GS

Beat

Earnings Call

Jan 13, 2026

Q4 FY2025

EPS Estimate

11.70

EPS Actual

14.01

Post-Earnings Close

$975.86

Earnings Reaction

+4.6%

Overview

Goldman Sachs delivered a standout Q4 FY2025, reporting diluted EPS of $14.01 against a consensus estimate of $11.77, a beat of approximately 19%, and full-year EPS of $51.32, up 27% year-over-year. Q4 revenues came in at $13.5 billion, modestly below the $14.52 billion estimate, partly reflecting the $2.3 billion revenue markdown tied to the Apple Card portfolio transition to held-for-sale status. That markdown was more than offset by a $2.5 billion reserve release, producing a net EPS tailwind of $0.46 for the quarter. The firm achieved a Q4 ROE of 16% and full-year ROE of 15%, hitting its through-the-cycle target and marking a 230 basis point improvement versus 2024. Book value per share growth and a 50% dividend increase to $4.50 per quarter underscored the firm's capital generation capacity.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Apr 4, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

GS

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Overview

Q&A Summary