Goldman Sachs Q4 FY25: where the revenue came from and where it went
The whole income statement of Goldman Sachs for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Oct 1 – Dec 31, 2025
- Reported
- Feb 25, 2026
Revenue$13.45B
−3% year over year
Operating profit$5.86B
44% margin
Net profit$4.62B
34% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 13.45 | 100% | −3% |
| Americas | 7.68 | 57% | −16% |
| EMEA | 3.69 | 27% | +33% |
| Asia | 2.08 | 16% | +4% |
| Operating expenses | −7.60 | 56% | |
| Compensation | −4.67 | 35% | +0pp |
| Occupancy | −0.25 | 2% | +0pp |
| Professional services | −0.47 | 3% | +0pp |
| Technology | −0.59 | 4% | +0pp |
| Interest | −1.62 | 12% | +0pp |
| Operating profit | 5.86 | 44% margin | +6pp |
| Tax | −1.24 | ||
| Net profit | 4.62 | 34% margin | +5pp |
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