高盛(GS.US)Q4盈利暴增远超预期 股票交易收入狂飙破华尔街纪录

Core Insights - Goldman Sachs reported a record stock trading revenue of $4.31 billion in Q4, surpassing market expectations and setting a new Wall Street record [1] - The company's quarterly revenue was $13.45 billion, a 3% year-over-year decline, and $400 million below market expectations; Non-GAAP EPS was $14.01, exceeding expectations by $2.25 [1] - The revenue decline was primarily due to losses in the platform solutions business, linked to the transfer of Apple credit card loans to held-for-sale categories, resulting in a $2.26 billion revenue reduction [1] - However, a reduction in credit loss provisions by $2.48 billion offset the negative impact, and global banking and market revenues significantly increased [1] - For 2025, Goldman Sachs achieved a net revenue of $58.3 billion, the second-highest on record, with potential for a historical record if not for the sale of the Apple credit card portfolio to JPMorgan [1] Financial Performance - The average return on common equity (ROE) for Goldman Sachs in 2025 was 15.0%, with an annualized ROE of 16.0% for Q4 [2] - The book value per common share increased by 6.2% for the year and by 1.1% in Q4, reaching $357.60 at the end of the quarter [2] Dividend and Strategic Focus - The company announced an increase in its dividend to $4.50 per share [3] - Under CEO David Solomon's leadership, Goldman Sachs has refocused on core businesses and improved its trading engine while expanding its investment banking market share [3] - The firm has raised its targets for the asset and wealth management business, aiming to increase the pre-tax profit margin from 24%-26% to 30% and the return rate from 14%-16% to 17%-19% [3] Investment Banking and Expansion - Investment banking fees for the quarter reached $2.58 billion, marking a historical high for Q4 and exceeding analyst expectations [4] - The wealth and asset management division, led by Marc Nachmann, is expanding through acquisitions, including ETF issuer Innovator Capital and venture capital firm Industry Ventures [4] - This division is positioned as a reliable revenue source to balance the volatility of the company's core businesses [4]