Goldman Sachs (GS) Q4 2025 earnings

Goldman Sachs is scheduled to report fourth-quarter earnings before the opening bell Thursday.

Here’s what Wall Street expects:

• Earnings: $11.67 per share, according to LSEG
• Revenue: $13.79 billion, according to LSEG
• Trading revenue: Fixed income of $2.93 billion, equities of $3.70 billion, per StreetAccount
• Investing banking fees: $2.58 billion, per StreetAccount

Goldman Sachs is set up to be a beneficiary of several trends in the fourth quarter.

Trading desks across Wall Street have benefited in the last year as President Donald Trump’s policies have roiled markets for bonds, currencies, commodities and stocks.

For instance, rival JPMorgan Chase topped expectations for fourth-quarter results on equities and fixed income trading revenue that exceeded the StreetAccount estimate by a combined $460 million.

Global investment banking revenue in the quarter was 12% higher than a year ago, according to Dealogic, which should provide a boost to Goldman’s advisory business.  

The firm’s asset and wealth management division should also see gains as stock market levels remained buoyant in the quarter.

Finally, the bank said last week that its deal to offload its Apple Card business to JPMorgan would result in a 46-cents-per-share boost to quarterly results.

This story is developing. Please check back for updates.