Goldman Sachs reported a standout Q4, delivering net revenues of $13.2 billion—a 12% increase year-over-year—and net earnings of $3.8 billion, up 15% from the prior year period. The investment banking division drove much of the growth, with advisory and underwriting fees rising 18% to $2.4 billion as deal volumes rebounded in both M&A and equity offerings. Management highlighted a robust pipeline, forecasting investment banking fees to climb by another 20% in the first quarter of 2026 as corporate clients accelerate strategic transactions. Overall, the firm’s stock total return topped 57% in 2025, underscoring strong investor confidence.

Goldman Sachs has formed a dedicated 15-member team to analyze CFTC-regulated prediction market platforms, meeting with five leading operators in the space. CEO David Solomon emphasized the potential for institutional liquidity provisioning and sophisticated hedging solutions, drawing lessons from retail adoption on platforms like Robinhood and Coinbase. While Solomon conveyed enthusiasm about diversifying Goldman’s product suite, he cautioned that regulatory developments could proceed more slowly than anticipated, potentially delaying a full product launch until late 2026 or beyond.