Goldman Sachs Group Inc. reported fourth‑quarter 2025 results that included a $14.01 diluted earnings per share, beating the consensus estimate of $11.69 by $2.32 and representing a 12% year‑over‑year increase. Net revenue for the quarter was $13.45 billion, falling short of the $13.38 billion to $14.52 billion consensus range and marking a 9% year‑over‑year rise to $58.28 billion for the full year.
Equities trading generated $4.31 billion, while fixed‑income, currencies, and commodities trading contributed $3.11 billion. Investment‑banking fees and advisory revenue surged, offsetting a decline in Platform Solutions revenue that stemmed from the exit of the Apple Card portfolio. The one‑time gain from the Apple Card markdown and the release of credit‑loss reserves helped lift earnings, explaining the strong EPS beat despite the revenue miss.
The quarter’s performance was compared to the prior year’s Q4, where EPS was $12.25 and revenue was $12.45 billion. The year‑over‑year growth in revenue and earnings reflects a shift toward higher‑margin core banking and trading activities, while the decline in Platform Solutions underscores the firm’s strategic pivot away from consumer‑lending products.
CEO David Solomon said the firm “continues to see high levels of client engagement across our franchise and expects momentum to accelerate in 2026, activating a flywheel of activity across our entire firm.” He also announced a quarterly dividend increase to $4.50 per share, signaling confidence in future cash generation and shareholder returns.
Analysts noted the EPS beat as a sign of disciplined cost management and strong demand in the Global Banking & Markets segment. The revenue miss was attributed to the one‑time impact of the Apple Card exit and the broader slowdown in Platform Solutions, but the firm’s core trading and investment‑banking performance mitigated the effect. The results reinforce Goldman Sachs’ focus on core strengths and suggest a resilient outlook for 2026.
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