Q2 2025 Earnings Summary
| Metric | YoY Change | Reason |
|---|---|---|
Total Revenue | 14.5% increase | Total Revenue rose from $12,731 million in Q2 2024 to $14,583 million in Q2 2025, driven by overall growth across business segments, including stronger net interest income and diversified contributions from Global Banking & Markets, reflecting broader recovery compared to the previous period. |
Global Banking & Markets | 23.7% increase | Global Banking & Markets revenue climbed from $8,184 million in Q2 2024 to $10,120 million in Q2 2025, largely due to robust equities performance—including record earnings from derivatives and improved financing activities—demonstrating enhanced market conditions compared to earlier periods. |
Investment Banking | 26.5% increase | Investment Banking revenue increased from $1,733 million to $2,194 million, reflecting stronger underwriting activities and a partial recovery in advisory revenues that had previously dipped, suggesting a rebound in market confidence and deal flow relative to the prior year. |
Other Principal Transactions | 46% decrease | Other Principal Transactions revenue dropped from $947 million in Q2 2024 to $514 million in Q2 2025, indicating a significant decline in net gains from derivatives and related funding activities compared to the gains achieved in the previous period. |
EMEA | 30% increase | EMEA revenue surged to $3,811 million from $2,931 million, driven by an amplified contribution from Global Banking & Markets and robust regional market performance, reflecting strong regional growth and improved product demand relative to Q2 2024. |
Americas | 10.5% increase | Americas revenue grew from $8,125 million to $8,982 million, supported by stable client activity and enhanced revenue contributions from Global Banking & Markets, which continued to perform well in comparison to the prior period. |
Asia | 6.6% increase | Asia revenue increased modestly from the prior period, reaching $1,790 million, a reflection of steady gains driven by improved trading volumes and favorable market conditions, albeit at a slower pace compared to other regions. |
| Metric | Period | Previous Guidance | Current Guidance | Change |
|---|---|---|---|---|
Investment Banking Outlook | Q2 2025 | no prior guidance | Optimism about the overall investment banking outlook with a strong advisory backlog higher than year‑end 2024 levels | no prior guidance |
M&A Volumes | Q2 2025 | no prior guidance | Announced M&A volumes for the year‐to‐date up 30% YoY and 15% above the five‑year average | no prior guidance |
Fundraising in Alternatives | Q2 2025 | no prior guidance | $18 billion raised in Q2 2025 and $37 billion year‑to‑date | no prior guidance |
Incentive Fees (Target) | Q2 2025 | no prior guidance | Target of $1 billion in annual incentive fees over the medium term | no prior guidance |
Dividend Policy | Q2 2025 | no prior guidance | 33% increase in the quarterly dividend to $4 per share starting in Q3 2025 | no prior guidance |
Capital Management (CET1 Buffer) | Q2 2025 | no prior guidance | Maintain a 50 to 100 basis point buffer above the new CET1 regulatory minimum of 10.9% effective October 1, 2025 | no prior guidance |
Net Interest Income | Q2 2025 | no prior guidance | $3.1 billion | no prior guidance |
Regulatory & Strategic Focus (ROE) | Q2 2025 | no prior guidance | Targeting mid‐teens ROEs | no prior guidance |
Tax Rate | FY 2025 | Effective tax rate of approximately 21% | no current guidance | no current guidance |
Historical Principal Investments | FY 2025 | Plan to continue reducing historical principal investments with the vast majority sold by end of 2026 | no current guidance | no current guidance |
Asset & Wealth Management (Annual Growth) | FY 2025 | High single‑digit annual growth expected in durable revenues | no current guidance | no current guidance |
Fundraising in Alternatives (Annual) | FY 2025 | Expected to remain in line with recent years | no current guidance | no current guidance |
Incentive Fees (Annual Target) | FY 2025 | $1 billion annual incentive fees target with $4.1 billion unrecognized incentive fees | no current guidance | no current guidance |
Efficiency Plan | FY 2025 | Executing a 3‑year efficiency plan | no current guidance | no current guidance |
Capital Deployment | FY 2025 | Commitment to a sustainable and growing dividend plus a share repurchase program of up to $40 billion | no current guidance | no current guidance |
Economic Outlook | FY 2025 | U.S. growth expected to fall from over 2% to 0.5% with an increased recession risk | no current guidance | no current guidance |
| Metric | Period | Guidance | Actual | Performance |
|---|---|---|---|---|
Asset & Wealth Management | Q2 2025 (YoY) | High single-digit annual growth | $3,778Vs. $3,878In Q2 2024 (approx. -2.6% YoY) | Missed |