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Investing.com -- Goldman Sachs Group, Inc. reported second quarter earnings that exceeded analyst expectations, with revenue climbing 15% compared to the same period last year, driven by strong performance in its Global Banking & Markets division.
The investment banking giant posted earnings per share of $10.91, surpassing the analyst estimate of $9.59 by $1.32. Revenue came in at $14.58 billion, above the consensus estimate of $13.51 billion and up 15% from the second quarter of 2024. Following the announcement, Goldman Sachs shares rose 1.1%.
Global Banking & Markets revenue increased 24% YoY to $10.12 billion, with investment banking fees up 26% to $2.19 billion. The firm’s Equities business saw a 36% jump in revenue to $4.30 billion, while Fixed Income, Currency and Commodities (FICC) revenue rose 9% to $3.47 billion.
"Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people," said David Solomon, Chairman and CEO of Goldman Sachs. "At this time, the economy and markets are generally responding positively to the evolving policy environment."
Asset & Wealth Management revenue declined 3% YoY to $3.78 billion, reflecting significantly lower net revenues in Equity and Debt investments, partially offset by higher Management and other fees.
The firm’s efficiency ratio improved to 62.0% for the first half of 2025, compared with 63.8% for the first half of 2024. Operating expenses increased 8% YoY to $9.24 billion, primarily due to higher compensation and benefits expenses reflecting improved performance.
Goldman Sachs also announced it is increasing its quarterly dividend to $4.00 per common share. During the quarter, the company returned $3.96 billion to shareholders through $3.00 billion in share repurchases and $957 million in dividends.