Over the past twelve months, Goldman Sachs shares have climbed nearly 70%, driven by a 42% jump in global M&A volumes to $5.1 trillion and a 30% rise in advisory fees to $4.6 billion. Elevated debt issuances fueled fixed‐income underwriting revenues, while equity trading revenues surged 25% year‐over‐year. This performance reflects the firm’s contrarian macro view, which has capitalized on market volatility and large-scale transactions such as the $56.5 billion leveraged buyout of Electronic Arts and Alphabet’s $32 billion acquisition of Wiz.

In the fourth quarter, Goldman Sachs delivered EPS of $14.01 and achieved a 17.1% return on tangible common equity. Net revenues totaled $13.45 billion, with equities trading revenue setting a Wall Street record at $4.31 billion and fixed income, currencies and commodities trading up 12.5% to $3.11 billion. Investment banking fees rose 25% to $2.58 billion, while the bank increased its quarterly dividend to $4.50 per share and returned $16.78 billion to shareholders through buybacks and dividends.

Goldman’s exit from the Apple Card partnership generated a one-time release of $2.48 billion in loan loss reserves, boosting Q4 earnings. The firm also recorded a $2.26 billion mark-to-market loss on the same portfolio, reflecting prudent risk management and freeing up capital for higher‐return activities. This move underscores Goldman’s commitment to refocusing on core investment banking and trading franchises while maintaining disciplined credit risk controls.

The asset and wealth management division achieved record management fees of $3.09 billion and grew assets under supervision to $3.61 trillion, up 15% year-over-year. Pre-tax margins in the unit reached 25%, and management has set a medium-term target of 30% through cost discipline and scale. Overall fee-based revenue now represents 45% of total net revenues, reflecting a strategic shift toward more stable, capital-efficient businesses that complement trading and advisory operations.