Company file · GS
Goldman Sachs
Goldman Sachs' net income rose in 2025 as Global Banking & Markets grew
Net revenues rose 8.9% to $58.3B, and net income rose 20.3% to $17.2B. Global Banking & Markets was 71% of net revenues.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Goldman Sachs (NYSE: GS) took in $58.3B of net revenues (up 8.9% on fiscal 2024); net income was $17.2B (up 20.3%). The most recent quarter, ended Jun 30, 2026, brought net revenues of $20.3B, up 39.5% year over year, with net income of $6.6B. Global Banking & Markets was the biggest single line by business segment: 71% of fiscal 2025 net revenues. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 3, 2026
How it makes money
By business segment, FY2025
- LineAmountSharevs FY2024
- Global Banking & Markets$41.5B71%+18.2%
- Asset & Wealth Management$16.7B29%+2.2%
- Platform Solutions$151M0%−92.9%
Source: 10-K FY2025, XBRL breakdown
Global Banking & Markets brought in $41.5B in 2025, 71% of net revenues, up from 65% in 2023. Asset & Wealth Management was 29%. The Americas were 63% of net revenues by region.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Goldman Sachs 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026
By business segment
Source: Goldman Sachs 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026
The bull case and the bear case
The bull case
- Net income rose 20.3% in 2025 to $17.2B, on net revenues up 8.9%. 10-K, FY2025
- Global Banking & Markets net revenues grew 18.2% in 2025 to $41.5B. 10-K, FY2025
- Net revenues in the quarter ended Jun 30, 2026 were $20.3B, up 39.5% on a year earlier, and net income rose 78.0% to $6.6B. 10-Q, quarter ended Jun 30, 2026
- Diluted shares fell 4.8% in 2025. 10-K, FY2025
The bear case
- Asset & Wealth Management net revenues grew just 2.2% in 2025. 10-K, FY2025
- With most revenue from trading, advisory and underwriting, results swing with market activity; the 10-K lists market conditions first among its risks. 10-K, Item 1A
- The 10-K also stresses liquidity, credit exposure to counterparties, heavy regulation and capital rules, and cyberattacks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Goldman Sachs is a global investment bank. It advises companies and governments, underwrites stock and bond deals, trades for clients and manages money for institutions and wealthy individuals.
It reports three segments. Global Banking & Markets covers advisory, underwriting, lending to companies, and trading and financing for institutional clients. Asset & Wealth Management manages money for institutions and individuals and invests the firm's own capital. Platform Solutions covers activities related to the Apple Card partnership and consumer businesses it has exited.
It funds itself partly with deposits, including from its Marcus consumer deposit platform. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Goldman Sachs's latest 10-K. Read the original for the full list.
- MarketsWeak or volatile markets reduce deal activity, trading revenue and asset values.
- LiquidityIt relies on market funding and deposits, which can move quickly under stress.
- CreditClients and trading counterparties may not pay what they owe.
- Regulation and capitalCapital, liquidity and other rules limit how it uses capital.
- CompetitionIt competes with banks, asset managers and other firms for clients and staff.
- Operations and cyberCyberattacks, outages and errors could disrupt business and cause losses.
- Legal and reputationLitigation, investigations and reputational damage can be costly.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenues | $46.3B | $53.5B | $58.3B |
| Net income | $8.5B | $14.3B | $17.2B |
| Net interest income | $6.4B | $8.1B | $13.6B |
| Noninterest revenue | $39.9B | $45.5B | $44.7B |
| Deposits (year end) | $428.4B | $433.0B | $501.4B |
| Total assets (year end) | $1.64T | $1.68T | $1.81T |
| Shareholders' equity (year end) | $116.9B | $122.0B | $125.0B |
| Diluted shares | 346M | 334M | 318M |
- Net revenues: Investment banking fees, trading revenue, asset and wealth management fees and net interest income, after interest expense.
- Net income: Profit after all costs and taxes.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Banks don't report revenue the way other companies do. Revenue here is net interest income plus noninterest income, after interest expense, as Goldman Sachs reports it.
- Platform Solutions is now very small, so it isn't shown in the segment chart's text; it is in the table.
- The provision for credit losses isn't shown: it isn't tagged in a form that could be matched to a consistent three-year series.
What we left out
- Operating cash flow: for a bank it mostly reflects trading and lending flows and says little about the business, so we leave it out.
- Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.
Recent filings
Latest filings
- Oct 164:13 PM ET
Form 4
Goldman Sachs director Peter Oppenheimer reports an award of 65 restricted stock units
The filing reports 65 restricted stock units in a grant or award (code A).
- Oct 164:11 PM ET
Form 4
Goldman Sachs director Kevin R. Johnson reports an award of 44 restricted stock units
The filing reports 44 restricted stock units in a grant or award (code A).
- Oct 164:06 PM ET
Form 4
Goldman Sachs director John B. Hess reports an award of 29 restricted stock units
The filing reports 29 restricted stock units in a grant or award (code A).
- Oct 164:05 PM ET
Form 4
Goldman Sachs director Mark A. Flaherty reports an award of 29 restricted stock units
The filing reports 29 restricted stock units in a grant or award (code A).
- Oct 137:32 AM ET
8-K
Goldman Sachs files an 8-K on quarterly results and investor materials (Reg FD)
Goldman Sachs filed a Form 8-K on Oct 13, 2026 at 7:32 AM ET under Item 2.02 (Results of Operations and Financial Condition), Item 7.01 (Regulation FD Disclosure).
Common questions about Goldman Sachs
How does Goldman Sachs make money?
In fiscal 2025, net revenues totaled $58.3B. Global Banking & Markets brought in $41.5B in 2025, 71% of net revenues, up from 65% in 2023. Asset & Wealth Management was 29%. The Americas were 63% of net revenues by region. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Goldman Sachs's revenue in fiscal 2025?
Net revenues came to $58.3B in the year ended Dec 31, 2025. Going back two years, it was $46.3B in fiscal 2023 and $53.5B in fiscal 2024, so the latest year was up 8.9%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Goldman Sachs profitable?
Yes, by US accounting rules (GAAP): net income was $17.2B in fiscal 2025, up 20.3% from $14.3B a year earlier. For the quarter ended Jun 30, 2026, net income was $6.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Goldman Sachs report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows net revenues of $20.3B, against $14.6B in the same quarter a year before (up 39.5%), and net income of $6.6B, against $3.7B (up 78.0%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026.
What are the main risks Goldman Sachs lists?
Item 1A of the fiscal 2025 10-K (filed Feb 25, 2026) sets out the risks. Grouped, they fall into 7 areas: Markets; liquidity; credit; regulation and capital; competition; operations and cyber; legal and reputation. To start with the first: Weak or volatile markets reduce deal activity, trading revenue and asset values. Source: 10-K, Item 1A Risk Factors.
Where do these Goldman Sachs numbers come from?
Two filings Goldman Sachs made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in GS
- The editor holds no position in Goldman Sachs (GS). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell GS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold GS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Goldman SachsGS | FY2025 | $58.3B | +8.9% | $17.2B |
| Morgan StanleyMS | FY2025 | $70.6B | +14.4% | $16.9B |
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
| CitigroupC | FY2025 | $85.2B | +5.6% | $14.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.