Open the filing on EDGARGoldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Goldman Sachs Reports Full Year and Fourth Quarter 2025 Earnings Results
Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Full Year and Fourth Quarter 2025 Earnings Results Goldman Sachs Reports Earnings Per Common Share of $51.32 for 2025 and Footnotes Increases the Quarterly Dividend to $4.50 Per Common Share in the First Quarter 2026 Net Revenues Operating Expenses Other Matters Asset & Wealth Management The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. and Subsidiaries
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Global Banking & Markets Fourth Quarter Earnings Per Common Share was $14.01 Segment Net Revenues (unaudited) Segment Net Revenues (unaudited) Consolidated Statements of Earnings (unaudited) Consolidated Statements of Earnings (unaudited) Condensed Consolidated Balance Sheets (unaudited) Assets Under Supervision (unaudited),5 Fourth QuarterNet revenues in Asset & Wealth Management were $4.72 billion for the fourth quarter of 2025, essentially unchanged compared with the fourth quarter of 2024 and 7% higher than the third quarter of 2025. Compared with the fourth quarter of 2024, significantly lower net revenues in Investments were largely offset by higher Management and other fees. The decrease in Investments net revenues primarily reflected net losses from investments in public equities compared with net gains in the prior year period and significantly lower net gains from investments in private equities. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision.
In millions, except per share amounts In millions, except per share amounts and headcount $ in millions $ in millions $ in billions $ in billions 1.ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Average monthly common shareholders' equity was $108.73 billion for 2025 and $109.47 billion for the fourth quarter of 2025. 2.The firm made certain changes to its business segments, commencing with the fourth quarter of 2025. For information about these changes, see the firm’s Form 8-K filed January 8, 2026. Reclassifications have been made to previously reported amounts to conform to the current presentation.3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2025: (i) Investment banking fees backlog - see “Results of Operations - Global Banking & Markets,” (ii) assets under supervision - see “Results of Operations - Asset & Wealth Management - Assets Under Supervision,” (iii) efficiency ratio - see “Results of Operations - Operating Expenses,” (iv) share repurchase program - see “Capital Management and Regulatory Capital - Capital Management,” (v) global core liquid assets - see “Risk Management - Liquidity Risk Management,” (vi) basic shares - see “Balance Sheet and Funding Sources - Balance Sheet Analysis and Metrics” and (vii) VaR - see “Risk Management - Market Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2025: (i) risk-based capital ratios and the supplementary leverage ratio - see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues - see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS - see Note 21 “Earnings Per Common Share.”Represents a preliminary estimate for the fourth quarter of 2025 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. 4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for 2025 of approximately $620 million, which increased diluted EPS by $1.95 and ROE by 0.5 percentage points.5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation. Full YearNet revenues were $58.28 billion for 2025, 9% higher than 2024, reflecting higher net revenues in Global Banking & Markets, partially offset by significantly lower net revenues in Platform Solutions (which reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses). Fourth QuarterNet revenues were $13.45 billion for the fourth quarter of 2025, 3% lower than the fourth quarter of 2024 and 11% lower than the third quarter of 2025. The decrease compared with the fourth quarter of 2024 reflected negative net revenues in Platform Solutions (which reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses), largely offset by significantly higher net revenues in Global Banking & Markets. Full YearOperating expenses were $37.54 billion for 2025, 11% higher than 2024. The firm's efficiency ratio was 64.4% for 2025, compared with 63.1% for 2024.The increase in operating expenses compared with 2024 primarily reflected higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses.Net provisions for litigation and regulatory proceedings were $215 million for 2025, compared with $166 million for 2024.Headcount increased 2% during 2025.Fourth QuarterOperating expenses were $9.72 billion for the fourth quarter of 2025, 18% higher than the fourth quarter of 2024 and 3% higher than the third quarter of 2025.The increase in operating expenses compared with the fourth quarter of 2024 primarily reflected significantly higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses.Net provisions for litigation and regulatory proceedings were $94 million for the fourth quarter of 2025, compared with $(2) million for the fourth quarter of 2024.Headcount decreased 2% compared with the end of the third quarter of 2025. 4Q25 Asset & Wealth Management$4.72 billionManagement and other fees$3.09 billionIncentive fees$181 million Private banking and lending$776 millionInvestments$670 million Fourth QuarterNet revenues in Global Banking & Markets were $10.41 billion for the fourth quarter of 2025, 22% higher than the fourth quarter of 2024 and 2% higher than the third quarter of 2025. Investment banking fees were $2.58 billion, 25% higher than the fourth quarter of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Debt underwriting were higher, reflecting significantly higher net revenues from asset-backed activity. Net revenues in Equity underwriting were slightly higher. The firm’s Investment banking fees backlog increased compared with the end of the third quarter of 2025.Net revenues in FICC were $3.11 billion, 12% higher than the fourth quarter of 2024, primarily reflecting higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and commodities, partially offset by lower net revenues in currencies, mortgages and credit products. Net revenues in FICC financing were higher, driven by higher net revenues in mortgages and structured lending.Net revenues in Equities were $4.31 billion, 25% higher than the fourth quarter of 2024, due to significantly higher net revenues in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives.Net revenues in Other were $421 million compared with $239 million for the fourth quarter of 2024, with the increase primarily reflecting higher net revenues from relationship lending activities.
YEAR ENDED% CHANGE FROMDECEMBER 31,DECEMBER 31,DECEMBER 31,202520242024REVENUESInvestment banking$9,348$7,73821%Investment management11,74910,59611Commissions and fees4,0424,086(1)Market making17,99318,390(2)Other principal transactions 1,5924,646(66)Total non-interest revenues44,72445,456(2)Interest income80,37381,397(1)Interest expense66,81473,341(9)Net interest income13,5598,05668Total net revenues58,28353,5129Provision for credit losses(1,113)1,348N.M.OPERATING EXPENSESCompensation and benefits18,90616,70613Transaction based7,9976,72419Market development71064610Communications and technology2,1701,9919Depreciation and amortization2,1822,392(9)Occupancy958973(2)Professional fees1,7701,6527Other expenses2,8512,6836Total operating expenses37,54433,76711Pre-tax earnings21,85218,39719Provision for taxes4,6764,12113Net earnings17,17614,27620Preferred stock dividends87675117Net earnings applicable to common shareholders$16,300$13,52521EARNINGS PER COMMON SHAREBasic$51.95$41.0726%Diluted$51.32$40.5427AVERAGE COMMON SHARESBasic312.7328.1(5)Diluted317.6333.6(5) AS OFDECEMBER 31,SEPTEMBER 30,DECEMBER 31,202520252024ASSETSCash and cash equivalents$164$169$182Collateralized agreements334347375Customer and other receivables186177134Trading assets657653571Investments195204184Loans238222196Other assets363634Total assets$1,810$1,808$1,676LIABILITIES AND SHAREHOLDERS’ EQUITYDeposits$501$490$433Collateralized financings305300359Customer and other payables232257223Trading liabilities263262202Unsecured short-term borrowings707370Unsecured long-term borrowings286277243Other liabilities282524Total liabilities1,6851,6841,554Shareholders’ equity125124122Total liabilities and shareholders’ equity$1,810$1,808$1,676 THREE MONTHS ENDED% CHANGE FROMDECEMBER 31,SEPTEMBER 30,DECEMBER 31,SEPTEMBER 30,DECEMBER 31,20252025202420252024REVENUESInvestment banking$2,579$2,659$2,056(3)%25%Investment management3,2012,9522,923810Commissions and fees5051,1101,085(55)(53)Market making3,6693,8683,833(5)(4)Other principal transactions(208)7431,627N.M.N.M.Total non-interest revenues9,74611,33211,524(14)(15)Interest income20,37920,82219,954(2)2Interest expense16,67116,97017,609(2)(5)Net interest income3,7083,8522,345(4)58Total net revenues13,45415,18413,869(11)(3)Provision for credit losses(2,123)339351N.M.N.M.OPERATING EXPENSESCompensation and benefits4,6654,6803,759 - 24Transaction based2,2241,9681,8721319Market development2161711812619Communications and technology589545523813Depreciation and amortization527531498(1)6Occupancy24924224034Professional fees47443247510 - Other expenses778884713(12)9Total operating expenses9,7229,4538,261318Pre-tax earnings5,8555,3925,257911Provision for taxes1,2381,2941,146(4)8Net earnings4,6174,0984,1111312Preferred stock dividends233238188(2)24Net earnings applicable to common shareholders$4,384$3,860$3,9231412EARNINGS PER COMMON SHAREBasic$14.21$12.42$12.1314%17%Diluted$14.01$12.25$11.951417AVERAGE COMMON SHARESBasic307.3309.6322.4(1)(5)Diluted312.9315.0328.4(1)(5)SELECTED DATA AT PERIOD-ENDCommon shareholders' equity$109,819$109,249$108,74311Basic shares307.1308.8322.9(1)(5)Book value per common share$357.60$353.79$336.7716Headcount47,40048,30046,500(2)2 YEAR ENDED% CHANGE FROMDECEMBER 31,DECEMBER 31,DECEMBER 31,202520242024GLOBAL BANKING & MARKETSAdvisory$4,726$3,53434%Equity underwriting1,7841,6776Debt underwriting2,8292,52112Investment banking fees9,3397,73221FICC intermediation10,2719,5647FICC financing4,2513,77813FICC14,52213,3429Equities intermediation9,3407,93718Equities financing7,1955,49531Equities16,53513,43223Other1,05756188Net revenues41,45335,06718ASSET & WEALTH MANAGEMENTManagement and other fees11,53810,41511Incentive fees48939324Private banking and lending3,3472,88116Investments1,3052,627(50)Net revenues16,67916,3162PLATFORM SOLUTIONSNet revenues1512,129(93)Total net revenues$58,283$53,5129 THREE MONTHS ENDED% CHANGE FROMDECEMBER 31,SEPTEMBER 30,DECEMBER 31,SEPTEMBER 30,DECEMBER 31,20252025202420252024GLOBAL BANKING & MARKETSAdvisory$1,356$1,404$960(3)%41%Equity underwriting521465499124Debt underwriting700788595(11)18Investment banking fees2,5772,6572,054(3)25FICC intermediation2,0212,4371,750(17)15FICC financing1,0861,0561,01237FICC3,1073,4932,762(11)12Equities intermediation2,1782,0201,954811Equities financing2,1281,7161,4992442Equities4,3063,7363,4531525Other4212822394976Net revenues10,41110,1688,508222ASSET & WEALTH MANAGEMENTManagement and other fees3,0922,9432,815510Incentive fees181761741384Private banking and lending7761,057736(27)5Investments6703421,04496(36)Net revenues4,7194,4184,7697(1)PLATFORM SOLUTIONSNet revenues(1,676)598592N.M.N.M.Total net revenues$13,454$15,184$13,869(11)(3) AS OFDECEMBER 31,SEPTEMBER 30,DECEMBER 31,202520252024ASSET CLASSAlternative investments$420$390$350Equity951914772Fixed income1,3341,2971,170Total long-term AUS2,7052,6012,292Liquidity products901851845Total AUS$3,606$3,452$3,137 ▪On January 14, 2026, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $4.50 per common share from $4.00 per common share. The dividend will be paid on March 30, 2026 to common shareholders of record on March 2, 2026.▪During the year, the firm returned $16.78 billion of capital to common shareholders, including $12.36 billion of common share repurchases (18.9 million shares at an average cost of $654.45) and $4.42 billion of common stock dividends. This included $4.24 billion of capital returned to common shareholders during the fourth quarter, including $3.00 billion of common share repurchases (3.6 million shares at an average cost of $822.33) and $1.24 billion of common stock dividends.▪Global core liquid assets averaged $466 billion for 2025, compared with an average of $429 billion for 2024. Global core liquid assets averaged $479 billion for the fourth quarter of 2025, compared with an average of $481 billion for the third quarter of 2025.
Declared Quarterly Dividend Per Common Share$4.50 4Q25 Global Banking & Markets$10.41 billionAdvisory$1.36 billionEquity underwriting$ 521 millionDebt underwriting$ 700 million Investment banking fees$2.58 billionFICC intermediation$2.02 billionFICC financing$1.09 billionFICC$3.11 billionEquities intermediation$2.18 billionEquities financing$2.13 billionEquities$4.31 billionOther$421 million 2025 Net Revenues$58.28 billion 2025 Operating Expenses$37.54 billion Financial Summary
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements notice
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the imposition of tariffs, an outbreak or worsening of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.
2025 Capital Returned$16.78 billion 2025 Efficiency Ratio64.4% Net Revenues2025$58.28 billion4Q25$13.45 billion Net Earnings2025$17.18 billion4Q25$ 4.62 billion EPS2025 $51.324Q25 $14.01
Full Year and Fourth Quarter 2025Earnings Results
4Q25 Net Revenues$13.45 billion Platform Solutions 2025 Average GCLA$466 billion
4Q25 Operating Expenses$9.72 billion
Full YearNet revenues in Platform Solutions were $151 million for 2025, compared with $2.13 billion in 2024, with the decrease reflecting a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses.Fourth QuarterNet revenues in Platform Solutions were $(1.68) billion for the fourth quarter of 2025, compared with $592 million in the fourth quarter of 2024 and $598 million in the third quarter of 2025. The decrease compared with the fourth quarter of 2024 reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loans to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses.
2025 Platform Solutions$151 million
THREE MONTHS ENDEDYEAR ENDEDDECEMBER 31,SEPTEMBER 30,DECEMBER 31,DECEMBER 31,DECEMBER 31,20252025202420252024Beginning balance$3,452$3,293$3,103$3,137$2,812Net inflows / (outflows):Alternative investments2712115238Equity11543515Fixed income283978153Total long-term AUS net inflows / (outflows)665622168106Liquidity products50237056108Total AUS net inflows / (outflows)1167992224214Net market appreciation / (depreciation)3880(58)245111Ending balance$3,606$3,452$3,137$3,606$3,137
ROE2025 15.0%4Q25 16.0% Book Value Per Share2025 $357.602025 Growth 6.2%
Global Banking & Markets
Media Relations: Tony Fratto 212-902-5400Investor Relations: Jehan Ilahi 212-902-0300 Full YearNet revenues in Global Banking & Marketswere $41.45 billion for 2025, 18% higher than 2024. Investment banking fees were $9.34 billion, 21% higher than 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Debt underwriting were higher, reflecting significantly higher net revenues from asset-backed and investment-grade activity. Net revenues in Equity underwriting were also higher, reflecting significantly higher net revenues from initial public and convertible offerings, partially offset by lower net revenues from secondary offerings. The firm’s Investment banking fees backlog increased significantly compared with the end of 2024.Net revenues in Fixed Income, Currency and Commodities (FICC) were $14.52 billion, 9% higher than 2024, primarily reflecting higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and slightly higher net revenues in currencies and commodities, partially offset by lower net revenues in mortgages and credit products. The increase also reflected higher net revenues in FICC financing, primarily driven by higher net revenues in mortgages and structured lending.Net revenues in Equities were $16.54 billion, 23% higher than 2024, due to significantly higher net revenues in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives.Net revenues in Other were $1.06 billion compared with $561 million for 2024, with the increase primarily reflecting significantly higher net revenues from relationship lending activities. 4Q25 Platform Solutions$(1.68) billion NEW YORK, January 15, 2026 - The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $58.28 billion and net earnings of $17.18 billion for the year ended December 31, 2025. Net revenues were $13.45 billion and net earnings were $4.62 billion for the fourth quarter of 2025.Diluted earnings per common share (EPS) was $51.32 for the year ended December 31, 2025 compared with $40.54 for the year ended December 31, 2024, and was $14.01 for the fourth quarter of 2025 compared with $11.95 for the fourth quarter of 2024 and $12.25 for the third quarter of 2025.Return on average common shareholders' equity (ROE) was 15.0% for 2025 and annualized ROE was 16.0% for the fourth quarter of 2025.Book value per common share increased by 6.2% during 2025 and by 1.1% during the fourth quarter of 2025 to $357.60.
2025 Global Banking & Markets$41.45 billionAdvisory$ 4.73 billionEquity underwriting$ 1.78 billionDebt underwriting$ 2.83 billionInvestment banking fees$ 9.34 billionFICC intermediation$10.27 billionFICC financing$ 4.25 billionFICC$14.52 billionEquities intermediation$ 9.34 billionEquities financing$ 7.20 billionEquities$16.54 billionOther$ 1.06 billion Capital Ratios and Supplementary Leverage Ratio (unaudited)
$ in billions AS OFDECEMBER 31,SEPTEMBER 30,DECEMBER 31,202520252024Common equity tier 1 capital$104.3$103.8$103.1STANDARDIZED CAPITAL RULESRisk-weighted assets$726$723$689Common equity tier 1 capital ratio14.4%14.3%15.0%ADVANCED CAPITAL RULESRisk-weighted assets$694$687$675Common equity tier 1 capital ratio15.0%15.1%15.3%SUPPLEMENTARY LEVERAGE RATIOSupplementary leverage ratio5.2%5.2%5.5%
Provision for Taxes
Asset & Wealth Management
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com. Full YearNet revenues in Asset & Wealth Management were $16.68 billion for 2025, 2% higher than 2024, reflecting higher Management and other fees, higher net revenues in Private banking and lending and, to a lesser extent, higher Incentive fees, largely offset by significantly lower net revenues in Investments. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues primarily reflected the payment of interest on a previously impaired loan and higher net interest margin from lending. The increase in Incentive fees was primarily driven by performance. The decrease in Investments net revenues primarily reflected significantly lower net gains from investments in private equities and significantly lower net interest income from debt investments due to a reduction in the balance sheet. The effective income tax rate for 2025 was 21.4%, down slightly from 21.5% for the first nine months of 2025. The 2025 effective tax rate decreased from 22.4% for 2024, primarily due to an increase in tax benefits on the settlement of employee share-based awards, partially offset by a decrease in the impact of other permanent tax benefits for 2025 compared with 2024.
Provision for Credit Losses
2025 Effective Tax Rate21.4% 2025 Asset & Wealth Management$16.68 billionManagement and other fees$11.54 billionIncentive fees$ 489 millionPrivate banking and lending$ 3.35 billionInvestments$ 1.31 billion
Geographic Net Revenues (unaudited) Full Year Provision for credit losses was a net benefit of $1.11 billion for 2025, compared with net provisions of $1.35 billion for 2024. The net benefit for 2025 reflected a net release related to the Apple Card portfolio (including a reserve reduction of $2.48 billion related to the transfer of the Apple Card loans to held for sale, partially offset by net charge-offs during the year). Provisions for 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Fourth QuarterProvision for credit losses was a net benefit of $2.12 billion for the fourth quarter of 2025, compared with net provisions of $351 million for the fourth quarter of 2024 and $339 million for the third quarter of 2025. The net benefit for the fourth quarter of 2025 reflected a net release related to the Apple Card portfolio (including a reserve reduction of $2.48 billion related to the transfer of the Apple Card loans to held for sale, partially offset by net charge-offs during the quarter). Provisions for the fourth quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs).
Geographic Net Revenues (unaudited)
$ in millions $ in millions 2025 Provision for Credit Losses$(1.11) billion YEAR ENDEDDECEMBER 31,DECEMBER 31,20252024Americas$36,548$34,448EMEA14,15512,250Asia7,5806,814Total net revenues$58,283$53,512Americas63%64%EMEA24%23%Asia13%13%Total100%100% THREE MONTHS ENDEDDECEMBER 31,SEPTEMBER 30,DECEMBER 31,202520252024Americas$7,680$10,020$9,097EMEA3,6903,1632,773Asia2,0842,0011,999Total net revenues$13,454$15,184$13,869Americas57%66%66%EMEA27%21%20%Asia16%13%14%Total100%100%100%
Average Daily VaR (unaudited)
$ in millions THREE MONTHS ENDEDYEAR ENDEDDECEMBER 31,SEPTEMBER 30,DECEMBER 31,DECEMBER 31,DECEMBER 31,20252025202420252024RISK CATEGORIESInterest rates$60$72$83$70$81Equity prices4851494737Currency rates1719312426Commodity prices1820191719Diversification effect(63)(71)(86)(68)(71)Total$80$91$96$90$92
The Goldman Sachs Group, Inc.200 West Street | New York, NY 10282
4Q25 Provision for Credit Losses$ (2.12) billion
1 2 3 4 6 7 8 9 10 11 13 14 5