Leading U.S. investment bank Goldman Sachs (GS) has reported mixed financial results for the fourth quarter of 2025 as revenues declined year-over-year.
Goldman Sachs announced earnings per share of $14.01 U.S., which was far ahead of the $11.67 U.S. expected among analysts.
However, revenue of $13.45 billion U.S. fell short of the $13.79 billion U.S. that had been forecast on Wall Street.
While the bank’s profit rose 12% from a year earlier, its revenue declined 3%.
Management blamed the revenue decrease on the sale of its Apple Card (AAPL) loan portfolio to JPMorgan Chase (JPM).
Goldman Sachs said it was forced to pay a penalty fee for the early termination of its contract with Apple, resulting in the revenue drop.
The investment bank added that its biggest source of outperformance in the fourth quarter came from its stock trading desks.
Equities trading and asset management produced nearly $900 million U.S. more in Q4 revenue for Goldman Sachs than the bank had expected.
Goldman Sachs’ deal advisory business and wealth management division also saw strong gains in the final months of 2025.
Data from Dealogic shows that global investment banking revenue in the fourth quarter rose 12% from a year earlier, which is beneficial to Goldman Sachs’ core advisory business.
GS stock has gained 54% over the last 12 months to trade at $932.67 U.S. per share.
