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, up 46% year-over-year; annualized ROE was 14.2%, and book value per share rose 5.1% year-to-date to $353.79.

• Achieved record year-to-date performance in equities and asset & wealth management, with assets under supervision at $3.45 trillion.

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

• Announced acquisition of Industry Ventures and strategic partnership with T. Rowe Price to expand AWM offerings.

• Launched One Goldman Sachs 3.0, a centralized operating model leveraging AI for efficiency and growth.

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); Asset & Wealth Management: $4.40 billion (+17% YoY); Platform Solutions: $670 million (+71% YoY).

• Net interest income for Q3 2025 was $3.85 billion, up 64% year-over-year.

• Operating expenses in Q3 2025 were $9.45 billion, up 14% year-over-year, mainly due to higher compensation, transaction expenses, and litigation provisions.

• Provision for credit losses was $339 million in Q3 2025, mainly from the credit card portfolio, down from $397 million in Q3 2024.

Outlook and guidance

• Management targets through-the-cycle ROE of 14–16% and ROTE of 15–17%, with AWM aiming for mid-teens ROE and pre-tax margins in the mid-twenties over a three- to five-year horizon.

• Optimistic investment banking outlook, with sponsor activity up 40% year-over-year and stable fee backlog.

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

• Guidance for full-year tax rate at approximately 22%.

• Forward-looking statements caution that actual results may differ materially due to market and economic risks, regulatory changes, and transaction completion uncertainties.