WS Investor
17 Jan 2026, 19:39
Goldman Sachs reported a strong performance in 2025, with full-year net revenues rising to $58.28 billion, up 9% year over year, and net earnings reaching $17.18 billion. Diluted earnings per share increased to $51.32 from $40.54 in 2024, while return on average common shareholders’ equity was 15.0%. Book value per share rose 6.2% during the year to $357.60. For the fourth quarter, net revenues were $13.45 billion and net earnings totaled $4.62 billion, translating into diluted EPS of $14.01 and an annualized ROE of 16.0%.
The Global Banking & Markets division was the primary growth driver in 2025, generating $41.45 billion in net revenues, an 18% increase from the prior year. Investment banking fees rose 21% to $9.34 billion, supported by significantly higher advisory revenues due to increased completed M&A activity, as well as stronger debt and equity underwriting. Equities revenues climbed 23% to $16.54 billion, driven by higher financing and derivatives activity, while FICC revenues increased 9% to $14.52 billion, reflecting strength in interest rate products and financing.
In the fourth quarter, Global Banking & Markets net revenues rose 22% year over year to $10.41 billion. Investment banking fees increased 25% to $2.58 billion, again led by advisory activity. Equities revenues rose 25% to $4.31 billion, supported by strong prime and portfolio financing, while FICC revenues increased 12% to $3.11 billion, driven mainly by interest rate and commodities trading.
Asset & Wealth Management delivered $16.68 billion in net revenues for the full year, up 2% from 2024, as higher management fees and private banking and lending income were largely offset by weaker investment revenues. In the fourth quarter, Asset & Wealth Management revenues were $4.72 billion, essentially flat year over year but 7% higher than the third quarter, reflecting higher fee income amid increased assets under supervision.
The Global Banking & Markets division was the primary growth driver in 2025, generating $41.45 billion in net revenues, an 18% increase from the prior year. Investment banking fees rose 21% to $9.34 billion, supported by significantly higher advisory revenues due to increased completed M&A activity, as well as stronger debt and equity underwriting. Equities revenues climbed 23% to $16.54 billion, driven by higher financing and derivatives activity, while FICC revenues increased 9% to $14.52 billion, reflecting strength in interest rate products and financing.
In the fourth quarter, Global Banking & Markets net revenues rose 22% year over year to $10.41 billion. Investment banking fees increased 25% to $2.58 billion, again led by advisory activity. Equities revenues rose 25% to $4.31 billion, supported by strong prime and portfolio financing, while FICC revenues increased 12% to $3.11 billion, driven mainly by interest rate and commodities trading.
Asset & Wealth Management delivered $16.68 billion in net revenues for the full year, up 2% from 2024, as higher management fees and private banking and lending income were largely offset by weaker investment revenues. In the fourth quarter, Asset & Wealth Management revenues were $4.72 billion, essentially flat year over year but 7% higher than the third quarter, reflecting higher fee income amid increased assets under supervision.