Goldman Sachs Group Inc (NYSE:GS, XETRA:GOS) on Thursday reported fourth quarter and full-year 2025 earnings that exceeded Wall Street expectations, sending its shares almost 4% higher.
For Q4, the bank posted net revenues of $13.45 billion, slightly below some forecasts but driven by stronger-than-expected results in equities trading at $4.31 billion versus $3.67 billion expected, and fixed income, currencies, and commodities (FICC) trading at $3.11 billion versus $2.89 billion expected.
Diluted earnings per share (EPS) reached $14.01, above the consensus estimate of $11.69.
Full-year 2025 net revenues were $58.28 billion, up 9% from 2024, with net earnings of $17.18 billion and EPS of $51.32, compared with $40.54 in 2024.
The increase reflected strong performance in Global Banking & Markets, partly offset by lower net revenues in Platform Solutions due to Apple Card portfolio markdowns, largely balanced by reductions in credit loss provisions.
Return on average common equity was 15.0% for 2025, with annualized ROE of 16.0% in Q4. Book value per share rose 6.2% over the year to $357.60. The bank also announced an increase in its dividend.
“Since our first Investor Day where we laid out our comprehensive strategy, the firm has grown its revenues by 60%, improved returns by 500 basis points and delivered total shareholder returns of more than 340%,” Goldman Sachs CEO David Solomon said in a statement.
“We continue to see high levels of client engagement across our franchise and expect momentum to accelerate in 2026, activating a flywheel of activity across our entire firm.”