Sign in

    Goldman Sachs Group Inc (GS)

    Q2 2025 Earnings Summary

    Reported on Jul 16, 2025 (Before Market Open)
    Pre-Earnings Price$702.51Last close (Jul 15, 2025)
    Post-Earnings Price$708.50Open (Jul 16, 2025)
    Price Change
    $5.99(+0.85%)
    MetricYoY ChangeReason

    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.

    MetricPeriodPrevious GuidanceCurrent GuidanceChange

    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

    MetricPeriodGuidanceActualPerformance
    Asset & Wealth Management
    Q2 2025 (YoY)
    High single-digit annual growth
    $3,778Vs. $3,878In Q2 2024 (approx. -2.6% YoY)
    Missed