Q3 25 EPS
$12.25
BEAT +10.49%
Est. $11.09
Q3 25 Revenue
$15.18B
BEAT +6.55%
Est. $14.25B
vs S&P Since Q3 25
+12.4%
BEATING MARKET
GS +21.2% vs S&P +8.8%
Market Reaction
Did GS Beat Earnings? Q3 2025 Results
Goldman Sachs closed out Q3 2025 with a standout quarter, posting earnings per share of $12.25 against a consensus estimate of $11.09, a beat of 10.49%, while revenue of $15.18 billion cleared expectations of $14.25 billion by 6.55%, cementing what t… Read more Goldman Sachs closed out Q3 2025 with a standout quarter, posting earnings per share of $12.25 against a consensus estimate of $11.09, a beat of 10.49%, while revenue of $15.18 billion cleared expectations of $14.25 billion by 6.55%, cementing what the firm called its third-highest quarterly net revenues on record. The headline revenue figure reflected a -51.8% year-over-year swing, largely distorted by prior-period comparisons, though on an underlying basis revenues rose 20% from a year ago. The clearest engine of outperformance was investment banking, where fees surged 42% year-over-year to $2.66 billion, fueled by a sharp pickup in completed M&A activity and leveraged finance volumes, with advisory revenues alone climbing 60%. Asset and Wealth Management added further ballast, with assets under supervision hitting a record $3.45 trillion on the back of $79.00 billion in quarterly net inflows. The firm also returned $3.25 billion to shareholders in the quarter, including $2.00 billion in buybacks, while book value per share reached $354, up 5.1% year-to-date.
Key Takeaways
- • Significant increase in completed M&A volumes driving Advisory revenues up 60% YoY
- • Record Equities financing driven by prime financing
- • Record Assets Under Supervision of $3.45 trillion with $79 billion of net inflows
- • Record management and other fees and record private banking and lending revenues
- • Net interest income increased 64% YoY from lower funding costs and higher interest-earning assets
- • Higher leveraged finance activity boosting debt underwriting
- • 31st consecutive quarter of long-term fee-based net inflows
GS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“This quarter's results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment. Across our business, clients continue to turn to us for their most complex and consequential matters. We know that conditions can change quickly and so we remain focused on strong risk management. Longer term, we are prioritizing the need to operate more efficiently to seamlessly deliver the firm to our clients helped by new AI technologies.”
— David Solomon, Q3 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% |