Net revenues reached $15.2 billion in Q3 2025, up 20% year-over-year, with net earnings of $4.10 billion, EPS of $12.25, and annualized ROE of 14.2%; book value per share rose 5.1% year-to-date to $353.79.
Record assets under supervision at $3.45 trillion, with $33 billion raised in alternatives and $79 billion in net inflows during the quarter.
Strategic acquisitions included Industry Ventures and a partnership with T. Rowe Price; exited GM credit card and other consumer lending portfolios.
Launched One Goldman Sachs 3.0, a centralized operating model propelled by AI to drive efficiency and growth.
Focused on efficiency, risk management, and leveraging AI technologies for client delivery.
Q3 2025 net revenues: $15.18 billion (+20% YoY); net earnings: $4.10 billion (+37% YoY); EPS: $12.25 (+46% YoY); ROE: 14.2%; ROTE: 15.2%.
Global Banking & Markets revenues: $10.12 billion (+18% YoY); investment banking fees: $2.66 billion (+42% YoY); FICC: $3.47 billion (+17% YoY); Equities: $3.74 billion (+7% YoY).
Asset & Wealth Management revenues: $4.40 billion (+17% YoY); management and other fees: $2.95 billion (+12% YoY); private banking and lending: $1.06 billion (+40% YoY).
Platform Solutions revenues: $670 million (+71% YoY), reflecting improved consumer platforms and transaction banking.
Operating expenses: $9.45 billion (+14% YoY); provision for credit losses: $339 million, mainly from credit card portfolio.
Management targets through-the-cycle ROE of 14–16% and ROTE of 15–17%; Asset & Wealth Management aims for mid-teens ROE and pre-tax margins in the mid-twenties over three to five years.
Platform Solutions targets pre-tax breakeven by end of 2025.
Guidance for full-year tax rate at approximately 22%.
Optimistic outlook for investment banking, supported by increased sponsor activity and expected U.S. rate cuts; anticipate constructive M&A environment through 2026 barring macro disruptions.
Forward-looking statements caution on risks from market volatility, economic conditions, and regulatory changes.
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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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