations. Forward-looking risk factors cited include changes in international trade policies including tariffs, the continuation or worsening of the war in the Middle East, volatility in securities markets, and uncertainty around the transition of the Apple Card program.

24/7 Wall St

GS YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

GS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
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GS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile. Our clients continue to depend on us for high quality execution and insights amid the broader uncertainty, and we remain confident in how we've positioned our businesses. The geopolitical landscape remains very complex – so disciplined risk management must remain core to how we operate.”

— David Solomon, Q4 2025 Earnings Press Release

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