Goldman Sachs(US:GS)2026-01-15 12:42Financial Performance - Goldman Sachs reported net revenues of $58.28 billion for 2025, a 9% increase compared to 2024[5] - Net earnings for 2025 were $17.18 billion, with diluted earnings per share (EPS) of $51.32, up from $40.54 in 2024[3] - Total net revenues for 2025 were $58.283 billion, representing a 9% increase from $53.512 billion in 2024[44] - Net earnings applicable to common shareholders rose by 21% to $16.300 billion in 2025, compared to $13.525 billion in 2024[48] - The firm reported a 68% increase in net interest income, reaching $13.559 billion in 2025, compared to $8.056 billion in 2024[48] Revenue Breakdown - Investment banking fees for 2025 reached $9.34 billion, a 21% increase compared to 2024, driven by higher advisory revenues[11] - Investment banking fees increased by 21% to $9.339 billion in 2025, up from $7.732 billion in 2024[44] - Net revenues in Global Banking & Markets for 2025 were $41.45 billion, an 18% increase from 2024[10] - The Americas accounted for 63% of total net revenues in 2025, with revenues of $36.548 billion, up from $34.448 billion in 2024[45] Operating Expenses - Operating expenses for 2025 were $37.54 billion, an 11% increase from 2024, with an efficiency ratio of 64.4%[30] - Total operating expenses increased by 3% to $9.722 billion compared to Q3 2025, driven by higher compensation and benefits expenses[50] Shareholder Returns - Goldman Sachs declared a quarterly dividend of $4.50 per common share, effective in Q1 2026[1] - The quarterly dividend was increased to $4.50 per common share from $4.00, with a total capital return of $16.78 billion to common shareholders in 2025, including $12.36 billion in share repurchases and $4.42 billion in dividends[37] - The firm returned $4.24 billion to common shareholders in Q4 2025, including $3.00 billion in share repurchases[37] Credit Losses and Provisions - Provision for credit losses for 2025 was a net benefit of $1.11 billion, compared to net provisions of $1.35 billion in 2024[28] - The firm reported a provision for credit losses of $(2.123) billion, indicating a significant change from the previous quarter[50] Asset Management - Total assets under supervision (AUS) reached $3.606 billion, up from $3.452 billion in Q3 2025, with net inflows of $116 million in Q4 2025[56] Tax and Capital Ratios - The effective income tax rate for 2025 was 21.4%, down from 22.4% in 2024[36] - Common equity tier 1 capital ratio was 14.4% as of December 31, 2025, compared to 14.3% in Q3 2025[54] Market Performance - For Q4 2025, net revenues were $13.45 billion, a 3% decrease from Q4 2024 and an 11% decrease from Q3 2025[8] - Total net revenues for Q4 2025 were $13.454 billion, a decrease of 11% from Q3 2025 and an increase of 4% from Q4 2024[50] - Net earnings applicable to common shareholders increased by 14% year-over-year to $4.384 billion, compared to $3.860 billion in Q3 2025[50] - Investment management revenues rose by 8% to $3.201 billion compared to Q3 2025, while investment banking revenues decreased by 3% to $2.579 billion[50] Share Count - The average common shares outstanding decreased by 5% to 312.7 million in 2025 from 328.1 million in 2024[48]