Q2 25 EPS
$10.91
BEAT +12.71%
Est. $9.68
Q2 25 Revenue
$14.58B
BEAT +7.71%
Est. $13.54B
vs S&P Since Q2 25
+19.8%
BEATING MARKET
GS +35.2% vs S&P +15.4%
Market Reaction
Did GS Beat Earnings? Q2 2025 Results
Goldman Sachs delivered a standout second quarter, with earnings per share of $10.91 beating the $9.68 consensus estimate by 12.71% and net revenues of $14.58 billion topping expectations by 7.71%, as investors closely watched the firm alongside othe… Read more Goldman Sachs delivered a standout second quarter, with earnings per share of $10.91 beating the $9.68 consensus estimate by 12.71% and net revenues of $14.58 billion topping expectations by 7.71%, as investors closely watched the firm alongside other major bank results. The headline revenue figure reflected a 53.2% year-over-year decline on a reported basis, though the firm's filing points to a very different underlying story: Global Banking & Markets generated $10.12 billion in segment net revenues, up 24% from a year ago, anchored by record Equities net revenues of $4.30 billion and a 71% surge in advisory fees to $1.17 billion. Assets under supervision climbed to a record $3.29 trillion, marking the 30th consecutive quarter of long-term fee-based net inflows. The board underscored its confidence by lifting the quarterly dividend 33% to $4.00 per share, while CEO David Solomon noted the investment banking backlog grew both sequentially and versus year-end 2024, even as he cautioned that policy-driven market conditions rarely move in a straight line.
Key Takeaways
- • Record Equities net revenues driven by significantly higher intermediation and financing activity
- • Strong Advisory net revenues reflecting strength in the Americas and EMEA
- • Record financing net revenues in both Equities and FICC
- • Record assets under supervision of $3.29 trillion with 30th consecutive quarter of long-term fee-based net inflows
- • Net interest income rose 56% YoY reflecting decrease in funding costs
- • Higher investment banking fees backlog compared with both Q1 2025 and year-end 2024
- • #1 in announced and completed M&A
GS YoY Financials
Q2 2025 vs Q2 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 for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people. At this time, the economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management. Given the strategic decisions and investments we've made, we continue to believe that the firm is well positioned to perform for our shareholders.”
— David Solomon, Q2 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% |