Goldman Sachs and Morgan Stanley posted strong 2025 results, boosted by rising trading, investment banking, and tech deal activity.

A 25% increase in investment banking fees and record equity trading revenue of $4.3 billion drove Goldman Sachs' impressive fourth-quarter 2025 results, which included net earnings of $4.62 billion and earnings per share of $14.01. Increased M&A activity, market turbulence, and a $2.5 billion reserve release from the sale of the Apple Card portfolio to JPMorgan Chase, which increased returns, all contributed to the company's success. A 16% return on equity and increased capital efficiency helped the full-year 2025 EPS reach $51.32, a 27% increase from 2024. Shares only marginally increased in premarket trading despite the positive results, indicating investor caution in the face of economic uncertainty.