Goldman Sachs Group, Inc. delivered better-than-expected earnings for the second quarter, fueled by robust gains in its Global Banking & Markets segment, which helped lift revenue by 15% year-over-year.
The investment bank reported earnings of $10.91 per share, beating Wall Street expectations by $1.32, as analysts had forecast $9.59. Total revenue for the quarter reached $14.58 billion, exceeding the consensus estimate of $13.51 billion. The news sent Goldman Sachs shares up 1.1% in early trading.
Revenue in the Global Banking & Markets unit climbed to $10.12 billion, marking a 24% increase from a year ago. Investment banking fees rose 26% to $2.19 billion, while equities revenue surged 36% to $4.30 billion. Revenue from fixed income, currency and commodities (FICC) operations also improved, rising 9% to $3.47 billion.
“Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people,” said David Solomon, Goldman Sachs Chairman and CEO. “At this time, the economy and markets are generally responding positively to the evolving policy environment.”
On the other hand, revenue from Asset & Wealth Management dropped 3% year-over-year to $3.78 billion, due to weaker performance in equity and debt investments, though that was partially offset by higher management and other fee income.
The bank reported an efficiency ratio of 62.0% for the first half of 2025, an improvement from 63.8% during the same period last year. Operating expenses rose 8% to $9.24 billion, largely driven by increased compensation and benefits tied to stronger business performance.
Goldman Sachs also said it would raise its quarterly dividend to $4.00 per share. During the quarter, it returned $3.96 billion to shareholders, including $3.00 billion in stock buybacks and $957 million in dividend payouts.
Goldman Sachs Group stock price
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