Over the past 12 months, Goldman Sachs shares have climbed nearly 70%, propelled by elevated merger-and-acquisition advisory fees, record equities trading revenues and robust debt underwriting activity. In Q4 2025, the firm reported earnings per share of 14.01 and achieved a 17.1% return on tangible equity, reflecting the impact of its strategic exit from the Apple Card portfolio, which unlocked a one-time gain of roughly 2.5 billion USD before tax. Investment banking fees rose 25% year-over-year to approximately 2.58 billion USD, while equities trading revenue set a new all-time high at 4.31 billion USD. The fixed-income, currencies and commodities division also outperformed expectations, generating over 3.1 billion USD in revenue. These core businesses accounted for nearly 70% of the firm’s total net revenue of 13.45 billion USD in the quarter.

Goldman’s shift toward more predictable, fee-based income is gaining traction: asset and wealth management net revenues grew 14% year-over-year, reaching just over 3.0 billion USD, driven by higher management fees and disciplined expense control. Assets under supervision expanded to 3.61 trillion USD, up from 3.14 trillion USD a year earlier. The firm has set a medium-term pre-tax margin target of 30% for this unit, up from mid-20s previously, following a 25% margin in full-year 2025. At the same time, rigorous cost management helped keep non-interest expenses flat sequentially, underscoring an ongoing focus on capital efficiency and return on equity.

In early January, CEO David Solomon confirmed that Goldman Sachs is actively assessing how to participate in emerging prediction-market platforms, meeting with leadership teams from the two largest operators for several hours each. Platforms regulated by the Commodity Futures Trading Commission, which structure contracts around event outcomes — from elections to economic data releases — are seen as analogous to over-the-counter derivatives. While Solomon emphasized that integration into Goldman’s existing franchise will be carefully paced, the bank has assembled a dedicated internal team to evaluate product design, compliance frameworks and potential client demand, signaling a strategic push into this nascent asset class.