Q2 2025 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported strong financial performance in Q2 2025 with net revenues of $14.6 billion and earnings per share of $10.91.
- The company's Investment Banking division saw a 30% year-over-year increase in announced M&A volumes, indicating a resilient dealmaking environment.
- Asset and Wealth Management achieved record client assets of $1.7 trillion, with continued momentum in alternatives and long-term fee-based net inflows.
- The firm set a new record for total assets under supervision at $3.3 trillion, marking the 30th consecutive quarter of long-term fee-based net inflows.
- The Board approved a 33% increase in the quarterly dividend, reflecting confidence in the firm's financial durability and commitment to returning capital to shareholders.
- Despite strong performance, there is ongoing uncertainty in industries sensitive to trade policy, which could impact future results.
- The company faces challenges in the harvesting environment for private equity-type portfolio assets, which may affect future returns.
- Geopolitical concerns, particularly in the Middle East, and unresolved trade agreements pose risks to the global economic outlook.
- The firm is navigating a complex regulatory environment, with ongoing discussions around capital requirements and stress testing transparency.
- There is a need for more transparency in the capital process, which currently lacks clarity and affects strategic planning.
Good morning. My name is Katie, and I'll be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs second-quarter 2025 earnings conference call.
On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group Inc. and may not be duplicated, reproduced, or rebroadcast without consent.
This call is being recorded today, July 16, 2025. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon, and Chief Financial Officer, Denis Coleman. Thank you. Mr. Solomon, you may begin your conference.
Thank you, operator, and good morning, everyone. Thank you all for joining us.
We delivered a strong performance in the second quarter,
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