The Goldman Sachs Group Earnings Call Transcripts
Fiscal Year 2026
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First quarter results showed near-record revenues and earnings, with robust performance in Global Banking & Markets and Asset & Wealth Management. Despite market volatility and regulatory changes, strong client engagement, capital deployment, and strategic investments in technology and Asia drove growth.
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The firm is executing a multi-year growth strategy, consolidating asset and wealth management, and leveraging technology and deregulation to scale. Strong tailwinds are expected for capital markets and M&A in 2026, with a focus on expanding fee-based assets and ultra-high net worth clients.
Fiscal Year 2025
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Q4 and full-year results showed record revenues, strong EPS growth, and improved returns, with robust performance in Global Banking & Markets and Asset & Wealth Management. The firm set higher margin targets, expanded capital return, and remains optimistic for 2026 amid a constructive market and regulatory backdrop.
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Resilient economic conditions and strong M&A activity underpin a positive outlook into 2026, with strategic investments in scale, technology, and talent. Asset & Wealth Management and trading businesses show robust growth, while efficiency and AI initiatives aim to drive further gains.
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Q3 2025 saw net revenues of $15.2B, EPS of $12.25, and ROE of 14.2%, with record assets under supervision and strong M&A activity. Strategic acquisitions, AI-driven efficiency initiatives, and a constructive regulatory outlook support continued growth and shareholder returns.
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Q2 2025 saw strong revenues, record asset inflows, and robust investment banking activity, with M&A volumes up 30% year-over-year. The board raised the dividend by 33% and authorized a $40 billion buyback, reflecting confidence in durable earnings and capital strength.
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Management expects ongoing volatility from U.S. policy shifts, but sees resilience in the economy and strong business pipelines. Strategic focus on client-centricity, operational efficiency, and innovation—especially in AI and financing—supports growth and durable returns.
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Shareholders reviewed strong financial growth, voted on seven proposals, and discussed key issues including DEI, climate disclosure, and governance. All directors were elected, executive pay and auditor ratification passed, while shareholder proposals on DEI, racial audit, and energy supply ratio were not approved.
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Q1 2025 saw $15.1B in revenue, $14.12 EPS, and 16.9% ROE, with record assets under supervision and strong client activity in FICC and equities. A $40B buyback was authorized, and efficiency initiatives continue amid economic and regulatory uncertainty.
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A client-centric strategy and focused investments have driven strong revenue and earnings growth, with leadership in banking, markets, and asset management. Regulatory clarity, capital deployment discipline, and ongoing efficiency initiatives are expected to support mid-teens ROE and continued expansion in alternatives and wealth management.
Fiscal Year 2024
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Fourth quarter and full-year results showed strong revenue and EPS growth, with record assets under supervision and robust performance across all segments. Management is optimistic for 2025, targeting mid-teens returns and continued capital return, while monitoring regulatory and macro risks.
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Resilient macro conditions and supportive rate outlook are expected to drive increased capital markets activity in 2025. Strategic focus remains on Global Banking, Markets, and Asset & Wealth Management, with growth anticipated in M&A, sponsor activity, and private credit.
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Net revenues rose 7% year-over-year to $12.7B, with EPS up 54% and ROE at 10.4%. Strong performance in Global Banking & Markets and Asset & Wealth Management drove results, while regulatory and consumer-related headwinds persisted. Durable revenue growth and capital returns remain key priorities.
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The firm has made strong progress in Global Banking and Markets and Asset and Wealth Management, with a focus on durable revenue streams and disciplined expense management. Trading revenue is down, but investment banking activity is improving, and technology and regulatory initiatives remain key priorities.
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Second quarter saw robust growth in Global Banking and Markets and Asset and Wealth Management, with record revenues, improved margins, and strong capital returns. Alternatives fundraising is set to exceed $50 billion for 2024, while capital and efficiency ratios improved year-over-year.