Goldman Sachs earnings: Bank tops profit estimates as dealmaking boom bucks Wall Street trend

Wall Street’s dealmaking roar didn’t dilatory astatine Goldman Sachs (GS) successful the 4th quarter.

Goldman reported nett income of $4.6 billion, oregon $14.01 net per share, a 12% summation from the 4th fourth of past year. The result acold exceeded expert expectations, which did not see Goldman's woody to walk its Apple (AAPL) recognition paper portfolio to JPMorgan Chase (JPM) that was disclosed past week.

The handoff included a $2.12 cardinal nett payment reflecting a merchandise of indebtedness nonaccomplishment reserves tied to the portfolio, starring to a one-time $0.46 net per stock bump.

The Apple handoff besides dented Goldman's quarterly nett revenue, which fell 3% to $13.5 cardinal from the 4th fourth of 2024.

Revenue from Goldman’s dealmaking fees jumped 25% to $2.57 billion, successful enactment with expert expectations and surpassing different large slope rivals with the objection of Citigroup (C).

Goldman's banal roseate somewhat aboriginal Thursday morning. The banal is up implicit 60% implicit the past 12 months.

"We proceed to spot precocious levels of lawsuit engagement crossed our franchise and expect momentum to accelerate successful 2026, activating a flywheel of enactment crossed our full firm," Goldman Sachs CEO David Solomon said successful a statement.

"While determination are meaningful opportunities to deploy superior crossed our franchise and to instrumentality superior to shareholders, our unwavering absorption remains connected maintaining a disciplined hazard absorption model and robust standards," Solomon added.

2025 was a bully twelvemonth for Goldman. Along with putting its Apple recognition paper headache successful the rearview, the slope notched its second-highest twelvemonth for profits — $17.2 cardinal — a 27% summation from 2024 full-year nett income. The slope besides recorded its 2nd highest full-year successful nett gross and dealmaking fees.

Goldman's standout M&A advisory concern soared 41% to $1.36 cardinal compared to the 4th fourth of 2024, which was besides astir successful enactment with expert expectations. The slope besides notched its highest twelvemonth ever successful equity trading fees. Those fees from Goldman’s markets portion jumped 24% during the 4th fourth to $4.3 cardinal portion full trading for the full-year roseate 16% from 2024.

The dealmaking roar dispersed crossed Wall Street for astir of 2025, but enactment ebbed during the year's last 4th for immoderate of Goldman’s closest rivals.

On Tuesday, JPMorgan Chase said that concern banking fees tumbled 4% from the twelvemonth agone period, missing expectations acceptable by analysts and the slope itself successful aboriginal December. JPMorgan CFO Jeremy Barnum said a contributing origin to the weaker dealmaking play included "the timing of immoderate deals that were pushed to 2026."