Analyst Consensus ?
ConsensusHold55 ratings
Bullish2240.0%
Neutral3054.5%
Bearish35.5%
The Goldman Sachs Group, Inc. · GS · FY2024 Q4 · Calendar Q1 2025
Goldman Sachs: Strong Execution, With Regulatory Risks Still in View
The evidence supports a constructive but qualified view: strong execution, durable financing and asset-management businesses, and efficiency initiatives provide support, while regulatory uncertainty, Platform Solutions drag, and macro sensitivity limit confidence.
Reported Before market openNYSEFinancial Services
$256.60B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $8.03
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $12.42B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+6.0%
Event window
SPY move
+1.8%
Same window
Abnormal move
+4.2%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
+7.1%
Up to 20 sessions
GSSPY benchmark
Ask FN2 about GS FY2024 Q4
Transcript, numbers and history already loaded
What drove GS's +6.0% move after FY2024 Q4 earnings?What changed in GS's guidance and outlook in FY2024 Q4?Give me the bull and bear case for GS after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the emphasis shifted toward a newly created Capital Solutions Group, broader private-credit and financing capabilities, stronger alternatives activity, and more explicit AI-led efficiency work. Platform Solutions remains a drag, while regulatory and macro risks remain central concerns.
Guidance delta
Maintained; management's outlook remained positive, with emphasis on deal activity, durable revenue streams, financing growth, and efficiency initiatives.
Key takeaways
- Management described strong execution across investment banking, equities, financing, and asset and wealth management.
- The strategic focus shifted further toward private credit, Capital Solutions, alternatives, and wealth-management lending.
- AI, automation, and organizational redesign were presented as efficiency initiatives that could support operating leverage.
- The main counterweights are regulatory uncertainty, Platform Solutions drag, macro-policy volatility, and credit or deal-activity risk.
Management priorities
- Scale the Capital Solutions Group and alternative origination capabilities.
- Grow private-credit and financing balances while managing risk.
- Expand wealth-management lending and advisor coverage.
- Use AI, automation, and technology upgrades to improve operating efficiency.
- Return excess capital while preserving regulatory buffers.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$881.26Previous close
$290Low
$744.85Average
$1,325High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Oct 16, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 14, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 14, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 6, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 1, 2026 |
| HSBC | Hold | Hold | Maintain | Sep 28, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 25, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Oppenheimer | Underperform | Perform | Downgrade | Jun 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 6, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Jan 27, 2026 |
| Freedom Capital Markets | Hold | Sell | Upgrade | Oct 17, 2025 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jul 14, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 2, 2024 |
| Argus Research | Buy | Hold | Upgrade | Apr 16, 2024 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Mar 14, 2024 |
| Atlantic Equities | Neutral | Underweight | Upgrade | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 20, 2023 |
| Odeon Capital | Buy | Hold | Upgrade | Jul 13, 2023 |
| Societe Generale | Hold | Buy | Downgrade | Jul 10, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Mar 9, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 4, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 12, 2022 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 1, 2022 |
| DA Davidson | Neutral | Neutral | Maintain | Apr 15, 2021 |
| CFRA | Hold | Sell | Upgrade | Apr 15, 2020 |
| Berenberg | Hold | Sell | Upgrade | Mar 26, 2020 |
| Buckingham Research | Buy | Neutral | Upgrade | Jan 9, 2020 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jul 26, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 30, 2018 |
| Buckingham | Neutral | Neutral | Maintain | Apr 18, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Apr 10, 2018 |
| Vertical Research | Buy | Hold | Upgrade | Dec 29, 2017 |
| Vertical Group | Buy | Hold | Upgrade | Dec 29, 2017 |
| Rafferty Capital | Hold | Buy | Downgrade | Apr 18, 2017 |
| Rafferty | Hold | Buy | Downgrade | Apr 18, 2017 |
| Compass Point | Neutral | Neutral | Maintain | Feb 22, 2017 |
| Nomura | Neutral | Buy | Downgrade | Nov 29, 2016 |
| Macquarie | Outperform | Neutral | Upgrade | Nov 18, 2016 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 12, 2015 |
| MKM Partners | Buy | Buy | Maintain | Jun 15, 2015 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 7, 2015 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Apr 25, 2014 |
| S&P Capital IQ | Sell | Buy | Downgrade | Mar 13, 2014 |
| Mediobanca Securities | Underperform | Neutral | Downgrade | Oct 23, 2013 |
| CLSA | Outperform | Buy | Maintain | Jul 16, 2013 |
| Sandler O'Neil | Hold | Buy | Downgrade | Jan 17, 2013 |
| ISI Group | Neutral | Neutral | Maintain | Jan 16, 2013 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 4, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $881.26. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Stephen Biggar | $1,280 | $885.9 | +45.2% | Oct 14, 2026 |
| RBC Capital | Analyst unavailable | $1,010 | $891.91 | +14.6% | Oct 14, 2026 |
| Loop Capital Markets | Analyst unavailable | $1,050 | $887.21 | +19.1% | Oct 8, 2026 |
| Goldman Sachs | Analyst unavailable | $970 | $904.21 | +10.1% | Oct 6, 2026 |
| Goldman Sachs | Analyst unavailable | $1,000 | $900.36 | +13.5% | Oct 1, 2026 |
| UBS | Analyst unavailable | $1,150 | $1,017.73 | +30.5% | Aug 3, 2026 |
| HSBC | Saul Martinez | $995 | $1,055.03 | +12.9% | Jul 20, 2026 |
| Goldman Sachs | Analyst unavailable | $1,300 | $1,152.07 | +47.5% | Jul 16, 2026 |
| Goldman Sachs | Analyst unavailable | $1,200 | $1,152.07 | +36.2% | Jul 16, 2026 |
| Goldman Sachs | Analyst unavailable | $1,190 | $1,138.15 | +35.0% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $955 | $1,140 | +8.4% | Jul 15, 2026 |
| Morgan Stanley | Manan Gosalia | $1,145 | $1,140 | +29.9% | Jul 15, 2026 |
| Goldman Sachs | Jason Goldberg | $1,245 | $1,140 | +41.3% | Jul 15, 2026 |
| Wells Fargo | Mike Mayo | $1,325 | $1,140 | +50.4% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $1,130 | $1,140 | +28.2% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $1,299 | $1,140 | +47.4% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $1,150 | $1,042.14 | +30.5% | Jul 7, 2026 |
| UBS | Analyst unavailable | $1,120 | $1,048.92 | +27.1% | Jul 7, 2026 |
| Goldman Sachs | Analyst unavailable | $1,075 | $1,048.8 | +22.0% | Jul 6, 2026 |
| Goldman Sachs | Analyst unavailable | $1,100 | $1,106.37 | +24.8% | Jun 23, 2026 |
| Morgan Stanley | Analyst unavailable | $900 | $1,035.64 | +2.1% | Jun 12, 2026 |
| Goldman Sachs | Analyst unavailable | $930 | $925.87 | +5.5% | May 8, 2026 |
| Goldman Sachs | Analyst unavailable | $1,066 | $899.01 | +21.0% | Apr 14, 2026 |
| Goldman Sachs | Ebrahim Poonawala | $1,050 | $890.79 | +19.1% | Apr 14, 2026 |
| UBS | Analyst unavailable | $990 | $918.27 | +12.3% | Feb 4, 2026 |
| RBC Capital | Gerard Cassidy | $1,030 | $962 | +16.9% | Jan 20, 2026 |
| Bank of America Securities | Analyst unavailable | $1,100 | $969.92 | +24.8% | Jan 16, 2026 |
| Keefe Bruyette | Christopher McGratty | $1,000 | $975.86 | +13.5% | Jan 16, 2026 |
| Wells Fargo | Analyst unavailable | $1,050 | $975.86 | +19.1% | Jan 16, 2026 |
| Evercore ISI | Glenn Schorr | $1,075 | $975.86 | +22.0% | Jan 16, 2026 |
| HSBC | Analyst unavailable | $604 | $944.36 | -31.5% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $1,048 | $914.34 | +18.9% | Jan 5, 2026 |
| Keefe Bruyette | Analyst unavailable | $971 | $879.15 | +10.2% | Dec 17, 2025 |
| J.P. Morgan | Kian Abouhossein | $750 | $763.32 | -14.9% | Oct 21, 2025 |
| Freedom Capital | Analyst unavailable | $794 | $751 | -9.9% | Oct 17, 2025 |
| Citi | Analyst unavailable | $765 | $767.93 | -13.2% | Oct 16, 2025 |
| Argus | Analyst unavailable | $863 | $773.75 | -2.1% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $828 | $770.76 | -6.0% | Oct 15, 2025 |
| Keefe Bruyette | Analyst unavailable | $870 | $770.76 | -1.3% | Oct 15, 2025 |
| Barclays | Jason Goldberg | $850 | $770.76 | -3.5% | Oct 15, 2025 |
| UBS | Analyst unavailable | $805 | $787.1 | -8.7% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $830 | $795.1 | -5.8% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $854 | $802.51 | -3.1% | Sep 29, 2025 |
| Wells Fargo | Mike Mayo | $785 | $705.6 | -10.9% | Jul 10, 2025 |
| RBC Capital | Gerard Cassidy | $560 | $507.89 | -36.5% | Apr 15, 2025 |
| Wells Fargo | Mike Mayo | $650 | $507.89 | -26.2% | Apr 15, 2025 |
| Morgan Stanley | Betsy Graseck | $558 | $511.23 | -36.7% | Apr 7, 2025 |
| J.P. Morgan | Analyst unavailable | $625 | $585.94 | -29.1% | Mar 25, 2025 |
| Citi | Analyst unavailable | $550 | $580.1 | -37.6% | Mar 24, 2025 |
| Morgan Stanley | Analyst unavailable | $659 | $524.81 | -25.2% | Mar 13, 2025 |
| Oppenheimer | Chris Kotowski | $614 | $522.38 | -30.3% | Oct 16, 2024 |
| Jefferies | Daniel Fannon | $609 | $522.38 | -30.9% | Oct 16, 2024 |
| Evercore ISI | Glenn Schorr | $575 | $522.38 | -34.8% | Oct 16, 2024 |
| Barclays | Jason Goldberg | $588 | $522.38 | -33.3% | Oct 16, 2024 |
| CFRA | Kenneth Leon | $585 | $523.43 | -33.6% | Oct 15, 2024 |
| JMP Securities | Devin Ryan | $550 | $496.57 | -37.6% | Oct 9, 2024 |
| Morgan Stanley | Betsy Graseck | $560 | $498.51 | -36.5% | Sep 30, 2024 |
| CFRA | Kenneth Leon | $553 | $467.13 | -37.2% | Sep 10, 2024 |
| J.P. Morgan | Kian Abouhossein | $472 | $479.61 | -46.4% | Sep 9, 2024 |
| Morgan Stanley | Betsy Graseck | $561 | $492.72 | -36.3% | Jul 30, 2024 |
| BMO Capital | James Fotheringham | $373 | $504.52 | -57.7% | Jul 17, 2024 |
| Barclays | Jason Goldberg | $565 | $503.02 | -35.9% | Jul 16, 2024 |
| Citi | Keith Horowitz | $485 | $492.23 | -45.0% | Jul 16, 2024 |
| J.P. Morgan | Kian Abouhossein | $464 | $492.23 | -47.3% | Jul 16, 2024 |
| Citigroup | Keith Horowitz | $425 | $481.18 | -51.8% | Jul 12, 2024 |
| UBS | Brennan Hawken | $535 | $462.85 | -39.3% | Jul 9, 2024 |
| Piper Sandler | Rob Owens | $400 | $465.61 | -54.6% | Jul 2, 2024 |
| Oppenheimer | Chris Kotowski | $504 | $445.96 | -42.8% | Jun 28, 2024 |
| Wells Fargo | Mike Mayo | $504 | $443.67 | -42.8% | May 7, 2024 |
| Morgan Stanley | Betsy Graseck | $486 | $400.33 | -44.9% | Apr 16, 2024 |
| HSBC | Saul Martinez | $470 | $401.25 | -46.7% | Apr 16, 2024 |
| Oppenheimer | Chris Kotowski | $479 | $400.88 | -45.6% | Apr 16, 2024 |
| Argus | Stephen Biggar | $465 | $404.49 | -47.2% | Apr 16, 2024 |
| RBC Capital | Gerard Cassidy | $405 | $400.88 | -54.0% | Apr 16, 2024 |
| BMO Capital | James Fotheringham | $360 | $400.88 | -59.1% | Apr 16, 2024 |
| Evercore ISI | Glenn Schorr | $440 | $400.88 | -50.1% | Apr 16, 2024 |
| CFRA | Kenneth Leon | $450 | $400.07 | -48.9% | Apr 15, 2024 |
| Jefferies | Daniel Fannon | $471 | $402.1 | -46.6% | Apr 15, 2024 |
| Evercore ISI | Glenn Schorr | $435 | $404.99 | -50.6% | Apr 15, 2024 |
| Oppenheimer | Chris Kotowski | $446 | $389.49 | -49.4% | Apr 15, 2024 |
| Citi | Keith Horowitz | $410 | $396.47 | -53.5% | Mar 20, 2024 |
| Daiwa Securities | Kazuya Nishimura | $430 | $392.31 | -51.2% | Mar 13, 2024 |
| Morgan Stanley | Betsy Graseck | $449 | $386.87 | -49.1% | Jan 30, 2024 |
| Loop Capital Markets | James Fotheringham | $360 | $376.91 | -59.1% | Jan 18, 2024 |
| Morgan Stanley | Betsy Graseck | $333 | $377.75 | -62.2% | Jan 16, 2024 |
| Loop Capital Markets | James Fotheringham | $421 | $301.99 | -52.2% | Oct 18, 2023 |
| Morgan Stanley | Betsy Graseck | $329 | $314.39 | -62.7% | Oct 17, 2023 |
| Wells Fargo | Whit Mayo | $390 | $337.27 | -55.7% | Jul 19, 2023 |
| Oppenheimer | Chris Kotowski | $437 | $333.47 | -50.4% | Apr 19, 2023 |
| RBC Capital | Gerard Cassidy | $400 | $333.76 | -54.6% | Apr 19, 2023 |
| Wells Fargo | Analyst unavailable | $420 | $374.4 | -52.3% | Feb 8, 2023 |
| Oppenheimer | Analyst unavailable | $463 | $365.71 | -47.5% | Feb 2, 2023 |
| UBS | Analyst unavailable | $350 | $354.9 | -60.3% | Jan 9, 2023 |
| Morgan Stanley | Analyst unavailable | $356 | $347.23 | -59.6% | Jan 6, 2023 |
| Oppenheimer | Analyst unavailable | $492 | $340.87 | -44.2% | Dec 28, 2022 |
| J.P. Morgan | Analyst unavailable | $405 | $362.3 | -54.0% | Dec 6, 2022 |
| Morgan Stanley | Analyst unavailable | $384 | $364.24 | -56.4% | Dec 6, 2022 |
| JMP Securities | Devin Ryan | $470 | $312.57 | -46.7% | Oct 19, 2022 |
| Goldman Sachs | John Heagerty | $290 | $314.87 | -67.1% | Oct 5, 2022 |
| Morgan Stanley | Analyst unavailable | $354 | $296.61 | -59.8% | Jul 12, 2022 |
| RBC Capital | Gerard Cassidy | $370 | $296.47 | -58.0% | Jul 9, 2022 |
| Wells Fargo | Analyst unavailable | $380 | $295.89 | -56.9% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $410 | $297.02 | -53.5% | Jul 1, 2022 |
| BMO Capital | James Fotheringham | $486 | $329.88 | -44.9% | Apr 18, 2022 |
| Piper Sandler | Jeffery Harte | $430 | $321.39 | -51.2% | Apr 8, 2022 |
| Morgan Stanley | Betsy Graseck | $418 | $330.22 | -52.6% | Apr 2, 2022 |
| Odeon Capital Group LLC | Richard Bove | $350.65 | $367.6 | -60.2% | Feb 6, 2022 |
| Oppenheimer | Chris Kotowski | $546 | $347.01 | -38.0% | Jan 30, 2022 |
| Citigroup | Keith Horowitz | $455 | $346.06 | -48.4% | Jan 20, 2022 |
| BMO Capital | James Fotheringham | $448 | $345.28 | -49.2% | Jan 19, 2022 |
| JMP Securities | Devin Ryan | $460 | $352.32 | -47.8% | Jan 18, 2022 |
| CFRA | Ken Leon | $440 | $352.32 | -50.1% | Jan 18, 2022 |
| Barclays | Jason Goldberg | $505 | $352.32 | -42.7% | Jan 18, 2022 |
| Wells Fargo | Mike Mayo | $450 | $410.16 | -48.9% | Oct 25, 2021 |
| Credit Suisse | Susan Roth Katzke | $470 | $409.11 | -46.7% | Oct 18, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $445 | $388.46 | -49.5% | Oct 8, 2021 |
| KBW | David Konrad | $391 | $363.99 | -55.6% | Jul 6, 2021 |
Track every rating change on GS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Goldman Sachs Group, Inc. (GS) operates as a prominent global financial services firm, offering an extensive array of services to corporations, financial institutions, governmental bodies, and individuals worldwide. The company's operations are organized into four primary divisions: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The Investment Banking segment furnishes strategic advisory services covering intricate transactions such as mergers, acquisitions, divestitures, corporate defense strategies, restructurings, and spin-offs. It also extends various lending facilities, including middle-market, relationship, and acquisition financing, in addition to transaction banking services.…
Historical context
All GS earningsFinancial Services peers this season
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| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
| RF-PC Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee growth supports a steady Q3 outlook |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-10T21:07:34.652430+00:00
- Polygon adjusted daily market bars · 2026-10-19T11:40:43.220968+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T11:40:43.218170+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.