The Goldman Sachs Group (NYSE:GS) reported fourth-quarter net income of $4.62 billion, or $14.01 per share, far outpacing Wall Street’s expectations as the firm capitalized on a "dealmaking renaissance" to close out 2025.
The result beat the analyst consensus of $11.77 per share by nearly 20%, marking a triumphant end to a year defined by strategic retrenchment and the recovery of the capital markets.
The earnings boost was driven by a 25% surge in investment banking fees, which reached $2.58 billion.
Goldman also maintained its #1 global ranking in M&A advisory for the year, orchestrating 38 of the world's 68 "megadeals" valued over $10 billion.
Performance was further bolstered by equity trading revenue, which rose to $4.31 billion as investors navigated volatility surrounding shifting interest rate expectations.
A significant tailwind for the quarter was the firm's finalized agreement to transition its Apple Card partnership to JPMorgan Chase.
The move allowed Goldman to release $2.48 billion in loan loss reserves, adding approximately $0.46 to the quarterly earnings per share.
While the exit involved a reduction in net revenue due to markdowns on the loan portfolio, investors cheered the removal of the consumer banking "distraction" from the balance sheet.