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Goldman Sachs

Goldman Sachs (GS) Q4 2025 Earnings

Reported Jan 15, 2026 at 7:42 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

vs S&P Since Q4 25

+9.7%

BEATING MARKET

GS +18.9% vs S&P +9.1%

Full Year 2025 Results

FY 25 EPS

$51.32

FY 25 Revenue

$58.28B

Market Reaction

Did GS Beat Earnings? Q4 2025 Results

Goldman Sachs closed out 2025 with a striking earnings beat that masked a more complicated revenue picture. The firm posted Q4 earnings per share of $14.01, well ahead of the $11.65 consensus estimate by 20.22%, yet revenue of $13.45 billion fell 2.8… Read more Goldman Sachs closed out 2025 with a striking earnings beat that masked a more complicated revenue picture. The firm posted Q4 earnings per share of $14.01, well ahead of the $11.65 consensus estimate by 20.22%, yet revenue of $13.45 billion fell 2.85% short of the $13.85 billion Wall Street had anticipated and dropped 58.3% year-over-year. The divergence traces directly to the firm's exit from the Apple Card program, which triggered $2.26 billion in net revenue markdowns as the credit card portfolio moved to held-for-sale status, though an offsetting $2.48 billion reserve release in provisions for credit losses cushioned the bottom line considerably. Strip out the Apple Card noise and Q4 revenues would have stood at $15.71 billion. For the full year, Goldman generated $58.28 billion in net revenues, up 9%, with Global Banking and Markets delivering record annual revenues of $41.45 billion. Looking ahead, CEO David Solomon pointed to a growing investment banking backlog and accelerating M&A activity as reasons for confidence heading into 2026, with the firm targeting mid-teens returns on equity through the cycle.

Key Takeaways

  • • Significantly higher completed M&A volumes driving Advisory revenue growth of 41% YoY in Q4
  • • Record Equities financing revenues driven by prime financing and portfolio financing
  • • Record FICC financing revenues driven by mortgages and structured lending
  • • Record Management and other fees reflecting higher average assets under supervision
  • • Net interest income up 58% YoY in Q4 reflecting lower funding costs and higher interest-earning assets
  • • 32 consecutive quarters of long-term fee-based net inflows
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 Q2 26
24/7 Wall St

GS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Since our first Investor Day where we laid out our comprehensive strategy, the firm has grown its revenues by 60%, improved returns by 500 basis points and delivered total shareholder returns of more than 340%. We continue to see high levels of client engagement across our franchise and expect momentum to accelerate in 2026, activating a flywheel of activity across our entire firm. While there are meaningful opportunities to deploy capital across our franchise and to return capital to shareholders, our unwavering focus remains on maintaining a disciplined risk management framework and robust standards.”

— David Solomon, Q4 2025 Earnings Press Release

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