Goldman Sachs reported Q4 2025 net revenues of $13.45 billion and diluted earnings per share (EPS) of $14.01. For the full year 2025, net revenues reached $58.28 billion, an increase of 9% year-over-year, while EPS surged 27% to $51.32. The robust performance was driven by record revenues in the Global Banking & Markets division, which generated $41.45 billion for the year, alongside strong momentum in Asset & Wealth Management. The Q4 revenue miss was primarily due to a $2.3 billion markdown related to the Apple Card portfolio transfer, though this was offset by a $2.5 billion reserve release.
Note: Goldman Sachs's FY'25 ended on December 31, 2025.
The firm has accelerated its strategic pivot away from consumer banking by transitioning its Apple Card portfolio to held-for-sale. This move, which significantly impacted Platform Solutions' top-line revenue in the fourth quarter, underscores management's commitment to shedding capital-intensive consumer operations to refocus resources on its highly profitable, core institutional franchises in investment banking and wealth management.
Below are key drivers of Goldman Sachs's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Goldman Sachs at the top of the page.
Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals.
The Global Banking & Markets division is the most critical driver of Goldman Sachs's valuation, generating the vast majority of its net revenues and anchoring its global reputation.
Goldman Sachs has maintained its position as the top M&A advisor globally for over two decades. In 2025, the firm advised on over $1.6 trillion in announced M&A volumes, leveraging its unparalleled corporate relationships to secure high-margin advisory fees and dictate market trends.
The firm is aggressively expanding its durable, fee-based revenue streams. With total assets under supervision reaching a record $3.6 trillion in 2025 and management raising its medium-term pre-tax margin target for the segment to 30%, this division provides a stable, high-margin counterbalance to the cyclicality of trading.
Goldman Sachs continues to capture immense market share in global equities intermediation and financing. By generating over $16.5 billion in equities revenue in 2025, the firm solidifies its role as an indispensable liquidity provider and prime broker for institutional investors worldwide.
Following challenges in its Platform Solutions segment, Goldman Sachs is actively winding down its consumer lending operations, most notably by offboarding the Apple Card portfolio. This strategic retreat allows management to optimize its balance sheet and redeploy capital into higher-return, legacy strengths like Asset & Wealth Management and Global Markets.
Easing macroeconomic pressures and a stabilizing rate environment have unlocked a massive backlog of corporate deal-making and debt issuance. Goldman is uniquely positioned to capitalize on the resurgence of private equity exits and mega-cap corporate consolidation, which directly fuels its advisory and underwriting pipelines.
The firm continues to lean heavily into private credit and alternative assets. Reporting $115 billion in third-party fundraising for alternatives in 2025, Goldman Sachs is tapping into massive institutional demand for high-yield, non-public assets, driving long-term, predictable management fee growth.
