Goldman Sachs Group (GS) Q4 FY2025 earnings: revenue $13.5 billion, down 3.0% on the year

Goldman Sachs Group Inc. (GS) reported revenue of $13.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.0% on the same quarter a year earlier. Net income was $4.6 billion, up 12.3% on the year, and diluted earnings per share $14.01. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$13.5 billion

-3.0% on the year · -11.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$4.6 billion

+12.3% on the year · +12.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$14.01

+17.3% on the year · +14.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Full-year revenue, earnings and EPS rose: Net revenues were $58.28 billion for 2025, 9% higher. Net earnings were $17.18 billion. Diluted EPS was $51.32, against $40.54 in 2024.
Fourth-quarter revenue fell sequentially: Fourth-quarter net revenues were $13.45 billion, down 3% from a year earlier and 11% from the third quarter, with net earnings of $4.62 billion.
Global Banking & Markets revenue rose 18%: Segment net revenues were $41.45 billion for 2025 and $10.41 billion in the fourth quarter, 22% higher than a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	13,454	15,184	13,869	-11.4%	-3.0%
Interest expense	16,671	16,970	17,609	-1.8%	-5.3%
Pre-tax income	5,855	5,392	5,257	+8.6%	+11.4%
Income tax	1,238	1,294	1,146	-4.3%	+8.0%
Effective tax rate	21.1%	24.0%	21.8%
Net income	4,617	4,098	4,111	+12.7%	+12.3%
Net margin	34.3%	27.0%	29.6%
Diluted EPS	$14.01	$12.25	$11.94	+14.4%	+17.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-16,276	2,680	46,766
Capital expenditure	531	558	586	-4.8%	-9.4%
Free cash flow	-16,807	2,122	46,180
Free cash flow margin	-124.9%	14.0%	333.0%
Cash from investing	-5,033	-5,113	-7,115
Cash from financing	16,755	19,781	-7,817	-15.3%
Depreciation and amortisation	527	531	498	-0.8%	+5.8%
Share-based compensation	258	237	104	+8.9%	+148.1%
Buybacks	3,000	2,000	2,000	+50.0%	+50.0%
Dividends paid	1,463	1,476	1,153	-0.9%	+26.9%
Dividend per share	$4.00	$4.00	n/a	0.0%
Diluted shares, weighted	318m	315m	334m	+0.8%	-4.8%
Shares outstanding at period end	296m	300m	311m	-1.2%	-4.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	124,972	124,402	121,996	+0.5%	+2.4%
Deposits	501,422	490,249	433,013	+2.3%	+15.8%
Trading liabilities	262,552	261,830	202,555	+0.3%	+29.6%
Debt	355,959	349,299	312,343	+1.9%	+14.0%
Other liabilities	564,415	582,202	606,065	-3.1%	-6.9%
Total liabilities and equity	1,809,320	1,807,982	1,675,972	+0.1%	+8.0%
Fixed assets	7,474	7,744	8,024	-3.5%	-6.9%
Goodwill	5,949	5,950	5,853	-0.0%	+1.6%
Intangible assets	842	864	847	-2.5%	-0.6%
Securities held for sale or to maturity	168,437	177,594	158,171	-5.2%	+6.5%
Resale agreements	126,007	129,786	180,062	-2.9%	-30.0%
Securities borrowed	208,208	217,708	194,645	-4.4%	+7.0%
Trading assets	656,796	652,585	570,555	+0.6%	+15.1%
Cash and equivalents	164,259	169,577	182,092	-3.1%	-9.8%
Other assets	471,348	446,174	375,723	+5.6%	+25.5%
Total assets	1,809,320	1,807,982	1,675,972	+0.1%	+8.0%

Questions

What was Goldman Sachs Group's revenue in Q4 FY2025?

Goldman Sachs Group (GS) reported revenue of $13.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.0% on the same quarter a year earlier.

How much did Goldman Sachs Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $4.6 billion, up 12.3% on the year, and diluted earnings per share $14.01.

When did Goldman Sachs Group report Q4 FY2025 results?

Goldman Sachs Group filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12,639	12,933	11,864	11,975	10,593	12,224	10,895	11,817	11,318	14,213	12,731	12,699	13,869	15,062	14,583	15,184	13,454	17,227	20,338	18,679
Interest expense	1,215	1,385	3,117	6,507	10,337	13,157	15,152	16,710	17,145	18,181	18,450	19,101	17,609	16,488	16,685	16,970	16,671	n/a	n/a	n/a
Pre-tax income	5,025	4,656	3,544	3,756	1,530	3,993	1,736	2,756	2,254	5,237	3,916	3,987	5,257	5,647	4,958	5,392	5,855	6,486	8,563	7,003
Tax rate	22%	15%	17%	18%	13%	19%	30%	25%	11%	21%	22%	25%	22%	16%	25%	24%	21%	13%	23%	24%
Net income	3,935	3,939	2,927	3,069	1,326	3,234	1,216	2,058	2,008	4,132	3,043	2,990	4,111	4,738	3,723	4,098	4,617	5,630	6,628	5,294
Net margin	31%	30%	25%	26%	13%	26%	11%	17%	18%	29%	24%	24%	30%	31%	26%	27%	34%	33%	33%	28%
Diluted EPS	$10.90	$10.76	$7.73	$8.25	$3.32	$8.79	$3.08	$5.47	$5.53	$11.58	$8.62	$8.40	$11.94	$14.12	$10.91	$12.25	$14.01	$17.55	$20.98	$17.01
Operating cash flow	24,897	-22,952	38,474	8,183	-14,997	9,404	31,901	-25,534	-28,358	-28,038	6,120	-38,060	46,766	-37,230	5,672	2,680	-16,276	-31,868	6,105	4,181
Capital expenditure	1,119	953	1,051	990	754	597	666	507	546	497	542	466	586	499	476	558	531	565	502	525
Free cash flow	23,778	-23,905	37,423	7,193	-15,751	8,807	31,235	-26,041	-28,904	-28,535	5,578	-38,526	46,180	-37,729	5,196	2,122	-16,807	-32,433	5,603	3,656
Buybacks	500	500	500	1,000	1,500	2,546	750	1,500	1,000	1,500	3,500	1,000	2,000	4,360	3,000	2,000	3,000	5,000	4,000	3,000
Dividends paid	822	815	857	997	1,013	1,013	1,012	1,099	1,065	1,123	1,052	1,169	1,153	1,115	1,223	1,476	1,463	1,588	1,603	1,653
Shares outstanding	334m	343m	342m	339m	335m	333m	331m	327m	323m	324m	316m	314m	311m	308m	303m	300m	296m	295m	291m	289m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.