Goldman Sachs Group Inc. ended 2025 on a high, posting a record-breaking performance in one of its most closely watched businesses.
In the final three months of last year, the bank generated $4.31 billion in equities-trading revenue, beating expectations and setting an all-time Wall Street record for any bank.
The result underlines how Goldman has sharpened its trading operations while also expanding other revenue streams.
Alongside the trading milestone, the firm announced a dividend increase, adding another headline as investors tracked the last wave of big US bank earnings updates.
Equities trading delivers a historic Wall Street result
Goldman’s $4.31 billion equities-trading haul is the biggest ever recorded by any bank in a single quarter. It topped the previous all-time high, which Goldman itself set in the second quarter of 2025.
The surge highlights the strength of the bank’s market franchise at a time when trading revenues across the industry can swing sharply with market volatility, investor positioning, and client activity.
For Goldman, equities trading remains a key profit driver, and this performance shows how much capacity the firm has built into its trading business.
Dividend increase adds to the quarter’s momentum
Goldman said it will raise its dividend to $4.50 per share, according to a statement released on Thursday.
The decision followed a quarter marked by strong trading results and a broader revenue boost for the full year.
Dividend increases tend to attract attention during earnings season, especially for large financial firms balancing shareholder returns with growth plans and investment priorities.
A late earnings report among the biggest US banks
Goldman and Morgan Stanley were the last of the biggest US banks to report fourth-quarter results, following updates earlier this week from JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co.
That timing put extra focus on Goldman’s performance, as investors compared banks with heavier exposure to investment banking and trading against rivals with larger consumer and commercial banking operations.
Goldman has also worked to strengthen its investment-banking position under Chief Executive David Solomon.
He has reasserted control and refocused the firm after a precarious period triggered by a failed push into consumer banking.
Wealth and asset management push for stronger margins
Away from trading, Goldman raised targets for its asset- and wealth-management business, which posted a quarterly record for fees.
The bank said it would target a 30% pretax margin in the medium term for the unit, up from the mid-twenties. It also set a goal of returns in the high-teens, up from the mid-teens.
Goldman has promoted the division as a steadier income stream that can help offset volatility in its trading and dealmaking businesses.
The unit, led by Marc Nachmann, has been expanding through acquisitions. Recent deals include the purchase of exchange-traded fund issuer Innovator Capital and venture capital firm Industry Ventures.
For the full year, Goldman reported net revenue of $58.3 billion in 2025, its second-best year on record.
The bank said revenue would have been a record without a multibillion-dollar impact from the sale of its Apple Card portfolio to JPMorgan Chase & Co.
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