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Sep 30, 2025
Goldman Sachs Q3 2025 Earnings Report
Goldman Sachs reported strong Q3 2025 results with solid earnings growth and segment-wide revenue increases.
Key Takeaways
Goldman Sachs delivered robust Q3 performance, with EPS of $12.25 and net income of $4.10B, driven by broad-based revenue growth across Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.
EPS reached $12.25, up significantly from the prior year.
Net revenues totaled $15.18B, increasing across all major business segments.
Investment banking fees rose sharply due to a surge in M&A and underwriting activity.
Operating expenses increased due to higher compensation, litigation provisions, and new hires.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Goldman Sachs did not provide formal forward guidance in this report, but results suggest continued momentum across investment banking and asset management.
Positive Outlook
- Investment banking backlog remains strong.
- Higher assets under supervision support future fee growth.
- Improved ROE and book value per share.
- Strong capital return via repurchases and dividends.
- Stabilization in credit losses.
Challenges Ahead
- Provision for credit losses remains elevated.
- Litigation and regulatory expenses increased.
- Operating expenses continue to trend upward.
- Consumer platform revenues may face headwinds post-transfer of GM card program.
- Tax rate slightly increased compared to H1.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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