The Goldman Sachs Group (NYSE:GS) Releases Earnings Results, Beats Estimates By $2.49 EPS

The Goldman Sachs Group (NYSE:GS) posted its quarterly earnings results on Thursday. The investment management company reported $14.01 EPS for the quarter, beating the consensus estimate of $11.52 by $2.49, Zacks reports. The Goldman Sachs Group had a return on equity of 15.19% and a net margin of 13.73%.The business had revenue of $13.45 billion during the quarter, compared to analysts’ expectations of $14.30 billion. During the same period last year, the firm earned $11.95 EPS. The company’s quarterly revenue was down 3.0% compared to the same quarter last year.

Here are the key takeaways from The Goldman Sachs Group’s conference call:

• Goldman reported strong results with Q4 EPS $14.01 and FY EPS $51.32 (up 27% YoY), and returns of ROE 16% (Q4) and ROTE 17.1%, signaling meaningful earnings and return improvement for 2025.
• The firm said it materially strengthened its balance sheet and funding profile—principal investments down >90% to $6B, a 320 bps improvement in its CCAR stress buffer, deposits of $501B (~40% of funding) and CET1 of 14.4%—reducing risk and increasing capital flexibility.
• Franchise momentum: Goldman remains the #1 M&A advisor (23 years), advised on >$1.6T of announced M&A in 2025, reported a four‑year high backlog, and grew AWM (raised a record $115B in alternatives) with new targets including a 30% pre‑tax margin and $750B fee‑paying alternative AUS by 2030.
• The firm announced an agreement to transition the Apple Card portfolio—the Q4 move added $0.46 to EPS (via a $2.5B reserve release) but management expects the platform to run a small pre‑tax loss during the transition and the Apple Savings program was not part of the deal.
• Management launched One Goldman Sachs 3.0 to drive AI‑led efficiency across six work streams, aiming to free capacity for growth and productivity gains, but material outcomes and metrics will be disclosed over the coming year and remain unquantified today.

The Goldman Sachs Group Trading Down 1.5%

Shares of GS stock opened at $961.54 on Friday. The firm has a 50-day moving average price of $868.57 and a 200 day moving average price of $792.44. The Goldman Sachs Group has a twelve month low of $439.38 and a twelve month high of $984.70. The company has a market capitalization of $288.39 billion, a price-to-earnings ratio of 18.75, a PEG ratio of 1.03 and a beta of 1.33. The company has a current ratio of 1.13, a quick ratio of 0.65 and a debt-to-equity ratio of 2.29.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 2nd will be given a dividend of $4.50 per share. The ex-dividend date is Monday, March 2nd. This represents a $18.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from The Goldman Sachs Group’s previous quarterly dividend of $4.00. The Goldman Sachs Group’s dividend payout ratio (DPR) is 32.50%.

Trending Headlines about The Goldman Sachs Group

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Q4 EPS beat and record equities trading — Goldman reported Q4 EPS well above estimates and set a Wall Street record for equities‑trading revenue, driving upside to profits and supporting higher dividend/buyback capacity. MarketBeat: Goldman Sachs Soars on Q4 Post
• Positive Sentiment: Dividend increase and capital returns — Goldman raised its quarterly dividend to $4.50 (12.5% increase) and signaled buybacks, a clear shareholder‑friendly move that supports valuation and income investors. TipRanks: Dividend Raise
• Positive Sentiment: Strong investment‑banking backlog and 2026 outlook — Management flagged a heavier M&A/investment‑banking pipeline and expects IB revenue to grow, which could sustain earnings momentum if activity persists. MarketBeat: Investment Banking Outlook
• Neutral Sentiment: Exploring new revenue streams — Management said it is watching/tokenization, stablecoins (CLARITY Act) and is exploring prediction markets — long‑term optionality but not immediate revenue. Cointelegraph: CLARITY Act comments
• Neutral Sentiment: Alternatives activity — Goldman Sachs Alternatives participated in a continuation vehicle backing Ecowaste, showing continued private markets deal flow but limited near‑term impact on GS equity. Benzinga: Kinderhook/Ecowaste
• Negative Sentiment: Revenue miss and Apple Card accounting noise — Reported revenue was mixed/variance across sources; the Apple Card transition produced a large accounting impact that reduced revenue but boosted one‑time profit — creates comparability questions for investors. Reuters: Profit Rises; Apple Card note
• Negative Sentiment: Cash‑flow and Platform Solutions concerns — Third‑party reporting highlighted a sharp drop in operating cash flow and ongoing Platform Solutions exit costs/markdowns tied to the consumer portfolio, which could pressure near‑term fundamentals. QuiverQuant: Cash flow item
• Negative Sentiment: Analyst target shifts and valuation debate — Several firms raised price targets (Wells Fargo, KBW) but others trimmed or maintain more conservative views; commentary that the stock is “running hot” and a wide target range increases short‑term volatility risk. MarketScreener: Wells Fargo PT Street Insider: KBW PT

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GS. Citigroup increased their target price on shares of The Goldman Sachs Group from $700.00 to $765.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Daiwa Capital Markets raised their price objective on The Goldman Sachs Group from $823.00 to $927.00 and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft boosted their target price on The Goldman Sachs Group from $725.00 to $790.00 and gave the stock a “hold” rating in a research report on Tuesday, September 30th. Royal Bank Of Canada raised their price target on The Goldman Sachs Group from $843.00 to $900.00 and gave the company a “sector perform” rating in a research report on Friday, December 12th. Finally, BNP Paribas Exane lifted their price target on The Goldman Sachs Group from $685.00 to $775.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $861.16.

Institutional Investors Weigh In On The Goldman Sachs Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amundi grew its stake in shares of The Goldman Sachs Group by 9.3% during the third quarter. Amundi now owns 1,308,060 shares of the investment management company’s stock valued at $1,042,236,000 after purchasing an additional 111,619 shares during the last quarter. AQR Capital Management LLC raised its position in The Goldman Sachs Group by 41.8% in the 3rd quarter. AQR Capital Management LLC now owns 358,261 shares of the investment management company’s stock worth $285,301,000 after purchasing an additional 105,677 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in The Goldman Sachs Group by 381.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 70,298 shares of the investment management company’s stock worth $55,982,000 after buying an additional 95,298 shares in the last quarter. Nissay Asset Management Corp Japan boosted its position in The Goldman Sachs Group by 83.6% in the 3rd quarter. Nissay Asset Management Corp Japan now owns 142,662 shares of the investment management company’s stock valued at $113,609,000 after buying an additional 64,946 shares during the last quarter. Finally, Duquesne Family Office LLC acquired a new stake in shares of The Goldman Sachs Group in the 2nd quarter valued at $29,726,000. 71.21% of the stock is currently owned by hedge funds and other institutional investors.

The Goldman Sachs Group Company Profile

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.