The Goldman Sachs Group, Inc. (GS) Q3 2025 Financial Results Summary
Release Date: October 14, 2025
The Goldman Sachs Group, Inc. (NYSE: GS) reported its third quarter earnings for 2025, showcasing significant growth across various financial metrics compared to previous periods. Below is a summary of the key performance indicators.
Financial Highlights
- Net Revenues:
- Q3 2025: $15.18 billion
- Up 20% from Q3 2024
- Up 4% from Q2 2025
-
Year-to-Date (YTD Q3 2025): $44.83 billion
-
Net Earnings:
- Q3 2025: $4.10 billion
- Up 37% from Q3 2024
- Up 10% from Q2 2025
-
YTD Q3 2025: $12.56 billion
-
Earnings Per Share (EPS):
- Q3 2025: $12.25
- Up 46% from Q3 2024
- Up 12% from Q2 2025
-
YTD Q3 2025: $37.33
- Up 30% from YTD Q3 2024
-
Annualized Return on Equity (ROE):
- Q3 2025: 14.2%
-
YTD Q3 2025: 14.6%
-
Book Value Per Share:
- Q3 2025: $353.79
- Increased by 1.2% from Q2 2025
- Increased by 5.1% from Q3 2024
Revenue Breakdown by Segment
- Global Banking & Markets:
-
Q3 2025: $10.12 billion
- Up 18% from Q3 2024
- Essentially unchanged from Q2 2025
-
Investment Banking Fees:
-
Q3 2025: $2.66 billion
- Up 42% from Q3 2024
-
Equities:
-
Q3 2025: $3.74 billion
- Up 7% from Q3 2024
-
Fixed Income, Currency and Commodities (FICC):
-
Q3 2025: $3.47 billion
- Up 17% from Q3 2024
-
Asset & Wealth Management:
-
Q3 2025: $4.40 billion
- Up 17% from Q3 2024
- Up 16% from Q2 2025
-
Platform Solutions:
- Q3 2025: $670 million
- Up 71% from Q3 2024
- Decreased by 2% from Q2 2025
Key Expenses and Provisions
- Operating Expenses:
-
Q3 2025: $9.45 billion
- Up 14% from Q3 2024
- Up 2% from Q2 2025
-
Provision for Credit Losses:
-
Q3 2025: $339 million
- Decreased by 15% from Q3 2024
-
Effective Tax Rate:
- YTD Q3 2025: 21.5%, up from 20.2% for the first half of 2025
Shareholder Returns
- The Board of Directors declared a quarterly dividend of $4.00 per common share to be paid on December 30, 2025, to shareholders of record on December 2, 2025.
- During Q3 2025, the firm returned $3.25 billion to common shareholders:
- Common share repurchases: $2.00 billion (2.8 million shares at an average cost of $718.60)
- Cash dividends: $1.25 billion
Additional Metrics
- Global Core Liquid Assets: Averaged $481 billion in Q3 2025, compared to $462 billion in Q2 2025.
- Headcount: Increased by 5% from Q2 2025.
This quarter’s results indicate strong performance across various segments and a continued return of capital to shareholders through dividends and share repurchases, reflecting Goldman Sachs’ robust operational management and strategic initiatives.
Condensed Consolidated Statements of Earnings (unaudited) 2 In millions, except per share amounts
| THREE MONTHS ENDED | % CHANGE FROM | ||||
|---|---|---|---|---|---|
| SEPTEMBER 30, 2025 | JUNE 30, 2025 | SEPTEMBER 30, 2024 | JUNE 30, 2025 | SEPTEMBER 30, 2024 | |
| REVENUES | |||||
| Investment banking | $2,659 | $2,194 | $1,864 | 21% | 43% |
| Investment management | $2,952 | $2,837 | $2,649 | 4 | 11 |
| Commissions and fees | $1,110 | $1,201 | $873 | -8 | 27 |
| Market making | $3,868 | $4,733 | $4,127 | -18 | -6 |
| Other principal transactions | $743 | $514 | $839 | 45 | -11 |
| Total non-interest revenues | $11,332 | $11,479 | $10,352 | -1 | 9 |
| Interest income | $20,822 | $19,789 | $21,448 | 5 | -3 |
| Interest expense | $16,970 | $16,685 | $19,101 | 2 | -11 |
| Net interest income | $3,852 | $3,104 | $2,347 | 24 | 64 |
| Total net revenues | $15,184 | $14,583 | $12,699 | 4 | 20 |
| Provision for credit losses | $339 | $384 | $397 | -12 | -15 |
| OPERATING EXPENSES | |||||
| Compensation and benefits | $4,680 | $4,685 | $4,122 | – | 14 |
| Transaction based | $1,968 | $1,955 | $1,701 | 1 | 16 |
| Market development | $171 | $167 | $159 | 2 | 8 |
| Communications and technology | $545 | $530 | $498 | 3 | 9 |
| Depreciation and amortization | $531 | $618 | $621 | -14 | -14 |
| Occupancy | $242 | $234 | $242 | 3 | – |
| Professional fees | $432 | $440 | $400 | -2 | 8 |
| Other expenses | $884 | $612 | $572 | 44 | 55 |
| Total operating expenses | $9,453 | $9,241 | $8,315 | 2 | 14 |
| Pre-tax earnings | $5,392 | $4,958 | $3,987 | 9 | 35 |
| Provision for taxes | $1,294 | $1,235 | $997 | 5 | 30 |
| Net earnings | $4,098 | $3,723 | $2,990 | 10 | 37 |
| Preferred stock dividends | $238 | $250 | $210 | -5 | 13 |
| Net earnings applicable to common | $3,860 | $3,473 | $2,780 | 11 | 39 |
| shareholders | |||||
| EARNINGS PER COMMON SHARE | |||||
| Basic | $12.42 | $11.03 | $8.52 | 13% | 46% |
| Diluted | $12.25 | $10.91 | $8.40 | 12 | 46 |
| AVERAGE COMMON SHARES | |||||
| Basic | 309.6 | 313.7 | 324.8 | -1 | -5 |
| Diluted | 315.0 | 318.3 | 330.8 | -1 | -5 |
| SELECTED DATA AT PERIOD-END | |||||
| Common shareholders’ equity | $109,249 | $108,943 | $107,947 | – | 1 |
| Basic shares | 308.8 | 311.5 | 324.2 | -1 | -5 |
| Book value per common share | $353.79 | $349.74 | $332.96 | 1 | 6 |
| Headcount | 48,300 | 45,900 | 46,400 | 5 | 4 |
Condensed Consolidated Balance Sheets (unaudited) 2 $ in billions
| AS OF | ||
|---|---|---|
| SEPTEMBER 30, 2025 | JUNE 30, 2025 | |
| ASSETS | ||
| Cash and cash equivalents | $169 | $153 |
| Collateralized agreements | $347 | $367 |
| Customer and other receivables | $177 | $182 |
| Trading assets | $653 | $628 |
| Investments | $204 | $202 |
| Loans | $222 | $217 |
| Other assets | $36 | $36 |
| Total assets | $1,808 | $1,785 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Deposits | $490 | $466 |
| Collateralized financings | $300 | $311 |
| Customer and other payables | $257 | $259 |
| Trading liabilities | $262 | $253 |
| Unsecured short-term borrowings | $73 | $69 |
| Unsecured long-term borrowings | $277 | $280 |
| Other liabilities | $25 | $23 |
| Total liabilities | $1,684 | $1,661 |
| Shareholders’ equity | $124 | $124 |
| Total liabilities and shareholders’ equity | $1,808 | $1,785 |
