Goldman Sachs Reports Third Quarter Earnings Per Common Share of $12.25 (Form 8-K)

Financial Summary

Net Revenues

Net Earnings

EPS

3Q25          $15.18 billion 

3Q25       $ 4.10 billion 

3Q25        $12.25 

3Q25 YTD     $44.83 billion 

3Q25 YTD   $12.56 billion 

3Q25 YTD        $37.33 

Annualized ROE¹

Book Value Per Share

3Q25           14.2% 

3Q25         $353.79 

3Q25 YTD           14.6% 

YTD Growth     5.1% 

Net revenues were $15.18 billion for the third quarter of 2025, 20% higher than the third quarter of 2024 and 4% higher than the second quarter of 2025. The increase compared with the third quarter of 2024 reflected higher net revenues across all segments.

Net Revenues

$15.18 billion

Net revenues in Global Banking & Markets were $10.12 billion for the third quarter of 2025, 18% higher than the third quarter of 2024 and essentially unchanged compared with the second quarter of 2025.

Investment banking fees were $2.66 billion, 42% higher than the third quarter of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in Debt underwriting, primarily driven by an increase in leveraged finance activity. Net revenues in Equity underwriting were higher, primarily driven by initial public offerings. The firm's Investment banking fees backlog² was essentially unchanged compared with the end of the second quarter of 2025 and higher compared with the end of 2024.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47 billion, 17% higher than the third quarter of 2024, primarily reflecting significantly higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and higher net revenues in mortgages and commodities, partially offset by significantly lower net revenues in currencies and lower net revenues in credit products. Net revenues in FICC financing were higher, primarily driven by mortgages and structured lending.

Net revenues in Equities were $3.74 billion, 7% higher than the third quarter of 2024, due to significantly higher net revenues in Equities financing, primarily driven by prime financing, partially offset by lower net revenues in Equities intermediation, driven by cash products.

Net revenues in Other were $250 million, compared with $227 million for the third quarter of 2024.

Global Banking & Markets

$10.12 billion

Advisory

$ 1.40 billion 

Equity underwriting

$ 465 million 

Debt underwriting

$ 788 million

Investment banking fees

$ 2.66 billion 

FICC intermediation

$ 2.44 billion 

FICC financing

$ 1.04 billion

FICC

$ 3.47 billion 

Equities intermediation

$ 2.02 billion 

Equities financing

$ 1.72 billion

Equities

$ 3.74 billion 

Other

$ 250 million 

Net revenues in Asset & Wealth Management were $4.40 billion for the third quarter of 2025, 17% higher than the third quarter of 2024 and 16% higher than the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflected higher Management and other fees and significantly higher net revenues in Private banking and lending.

The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan. Net revenues in Debt investments were higher, reflecting net mark-ups compared with net mark-downs in the prior year period, partially offset by lower net interest income due to a reduction in the debt investments balance sheet.

 Asset & Wealth Management 

$4.40 billion

Management and  other fees

$  2.95 billion 

Incentive fees

$   77 million 

Private banking and  lending

$  1.06 billion 

Equity investments

$  116 million 

Debt investments

$  204 million 

Net revenues in Platform Solutions were $670 million for the third quarter of 2025, 71% higher than the third quarter of 2024 and 2% lower than the second quarter of 2025.

Consumer platforms net revenues were significantly higher, primarily reflecting a net loss in the prior year period related to the General Motors credit card program that was transferred to held for sale. Transaction banking and other net revenues were higher, primarily reflecting mark-downs in the prior year period related to the seller financing loan portfolio that was transferred to held for sale.

Platform Solutions

$670 million

Consumer platforms

Transaction banking

 and other

$ 71 million 

Provision for credit losses was $339 million for the third quarter of 2025, compared with $397 million for the third quarter of 2024 and $384 million for the second quarter of 2025. Provisions for the third quarter of 2025 primarily reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans).

  Provision for Credit Losses  

$339 million

Operating expenses were $9.45 billion for the third quarter of 2025, 14% higher than the third quarter of 2024 and 2% higher than the second quarter of 2025. The firm's efficiency ratio² was 62.1% for the first nine months of 2025, compared with 64.3% for the first nine months of 2024.

The increase in operating expenses compared with the third quarter of 2024 primarily reflected increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, charitable contributions to Goldman Sachs Gives (in other expenses) and net provisions for litigation and regulatory proceedings (in other expenses).

Net provisions for litigation and regulatory proceedings were $131 million for the third quarter of 2025, compared with $41 million for the third quarter of 2024.

Headcount increased 5% compared with the end of the second quarter of 2025, reflecting the timing of campus hires.

Operating Expenses

$9.45 billion

   YTD Efficiency Ratio   

62.1%

The effective income tax rate for the first nine months of 2025 was 21.5%, up from 20.2% for the first half of 2025, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards.³

YTD Effective Tax Rate

21.5%

◾ On October 13, 2025, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $4.00 per common share to be paid on December 30, 2025 to common shareholders of record on December 2, 2025.

◾ During the quarter, the firm returned $3.25 billion of capital to common shareholders, including $2.00 billion of common share repurchases (2.8 million shares at an average cost of $718.60) and $1.25 billion of common stock dividends.²

◾ Global core liquid assets² averaged $481 billion for the third quarter of 2025, compared with an average of $462 billion for the second quarter of 2025.

Declared Quarterly

Dividend Per Common Share

$4.00

Common Share Repurchases

2.8 million shares

for $2.00 billion

Average GCLA

$481 billion