Goldman Sachs Group, Inc. (The) (GS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Katie, and I'll be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs second quarter 2025 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the investor relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc., and may not be duplicated, reproduced, or rebroadcast without consent. This call is being recorded today, July 16th, 2025. I will now turn the call over to Chairman and Chief Executive Officer David Solomon and Chief Financial Officer Dennis Coleman. Thank you. Mr. Solomon, you may begin your conference. Thank you, Operator, and good morning, everyone. Thank you all for joining us. We delivered a strong performance in the second quarter, generating net revenues of $14.6 billion, earnings per share of $10.91, and an ROE of 12.8%, resulting in an ROE of 14.8% for the first half of the year. Amid shifting market dynamics, we remained relentlessly focused on serving our clients with excellence. These results are a testament to our best in class talent, culture of collaboration, and differentiated business across investment banking, financing, risk intermediation, and asset and wealth management. Our global client franchise has never been stronger and I'm proud of how we've helped our clients navigate periods of heightened uncertainty. In investment banking, clients continue to turn to our number one M&A franchise for their most consequential transactions. The deal-making environment has been remarkably resilient. While activity was slower in the first half of the quarte...