Goldman Sachs Group, Inc. has reported its second quarter 2025 earnings, revealing a diluted earnings per common share of $10.91, a significant increase from the second quarter of 2024 at $8.62 and a slight decrease from the first quarter of 2025 at $14.12. The net revenues for the second quarter of 2025 were $14.58 billion, which is 15% higher than the second quarter of 2024 but 3% lower than the first quarter of 2025. The net earnings for the second quarter of 2025 were $3.72 billion.
The annualized return on average common shareholders' equity (ROE) was 12.8% for the second quarter of 2025 and 14.8% for the first half of 2025. The book value per common share increased by 1.6% during the second quarter of 2025 and by 3.9% during the first half of 2025, reaching $349.74.
In the Global Banking & Markets division, net revenues were $10.12 billion for the second quarter of 2025, a 24% increase from the second quarter of 2024. This was attributed to significantly higher net revenues in advisory and fixed income, currency, and commodities (FICC), as well as significantly higher net revenues in equities. However, net revenues in this division were 5% lower than the first quarter of 2025.
In the Asset & Wealth Management division, net revenues were $3.78 billion for the second quarter of 2025, a 3% decrease from the second quarter of 2024 but a 3% increase from the first quarter of 2025. This change was driven by significantly lower net revenues in equity and debt investments but offset by higher management and other fees, private banking and lending, and incentive fees.
For Platform Solutions, net revenues were $685 million for the second quarter of 2025, a 2% increase from the second quarter of 2024 and essentially unchanged from the first quarter of 2025.
Provision for credit losses was $384 million for the second quarter of 2025, compared with $282 million for the second quarter of 2024 and $287 million for the first quarter of 2025. This primarily reflected net charge-offs related to the credit card portfolio and growth in the credit card and wholesale portfolios.
Operating expenses were $9.24 billion for the second quarter of 2025, 8% higher than the second quarter of 2024 and essentially unchanged from the first quarter of 2025. The firm's efficiency ratio was 62.0% for the first half of 2025, compared with 63.8% for the first half of 2024.
The effective income tax rate for the first half of 2025 was 20.2%, up from 16.1% for the first quarter of 2025.
Significantly, the board of directors of Goldman Sachs Group, Inc. increased the quarterly dividend to $4.00 per common share from $3.00 per common share. The firm also returned $3.96 billion of capital to common shareholders during the quarter.
Goldman Sachs Group, Inc. continues to be a leading global financial institution, providing a broad range of financial services to a large and diversified client base. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $706.04. Check out the company's full 8-K submission here.
