Goldman Sachs (GS) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Financials· Jan 15, 2026

Source: earnings call transcript

Goldman Sachs delivered strong Q4 and full-year FY25 results, driven by robust performance in Global Banking & Markets and strategic advancements in Asset & Wealth Management. The firm continues to execute on its strategy to grow durable revenues, improve its risk profile, and enhance shareholder returns through increased dividends and significant buyback capacity. Management is focused on efficiency initiatives via One Goldman Sachs 3.0 and sees a constructive outlook for capital markets activity in 2026, while navigating the transition of the Apple Card portfolio.

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GS operating KPIs by quarter

GS operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Return on tangible common equity (ROTCE)	—	18% In the first quarter, we generated net revenues of $15.1 billion, earnings per share of $14.12, an ROE of 16.9% and an ROTE of 18%. Source: earnings call transcript	—	15.2% In the third quarter, we generated net revenues of $15.2 billion, earnings per share of $12.25, an ROE of 14.2% and an RoTE of 15.2%. Source: earnings call transcript	17.1% I'm very pleased with our strong performance in the fourth quarter, where we generated earnings per share of $14.01, an ROE of 16% and an ROTE of 17.1%. Source: earnings call transcript	21.3% As a result, we delivered a return on equity of 19.8% and an ROTE of 21.3%. Source: earnings call transcript	25.5% In the quarter, we generated record revenues of $20.3 billion, record earnings per share of $20.98 and an ROE of 23.5% and an ROTE of 25.5%. Source: earnings call transcript	20.5% Earnings per share of $17.01, an ROE of 18.7% and an ROTE of 20.5%. Source: earnings call transcript	-5 pt
Long-term net inflows	$22B Total assets under supervision ended the quarter at a record $3.1 trillion, driven by $70 billion of liquidity products net inflows and $22 billion of long-term fee-based net inflows across asset classes. Source: earnings call transcript	$29B We had $29 billion of long-term net inflows across asset classes, representing our 29th consecutive quarter of long-term fee-based net inflows. Source: earnings call transcript	—	$56B Total assets under supervision ended the quarter at a record $3.5 trillion, up sequentially on $80 billion of net market appreciation as well as $56 billion of long-term net inflows across asset classes, representing our 31st consecutive quarter of long-term fee-based net inflows. Source: earnings call transcript	$66B Total assets under supervision ended the quarter at a record $3.6 trillion, driven by $66 billion of long-term fee-based net inflows across asset classes and $50 billion of liquidity inflows. Source: earnings call transcript	$62B We generated $62 billion long-term fee-based inflows, including $22 billion in wealth management flows. Source: earnings call transcript	$91B Total assets under supervision ended the quarter at a record $4 trillion, supported by $91 billion of long-term net inflows across asset classes, particularly in equity assets. Source: earnings call transcript	$97B Our assets under supervision reached another record of $4.1 trillion, supported by $97 billion of long-term net inflows, representing our 35th consecutive quarter of inflows. Source: earnings call transcript	+6.6%
Common equity tier 1 ratio (CET1) Standardized approach	15% Our common equity Tier 1 ratio was 15% at the end of the fourth quarter under the standardized approach, 130 basis points above our current capital requirement of 13.7%. Source: earnings call transcript	14.8% Our common equity Tier 1 ration was 14.8% at the end of the first quarter under the standardized approach, 110 basis points above our current capital requirement of 13.7%. Source: earnings call transcript	14.5% Our common equity Tier 1 ratio was 14.5% at the end of the second quarter under the standardized approach. Source: earnings call transcript	14.4% Our common equity Tier 1 ratio was 14.4% at the end of the third quarter under the standardized approach. Source: earnings call transcript	14.4% Our common equity Tier 1 ratio was 14.4% at the end of the fourth quarter under the standardized approach. Source: earnings call transcript	12.5% Our common equity Tier 1 ratio was 12.5% at the end of the first quarter under the standardized approach, 110 basis points above our current capital requirement of 11.4%. Source: earnings call transcript	12.9% Common equity Tier 1 ratio was 12.9% at the end of the second quarter under the standardized approach, 150 basis points above our current capital requirement of 11.4%. Source: earnings call transcript	12.4% Our common equity Tier 1 ratio was 12.4% at the end of the third quarter under the standardized approach, 100 basis points above our current capital requirement of 11.4%. Source: earnings call transcript	-0.5 pt
Efficiency ratio	—	60.6% Total quarterly operating expenses were $9.1 billion, resulting in an efficiency ratio of 60.6%. Source: earnings call transcript	—	—	—	60.5% Total quarterly operating expenses were $10.4 billion, resulting in an efficiency ratio of 60.5%. Source: earnings call transcript	—	—	—
Long-term net inflows Wealth Management	—	—	—	—	—	$22B We generated $62 billion long-term fee-based inflows, including $22 billion in wealth management flows. Source: earnings call transcript	$19B We delivered our 34th consecutive quarter of long-term net inflows, including $19 billion in Wealth Management. Source: earnings call transcript	$47B In Wealth Management, $47 billion of long-term net inflows contributed to record client assets of $2.1 trillion. Source: earnings call transcript	+147.4%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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