Goldman Sachs letter to shareholders, 2025 annual report

About this letter

David Solomon, chairman and chief executive of Goldman Sachs, wrote this letter to shareholders for the firm's 2025 annual report, published in March 2026. He describes a year marked by uncertainty and disruption in which the firm still performed strongly, with earnings per share up 27% to $51.32, and looks back over six years of progress since the strategy it set out in 2020.

The letter reviews the two main businesses. In Global Banking and Markets, Goldman remained the leading M&A adviser for the 23rd year running and created a Capital Solutions Group for financing and origination. In Asset and Wealth Management, which supervises $3.6 trillion, it raised a record $115 billion for alternatives, formed a partnership with T. Rowe Price and agreed two acquisitions. Solomon also reflects on the firm's people and partnership culture, then turns to the outlook for 2026, including US and Israeli military action against Iran, Europe and relations between the US and China.

What to notice

1. 1

   Solomon reports net revenues of $58.3 billion and a 15% return on equity, measured against targets set at the 2020 Investor Day.