Goldman Sachs reported net revenues of $15.06 billion for the first quarter of 2025, a 6% increase from the same period a year earlier, as record equities revenues drove the firm's third-highest quarterly net revenues. Net earnings reached $4.74 billion, up 15% year on year, translating into earnings per share of $14.12. The results were announced on 14 April.
Equities revenue rose 27% to $4.19 billion. The increase reflected higher revenues in equity derivatives and portfolio financing. Fixed income, currencies and commodities revenue rose 2% from Q1 2024, driven by higher FICC financing revenues from mortgages and structured lending, while credit and interest-rate intermediation revenues were lower.
RETURNS AND ASSET MANAGEMENT
Return on equity came in at 16.9%. Assets under supervision reached a record $3.17 trillion, and the firm reported its 29th consecutive quarter of long-term fee-based net inflows into its asset and wealth management division.
Investment banking fees fell 8% to $1.91 billion, primarily reflecting significantly lower Advisory revenues against a strong prior-year period, partly offset by higher Debt underwriting; the investment banking backlog increased from the end of 2024. Debt underwriting revenues rose, driven by asset-backed and investment-grade activity, while Equity underwriting revenues were unchanged.
OUTLOOK
Chief executive David Solomon said the firm was entering the second quarter in a markedly different operating environment but remained confident in its ability to continue to support clients.