- Goldman Sachs posted a Wall Street record $4.31 billion in Q4 2025 equities-trading revenue, up about 25% year over year and roughly $600–700 million above estimates.
- Full-year equities revenue hit a record ~$16.5 billion, while Q4 FICC revenue rose ~12% to about $3.11 billion on strength in rates and commodities.
- Q4 investment-banking fees climbed ~25% to $2.58 billion, with Goldman holding top M&A and leveraged-lending rankings and a deal backlog at a four-year high.
- Q4 net income rose 12% to $4.62 billion (EPS ~$14.01) as wealth and asset management grew assets to $3.61 trillion, but platform solutions lost about $1.68 billion tied to the Apple Card exit.
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Goldman Sachs concluded 2025 with one of its strongest quarters ever, primarily fueled by equities trading and dealmaking. The headline record of $4.31 billion in equities revenue for Q4 broke prior benchmarks, assisted by both intermediation in derivatives and surging financing revenues (prime brokerage, portfolio financing) as client demand spiked. Fixed income and commodities trading (collectively “FICC”) grew ~12% year over year, particularly in interest rate products and commodities, further rounding out the trading strength.
On the investment banking front, Goldman saw a 25% jump in advisory, equity, and debt underwriting fees, with $2.58 billion amassed in Q4 investment banking fees. The Advisory business was especially robust, and Goldman retained its #1 rank in announced and completed M&A globally in 2025, along with first place in leveraged lending. The investment banking backlog has risen for seven consecutive quarters, reaching a four-year high—a leading indicator that suggests sustained fee revenue as existing deal momentum carries forward.
Profitability gains were strong: net income was up 12% YoY to $4.62 billion, aided by the trading and advisory strength, even while the firm absorbed a significant one-time cost associated with its exit from the Apple Card consumer credit business. Wealth and asset management delivered solid performance—assets under supervision reached $3.61 trillion (up ~15%) and management fees rose—but the platform solutions segment posted a loss due primarily to contract and portfolio markdowns tied to Apple Card.
Strategically, Goldman’s results reinforce the effectiveness of its pivot away from consumer banking toward core strengths in markets and investment banking under CEO David Solomon. The “flywheel” effect—from M&A to underwriting to trading and financing—is increasingly evident. Headwinds remain, namely whether 2026 can sustain the volatility and regulatory tailwinds that boosted activity in 2025, and whether investment banking fees—particularly equity underwriting—can avoid softening under competitive or macro pressure. Also, expenses and compensation ratios will be closely monitored as Goldman pushes to maintain its mid-teen returns.
Supporting Notes
- Equities revenue in Q4 2025: $4.31 B, up ~25% YoY; expected estimates beaten by ~$600–700 M.
- Full-year equities revenue: ~$16.5 B, $3 B+ above 2024 record.
- FICC Q4 revenue: ~$3.11 B, ~12% YoY increase; driven by interest rate & commodities products.
- Investment banking fees in Q4: $2.58 B, ~25% YoY increase.
- Net income Q4: $4.62 B, EPS: ~$14.01, up 12% from Q4 2024.
- Assets under supervision in wealth & asset management: $3.61 T, up ~15% YoY; management fees record towards $3.1 B in Q4.
- Platform solutions segment loss (~$1.68 B) in Q4 due to the Apple Card exit and related credit-contract obligations.
- Wealth management revenue ~flat QoQ/YoY in Q4, higher management fees offset losses in public equities/private equity.