Goldman Sachs Group, Inc. (The) (GS) Q4 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 fourth 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, January 15th, 2026. 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. Good morning, everyone. Thank you all for joining us. I'm very pleased with our strong performance in the fourth quarter. We regenerated earnings per share of $14.01, an ROE of 16%, and an ROTE of 17.1%. For the full year, we delivered earnings per share of $51.32, a 27% increase versus last year, an ROE of 15% and ROTE of 16%. Before we review our financials in detail, I want to discuss our longer-term performance and provide an update to you on our strategy. Beginning on page one, In 2020, we held the firm's first investor day and laid out a clear and comprehensive strategy to grow and strengthen the firm. We also set a number of targets so we would be held accountable for our progress. Since then, guided by our purpose to be the most exceptional financial institution in the world, supported by our four values of client service, integrity, partnership, and excellence, we continue to successfully execute on this strategy. We increased firm-w...