Live: Goldman Sachs (NYSE: GS) & PNC Financial Services (NYSE: PNC) Earnings Coverage

Need-to-Know Numbers:

Revenue: $14.58 billion (tops estimates of $13.58 billion) 

EPS: $10.91 (tops estimates of $9.62) 

Goldman Sachs reported its second quarter 2025 earnings, revealing net revenues of $14.58 billion and net earnings of $3.72 billion. The diluted earnings per share (EPS) for the quarter was $10.91, a notable increase from $8.62 in the same quarter last year, but a decrease from $14.12 in the previous quarter.

The firm also announced an increase in its quarterly dividend to $4.00 per common share, effective in the third quarter. The annualized return on average common shareholders’ equity was 12.8% for the quarter. The company’s book value per common share rose by 1.6% during the quarter to $349.74. Despite a slight decline in net revenues compared to the first quarter of 2025, Goldman Sachs showed a strong performance in its Global Banking & Markets division, which saw a 24% increase in net revenues year-over-year.

As we highlighted in the prior update, PNC beat on net interest income which is helping fuel its premarket gains. The stock is still up 1.8% in premarket trading.

PNC Financial Services Group reported a net income of $1.6 billion for Q2 2025, translating to a diluted EPS of $3.85, surpassing the estimated EPS of $3.56. The company experienced a 4% increase in total revenue to $5.7 billion, driven by growth in both noninterest and net interest income. The net interest income rose by 2% to $3.6 billion, supported by loan growth and the repricing of fixed-rate assets.

Noninterest income increased by 7% to $2.1 billion, with notable contributions from card and cash management revenue. PNC’s credit quality remained stable, with a provision for credit losses of $254 million. The company also increased its quarterly dividend by 10 cents to $1.70 per share. PNC maintained a strong capital position with a CET1 capital ratio of 10.5%.

Goldman Sachs has yet to release its earnings but PNC is up 1.8%. The company’s NII came in especially strong which is fueling early gains.

Here’s a summary of how Goldman Sachs performed in Q1. As we noted below, analysts are expecting $13.581 billion in sales and a normalized EPS of $9.62 this quarter.

The Goldman Sachs Group, Inc. Q1’25 Earnings Highlights:

• Adj. EPS: $14.12 ✅; UP +22% YoY
• Revenue: $15.06B ✅; UP +9% YoY
• Adj. Gross Margin: 60.6% ✅; DOWN -30 bps YoY
• Net Income: $4.74B ✅; UP +15% YoY

Q1 Segment Performance:
• Global Banking & Markets Revenue: $10.71B ✅; UP +10% YoY
• Asset & Wealth Management Revenue: $3.68B ✅; DOWN -3% YoY
• Platform Solutions Revenue: $676M ✅; DOWN -3% YoY

Other Key Q1 Metrics:
• Adj. Operating Income: $5.65B ✅; UP +7% YoY
• Adj. Operating Expenses: $9.13B ✅; UP +5% YoY
• Provision for Credit Losses: $287M; DOWN -10% YoY
• Effective Tax Rate: 16.1% (vs. 22.4% YoY)
• Book Value Per Share: $344.20; UP +2.2% YoY
• Common Share Repurchases: 7.1 million shares for $4.36B
• Declared Quarterly Dividend Per Common Share: $3.00
• Average Global Core Liquid Assets: $441B

CEO Commentary:
– David Solomon: “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.”

Strategic Updates:
– The Board approved a share repurchase program authorizing repurchases of up to $40 billion of common stock, reflecting the firm’s commitment to returning capital to shareholders.