Goldman Sachs 8-K
PositiveEarningsGuidance
Apple Card transition drove Q4 revenue lower but lifted EPS through a credit-loss provision benefit; Global Banking & Markets strengthened.
Filed 2026-01-15 07:42 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
FY2025 and Q4 2025 results, with through-the-cycle financial targets. Full-year revenue and diluted EPS rose, led by Global Banking & Markets; Q4 revenue declined Y/Y as the Apple Card transition drove negative Platform Solutions revenue, partly offset by stronger Global Banking & Markets. The firm increased its quarterly dividend to $4.50 per share for Q1 2026.
Key Figures
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Net revenues | $58.3B | $53.5B | 9% |
| Net earnings | $17.2B | $14.3B | 20% |
| Diluted EPS | $51.32 | $40.54 | 27% |
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Net revenues | $13.5B | $13.9B | (3)% |
| Net earnings | $4.62B | $4.11B | 12% |
| Diluted EPS | $14.01 | $11.95 | 17% |
- FY2025 Global Banking & Markets revenue rose 18% to $41.5B, while Platform Solutions revenue fell to $151M from $2.13B. Q4 Global Banking & Markets revenue rose 22% to $10.4B; Platform Solutions recorded $(1.68)B.
- Apple Card transition impacts reduced revenue by $2.26B and produced a $2.48B provision-for-credit-losses benefit. Excluding the transition impact, diluted EPS was $13.55 in Q4 and $50.87 for FY2025, versus reported EPS of $14.01 and $51.32, respectively.
- The firm returned $16.8B to common shareholders in FY2025, including $12.4B of repurchases (18.9M shares; average $654.45) and $4.42B of dividends. Period-end basic shares fell 5% Y/Y to 307.1M. The quarterly dividend rose from $4.00 to $4.50; payment is scheduled for 3/30/2026 to shareholders of record 3/2/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| ROE (through-the-cycle) | Through-the-cycle | 14%-16% | — | — |
| ROTE (through-the-cycle) | Through-the-cycle | 15%-17% | — | — |
| Efficiency ratio (firmwide target) | Through-the-cycle | ≈60% | — | — |
Management said it expects momentum to accelerate in 2026, without giving a numerical 2026 outlook.
Investor Takeaways
- Watch whether the increased investment-banking backlog converts into revenue as advisory and capital-markets activity develops.
- The 2026 results will show whether the firm’s expected acceleration in momentum materializes.
- Completion and timing of the Apple Card program transition remain relevant to Platform Solutions results.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3