GS

Earnings Call

Jan 13, 2026

Q4 FY2025

EPS Estimate

—

EPS Actual

14.01

Post-Earnings Close

$975.86

Earnings Reaction

+4.6%

Overview

Goldman Sachs delivered a strong Q4 2025, reporting EPS of $14.01 and revenues of $13.5 billion, capping a full-year performance of $51.32 in EPS, a 27% increase year-over-year, alongside a full-year ROE of 15% and ROTE of 16%. The quarter included a net positive $0.46 EPS contribution from the Apple Card portfolio transition, as a $2.3 billion revenue reduction was more than offset by a $2.5 billion credit loss reserve release. Global Banking and Markets posted record full-year revenues of $41.5 billion, driven by a 25% year-over-year increase in Q4 investment banking fees, record equities revenues of $16.5 billion for the year, and resilient FICC performance. The firm also raised its quarterly dividend by $0.50 to $4.50 and retains $32 billion in buyback capacity, underscoring confidence in capital generation.

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 11, 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