Q1 25 EPS
$14.12
BEAT +15.07%
Est. $12.27
Q1 25 Revenue
$15.06B
BEAT +2.38%
Est. $14.71B
vs S&P Since Q1 25
+53.4%
BEATING MARKET
GS +87.1% vs S&P +33.7%
Market Reaction
Did GS Beat Earnings? Q1 2025 Results
Goldman Sachs opened 2025 with a standout quarter, posting earnings per share of $14.12 against a consensus estimate of $12.27, a beat of 15.07%, while revenue of $15.06 billion cleared expectations by 2.38%, cementing what the firm described as its … Read more Goldman Sachs opened 2025 with a standout quarter, posting earnings per share of $14.12 against a consensus estimate of $12.27, a beat of 15.07%, while revenue of $15.06 billion cleared expectations by 2.38%, cementing what the firm described as its third-highest quarterly net revenues on record. The primary engine behind the outperformance was a record quarter in Equities within the Global Banking & Markets segment, where revenues surged 27% year over year on significantly higher derivatives activity and record financing revenues, helping to offset an 8% decline in investment banking fees as advisory activity pulled back from a strong prior-year period. A sharply lower effective tax rate of 16.1%, driven by roughly $525 million in share-based award settlement benefits worth $1.63 per diluted share, further amplified the bottom-line result. Goldman also announced a new $40 billion share repurchase authorization, which lifted shares approximately 6% on the day. Looking ahead, CEO David Solomon cautioned that tariff-driven volatility and trade policy uncertainty are reshaping the operating environment entering Q2, though an expanding advisory backlog offers some reassurance on deal flow recovery.
Key Takeaways
- • Record Equities net revenues driven by significantly higher derivatives and portfolio financing activity
- • Record financing net revenues in both Equities and FICC
- • Net interest income surged 111% YoY to $2.90 billion reflecting higher-yielding assets and lower funding costs
- • Management and other fees grew 10% YoY on higher average assets under supervision
- • Effective tax rate of 16.1% boosted EPS by $1.63 from employee share-based award tax benefits
- • Record assets under supervision of $3.17 trillion with 29th consecutive quarter of long-term fee-based net inflows
- • Significantly lower CIE expenses including impairments and absence of FDIC special assessment fee
GS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight. While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”
— David Solomon, Q1 2025 Earnings Press Release
GS Earnings Trends
GS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GS EPS Trend
Earnings per share: estimate vs actual
GS Revenue Trend
Quarterly revenue: estimate vs actual
GS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $11.76 | $14.01 | +19.13% | $13.45B | — |
| FY Full Year | $48.84 | $51.32 | +5.09% | $58.28B | -0.29% |
| Q1 26 | — | — | — | — | — |
| Q3 25 BEAT | $11.09 | $12.25 | +10.49% | $15.18B | +6.55% |
| Q2 25 BEAT | $9.68 | $10.91 | +12.71% | $14.58B | +7.71% |
| Q1 25 BEAT | $12.27 | $14.12 | +15.07% | $15.06B | +2.38% |