高盛 Goldman Sachs Group Inc. (GS) 2025年第四季度及全年财务业绩演示报告「NYSE」（英文版）（31页）.pdf

1、Full Year and Fourth Quarter 2025Earnings Results PresentationJanuary 15,2026$36.55$60.54$58.2820192025 Strategic execution delivering growth and driving value creation10.53.95110.147.19032.101.124106.165.19163.174.19132.152.1930.129.19881.112.18135.199.186122.104.172Increased market shareExpanded c

2、lient footprintImpact from Apple Card transition1Significant growth across key metrics since our first Investor Day$21.0310.0%Total shareholder return since 2019Book value per shareReturn on equity2Earnings per share$218.5220192025$51.3215.0%$357.60+341%2025 SHAREHOLDER VALUE CREATION3Growth in quar

3、terly dividendPeer average+11%+33%Total shareholder return Peer average+45%+57%Longer-term operating focus$2.26Investing for growthEnhanced accountabilityUncompromising risk managementImpact from Apple Card transition1Impact from Apple Card transition1+$0.45+10bpsFirmwide net revenues($bn)$63.5$6.02

4、0192025 0.53.95110.147.19032.101.124106.165.19163.174.19132.152.1930.129.19881.112.18135.199.186122.104.1722Growth alongside a meaningfully improved risk profileFirmwide more durable revenues4($bn)Historical principal investments5,6($bn)$12.2$26.320192025Stress capital buffer+115%6.6%3.4%20202025-91

5、%-320bpsImproved resiliencyReduced capital densityLowered stress loss intensityLonger-term operating focusInvesting for growthEnhanced accountabilityUncompromising risk managementOne Goldman Sachs One Goldman Sachs ethos supporting strong progress on strategic priorities in 202530.53.95110.147.19032

6、.101.124106.165.19163.174.19132.152.1930.129.19881.112.18135.199.186122.104.172Record financing revenues of$11.4bnCAGR of+17%from 2021-2025Prudently grew financing activities in FICC&EquitiesAlternatives fundraising of$115bn;$438bn since 2019HPI reduction of$57.5bn since 2019 to$6bn in 2025Record AW