Goldman Sachs profit surges past expectations as equity trading hits record highs
Goldman Sachs reported fourth-quarter earnings of $14.01 per share. The result beat analyst forecasts as record equity trading and M&A fees fueled growth.
Insights:
Goldman Sachs Group Inc reported fourth-quarter 2025 earnings of $14.01 per share today, significantly exceeding analyst expectations of $11.67. The bank’s performance was bolstered by record equity trading revenue and a strong recovery in global dealmaking. Equity trading revenue reached an all-time high of $4.31 billion, compared to $3.45 billion in the same period a year earlier. Additionally, revenue from fixed income, currencies, and commodities trading rose 12.5% to $3.11 billion as traders capitalized on market volatility.
Investment banking fees at Goldman Sachs Group Incclimbed 25% to $2.58 billion, though this figure fell slightly short of the $2.66 billion expected by analysts. The firm maintained its dominant position in advisory services, ranking first globally for mergers and acquisitions in 2025. Goldman Sachs Group Incadvised on a total of $1.48 trillion in M&A volume during the year and earned $4.6 billion in advisory fees. This success occurred within a robust market where global M&A volumes reached $5.1 trillion in 2025, representing a 42% increase from the previous year.
