Goldman Sachs soars in Q3: investment banking fees up 42%

The investment bank posts a strong quarter, driven by a rebound in M&A and IPO activity. Net income hits $4.1 billion, also boosted by increased trading and leveraged finance operations.

Goldman Sachs closed a strong third quarter of 2025, with results exceeding expectations and signs of recovery in financial markets. The Wall Street giant reported net revenue of $15.18 billion, up 20% compared to the same period in 2024, and net income of $4.10 billion. Earnings per share (EPS) came in at $12.25, well above the $8.40 reported in the third quarter of the previous year.

The standout performance came particularly from the Global Banking & Markets division, which generated $10.12 billion in revenue. Investment banking fees rose 42% to $2.66 billion, thanks to a surge in completed M&A deals and an acceleration in underwriting activity, especially in the debt segment linked to leveraged finance. The IPO market also showed signs of recovery, driving growth in equity underwriting revenues.

In the trading segment, FICC (fixed income, currencies, and commodities) revenue increased by 17%, fueled by interest rate products and commodities. Equities revenue rose moderately (+7%), supported by prime financing, despite a decline in cash equity trading.

Return on equity (ROE) reached 14.2%, while book value per share rose to $353.79. Credit losses fell to $339 million, indicating a more favorable credit environment.

"We're focusing our efforts on operational efficiency and emerging technologies such as artificial intelligence," commented CEO David Solomon. "Clients continue to turn to us for complex transactions, and our results reflect the strength of our strategy in a market that is showing signs of improvement."