# Goldman Sachs Group, Inc. (NYSE: GS) Second Quarter Earnings Report 2025
**Release Date: July 16, 2025**
The Goldman Sachs Group, Inc. has reported its financial results for the second quarter ended June 30, 2025. The firm reported robust earnings and an increase in its quarterly dividend, reflecting positive growth in its performance metrics.
### Financial Summary
– **Net Revenues**:
– 2Q25: $14.58 billion
– **15% higher** vs. 2Q24
– **3% lower** vs. 1Q25
– YTD 2025: $29.65 billion
– **Net Earnings**:
– 2Q25: $3.72 billion
– YTD 2025: $8.46 billion
– **Earnings Per Share (EPS)**:
– 2Q25: $10.91
– **27% higher** vs. 2Q24 ($8.62)
– **23% lower** vs. 1Q25 ($14.12)
– YTD 2025: $25.07
– **24% higher** vs. YTD 2024 ($20.21)
– **Return on Equity (ROE)**:
– 2Q25: **12.8%**
– YTD 2025: **14.8%**
– **Book Value Per Share**:
– 2Q25: $349.74
– **1.6% higher** from 1Q25
– **3.9% higher** YTD 2025
### Business Segment Performance
#### Global Banking & Markets
– **Net Revenues**: $10.12 billion
– **24% higher** vs. 2Q24
– **5% lower** vs. 1Q25
– **Investment Banking Fees**: $2.19 billion
– **26% higher** vs. 2Q24
– **Net Revenues**:
– **Fixed Income, Currency and Commodities (FICC)**: $3.47 billion
– **9% higher** vs. 2Q24
– **Equities**: $4.30 billion
– **36% higher** vs. 2Q24
#### Asset & Wealth Management
– **Net Revenues**: $3.78 billion
– **3% lower** vs. 2Q24
– **3% higher** vs. 1Q25
– **Significant Factors**:
– Lower revenues in Equity and Debt investments
– Increased Management and other fees due to higher average assets
#### Platform Solutions
– **Net Revenues**: $685 million
– **2% higher** vs. 2Q24
– Essentially unchanged vs. 1Q25
### Expenses
– **Provision for Credit Losses**: $384 million
– **36% higher** compared to 2Q24 ($282 million)
– **Operating Expenses**: $9.24 billion
– **8% higher** vs. 2Q24
– Essentially unchanged compared to 1Q25
### Key Metrics
– **Declared Quarterly Dividend**: Increased to $4.00 per common share from $3.00, payable on September 29, 2025, to shareholders of record on August 29, 2025.
– **Share Repurchase**:
– $3.00 billion used for repurchasing 5.3 million shares at an average cost of $564.57.
### Additional Notes
– **Capital Return**: The firm returned $3.96 billion to common shareholders during the quarter.
– **Effective Income Tax Rate**:
– YTD 2025: **20.2%**, up from **16.1%** in 1Q25 due to reduced tax benefits related to employee share-based awards.
### Balance Sheet
– **Total Assets**: $1,785 billion as of June 30, 2025.
– **Common Equity Tier 1 Capital Ratio**:
– 14.5% under standardized capital rules.
### Conclusion
The Goldman Sachs Group, Inc. shows strong performance metrics for the second quarter of 2025. With an impressive revenue growth, increasing dividend, and strategic share repurchase, the firm demonstrates its financial strength and effective management in the current market environment. The increase in operating expenses and provision for credit losses indicates the firm’s strategy to navigate growth while managing risks effectively.
| THREE MONTHS ENDED | MARCH 31, 2025 | JUNE 30, 2024 | MARCH 31, 2025 | JUNE 30, 2024 | |
|---|---|---|---|---|---|
| REVENUES | |||||
| Investment banking | $ 2,194 | $ 1,916 | $ 1,733 | 15% | 27% |
| Investment management | $ 2,837 | $ 2,759 | $ 2,533 | 3% | 12% |
| Commissions and fees | $ 1,201 | $ 1,226 | $ 1,051 | -2% | 14% |
| Market making | $ 4,733 | $ 5,723 | $ 4,336 | -17% | 9% |
| Other principal transactions | $ 514 | $ 543 | $ 1,088 | -5% | -53% |
| Total non-interest revenues | $ 11,479 | $ 12,167 | $ 10,741 | -6% | 7% |
| Interest income | $ 19,789 | $ 19,383 | $ 20,440 | 2% | -3% |
| Interest expense | $ 16,685 | $ 16,488 | $ 18,450 | 1% | -10% |
| Net interest income | $ 3,104 | $ 2,895 | $ 1,990 | 7% | 56% |
| Total net revenues | $ 14,583 | $ 15,062 | $ 12,731 | -3% | 15% |
| Provision for credit losses | $ 384 | $ 287 | $ 282 | 34% | 36% |
| OPERATING EXPENSES | |||||
| Compensation and benefits | $ 4,685 | $ 4,876 | $ 4,240 | -4% | 10% |
| Transaction based | $ 1,955 | $ 1,850 | $ 1,654 | 6% | 18% |
| Market development | $ 167 | $ 156 | $ 153 | 7% | 9% |
| Communications and technology | $ 530 | $ 506 | $ 500 | 5% | 6% |
| Depreciation and amortization | $ 618 | $ 506 | $ 646 | 22% | -4% |
| Occupancy | $ 234 | $ 233 | $ 244 | – | -4% |
| Professional fees | $ 440 | $ 424 | $ 393 | 4% | 12% |
| Other expenses | $ 612 | $ 577 | $ 703 | 6% | -13% |
| Total operating expenses | $ 9,241 | $ 9,128 | $ 8,533 | 1% | 8% |
| Pre-tax earnings | $ 4,958 | $ 5,647 | $ 3,916 | -12% | 27% |
| Provision for taxes | $ 1,235 | $ 909 | $ 873 | 36% | 41% |
| Net earnings | $ 3,723 | $ 4,738 | $ 3,043 | -21% | 22% |
| Preferred stock dividends | $ 250 | $ 155 | $ 152 | 61% | 64% |
| Net earnings applicable to common | $ 3,473 | $ 4,583 | $ 2,891 | -24% | 20% |
| shareholders | |||||
| EARNINGS PER COMMON SHARE | |||||
| Basic | $ 11.03 | $ 14.25 | $ 8.73 | -23% | 26% |
| Diluted | $ 10.91 | $ 14.12 | $ 8.62 | -23% | 27% |
| AVERAGE COMMON SHARES | |||||
| Basic | 313.7 | 320.8 | 329.8 | -2% | -5% |
| Diluted | 318.3 | 324.5 | 335.5 | -2% | -5% |
| SELECTED DATA AT PERIOD-END | |||||
| Common shareholders’ equity | $ 108,943 | $ 109,147 | $ 106,710 | – | 2% |
| Basic shares | 311.5 | 317.1 | 326.2 | -2% | -5% |
| Book value per common share | $ 349.74 | $ 344.20 | $ 327.13 | 2% | 7% |
| Headcount | 45,900 | 46,600 | 44,300 | -2% | 4% |
| AS OF | MARCH 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $ 153 | $ 167 |
| Collateralized agreements | $ 367 | $ 398 |
| Customer and other receivables | $ 182 | $ 165 |
| Trading assets | $ 628 | $ 596 |
| Investments | $ 202 | $ 196 |
| Loans | $ 217 | $ 210 |
| Other assets | $ 36 | $ 34 |
| Total assets | $ 1,785 | $ 1,766 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Deposits | $ 466 | $ 471 |
| Collateralized financings | $ 311 | $ 330 |
| Customer and other payables | $ 259 | $ 254 |
| Trading liabilities | $ 253 | $ 233 |
| Unsecured short-term borrowings | $ 69 | $ 71 |
| Unsecured long-term borrowings | $ 280 | $ 263 |
| Other liabilities | $ 23 | $ 20 |
| Total liabilities | $ 1,661 | $ 1,642 |
| Shareholders’ equity | $ 124 | $ 124 |
| Total liabilities and shareholders’ equity | $ 1,785 | $ 1,766 |
