01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
Goldman Sachs Group, Inc. reported robust performance for the year ended December 31, 2025, with net earnings of $17.18 billiona, a significant increase from $14.28 billion in 2024.
Diluted earnings per share (EPS) rose to $51.32b from $40.54 in the prior year, reflecting strong operational performance. Net revenues grew by 9% to $58.28 billion, driven by a notable increase in Global Banking & Markets, primarily in Equities and Investment Banking fees, and improved Fixed Income, Currency, and Commodities (FICC) intermediation. The firm continued its strategic narrowing of focus on consumer-related activities, notably agreeing to transition the Apple Card program.
This strategic shift resulted in significantly lower net revenues in the Platform Solutions segment, offset by a reserve reduction in provision for credit losses related to the Apple Card portfolio. Asset & Wealth Management saw a slight increase in net revenues, driven by higher management and other fees, and private banking and lending activities, though partially offset by lower investment revenues.
Goldman Sachs remains well-capitalized, with a CET1 capital ratio of 14.3% under Standardized Rules and 15.1% under Advanced Rules. The firm returned $16.78 billionc in capital to shareholders through share repurchases and dividends in 2025, underscoring a commitment to shareholder value.
02—Key points
Key Highlights
- Net earnings increased by 20% to $17.18 billion in 2025.
- Diluted EPS grew to $51.32 in 2025, up from $40.54 in 2024.
- Net revenues rose 9% year-over-year to $58.28 billion.
- Global Banking & Markets segment showed strong growth, with Investment Banking fees up 21% and Equities net revenues up 23%.
- Platform Solutions segment experienced a significant revenue decline due to the strategic transition of the Apple Card program.
- Common Equity Tier 1 (CET1) capital ratio remained strong at 14.3% (Standardized) and 15.1% (Advanced).
- The firm returned $16.78 billion to shareholders in 2025 through dividends and share repurchases.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Interest Expense | $66.81B$73.34B | −8.9% |
| Net Income | $17.18B$14.28B | +20.3% |
| EPS (Basic) | $51.95$41.07 | +26.5% |
| EPS (Diluted) | $51.32$40.54 | +26.6% |
| Shares Outstanding (Basic) | 312.70M328.10M | −4.7% |
| Shares Outstanding (Diluted) | 317.60M333.60M | −4.8% |
05—Questions
Frequently Asked Questions
What was the primary driver of the revenue growth in 2025?
Revenue growth was primarily driven by the Global Banking & Markets segment, which saw significant increases in Equities, Investment Banking fees, and FICC intermediation, along with higher net interest income. This was partially offset by lower net revenues in Platform Solutions due to the strategic transition of the Apple Card program.
How did the strategic narrowing of consumer-related activities impact the company?
The company continued to narrow its focus on consumer-related activities. The transition of the Apple Card program and the sale of the GM credit card program led to a substantial decrease in net revenues for the Platform Solutions segment. However, a related reserve reduction in the provision for credit losses helped to partially offset these impacts.
What is the firm's capital position as of the end of 2025?
Goldman Sachs maintained a strong capital position, with a Common Equity Tier 1 (CET1) capital ratio of 14.3% under Standardized Capital Rules and 15.1% under Advanced Capital Rules as of December 31, 2025.
How did the company return capital to shareholders in 2025?
In 2025, the company returned a total of $16.78 billion of capital to common shareholders. This consisted of $12.36 billion in common share repurchases and $4.42 billion in common stock dividends. The Board also approved an increase in the quarterly common stock dividend to $4.50 per share starting in the first quarter of 2026.
06—Continue