The Goldman Sachs Group (GS) Q3 2025 earnings summary

Executive summary

• Net revenues reached $15.18 billion in Q3 2025, up 20% year-over-year, with net earnings of $4.10 billion and diluted EPS of $12.25, reflecting strong performance across all core franchises.

• Annualized ROE was 14.2% for Q3 2025; book value per share rose 5.1% year-to-date to $353.79.

• Record assets under supervision reached $3.45 trillion, with robust net inflows and record alternative fundraising.

• Strategic acquisitions and partnerships, including Industry Ventures and T. Rowe Price, are enhancing growth and platform capabilities.

• Completed sales of GreenSky, GM credit card program, and seller financing loan portfolio as part of consumer business exit.

Financial highlights

• Q3 2025 net revenues: $15.18 billion (+20% YoY); net earnings: $4.10 billion (+37% YoY); diluted EPS: $12.25 (+46% YoY); annualized ROE: 14.2%.

• Global Banking & Markets net 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 net 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 net revenues: $670 million (+71% YoY), reflecting improved consumer platforms and transaction banking.

• Operating expenses in Q3 2025 were $9.45 billion (+14% YoY), mainly due to higher compensation, transaction expenses, and litigation provisions.

Outlook and guidance

• 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 a three- to five-year horizon.

• Platform Solutions targets pre-tax breakeven by end of 2025.

• Optimistic outlook for investment banking, supported by a 40% increase in sponsor activity and strong M&A pipeline.

• Regulatory environment seen as improving, with anticipated clarity and relief on capital requirements.