10-QPeriod: Q2 FY2025

GOLDMAN SACHS GROUP INC Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 1, 2025For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. (GS) reported a strong second quarter and first half of 2025, with net earnings of $3.72 billion and $8.46 billion, respectively. Diluted EPS reached $10.91 for the quarter and $25.07 for the half, demonstrating significant year-over-year growth. Total net revenues increased by 15% year-over-year for the quarter to $14.58 billion and by 10% for the first half to $29.65 billion. This growth was primarily driven by robust performance in Global Banking & Markets, with notable increases in investment banking fees, equities, and FICC intermediation, as well as a significant rise in net interest income due to favorable interest rate environments and balance sheet growth. Asset & Wealth Management saw a slight decrease in net revenues, primarily due to lower revenues from investments, though management and other fees increased. Platform Solutions remained relatively stable. The firm continued to return capital to shareholders, repurchasing $3.00 billion in common stock during the second quarter and increasing its quarterly dividend. Goldman Sachs maintained strong capital ratios, with a Standardized CET1 capital ratio of 14.5% as of June 2025, well above regulatory requirements. The firm's outlook for Global Banking & Markets appears positive, with a growing investment banking fees backlog.

Financial Highlights

37 data points
Beta

Net Income

$3.72B

EPS (Diluted)

$10.91

Total Assets

$1.79T

Cash & Equivalents

$152.97B

Free Cash Flow

$5.20B

Financial Statements
Beta
Interest Expense$16.68B
Net Income$3.72B
EPS (Basic)$11.03
EPS (Diluted)$10.91
Shares Outstanding (Basic)313.70M
Shares Outstanding (Diluted)318.30M

Key Highlights

  • 1Net earnings increased to $3.72 billion for Q2 2025 and $8.46 billion for H1 2025.
  • 2Diluted EPS rose to $10.91 for Q2 2025 and $25.07 for H1 2025.
  • 3Total net revenues grew 15% year-over-year in Q2 2025 to $14.58 billion, driven by Global Banking & Markets.
  • 4Global Banking & Markets saw a 24% increase in net revenues in Q2 2025, with strong performance in investment banking fees, equities, and FICC.
  • 5Net interest income significantly increased by 56% in Q2 2025, contributing to overall revenue growth.
  • 6The firm returned $3.96 billion of capital to shareholders in Q2 2025 through share repurchases ($3.00 billion) and dividends ($957 million).
  • 7Common Equity Tier 1 (CET1) capital ratio remained strong at 14.5% (Standardized) and 15.3% (Advanced) as of June 2025.

Frequently Asked Questions

The increase in net revenues was primarily driven by a strong performance in Global Banking & Markets, which saw significant growth in investment banking fees, equities, and FICC (Fixed Income, Currencies, and Commodities) intermediation. Additionally, a substantial increase in net interest income, stemming from higher average balances and favorable interest rate environments, also contributed significantly to the overall revenue growth.

Global Banking & Markets demonstrated robust growth, with net revenues up 24% year-over-year in Q2 2025, fueled by strong advisory and market-making activities. Asset & Wealth Management experienced a slight dip in net revenues, mainly due to lower investment revenues, though management and other fees saw an increase. Platform Solutions remained relatively stable. The firm is strategically narrowing its focus on consumer-related activities, leading to expected transitions in its credit card programs.

Goldman Sachs maintained a strong capital position, with its Common Equity Tier 1 (CET1) capital ratio at 14.5% under Standardized Capital Rules and 15.3% under Advanced Capital Rules as of June 2025, significantly exceeding regulatory requirements. The firm returned $3.96 billion of capital to shareholders in Q2 2025 through $3.00 billion in common share repurchases and $957 million in common stock dividends. The Board also approved an increase in the quarterly common stock dividend to $4.00 per share starting in Q3 2025.

The outlook for Global Banking & Markets appears positive, supported by a growing investment banking fees backlog and increased market-making activity. The firm notes that continued market volatility and macroeconomic uncertainty could impact future performance, but the segment's performance in Q2 2025, driven by strong client activity and favorable market-making conditions in certain areas, suggests resilience.