01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Goldman Sachs Group, Inc. reported strong financial results for the third quarter and the first nine months of 2025, with net earnings of $4.10 billiona and $12.56 billion, respectively.
This represents a significant increase compared to the same periods in 2024, driven by broad-based revenue growth across all business segments, particularly in Global Banking & Markets, which saw strong performance in investment banking and FICC activities. The firm's return on equity (ROE) improved to 14.2%b for the quarter and 14.6% year-to-date, reflecting the strong operating performance and effective capital deployment. Despite increased operating expenses, largely due to higher compensation and investments in technology, the firm's efficiency ratio improved, signaling effective cost management.
Asset & Wealth Management also demonstrated solid growth, with an 11%c increase in investment management revenues driven by higher assets under supervision. Platform Solutions continued to improve, with net revenues increasing significantly year-over-year due to the absence of prior-year losses related to divested consumer portfolios. The firm maintained robust capital ratios, with CET1 ratios well above regulatory minimums, and continued to return capital to shareholders through share repurchases and increased dividends.
02—Key points
Key Highlights
- Net earnings increased significantly year-over-year, reaching $4.10 billion for Q3 2025 and $12.56 billion for the first nine months of 2025.
- Total net revenues grew by 20% year-over-year for Q3 2025 to $15.18 billion, driven by strong performance across all segments, particularly Global Banking & Markets.
- Global Banking & Markets saw a substantial increase in investment banking fees (up 42% YoY for Q3), driven by higher advisory and debt underwriting revenues.
- Asset & Wealth Management revenues rose 17% year-over-year in Q3 2025, supported by higher management and other fees and strong performance in private banking and lending.
- Return on Equity (ROE) improved to 14.2% for Q3 2025 and 14.6% year-to-date, indicating enhanced profitability.
- The firm's Common Equity Tier 1 (CET1) capital ratio remained strong, at 14.3% under Standardized Capital Rules and 15.1% under Advanced Capital Rules as of September 30, 2025, well above regulatory minimums.
- Goldman Sachs returned $3.25 billion to shareholders in Q3 2025 through $2.00 billion in share repurchases and $1.25 billion in common stock dividends, including an increased quarterly dividend.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Interest Expense | $16.97B$19.10B | −11.2% |
| Net Income | $4.10B$2.99B | +37.1% |
| EPS (Basic) | $12.42$8.52 | +45.8% |
| EPS (Diluted) | $12.25$8.40 | +45.8% |
| Shares Outstanding (Basic) | 309.60M324.80M | −4.7% |
| Shares Outstanding (Diluted) | 315.00M330.80M | −4.8% |
05—Questions
Frequently Asked Questions
What was Goldman Sachs' net earnings for the third quarter of 2025?
Goldman Sachs reported net earnings of $4.10 billion for the third quarter of 2025.
How did revenue performance vary across Goldman Sachs' business segments?
All segments saw revenue growth. Global Banking & Markets experienced strong growth driven by investment banking and FICC activities. Asset & Wealth Management grew due to higher management fees and private banking/lending. Platform Solutions saw significant improvement due to the absence of prior-year losses from divested consumer businesses.
What is the firm's capital position, specifically the CET1 ratio?
As of September 30, 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, comfortably exceeding regulatory requirements.
How is Goldman Sachs returning capital to shareholders?
In the third quarter of 2025, Goldman Sachs returned $3.25 billion to shareholders through $2.00 billion in common share repurchases and $1.25 billion in common stock dividends. The firm also announced an increase in its quarterly common stock dividend.
06—Continue