Goldman Sachs Q2 2025 Earnings – Net Revenues Rise 15%

By Philip Seaworth • Thursday, July 17 06:06 • Permanent Link

Goldman Sachs Group, Inc. (NYSE: GS) has reported its second quarter 2025 earnings, showing a strong performance across various financial metrics. The company's net revenues for the second quarter were $14.58 billion, marking a 15% increase from the same period in 2024. However, this figure was 3% lower than the first quarter of 2025. The net earnings for the second quarter were reported at $3.72 billion.

In terms of diluted earnings per common share (EPS), the company reported $10.91 for the second quarter of 2025, compared to $8.62 for the same period in 2024 and $14.12 for the first quarter of 2025. 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. Additionally, 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 to $349.74.

Net revenues in Global Banking & Markets were $10.12 billion for the second quarter of 2025, reflecting a 24% increase from the second quarter of 2024 and a 5% decrease from the first quarter of 2025. Investment banking fees were $2.19 billion, marking a 26% increase from the second quarter of 2024. Net revenues in Fixed Income, Currency, and Commodities (FICC) were $3.47 billion, up by 9% from the second quarter of 2024. Equities net revenues were $4.30 billion, showing a significant 36% increase from the second quarter of 2024.

In contrast, net revenues in Asset & Wealth Management were $3.78 billion for the second quarter of 2025, which was 3% lower than the second quarter of 2024 but 3% higher than the first quarter of 2025.

Operating expenses for the second quarter of 2025 were $9.24 billion, representing an 8% increase from the second quarter of 2024. 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.

Furthermore, Goldman Sachs increased its quarterly dividend to $4.00 per common share from $3.00 per common share. The company also returned $3.96 billion of capital to common shareholders during the quarter, including $3.00 billion of common share repurchases and $957 million of common stock dividends.

The market has reacted to these announcements by moving the company's shares 0.5% to a price of $706.04. If you want to know more, read the company's complete 8-K report here.

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