The earnings call reflects a strong financial performance with significant achievements in investment banking, financing, and asset management. However, challenges in the private equity harvesting environment and regulatory uncertainty persist.

Company Guidance -

Q3 2025

During the second quarter of 2025, The Goldman Sachs Group, Inc. achieved robust financial results, reflecting their strategic focus and market resilience. The firm generated net revenues of $14.6 billion, with earnings per share (EPS) of $10.91 and a return on equity (ROE) of 12.8%, reaching a 14.8% ROE for the first half of the year. Investment banking activities were particularly strong, with announced M&A volumes up 30% year-over-year and 15% higher than the five-year average. The firm priced 11 IPOs globally, including notable names like Circle and Chime, and saw a fifth consecutive quarter of advisory backlog growth. Their financing businesses hit revenue records, contributing to a 23% increase in total financing revenues year-over-year. In asset and wealth management, client assets reached a record $1.7 trillion, and assets under supervision rose to $3.3 trillion, marking 30 consecutive quarters of long-term fee-based net inflows. The board approved a 33% increase in the quarterly dividend to $4 per share, underscoring confidence in the firm's revenue durability and growth strategy.

Strong Financial Performance

Second quarter net revenues of $14.6 billion, earnings per share of $10.91, and a return on equity (ROE) of 12.8%.

Investment Banking Achievements

Announced M&A volumes are 30% higher year over year and 15% greater than the comparable five-year average. Notable deals include Energy Energy's $12 billion portfolio and Salesforce's $8 billion acquisition of Informatica.

Record Financing Business

Both fixed and equities financing hit revenue records, contributing to a 23% year-over-year increase in total financing revenues.

Asset and Wealth Management Success

Raised $18 billion in alternatives, with wealth management client assets reaching a record $1.7 trillion. Total assets under supervision rose to $3.3 trillion.

Dividend Increase

A 33% increase in the quarterly dividend to $4 a share, marking a 400% increase since 2018.

Goldman Sachs Group (GS) Earnings, Revenues Date & History

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GS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 14, 2025	2025 (Q3)	10.50 / -	8.4	―	―	―
Jul 16, 2025	2025 (Q2)	9.65 / 10.91	8.62	26.57% (+2.29)
Apr 14, 2025	2025 (Q1)	12.32 / 14.12	11.58	21.93% (+2.54)
Jan 15, 2025	2024 (Q4)	8.21 / 11.95	5.48	118.07% (+6.47)
Oct 15, 2024	2024 (Q3)	6.89 / 8.40	5.47	53.56% (+2.93)
Jul 15, 2024	2024 (Q2)	8.31 / 8.62	3.08	179.87% (+5.54)
Apr 15, 2024	2024 (Q1)	8.71 / 11.58	8.79	31.74% (+2.79)
Jan 16, 2024	2023 (Q4)	3.62 / 5.48	3.32	65.06% (+2.16)
Oct 17, 2023	2023 (Q3)	5.42 / 5.47	8.25	-33.70% (-2.78)
Jul 19, 2023	2023 (Q2)	3.15 / 3.08	7.73	-60.16% (-4.65)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 16, 2025	$702.51	$708.82	+0.90%
Apr 14, 2025	$491.99	$501.48	+1.93%
Jan 15, 2025	$565.89	$599.94	+6.02%
Oct 15, 2024	$515.04	$514.67	-0.07%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.