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Mar 31, 2025
Goldman Sachs Q1 2025 Earnings Report
Goldman Sachs posted strong results driven by record performance in Equities and FICC financing.
Key Takeaways
Goldman Sachs reported a solid Q1 2025 with one of its best quarterly performances ever, driven by robust Global Banking & Markets revenues. EPS surged to $14.12, and net income reached $4.74 billion.
Net revenues reached $15.06 billion, the third-highest quarterly result in firm history.
Global Banking & Markets posted $10.71 billion in revenue, driven by record Equities and strong FICC financing.
EPS grew to $14.12, up from $11.58 a year ago.
Assets under supervision reached a record $3.17 trillion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expressed confidence despite entering a more uncertain operating environment in Q2.
Positive Outlook
- Strong client engagement in Global Banking & Markets.
- Record revenues in Equities and FICC financing.
- Solid capital return to shareholders including $4.36B in share repurchases.
- Book value per share rose to $344.20.
- Asset & Wealth Management reported record $3.17T in assets under supervision.
Challenges Ahead
- Equity and Debt investment revenues declined in Asset & Wealth Management.
- Platform Solutions revenue fell slightly YoY.
- Advisory revenues dropped significantly YoY.
- Operating expenses rose 10% YoY.
- Provision for credit losses, while down QoQ, remains a headwind from credit card exposure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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