Goldman Sachs Results Are out

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.