01—Abstract
Summary
Summary of the 10-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.
Goldman Sachs Group, Inc. reported a strong financial performance for the fiscal year 2024, with net earnings of $14.28 billiona, a significant increase from $8.52 billion in 2023, leading to a diluted EPS of $40.54.
Return on Equity (ROE) improved to 12.7% from 7.5% in the previous year. Net revenues rose by 16% year-over-year to $53.51 billionb, driven by robust performance in Global Banking & Markets and Asset & Wealth Management. The company's strategy of narrowing its focus on consumer-related activities continued, with divestitures impacting results but overall strategic realignment showing positive financial outcomes.
Operating expenses decreased by 2% year-over-year, contributing to an improved efficiency ratio of 63.1% from 74.6%. Goldman Sachs returned $11.80 billionc in capital to shareholders through share repurchases and dividends, demonstrating a commitment to capital deployment. The firm maintains strong capital and liquidity positions, with a CET1 capital ratio of 15.0% under Standardized Capital Rules.
02—Key points
Key Highlights
- Net earnings surged to $14.28 billion in 2024, up from $8.52 billion in 2023, with diluted EPS increasing to $40.54.
- Net revenues grew 16% year-over-year to $53.51 billion, primarily driven by strength in Global Banking & Markets and Asset & Wealth Management.
- ROE improved significantly to 12.7% in 2024 from 7.5% in 2023.
- Operating expenses decreased by 2% year-over-year to $33.77 billion, resulting in an improved efficiency ratio of 63.1% from 74.6%.
- Capital returned to shareholders totaled $11.80 billion in 2024, comprising $8.00 billion in share repurchases and $3.80 billion in dividends.
- The CET1 capital ratio remained strong at 15.0% (Standardized) and 15.3% (Advanced) as of December 2024.
- The company is continuing to narrow its focus on consumer-related activities, impacting specific business lines but contributing to overall strategic realignment.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 27, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Interest Expense | $73.34B$62.16B | +18.0% |
| Net Income | $14.28B$8.52B | +67.6% |
| EPS (Basic) | $41.07$23.05 | +78.2% |
| EPS (Diluted) | $40.54$22.87 | +77.3% |
| Shares Outstanding (Basic) | 328.10M340.80M | −3.7% |
| Shares Outstanding (Diluted) | 333.60M345.80M | −3.5% |
05—Questions
Frequently Asked Questions
How did Goldman Sachs perform financially in 2024 compared to 2023?
Goldman Sachs demonstrated a strong financial performance in 2024. Net earnings increased significantly to $14.28 billion from $8.52 billion in 2023. Net revenues also grew by 16% year-over-year to $53.51 billion, and the efficiency ratio improved to 63.1% from 74.6%.
What were the main drivers of the company's revenue growth in 2024?
The revenue growth was primarily driven by higher net revenues in the Global Banking & Markets segment, particularly in Equities, Investment Banking fees, and FICC, as well as strength in the Asset & Wealth Management segment, notably in Equity investments and Management and other fees.
How is Goldman Sachs managing its capital and returning value to shareholders?
Goldman Sachs maintains strong capital ratios, with a CET1 capital ratio of 15.0% as of December 2024. The company returned $11.80 billion in capital to shareholders in 2024 through $8.00 billion in common share repurchases and $3.80 billion in common stock dividends.
What is the outlook for the Platform Solutions segment?
Goldman Sachs is continuing to narrow its focus on consumer-related activities. While this has impacted some consumer platforms, the company is working towards achieving pre-tax breakeven for Platform Solutions by the end of 2025. The transition of the GM credit card program is expected to be completed in Q3 2025.
06—Continue