Goldman Sachs Q4 2025 Earnings Beat on EPS

Goldman Sachs Group Inc. reported fourth-quarter 2025 net revenues of $13.5 billion and diluted earnings per share (EPS) of $14.01 on January 15, 2026, topping forecasts as gains in investment banking and trading offset a charge related to the Apple Card portfolio transfer. The firm posted stronger full-year results despite the quarterly revenue softness.

Goldman Sachs Results and Apple Card Portfolio Transfer

Goldman Sachs reported full-year 2025 net revenues of $58.3 billion, net earnings of $17.2 billion, and annual EPS of $51.32. Its Global Banking & Markets division generated $41.5 billion in net revenues for the year and $10.4 billion in the fourth quarter. This performance was supported by $9.3 billion in investment banking fees, including $4.7 billion from advisory, $2.8 billion from debt underwriting, and $1.8 billion from equity underwriting, alongside $14.5 billion in fixed income, currency, and commodities (FICC) revenue and $16.5 billion in equities revenue.

Platform Solutions swung sharply, producing $151 million for the year compared with $2.1 billion in 2024. The fourth quarter recorded a $1.7 billion loss, including a $2.3 billion markdown tied to the Apple Card portfolio transfer. Goldman Sachs reclassified the loans as held for sale and recognized contract termination obligations. The provision for credit losses generated a net benefit of $1.1 billion for the year and $2.1 billion in the quarter, driven by a $2.5 billion reserve reduction related to the transfer.

The earnings release provided no forward guidance but noted the investment banking fees backlog increased significantly compared with the end of 2024 and the third quarter of 2025.

Morgan Stanley Results and Wealth Management Momentum

Morgan Stanley reported fourth-quarter 2025 net revenues of $17.9 billion and diluted EPS of $2.68, reflecting momentum across its businesses, particularly in dealmaking and client activity. For the full year, the firm posted net revenues of $70.6 billion, net income of $16.9 billion, and annual EPS of $10.21.

Wealth Management produced $8.4 billion in full-year net revenues, with total client assets rising to $9.3 trillion, supported by $350 billion in net new assets. Segment results for the quarter included $2.4 billion in investment banking revenue, up 47% year over year; $3.7 billion in equities revenue, up 10%; and $1.8 billion in fixed income revenue, down 9%. Morgan Stanley ended the year with a standardized Common Equity Tier 1 (CET1) capital ratio of 15.0% and declared a quarterly dividend of $1.00 per share.

Both firms benefited from elevated investment banking activity and strong trading revenues. Goldman Sachs absorbed a charge related to the Apple Card transfer, offset by the reserve release, while Morgan Stanley’s wealth scale and capital position support continued shareholder distributions.