The Goldman Sachs Group (GS) Q4 2024 earnings summary

Executive summary

• Achieved net revenues of $53.51B and net earnings of $14.28B for 2024, with EPS of $40.54, the second highest on record; Q4 revenues were $13.87B and EPS $11.95.

• Book value per share grew 7.4% to $336.77; total shareholder return up 52% and quarterly dividend increased 9%.

• Strategic focus narrowed with divestitures (GreenSky, GM credit card, seller financing loans) and continued investment in scalable, durable businesses.

• Revenues grew nearly 50% over five years, meeting or exceeding most strategic targets.

• Leadership maintained in M&A, equities, and alternatives, with record results in several key areas.

Financial highlights

• 2024 net revenues: $53.51B (up 16% YoY); 4Q24 net revenues: $13.87B (up 23% YoY).

• 2024 net earnings: $14.28B (up 68% YoY); 4Q24 net earnings: $4.11B (up 105% YoY).

• 2024 diluted EPS: $40.54 (up 77% YoY); 4Q24 EPS: $11.95 (up 118% YoY).

• Operating expenses for 2024 were $33.77B, down 2% year-over-year; efficiency ratio improved to 63.1%.

• Book value per share increased 7.4% to $336.77.

Outlook and guidance

• Optimism for 2025 with expectations of increased M&A and IPO activity, supported by a robust backlog and renewed CEO confidence.

• Targeting mid-teens returns through the cycle, with clear path for Asset & Wealth Management to reach mid-teens ROE.

• Asset and Wealth Management expected to deliver high single-digit annual growth in management and other fees.

• Platform Solutions focused on achieving pre-tax breakeven, which would further boost firm-wide ROE.

• Cautionary note on forward-looking statements highlights risks from market volatility, geopolitical events, and transaction completion uncertainty.