The Goldman Sachs Group (GS-PA) Q1 2025 Earnings Report

Key quarterly metrics and trends (QQ1 2025 vs prior year):
- Net revenues: $15.1B; EPS $14.12; ROE 16.9%; ROCE 10.6% (ROTE 18%).
- Revenue mix: GBM revenues of $10.7B; FICC net revenues $4.4B; Equities net revenues $4.2B; Advisory revenues $792M; Equity underwriting $370M; Debt underwriting $752M (+8% YoY).
- Asset & Wealth Management: Revenues $3.7B; management & other fees up 10% YoY to $2.7B; incentive fees $129M; Private banking & lending $725M (+6% YoY); AWM pre-tax margin ~21% and ROE ~10%.
- Alternatives: AUM/ASU at $341B; long-term fee-based inflows continued; private fundraising of $19B in the quarter; total long-term net inflows across asset classes $29B.
- Balance sheet and capital: CET1 ratio 14.8% under standardized approach; capital requirements around 13.7%; share repurchases of $4.4B; total common equity tier 1 capital held substantial above requirements; Board authorized up to $40B in share repurchases.
- Cash flow: Operating cash flow of $(37.23)B; free cash flow negative at $(37.73)B; net cash provided by financing activities $42.83B; cash at end of period $167.41B. Working capital dynamics contributed to negative operating cash flow for the quarter (not unusual for a seasonally buoyant balance sheet).