Core Insights - The Goldman Sachs Group, Inc. (GS) reported second-quarter 2025 adjusted earnings per share of $10.91, exceeding the Zacks Consensus Estimate by 15.7% and increasing 26.6% year-over-year [1][10] - Net revenues for GS rose 15% to $14.6 billion, surpassing the Zacks Consensus Estimate by 8.1% [1][9] Investment Banking Performance - The strong performance in investment banking (IB) was a primary driver of Goldman's results, with global mergers and acquisitions activity rebounding in the last month of the quarter [2] - Net revenues in the Global Banking & Markets division increased 24% year-over-year to $10.1 billion, with advisory revenues soaring 71% to $1.2 billion [3] - Overall, IB fees rose 26.6% to $2.19 billion in the second quarter [3][9] Trading Business - GS's trading business also performed well, with net revenues in Equities increasing 36% year-over-year and fixed income, currency, and commodities (FICC) trading revenues rising 9% [6] - Financing revenues in both equities and FICC reached record highs [6][9] Asset & Wealth Management - Despite a 3% year-over-year decline in net revenues from Asset & Wealth Management, the company achieved a record asset under supervision of $3.3 trillion [7] Operating Expenses - Total operating expenses for GS increased 8% year-over-year to $9.2 billion, primarily due to higher compensation and benefits expenses [8] Net Income - The company's net income improved 22% from the prior-year quarter to $3.7 billion, reflecting robust top-line growth [10]