Goldman Sachs' 2025 Q3 Earnings Call Contradictions Emerge on SRT Activities, M&A, Regulatory Outlook, Equities Revenues, and Apple Card Strategy

The above is the analysis of the conflicting points in this earnings call

Business Commentary:

• Record Financial Performance:
• Goldman Sachs generated net revenues of $15.2 billion in Q3 2025, with earnings per share of $12.25 and a ROE of 14.2%.

• The growth was driven by strength in investment banking, increased momentum in M&A, and resilience in their markets businesses.

• Investment Banking Strength:

• The firm advised on over $1 trillion in announced M&A volumes for 2025 year-to-date, maintaining a significant lead over competitors.

• This performance was attributed to increased activity in strategic acquisitions and exclusivity in prominent deals, with a focus on serving clients across strategic transactions.

• Equities and FICC Performance:

• Equities intermediation revenues were $2 billion, declines by 9% year-over-year, while financing revenues rose to a record $1.7 billion, increasing by 33% year-over-year.

• FICC net revenues were $3.5 billion, up 17% year-over-year, driven by improved performance in rates, mortgages, and commodities.

• Asset & Wealth Management Growth:

• Asset and Wealth Management revenues in the quarter were $4.4 billion, with management and other fees up by 12% year-over-year.
• Growth was supported by increased assets under supervision, strategic acquisitions like Industry Ventures, and a focus on more durable revenue streams.