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Goldman Sachs

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Analysis

GS 10-K Analysis: 73% of Growth Came From Interest, Not Deal-Making

Goldman Sachs reported record FY2025 earnings of $51.32 per share — up 26.6% — on what Wall Street calls an M&A super-cycle. But the 10-K filing reveals that 73% of the flagship Global Banking & Markets segment's $6.4 billion revenue increase came from net interest income surging 182%, not deal-making fees. Core franchise fee revenue grew just 5.7%. At $879 and 2.21x tangible book, the market prices a deal-making franchise — the filing describes a rate-sensitive balance sheet with a wealth management cost problem.

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15 min

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