Net revenues for Q2 2025 were $14.6B, up 15% year-over-year, with net earnings of $3.72B and EPS of $10.91, driven by strong Global Banking & Markets and robust client activity.
Annualized ROE for Q2 2025 was 12.8%; book value per share rose to $349.74, up 3.9% year-over-year.
Board approved a 33% increase in quarterly dividend to $4/share, returning $3.96B to shareholders via buybacks and dividends.
Strategic focus on AI and operational efficiency, with new generative AI tools deployed firmwide.
Operating expenses increased 8% year-over-year, mainly due to higher compensation and transaction-based costs.
Q2 2025 net revenues: $14.6B, up 15% year-over-year; H1 2025: $29.65B, up 10%.
Net earnings: $3.72B for Q2 2025, up 22% year-over-year; H1 2025: $8.46B, up 18%.
Diluted EPS: $10.91 for Q2 2025, up 27% year-over-year; H1 2025: $25.07, up 24%.
Net interest income: $3.1B for Q2 2025, up 56% year-over-year; loan portfolio at $217B.
Efficiency ratio for Q2 2025 was 63.4%, improved from 67.0% a year ago.
Optimistic on investment banking outlook, with elevated client engagement and a strong advisory backlog.
Targeting through-the-cycle ROE of 14–16% and ROTE of 15–17%; expect full-year tax rate of 22%.
Platform Solutions aims for pre-tax breakeven by end of 2025.
Asset & Wealth Management targets mid-teens ROE and pre-tax margins in the mid-twenties medium-term.
Cautionary note highlights risks from market volatility, economic conditions, and transaction completion uncertainty.
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Goldman Sachs is a leading global investment bank, with a history dating back to 1869. The company offers a wide range of financial services to clients, including investment banking, securities trading, and asset management.
One of Goldman Sachs' primary revenue sources is its investment banking division, which advises clients on mergers and acquisitions, public offerings, and other strategic transactions. The company is known for its expertise in the technology and healthcare sectors, and has been involved in some of the largest mergers and acquisitions in history, including the merger of AOL and Time Warner.
In addition to its investment banking operations, Goldman Sachs is also a major player in the global securities trading and investing markets. The company's trading division is known for its risk management expertise, and Goldman Sachs is one of the largest market makers in the world.
Goldman Sachs operates in a highly competitive financial industry, with other public companies such as JPMorgan Chase, Bank of America, and Morgan Stanley also offering similar services. Goldman Sachs has faced criticism over issues such as its role in the 2008 financial crisis and its ties to controversial clients such as the government of Malaysia.
The company's headquarters in New York City features a state-of-the-art fitness center, rooftop garden, and an in-house museum showcasing the company's history. And the company has been named one of the best places to work by several publications, including Fortune and Forbes.
Goldman Sachs has also been involved in philanthropic initiatives, including its partnership with the 10,000 Women initiative to support female entrepreneurs around the world.
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