10-KPeriod: FY2025

GOLDMAN SACHS GROUP INC Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. reported robust performance for the year ended December 31, 2025, with net earnings of $17.18 billion, a significant increase from $14.28 billion in 2024. Diluted earnings per share (EPS) rose to $51.32 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 billion in capital to shareholders through share repurchases and dividends in 2025, underscoring a commitment to shareholder value.

Financial Highlights

36 data points
Beta

Net Income

$17.18B

EPS (Diluted)

$51.32

Total Assets

$1.81T

Cash & Equivalents

$164.26B

Free Cash Flow

-$47.22B

Financial Statements
Beta
Interest Expense$66.81B
Net Income$17.18B
EPS (Basic)$51.95
EPS (Diluted)$51.32
Shares Outstanding (Basic)312.70M
Shares Outstanding (Diluted)317.60M

Key Highlights

  • 1Net earnings increased by 20% to $17.18 billion in 2025.
  • 2Diluted EPS grew to $51.32 in 2025, up from $40.54 in 2024.
  • 3Net revenues rose 9% year-over-year to $58.28 billion.
  • 4Global Banking & Markets segment showed strong growth, with Investment Banking fees up 21% and Equities net revenues up 23%.
  • 5Platform Solutions segment experienced a significant revenue decline due to the strategic transition of the Apple Card program.
  • 6Common Equity Tier 1 (CET1) capital ratio remained strong at 14.3% (Standardized) and 15.1% (Advanced).
  • 7The firm returned $16.78 billion to shareholders in 2025 through dividends and share repurchases.

Frequently Asked Questions

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.

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.

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.

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.