Goldman Sachs CEO David Solomon speaks throughout an interview on the Financial Membership of Washington in Washington, D.C., U.S., Oct. 30, 2025.
Kevin Lamarque | Reuters
Goldman Sachs on Thursday topped expectations for fourth quarter revenue as equities buying and selling and asset and wealth administration produced almost $900 million extra in income than anticipated.
Here is what the corporate reported:
- Earnings: $14.01 a share, might not evaluate with $11.67 LSEG estimate
- Income: $13.45 billion, might not evaluate with $13.79 billion estimate
The corporate mentioned revenue jumped 12% from a 12 months earlier to $4.62 billion, or $14.01 per share, on positive factors throughout its capital markets companies. That EPS handily topped analyst expectations, even when excluding the preannounced 46 cent per share acquire from Goldman’s sale of its Apple Card enterprise.
Income dipped 3% to $13.45 billion within the quarter, which the corporate blamed on a income hit from offloading the Apple Card mortgage portfolio to rival financial institution JPMorgan Chase and the early termination of its contract with the tech big.
“We proceed to see excessive ranges of consumer engagement throughout our franchise and count on momentum to speed up in 2026, activating a flywheel of exercise throughout our complete agency,” Goldman Sachs CEO David Solomon mentioned within the launch.
Like JPMorgan, Goldman’s greatest supply of outperformance within the quarter was from its equities buying and selling franchise.
Equities income jumped 25% from a 12 months earlier to $4.31 billion, about $610 million greater than the StreetAccount estimate, as Goldman reaped extra income from financing trades and promoting derivatives to hedge funds and different institutional buyers.
Mounted revenue buying and selling income climbed 12% to $3.11 billion, about $180 million greater than anticipated, on power in wagers tied to rates of interest and commodities.
Funding banking charges jumped 25% to $2.58 billion, matching the StreetAccount estimate, fueled by positive factors in mergers advisory and debt underwriting. In a optimistic signal for the enterprise this 12 months, Goldman mentioned that its backlog of offers grew at yearend in contrast with the tip of the third quarter.
The agency’s asset and wealth administration enterprise noticed income roughly unchanged from a 12 months earlier at $4.72 billion, although that exceeded the StreetAccount estimate by roughly $270 million. Rising charges from its rising base of belongings underneath administration offset internet losses from stakes in public equities and decrease positive factors from personal equities, the financial institution mentioned.
In Goldman’s smallest enterprise, referred to as platform options, the financial institution posted a $1.68 billion income loss for the quarter, in contrast with $592 million in positive factors from a 12 months earlier. It blamed the corporate’s Apple Card exit for the hit to that unit’s outcomes.
Shares of the banked fell about 1% in premarket buying and selling.
This story is growing. Please examine again for updates.
