New York, January 15, 2026, 08:19 EST
- Equities net revenues jumped 25% to $4.31 billion, with investment banking fees up 25% as well, reaching $2.58 billion
- Platform Solutions posted a $1.68 billion revenue loss after Goldman slashed the Apple Card portfolio’s value
- Goldman increased its quarterly dividend to $4.50 per share and returned $16.78 billion to shareholders in 2025
Goldman Sachs reported $4.31 billion in revenue from its equities trading desk in the fourth quarter, rounding out a year where trading and deal fees once again drove the bank’s performance.
These results carry weight as major U.S. banks lean on this earnings run to shape their 2026 outlook, following a year marked by fluctuating risk appetite. Investors are eager to see if the rebound in deals holds up or if it’s merely late-cycle noise.
Goldman continues to tweak its strategy. The firm is shifting more toward stable fee-generating segments like wealth and asset management, while pulling back from consumer finance areas that have proven costly and diverting.
Goldman Sachs reported a 3% drop in net revenues from last year, landing at $13.45 billion. Still, net earnings climbed to $4.62 billion, or $14.01 per share. Return on equity, measuring profit against shareholder capital, hit 16% annualized for the quarter. Book value per share closed 2025 at $357.60. The bank also increased its quarterly dividend to $4.50 from $4.00. 1
Global Banking & Markets, the division covering investment banking and trading, reported net revenues of $10.41 billion. Investment banking fees climbed 25% to $2.58 billion. Equities net revenues stood at $4.31 billion, and fixed income, currencies, and commodities (FICC) revenue increased 12% to $3.11 billion.
Goldman pointed to equities financing as the main driver behind the surge. This covers prime financing—lending and brokerage services that major trading firms rely on to back their positions—as well as portfolio financing, plus a boost in derivatives activity.
Platform Solutions reported a net revenue loss of $1.68 billion, driven by $2.26 billion in markdowns related to shifting the Apple Card loan book to “held for sale” status and unwinding contract obligations. A $2.48 billion reduction in reserves turned credit-loss provisions into a $2.12 billion net benefit for the quarter.
Asset & Wealth Management net revenues hit $4.72 billion, holding steady compared to the previous year. Assets under supervision—which covers both Goldman’s managed and overseen client funds—reached $3.61 trillion at year-end, up from $3.14 trillion a year ago.
Goldman handed back $16.78 billion to common shareholders in 2025, with $12.36 billion spent on share buybacks and $4.42 billion in dividends. In Q4, it repurchased $3.00 billion worth of stock and distributed $1.24 billion in dividends.
Goldman Sachs CEO David Solomon highlighted robust client activity as the new year begins, noting the firm is experiencing “high levels of client engagement” and anticipates that momentum will “accelerate in 2026.” 2
Not everything in the release was smooth. Stephen Biggar, a banking analyst at Argus Research, called the dividend hike a strong sign of management’s confidence in sustainably higher earnings. Goldman’s equity revenue hit a record for the bank, yet shares slipped nearly 2% in premarket trading, according to Reuters. 3
Other players are tapping into the same momentum. Morgan Stanley reported a profit increase this quarter, driven by a 47% surge in investment banking revenue. This points to a wider rebound in advisory and underwriting that’s extending beyond just one company. 4
Still, the situation can change quickly. Trading revenue often swings with volatility and how much risk clients are willing to take, while deal fees hinge on deals closing as planned. A move in rate forecasts, a sharp market dip, or another halt in IPO activity could easily deflate the strong numbers Goldman just posted.
