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

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By Eric Bleeker Published

Key Points

  • Goldman Sachs and PNC Financial Services are both announcing earnings before the bell.

  • Follow below for live coverage as we break down results and analyze why both companies are moving after earnings.

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Live Updates

Goldman Sachs Results Are out

| Eric Bleeker

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.

PNC Beats on NII

| Eric Bleeker

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 Results

| Eric Bleeker

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%.

Still no Goldman Sachs Earnings / PNC Is Up 1.8% Premarket

| Eric Bleeker

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.

How Did Goldman Sachs Perform in Q1?

| Eric Bleeker

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.

Earnings season kicked off yesterday with major banks like Wells Fargo (NYSE: WFC | WFC Price Prediction) and JPMorgan Chase (NYSE: JPM) reporting. 

Financial companies are front and center once again this morning. Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS), and M&T Bank Corporation (NYSE: MTB) are some of the biggest names reporting before the bell. 

In this live blog, we’ll be analyzing this morning’s earnings release from Goldman Sachs (NYSE: GS) and PNC Financial Services (NYSE: PNC). 

PNC Financial Services Q2 Expectations 

Here’s the key figures PNC is expected to post when it reports shortly. All figures are sourced from S&P Capital IQ:

  • Revenue: $5.603 billion 
  • EPS (normalized): $3.56
  • Book Value/Share: $131.19
  • Net Income (GAAP): $1.423 billion 

Goldman Sachs Q2 Expectations 

  • Revenue: $13.581 billion 
  • EPS (normalized): $9.62
  • Book Value/Share: $348.02
  • Net Income (GAAP): $3.119 billion 

Conference Call Times 

Both Goldman Sachs and PNC Financial Services will host conference calls after their earnings release. 

  • Goldman Sachs conference call is expected to begin at about 9:30 a.m. ET. 
  • PNC Financial Services conference call is expected to start at 10:00 a.m. ET. 

 

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Photo of Eric Bleeker, CFA
About the Author Eric Bleeker, CFA →

Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.

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

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