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Dec 31, 2025
Goldman Sachs Q4 2025 Earnings Report
Goldman Sachs reported strong results in Q4 2025 with record performances in Equities and Global Banking & Markets, despite a negative impact from the Apple Card transition.
Key Takeaways
Goldman Sachs delivered robust Q4 2025 results with $13.45B in revenue and $4.62B in net income. The quarter saw record revenues in key business lines but was offset by losses in Platform Solutions due to the Apple Card transition.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Goldman Sachs expects continued momentum in 2026, fueled by strong client engagement, robust capital return strategies, and opportunities across financing and advisory.
Positive Outlook
- High client engagement expected to continue
- Capital return capacity of ~$32B under authorization
- Strong deal backlog in Investment Banking
- Growth in lending and alternative investments
- AI-driven productivity and margin initiatives via One GS 3.0
Challenges Ahead
- Apple Card transition created a one-time revenue hit
- Higher compensation and transaction-based expenses
- Decline in Platform Solutions performance
- Continued pressure from regulatory capital requirements
- Market volatility remains a near-term risk
Historical Earnings Impact
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Avg. Return Before/After Earnings
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