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The Goldman Sachs Group
The Goldman Sachs Group (GS) investor relations material
The Goldman Sachs Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary15 Jan, 2026
Executive summary
Net revenues for 2025 reached $58.28 billion, up 9% year-over-year, with net earnings of $17.18 billion and EPS of $51.32, a 27% increase from 2024.
ROE was 15.0% and ROTE was 16.0% for 2025, with Q4 EPS of $14.01 and Q4 ROE of 16%.
Book value per share rose 6.2% to $357.60, and total shareholder return since 2019 was +341%.
Strategic focus included transitioning the Apple Card program, narrowing consumer ambitions, and expanding ETF and technology investment capabilities.
Maintained #1 M&A advisor position for 23 years, with $1.6 trillion in announced M&A volumes in 2025 and a four-year high in investment banking backlog.
Financial highlights
Global Banking & Markets net revenues hit a record $41.45 billion, up 18% year-over-year, with strong growth in advisory, FICC, and equities.
Asset & Wealth Management net revenues were $16.68 billion, up 2% year-over-year, with record management fees and strong alternatives fundraising.
Platform Solutions net revenues dropped to $151 million, reflecting the Apple Card transition and markdowns, but provision for credit losses was a net benefit due to reserve reductions.
Operating expenses were $37.54 billion, with an efficiency ratio of 64.4% and compensation expenses of $18.9 billion, including $250 million in severance.
Quarterly dividend increased to $4.50 per share for Q1 2026, a 50% year-over-year increase.
Outlook and guidance
Optimistic on 2026 investment banking environment, expecting M&A and capital markets activity to potentially surpass 2021 levels.
New AWM pre-tax margin target set at 30%, aiming for high-teens returns in the segment.
Targeting 5% long-term fee-based net inflows annually in Wealth Management and double-digit growth in alternative management fees.
2026 tax rate expected to be approximately 20%.
Forward-looking statements highlight risks from market volatility, economic conditions, and transaction completion uncertainty.
Quantify Apple Card transition's net ROE impact.
What is the 2025 HPI attributed equity?
List One GS 3.0 initial workstreams.
What is the net financial effect of Apple Card?
What was the average cost of 2025 share repurchases?
Why did AWM Investments net revenues decline?
How will One GS 3.0 impact growth investments?
How do AWM acquisitions accelerate mix shift?
M&A: How does regulatory view impact CEO sentiment?
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Next The Goldman Sachs Group earnings date
Q1 202613 Apr, 2026
The Goldman Sachs Group
Next The Goldman Sachs Group earnings date
Q1 202613 Apr, 2026
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Frequently asked questions
One of the leading investment banks
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.
The investment banking division
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.
A major player in the securities trading and investing markets
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’ main competitors
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.
Interesting facts about Goldman Sachs
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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