Core Viewpoint - Goldman Sachs reported strong earnings driven by growth in investment banking and trading fees, despite some challenges in revenue and expenses [2][3][4]. Financial Performance - For Q4 2025, Goldman Sachs reported earnings per share (EPS) of $14.01, exceeding the estimated $11.70 [2][4]. - The company's actual revenue was $13.45 billion, slightly below the estimated $14.52 billion [3]. - For the full year 2025, net revenues reached $58.28 billion, a 9% increase from 2024, with net earnings of $17.18 billion and an EPS of $51.32, up from $40.54 in 2024 [5]. Revenue Breakdown - Equities trading revenues increased by 25% year over year, totaling $4.31 billion [2][6]. - Fixed income, currency, and commodities trading revenues rose by 12% to $3.11 billion [2][6]. - Investment banking fees saw a 25% increase, amounting to $2.58 billion, driven by heightened deal-making activity [3][6]. - Advisory revenues grew by 41%, attributed to a rise in completed mergers and acquisitions [3]. Challenges - The company faced rising expenses and losses in its Platform Solutions segment, particularly related to Apple Card loans [4][5].

The bank reported record annual revenue in its core Wall Street engine of investment banking and trading. ...