GOLDMAN SACHS GROUP (GS) Company Report

Smithfield Foods will acquire all outstanding shares of Nathan’s Famous for $102.00 per share in cash, implying an enterprise value of approximately $450 million.
The deal values Nathan’s Famous at ~12.4× LTM adjusted EBITDA (10.0× post-synergies) and is expected to generate $9 million in annual cost synergies by the second anniversary.
The transaction, funded by cash on hand without a financing contingency, is expected to close in H1 2026, subject to customary approvals including Hart-Scott-Rodino and CFIUS clearance.
Upon closing, the acquisition will secure perpetual rights to the Nathan’s Famous brand beyond the current license (expiring March 2032) and be immediately accretive to Smithfield’s adjusted diluted EPS.

3 days ago

Press Release

Clear Street files for IPO, reports revenue surge

Delisting/Listing Issues

Clear Street Group Inc. filed a Form S-1 to list its Class A shares on Nasdaq under ticker CSIG, with share count and price range yet to be determined and the offering subject to market conditions.
Reported $783.7 million in revenue and $157.2 million in net income for the nine months ended Sept. 30, 2025, versus $301.9 million in revenue and $20.7 million in net income for the same period in 2024.
Underwriters include Goldman Sachs, BofA Securities, Morgan Stanley and UBS Investment Bank.
Raised $135.4 million via Series C preferred sales and $78.5 million in subsidiary notes, leaving total debt near $300 million.

3 days ago

Bloomberg

Goldman Sachs arranges $355M financing for 214MW distributed solar

Debt Issuance

New Projects/Investments

Goldman Sachs provided $355 million in combined tax equity and debt financing to Radial Power and Lotus Infrastructure Partners to fund 214 MW of distributed solar across 106 U.S. projects under its End-to-End Distributed Generation structure.
The financing will support development, construction and operation of commercial and community solar projects with commercial operation dates expected between December 2025 and 2026.
Selected projects are anticipated to qualify for Inflation Reduction Act investment tax credit adders tied to domestic content and energy community designations, enhancing federal incentive monetization.
Goldman Sachs acted as the sole lender and tax equity investor in the transaction; Radial Power previously raised $80 million in tax equity from Bank of America in 2023 to develop 96 MW of solar across nine states.

4 days ago

Morningstar

Goldman Sachs arranges $355M financing for Radial Power solar portfolio

Debt Issuance

New Projects/Investments

Goldman Sachs provided $355 million in tax equity and debt financing to Radial Power and Lotus Infrastructure Partners to fund distributed solar developments
The financing supports development and operation of approximately 214 MW of distributed solar capacity across 106 projects, with commercial operations expected between December 2025 and 2026
Goldman Sachs served as sole lender and tax equity investor, with Marathon Capital as financial advisor to Radial Power, and legal counsel by Latham & Watkins and Vinson & Elkins

4 days ago

Press Release

Goldman Sachs leads record debt issuance amid tightest credit spreads since 2007

Debt Issuance

Global corporate bond yield premiums compressed to 103 basis points, the lowest level since mid-2007, as investors chase returns amid expectations of central bank rate cuts.
Issuance surged, with roughly $435 billion of corporate bonds sold in the first half of January—over 30% above last year’s pace—and a record $16 billion bank deal led by Goldman Sachs.
Money managers warn that strong returns have fueled complacency and caution against overexposure to lower-quality credits amid deteriorating fundamentals.
Policymakers face a delicate balance between supporting growth and containing inflation amid geopolitical tensions and regulatory uncertainties.

Jan 16, 2026, 3:22 AM

Bloomberg

Goldman Sachs reports Q4 2025 performance and strategic priorities

Earnings

Dividends

Share Buyback

Generated $13.5 billion in Q4 revenues, EPS of $14.01, ROE 16%, and ROTE 17.1%; delivered full-year EPS of $51.32 (up 27%), ROE 15%, and ROTE 16%
GBM achieved $41.5 billion in 2025 revenues, with Q4 investment banking fees up 25% YoY to $2.6 billion and record FICC financing revenues of $11.4 billion for the year
Asset & Wealth Management posted $16.7 billion in 2025 revenues (25% pre-tax margin), ended Q4 with $3.6 trillion in assets under supervision, alternatives AUM at $420 billion, and raised $115 billion in third-party funds
Announced a $0.50 increase in quarterly dividend to $4.50, $32 billion of remaining buyback capacity, and maintained CET1 ratio at 14.4%

Jan 15, 2026, 2:30 PM

Transcript

Goldman Sachs outlines Q4 2025 results and strategy

Dividends

Share Buyback

Guidance Update

Maintained its position as the #1 M&A advisor for 23 consecutive years, advising on $1.6 trillion of announced M&A in 2025 and ending the year with the highest backlog in four years, setting the stage for accelerated Investment Banking activity in 2026.
Record Assets under Supervision reached $3.6 trillion, with durable management and other fees in Private Banking and Lending growing at a 12% CAGR, and a new Asset & Wealth Management pre-tax margin target of 30%.
Incentive fees for 2025 totaled $489 million (+24% YoY); Q4 saw $66 billion of long-term fee-based net inflows and $50 billion of liquidity inflows, underpinning fee growth across businesses.
Announced a 50% year-over-year increase in the quarterly dividend to $4.50, delivered $3 billion in share repurchases and $1.2 billion in dividends in Q4, and retains $32 billion of buyback capacity.
Strengthened its funding and capital profile, with a 14.4% CET1 ratio, deposits of $501 billion (≈ 40% of total funding), and bank equity representing 35% of firm-wide assets.

Jan 15, 2026, 2:30 PM

Transcript

Goldman Sachs delivers record Q4 2025 results

Earnings

Guidance Update

Goldman Sachs reported Q4 revenues of $13.5 billion, EPS of $14.01, ROE of 16%, and ROTE of 17.1%.
Full-year 2025 EPS reached $51.32 (up 27% YoY) with ROE 15%, driven by strong performance across segments.
Investment banking fees in Q4 rose 25% YoY to $2.6 billion, and the advisory backlog hit a four-year high, underpinning a constructive 2026 outlook.
Asset & Wealth Management 2025 revenues were $16.7 billion with a pre-tax margin of 25%, and Q4 management fees set a record at $3.1 billion (up 10% YoY).
Transition of the Apple Card portfolio contributed a $0.46 EPS boost and 50 bps increase in ROE in Q4.

Jan 15, 2026, 2:30 PM

Transcript

Goldman Sachs reports Q4 2025 earnings

Earnings

Share Buyback

Dividends

Reported net revenues of $13.45 bn, net earnings of $4.62 bn, EPS of $14.01, and ROE of 16.0% in Q4 2025.
Global Banking & Markets net revenues were $10.41 bn (+2% QoQ, +22% YoY), while Asset & Wealth Management net revenues reached $4.72 bn (+7% QoQ, –1% YoY).
Provision for credit losses benefited by $2.12 bn in Q4 due to reserve reductions from the Apple Card transition.
Returned capital via ~$12 bn of share repurchases in 2025 and announced a $0.50 increase in the quarterly dividend to $4.50 for 1Q 2026.

Jan 15, 2026, 2:30 PM

Presentation

Goldman Sachs reports Q4 and full‐year 2025 earnings

Earnings

Dividends

Net revenues of $58.28 billion for FY 2025 (+9% YoY) and $13.45 billion in Q4 2025 (–3% YoY).
Net earnings of $17.18 billion for FY 2025 and $4.62 billion in Q4 2025; EPS was $51.32 for the year and $14.01 for the quarter.
ROE of 15.0% for FY 2025 and 16.0% annualized for Q4 2025; book value per share rose to $357.60 (+6.2% YoY).
Quarterly dividend increased by 12.5% to $4.50 per common share for Q1 2026.