The Goldman Sachs Group (GS) Q4 2025 earnings summary

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.