格隆汇10月14日｜高盛(GS.US)第三季度净营收151亿美元，高于预期的141亿美元；股票交易收入为 37.4亿美元，低于预期的39.4亿美元。 ...

Core Viewpoint - Goldman Sachs (GS.US) reported a quarterly profit increase of over 37%, benefiting from rising advisory fees in investment banking and profits from traders in an active market [1] Group 1: Financial Performance - Third-quarter investment banking revenue rose to $2.66 billion, up from $1.87 billion in the same period last year, driven primarily by a 60% surge in advisory fees [1] - The company's strong performance aligns with its prediction of a "banner year" for transactions as companies resume merger and acquisition (M&A) and IPO activities [1] Group 2: Market Trends - Global M&A deal volume surpassed $3.43 trillion in the first nine months of the year, with nearly 48% originating from the United States [1] - The average size of global and U.S. M&A transactions during this period is the highest since 2015, consistent with CEO David Solomon's predictions from last year [1] Group 3: Notable Transactions - Goldman Sachs participated in underwriting several high-profile IPOs this quarter, including those of design software company Figma, Swedish fintech company Klarna, and space technology company Firefly Aerospace [1]

Net earnings of $4.1 billion were up from $2.99 billion a year ago. Per-share earnings were $12.25 a share; Wall Street was calling for $11.03, according to FactSet Shares slipped 0.5% in premarket trading on Tuesday. David Solomon, chief executive officer of Goldman Sachs. (Giuliano Berti/Bloomberg) Goldman Sachs's profit for the third quarter rose 37% from a year earlier, topping analysts' forecasts, as the firm's trading desks, dealmakers, and money managers recorded strong results. ...

Goldman Sachs has lost over a dozen senior investment bankers this year amid internal changes and a slow start to 2025, reported Reuters, citing three sources. This exodus, reportedly higher than usual, follows leadership reshuffles and a pause in dealmaking activities. Some bankers left due to potential setbacks in career progress, particularly with impending promotions, while others were driven by expectations of diminished bonuses. The slowdown in dealmaking during the first half of the year has been ...

Financial Performance - Goldman Sachs reported adjusted EPS of $12.25 for Q3 2025, exceeding the analyst estimate of $11.00, with net revenue of $15.18 billion, surpassing the estimated $14.10 billion [2][10] - The firm's provision for credit losses was lower than expected at $339 million, compared to an estimate of $369 million [2] - Albertsons reported adjusted EPS of $0.44 for Q2 2025, outperforming the estimated $0.40, with revenue reaching $18.915 billion against an estimate of $18.886 billion [4][10] - Goldman Sachs declared a dividend of $4 per share and achieved a return on equity (ROE) of 14.2% with net income of $4.1 billion [3] Market Developments - The write-off of Credit Suisse's Additional Tier 1 (AT1) capital instruments was revoked, providing clarity and potential relief for impacted bondholders [6][10] - Deutsche Bank and Morgan Stanley raised their target prices for Broadcom Inc., indicating positive sentiment for the semiconductor company [8] Geopolitical Events - China imposed sanctions on South Korean shipbuilder Hanwha Ocean, escalating trade tensions and prohibiting Chinese entities from engaging with Hanwha's U.S.-linked units [5][10] - Chinese Premier Li Qiang emphasized the need for a resilient economy, urging the full utilization of policy resources and counter-cyclical adjustments to stabilize economic growth [7][10]

[Executive Summary & Key Financial Highlights](index=2&type=section&id=Executive%20Summary) The firm reported strong financial results for Q3 2025, with significant year-over-year increases in net revenues, net earnings, and diluted EPS, alongside improved ROE and book value growth [Third Quarter 2025 Performance Overview](index=2&type=section&id=Third%20Quarter%202025%20Performance%20Overview) The Goldman Sachs Group, Inc. reported strong financial results for the third quarter ended September 30, 2025, with significant year-over-year increases in net revenues, net earnings, and diluted earnings per common share, alongside improved annualized return on equity and book value per share growth Key Financial Highlights (3Q25 vs. 3Q24 & 2Q25) | Metric | 3Q25 | 3Q24 | 2Q25 | YoY Change | QoQ Change | | :-------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Net Revenues | $15.18 billion | $12.699 billion | $14.583 billion | +20% | +4% | | Net Earnings | $4.10 billion | $2.990 billion | $3.723 billion | +37% | +10% | | Diluted EPS | $12.25 | $8.40 | $10.91 | +46% | +12% | | Annualized ROE | 14.2% | N/A | N/A | N/A | N/A | | Book Value Per Share | $353.79 | $332.96 | $349.74 | +6% | +1% | Key Financial Highlights (3Q25 YTD vs. 3Q24 YTD) | Metric | 3Q25 YTD | 3Q24 YTD | YTD Change | | :-------------------------------- | :--------- | :--------- | :--------- | | Net Revenues | $44.83 billion | $39.643 billion | +13% | | Net Earnings | $12.56 billion | $10.165 billion | +24% | | Diluted EPS | $37.33 | $28.64 | +30% | | Annualized ROE | 14.6% | N/A | N/A | | Book Value Per Share YTD Growth | 5.1% | N/A | N/A | [Net Revenues by Segment](index=3&type=section&id=Net%20Revenues%20by%20Segment) Net revenues across all segments showed strong year-over-year growth, driven by robust performance in Global Banking & Markets, Asset & Wealth Management, and Platform Solutions [Global Banking & Markets](index=3&type=section&id=Global%20Banking%20%26%20Markets) Net revenues in Global Banking & Markets increased 18% year-over-year to $10.12 billion in Q3 2025, driven by strong performance across Investment Banking fees, Fixed Income, Currency and Commodities (FICC), and Equities Global Banking & Markets Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Global Banking & Markets | $10,115 | +18% | 0% | | Investment banking fees | $2,657 | +42% | +21% | | FICC | $3,472 | +17% | 0% | | Equities | $3,736 | +7% | -13% | | Other | $250 | +10% | +55% | - Investment banking fees increased **42% YoY**, primarily due to significantly higher net revenues in Advisory (reflecting increased M&A volumes) and Debt underwriting (driven by leveraged finance activity). Equity underwriting also saw higher revenues from initial public offerings[9](index=9&type=chunk) - FICC net revenues rose **17% YoY**, mainly from FICC intermediation (interest rate products, mortgages, commodities) and FICC financing (mortgages, structured lending), partially offset by lower revenues in currencies and credit products[10](index=10&type=chunk) - Equities net revenues increased **7% YoY**, driven by significantly higher Equities financing (prime financing), partially offset by lower Equities intermediation (cash products)[11](index=11&type=chunk) [Asset & Wealth Management](index=4&type=section&id=Asset%20%26%20Wealth%20Management) Asset & Wealth Management net revenues grew 17% year-over-year to $4.40 billion in Q3 2025, primarily reflecting higher Management and other fees due to increased assets under supervision, and significantly higher Private banking and lending revenues Asset & Wealth Management Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Asset & Wealth Management | $4,399 | +17% | +16% | | Management and other fees | $2,945 | +12% | +5% | | Incentive fees | $77 | -9% | -25% | | Private banking and lending | $1,057 | +40% | +34% | | Equity investments | $116 | 0% | N.M. | | Debt investments | $204 | +15% | +146% | - The increase in Management and other fees primarily reflected the impact of higher average **assets under supervision**[15](index=15&type=chunk) - Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan[15](index=15&type=chunk) - Debt investments net revenues 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[15](index=15&type=chunk) [Platform Solutions](index=4&type=section&id=Platform%20Solutions) Platform Solutions net revenues significantly increased by 71% year-over-year to $670 million in Q3 2025, primarily due to improved performance in Consumer platforms and Transaction banking, recovering from prior year losses and mark-downs Platform Solutions Net Revenues (3Q25) | Category | 3Q25 Net Revenues ($ millions) | YoY Change | QoQ Change | | :-------------------------- | :----------------------------- | :--------- | :--------- | | Total Platform Solutions | $670 | +71% | -2% | | Consumer platforms | $599 | +80% | -4% | | Transaction banking and other | $71 | +22% | +15% | - 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[18](index=18&type=chunk) - 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[18](index=18&type=chunk) [Consolidated Financial Performance](index=4&type=section&id=Consolidated%20Financial%20Performance) The firm's consolidated financial performance in Q3 2025 showed decreased credit loss provisions, increased operating expenses, a higher effective tax rate, and significant capital returns to shareholders [Provision for Credit Losses](index=4&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses decreased to $339 million in Q3 2025, down 15% year-over-year and 12% quarter-over-quarter, primarily reflecting net provisions related to the credit card portfolio Provision for Credit Losses | Period | Amount ($ millions) | | :---------------- | :------------------ | | 3Q25 | $339 | | 3Q24 | $397 | | 2Q25 | $384 | - Provisions for Q3 2025 primarily reflected net provisions related to the credit card portfolio, driven by net charge-offs[20](index=20&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Operating expenses increased 14% year-over-year to $9.45 billion in Q3 2025, driven by higher compensation and benefits, transaction-based expenses, charitable contributions, and litigation provisions. The firm's efficiency ratio improved to 62.1% for the first nine months of 2025 Operating Expenses & Efficiency Ratio | Metric | 3Q25 | 3Q24 | 2Q25 | YoY Change | QoQ Change | | :---------------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Operating Expenses | $9.45 billion | $8.315 billion | $9.241 billion | +14% | +2% | | YTD Efficiency Ratio | 62.1% (3Q25 YTD) | 64.3% (3Q24 YTD) | N/A | -2.2 ppts | N/A | - The increase in operating expenses compared with Q3 2024 primarily reflected increases in compensation and benefits (due to improved operating performance), transaction-based expenses, charitable contributions, and net provisions for litigation and regulatory proceedings[26](index=26&type=chunk) - Headcount increased **5%** compared with the end of Q2 2025, reflecting the timing of campus hires[27](index=27&type=chunk) [Provision for Taxes](index=5&type=section&id=Provision%20for%20Taxes) The effective income tax rate for the first nine months of 2025 was 21.5%, an increase 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 Effective Income Tax Rate | Period | Rate | | :---------------- | :--------- | | 3Q25 YTD | 21.5% | | 1H25 | 20.2% | - The increase in the effective income tax rate was primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards[28](index=28&type=chunk) [Capital Management and Shareholder Returns](index=5&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) The Board of Directors declared a quarterly dividend of $4.00 per common share. The firm returned $3.25 billion of capital to common shareholders during Q3 2025, comprising $2.00 billion in common share repurchases and $1.25 billion in common stock dividends Shareholder Returns (3Q25) | Metric | Amount | | :-------------------------- | :------------------ | | Declared Quarterly Dividend | $4.00 per common share | | Total Capital Returned | $3.25 billion | | Common Share Repurchases | $2.00 billion (2.8 million shares) | | Common Stock Dividends | $1.25 billion | - Global core liquid assets averaged **$481 billion** for Q3 2025, compared with an average of $462 billion for Q2 2025[29](index=29&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q3 and YTD 2025 demonstrate strong revenue and earnings growth, alongside a robust balance sheet with increased assets and deposits [Consolidated Statements of Earnings (Three Months Ended)](index=9&type=section&id=Consolidated%20Statements%20of%20Earnings%20(Three%20Months%20Ended)) The consolidated statements of earnings for the three months ended September 30, 2025, show robust growth across key financial metrics, with total net revenues up 20% YoY and diluted EPS increasing 46% YoY Consolidated Statements of Earnings (Three Months Ended September 30, 2025) | Metric | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Sep 30, 2024 ($ millions) | % Change from Jun 30, 2025 | % Change from Sep 30, 2024 | | :-------------------------------- | :------------------------ | :------------------------ | :------------------------ | :------------------------- | :------------------------- | | Total net revenues | $15,184 | $14,583 | $12,699 | 4% | 20% | | Net interest income | $3,852 | $3,104 | $2,347 | 24% | 64% | | Provision for credit losses | $339 | $384 | $397 | (12)% | (15)% | | Total operating expenses | $9,453 | $9,241 | $8,315 | 2% | 14% | | Pre-tax earnings | $5,392 | $4,958 | $3,987 | 9% | 35% | | Net earnings | $4,098 | $3,723 | $2,990 | 10% | 37% | | Net earnings applicable to common shareholders | $3,860 | $3,473 | $2,780 | 11% | 39% | | Diluted EPS | $12.25 | $10.91 | $8.40 | 12% | 46% | | Common shareholders' equity | $109,249 | $108,943 | $107,947 | 0% | 1% | | Book value per common share | $353.79 | $349.74 | $332.96 | 1% | 6% | | Headcount | 48,300 | 45,900 | 46,400 | 5% | 4% | [Consolidated Statements of Earnings (Nine Months Ended)](index=10&type=section&id=Consolidated%20Statements%20of%20Earnings%20(Nine%20Months%20Ended)) For the first nine months of 2025, the firm demonstrated strong year-over-year growth, with total net revenues increasing 13% and diluted EPS rising 30% compared to the same period in 2024 Consolidated Statements of Earnings (Nine Months Ended September 30, 2025) | Metric | Sep 30, 2025 ($ millions) | Sep 30, 2024 ($ millions) | % Change from Sep 30, 2024 | | :-------------------------------- | :------------------------ | :------------------------ | :------------------------- | | Total net revenues | $44,829 | $39,643 | 13% | | Net interest income | $9,851 | $5,711 | 72% | | Provision for credit losses | $1,010 | $997 | 1% | | Total operating expenses | $27,822 | $25,506 | 9% | | Pre-tax earnings | $15,997 | $13,140 | 22% | | Net earnings | $12,559 | $10,165 | 24% | | Net earnings applicable to common shareholders | $11,916 | $9,602 | 24% | | Diluted EPS | $37.33 | $28.64 | 30% | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2025, the firm's balance sheet shows total assets of $1,808 billion, with deposits as the largest liability component at $490 billion Condensed Consolidated Balance Sheets (As of September 30, 2025) | Metric | Sep 30, 2025 ($ billions) | Jun 30, 2025 ($ billions) | | :-------------------------- | :------------------------ | :------------------------ | | Total assets | $1,808 | $1,785 | | Cash and cash equivalents | $169 | $153 | | Trading assets | $653 | $628 | | Loans | $222 | $217 | | Deposits | $490 | $466 | | Total liabilities | $1,684 | $1,661 | | Shareholders' equity | $124 | $124 | [Supplementary Financial Data](index=11&type=section&id=Supplementary%20Financial%20Data) Supplementary financial data highlights strong capital adequacy, a decrease in average daily VaR, and significant growth in assets under supervision [Capital Ratios and Supplementary Leverage Ratio](index=11&type=section&id=Capital%20Ratios%20and%20Supplementary%20Leverage%20Ratio) The firm maintained strong capital adequacy as of September 30, 2025, with Common Equity Tier 1 (CET1) ratios of 14.4% (Standardized) and 15.2% (Advanced), and a Supplementary Leverage Ratio of 5.2% Capital Ratios (As of September 30, 2025) | Metric | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------- | :----------- | :----------- | | Common equity tier 1 capital | $103.7 billion | $102.6 billion | | Standardized CET1 capital ratio | 14.4% | 14.5% | | Advanced CET1 capital ratio | 15.2% | 15.3% | | Supplementary leverage ratio | 5.2% | 5.3% | [Average Daily VaR](index=11&type=section&id=Average%20Daily%20VaR) The average daily Value at Risk (VaR) for Q3 2025 was $91 million, a decrease from $98 million in Q2 2025, reflecting changes across various risk categories Average Daily VaR ($ millions) (Three Months Ended) | Risk Category | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------- | :----------- | :----------- | | Interest rates | $72 | $79 | | Equity prices | $51 | $48 | | Currency rates | $19 | $23 | | Commodity prices | $20 | $15 | | Diversification effect | ($71) | ($67) | | Total | $91 | $98 | [Assets Under Supervision](index=12&type=section&id=Assets%20Under%20Supervision) Total Assets Under Supervision (AUS) reached $3,452 billion as of September 30, 2025, representing a 5% increase quarter-over-quarter and an 11% increase year-over-year, driven by net inflows and market appreciation Assets Under Supervision ($ billions) (As of September 30, 2025) | Asset Class | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | :----------- | | Alternative investments | $374 | $355 | $328 | | Equity | $914 | $857 | $780 | | Fixed income | $1,313 | $1,253 | $1,220 | | Total long-term AUS | $2,601 | $2,465 | $2,328 | | Liquidity products | $851 | $828 | $775 | | Total AUS | $3,452 | $3,293 | $3,103 | Total AUS Net Inflows / (Outflows) ($ billions) (Three Months Ended) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | :----------- | | Total AUS net inflows / (outflows) | $79 | $5 | $66 | | Net market appreciation / (depreciation) | $80 | $115 | $103 | [Company Information and Disclosures](index=6&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of the firm's profile, important cautionary notes regarding forward-looking statements, conference call details, and essential footnotes for financial context [Company Profile](index=6&type=section&id=Company%20Profile) The Goldman Sachs Group, Inc. is a leading global financial institution, founded in 1869 and headquartered in New York, offering a comprehensive range of financial services to a diverse client base worldwide - The Goldman Sachs Group, Inc. is a leading global financial institution[30](index=30&type=chunk) - Founded in 1869, the firm is headquartered in New York and maintains offices in major financial centers globally[30](index=30&type=chunk) - It delivers a broad range of financial services to corporations, financial institutions, governments, and individuals[30](index=30&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section highlights that the press release contains forward-looking statements, which are subject to inherent uncertainties and risks, and actual results may differ materially. It advises readers to consult the firm's Annual Report on Form 10-K for detailed risk factors - The press release contains "forward-looking statements" subject to inherent uncertainties and risks[31](index=31&type=chunk) - Actual results, financial condition, and liquidity may differ materially from anticipated results[31](index=31&type=chunk) - Preliminary estimates for assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets, and VaR are subject to change[32](index=32&type=chunk) [Conference Call Information](index=6&type=section&id=Conference%20Call%20Information) Details for the public conference call to discuss the firm's Q3 2025 financial results, including dial-in instructions and webcast access, scheduled for October 14, 2025, at 9:30 am ET - A conference call to discuss financial results will be held on October 14, 2025, at 9:30 am (ET)[35](index=35&type=chunk) - Dial-in numbers: **1-800-289-0459** (U.S.) or **1-323-794-2095** (outside U.S.), passcode **7042022**[35](index=35&type=chunk) - The call will also be accessible via audio webcast through the Investor Relations section of www.goldmansachs.com/investor-relations, with a replay available approximately three hours after the event[35](index=35&type=chunk) [Footnotes](index=13&type=section&id=Footnotes) The footnotes provide definitions for key financial metrics, such as Annualized ROE, and direct readers to the firm's Quarterly Report on Form 10-Q and Form 8-K for additional information and detailed explanations of various financial items and regulatory disclosures - Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity[47](index=47&type=chunk) - References are provided to the firm's Quarterly Report on Form 10-Q for details on Investment banking fees backlog, assets under supervision, efficiency ratio, share repurchase program, global core liquid assets, basic shares, VaR, capital ratios, geographic net revenues, and unvested share-based awards[47](index=47&type=chunk) - Preliminary estimates for certain financial data (e.g., assets under supervision, capital ratios) are subject to revision in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2025[48](index=48&type=chunk)

Goldman Sachs posted record third-quarter revenues, as a resurgence in dealmaking pushed its investment banking haul past expectations https://t.co/FeJ3hMeN6s ...

Investment banking revenue jumped 42% and results beat expectations. ...

Goldman Sachs' quarterly profit jumped more than 37% on Tuesday as its investment bankers earned higher advisory fees and traders capitalized on active markets. ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 高盛第三季度净营收151.8亿美元，同比增长20%，预估141.7亿美元。第三季度每股收益12.25美元，上 年同期8.40美元。第三季度管理资产3.45万亿美元，同比增长11%，预估3.4万亿美元。 ...