Goldman Sachs | 8-K: FY2025 Revenue: USD 58.28 B

Revenue: As of FY2025, the actual value is USD 58.28 B.EPS: As of FY2025, the actual value is USD 51.32, beating the estimate of USD 48.8363.EBIT: As of FY2025, the actual value is USD 8.293 B.Overall Financial PerformanceFull Year 2025 HighlightsNet Revenues: The Goldman Sachs Group, Inc. reported net revenues of $58.28 billion, an increase of 9% from 2024. Excluding the impact of the Apple Card transition, net revenues were $60.54 billion .Net Earnings: Net earnings were $17.18 billion, a 20% increase from 2024. Excluding the Apple Card transition, net earnings were $17.03 billion .Return on Average Common Shareholders’ Equity (ROE): ROE was 15.0%, up 2.3 percentage points year-over-year (YoY). Excluding the Apple Card transition, ROE was 14.9% .Return on Average Tangible Common Equity (ROTE): ROTE was 16.0%, up 2.5 percentage points YoY .Book Value Per Common Share: Book value per common share increased by 6.2% to $357.60 .Provision for Credit Losses: There was a net benefit of - $1.11 billion, reflecting a net release related to the Apple Card portfolio, including a reserve reduction of - $2.48 billion. Excluding the Apple Card transition, the provision for credit losses was $1.368 billion .Operating Expenses: Total operating expenses were $37.54 billion, an 11% increase from 2024, primarily due to higher compensation and benefits and transaction-based expenses. Excluding the Apple Card transition, operating expenses were $37.506 billion .Pre-tax Earnings: Pre-tax earnings were $21.852 billion, up 19% YoY. Excluding the Apple Card transition, pre-tax earnings were $21.667 billion .Efficiency Ratio: The efficiency ratio was 64.4% .Effective Income Tax Rate: The effective income tax rate was 21.4%, down from 22.4% for 2024 .Fourth Quarter 2025 HighlightsNet Revenues: Net revenues were $13.45 billion, a 3% decrease from the fourth quarter of 2024. Excluding the Apple Card transition, net revenues were $15.712 billion .Net Earnings: Net earnings were $4.62 billion, a 12% increase from the fourth quarter of 2024. Excluding the Apple Card transition, net earnings were $4.472 billion .ROE: Annualized ROE was 16.0%, up 1.4 percentage points YoY. Excluding the Apple Card transition, ROE was 15.5% .ROTE: ROTE was 17.1%, up 1.6 percentage points YoY .Provision for Credit Losses: There was a net benefit of - $2.12 billion, reflecting a net release related to the Apple Card portfolio. Excluding the Apple Card transition, the provision for credit losses was $358 million .Operating Expenses: Total operating expenses were $9.72 billion, an 18% increase from the fourth quarter of 2024. Headcount decreased 2% compared with the end of the third quarter of 2025. Excluding the Apple Card transition, operating expenses were $9.684 billion .Pre-tax Earnings: Pre-tax earnings were $5.855 billion, up 11% YoY. Excluding the Apple Card transition, pre-tax earnings were $5.670 billion .Impact of Apple Card Transition: The transition resulted in a - $2.26 billion reduction in net revenues for both 4Q25 and the full year 2025 .Segment PerformanceGlobal Banking & Markets (GBM)Net Revenues: Net revenues were $41.45 billion for the full year 2025, an 18% increase from 2024, and $10.41 billion for the fourth quarter of 2025, a 22% increase from the fourth quarter of 2024 .Investment Banking Fees: For the full year 2025, investment banking fees were $9.34 billion (up 21%), driven by Advisory ($4.73 billion, up 34%), Debt underwriting ($2.83 billion, up 12%), and Equity underwriting ($1.78 billion, up 6%). For the fourth quarter 2025, investment banking fees were $2.58 billion (up 25%), with Advisory at $1.36 billion (up 41%), Equity underwriting at $521 million (up 4%), and Debt underwriting at $700 million (up 18%) .Fixed Income, Currency and Commodities (FICC) Net Revenues: FICC net revenues were $14.52 billion for the full year 2025 (up 9%), with FICC intermediation at $10.27 billion (up 7%) and FICC financing at $4.25 billion (up 13%). For the fourth quarter 2025, FICC net revenues were $3.11 billion (up 12%), with FICC intermediation at $2.02 billion (up 15%) and FICC financing at $1.09 billion (up 7%) .Equities Net Revenues: Equities net revenues were $16.54 billion for the full year 2025 (up 23%), with Equities intermediation at $9.34 billion (up 18%) and Equities financing at $7.20 billion (up 31%). For the fourth quarter 2025, Equities net revenues were $4.31 billion (up 25%), with Equities intermediation at $2.18 billion (up 11%) and Equities financing at $2.13 billion (up 42%) .Other Revenues: Other revenues were $1.06 billion for the full year 2025 (up 88%) and $421 million for the fourth quarter 2025 (up 76%) .Pre-tax Earnings: Pre-tax earnings were $17.57 billion for 2025 (up 21% YoY) and $4.49 billion for 4Q25 (up 23% YoY) .Return on Common Equity: Return on common equity was 16.4% for 2025 (up 2.6 pp YoY) and 16.6% for 4Q25 (up 2.7 pp YoY) .Asset & Wealth Management (AWM)Net Revenues: Net revenues were $16.68 billion for the full year 2025, a 2% increase from 2024, and $4.72 billion for the fourth quarter of 2025, essentially unchanged from the fourth quarter of 2024 .Management and Other Fees: Management and other fees were $11.54 billion for the full year 2025 (up 11%), and $3.09 billion for the fourth quarter 2025 (up 10%). Asset management fees were $4.99 billion for 2025 (up 9%) and $1.33 billion for 4Q25 (up 13%). Wealth management fees were $6.55 billion for 2025 (up 12%) and $1.76 billion for 4Q25 (up 8%) .Incentive Fees: Incentive fees were $489 million for the full year 2025 (up 24%) and $181 million for the fourth quarter 2025 (up 4%) .Private Banking and Lending Net Revenues: Private banking and lending net revenues were $3.35 billion for the full year 2025 (up 16%), and $776 million for the fourth quarter 2025 (up 5%) .Investments: Investments were $1.31 billion for the full year 2025 (down 50%), and $670 million for the fourth quarter 2025 (down 36%) .Pre-tax Earnings: Pre-tax earnings were $4.13 billion for 2025 (down 15% YoY) and $1.22 billion for 4Q25 (down 33% YoY) .Return on Average Common Equity: Return on average common equity was 12.5% for 2025 (down 2.1 pp YoY) and 15.0% for 4Q25 (down 7.2 pp YoY) .Assets Under Supervision (AUS): Total AUS were $3,606 billion as of December 31, 2025, up from $3,137 billion as of December 31, 2024. Total AUS net inflows were $224 billion for the full year 2025, and net market appreciation was $245 billion. Long-term AUS net inflows were $168 billion for 2025 and $66 billion for 4Q25 . Alternative investments AUS increased $70 billion to $420 billion in 2025 .Platform SolutionsNet Revenues: Net revenues were $151 million for the full year 2025, a 93% decrease from $2.13 billion in 2024, primarily due to a - $2.26 billion reduction from markdowns on the outstanding credit card portfolio related to the transfer of Apple Card loans. For the fourth quarter of 2025, net revenues were - $1.68 billion, reflecting the - $2.26 billion reduction .Provision for Credit Losses: A net benefit of - $1.38 billion for 2025 and a net benefit of - $2.18 billion for 4Q25 .Pre-tax Earnings / (Loss): Pre-tax earnings were $151 million for 2025 and $143 million for 4Q25 .Net Earnings / (Loss): Net earnings were $119 million for 2025 and $113 million for 4Q25 .Other Key FinancialsProvision for Credit Losses (Overall): For the full year 2025, there was a net benefit of - $1.11 billion, compared with net provisions of $1.35 billion for 2024. For the fourth quarter 2025, a net benefit of - $2.12 billion, compared with net provisions of $351 million for the fourth quarter of 2024 .Operating Expenses (Overall): Net provisions for litigation and regulatory proceedings were $215 million for the full year 2025, up from $166 million in 2024. For the fourth quarter 2025, net provisions were $94 million, compared with - $2 million for the fourth quarter of 2024 . Compensation and benefits were $18.906 billion (up 13% YoY) and transaction-based expenses were $7.997 billion (up 19% YoY) for 2025 .Total Loans: Total loans were $238 billion as of 4Q25, an increase of $42 billion (21%) YoY .Net Charge-offs: Net charge-offs were $1.25 billion for 2025, with a net charge-off rate of 0.6% (down 20 basis points YoY). For 4Q25, net charge-offs were $280 million, with an annualized net charge-off rate of 0.5% (down 10 basis points quarter-over-quarter) .Net Interest Income: Net interest income was $13.56 billion for 2025, up 68% YoY, and $3.71 billion for 4Q25, up 58% YoY .Capital and Balance SheetCommon Equity Tier 1 Capital: Common equity tier 1 capital was $104.3 billion as of December 31, 2025 .Standardized Common Equity Tier 1 Capital Ratio: The ratio was 14.4% as of December 31, 2025 .Advanced Common Equity Tier 1 Capital Ratio: The ratio was 15.0% as of December 31, 2025 .Supplementary Leverage Ratio (SLR): The SLR was 5.2% as of December 31, 2025 .Total Assets: Total assets were $1.81 trillion as of 4Q25 .Deposits: Deposits were $501 billion as of 4Q25 .Capital Returned to Common Shareholders: The Goldman Sachs Group, Inc. returned $16.78 billion of capital to common shareholders in 2025, including $12.36 billion in common share repurchases and $4.42 billion in common stock dividends .Quarterly Dividend: The quarterly dividend was increased to $4.50 per common share from $4.00, payable in the first quarter of 2026 .Global Core Liquid Assets: Global core liquid assets averaged $466 billion for 2025, up from $429 billion in 2024, and averaged $479 billion for the fourth quarter of 2025 .Outlook / GuidanceThe Goldman Sachs Group, Inc. anticipates accelerating momentum in 2026, driven by strong client engagement and opportunities for capital deployment and return, while maintaining disciplined risk management. The firm targets mid-teens returns and an efficiency ratio of approximately 60% firmwide. For Asset & Wealth Management, medium-term goals include high-teens returns, a pre-tax margin of approximately 30%, double-digit annual alternatives management and other fee growth, and annual fundraising of $75 billion to $100 billion . The Investment banking fees backlog increased significantly compared with the end of 2024 and also increased compared with the end of the third quarter of 2025 .