Q4 2025 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported strong financial performance in the fourth quarter of 2025, with earnings per share of $14.01 and an ROE of 16%.
- The company achieved a 27% increase in full-year earnings per share compared to the previous year, demonstrating significant growth.
- The Goldman Sachs Group Inc (GS) maintained its position as the #1 M&A advisor for 23 consecutive years, reflecting strong client relationships and execution capabilities.
- The firm has significantly increased its durable financing revenues, which grew to a record $11.4 billion for the year, contributing to returns in excess of 16% in the segment.
- The Goldman Sachs Group Inc (GS) has a robust asset and wealth management business with $3.6 trillion in assets under supervision, and it continues to see significant growth opportunities in wealth management and alternatives.
- The transition of the Apple card portfolio had a net positive impact on EPS, but it also resulted in a $2.3 billion revenue reduction.
- The efficiency ratio was negatively impacted by the accounting for the Apple card transition, affecting the year-over-year comparison.
- There is a potential for NIM compression in the private banking and lending segment due to expectations of a rate cycle change.
- The firm faces challenges in scaling its wealth management business beyond the ultra-high-net-worth segment, with a focus on third-party wealth channels.
- The regulatory environment and potential geopolitical developments remain factors that could impact the operating environment and financial performance.
Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs 4th 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, January 15, 2026. I will now turn the call over to Chairman and Chief Executive Officer David Solomon and Chief Financial Officer Dennis Coleman.
Thank you, Mr. Solomon. You may be getting your conference.
Thank you, operator. Good morning, everyone.
Thank you all for joining us. I'm very pleased with our strong performance in the 4th quarter where we
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