Goldman Sachs (NYSE: GS) reported a decline in fourth-quarter net revenues, though earnings still surpassed analyst expectations, with shares down more than 1% in pre-market trading on Thursday.

The investment bank said results reflected a markdown tied to the transfer of Apple's credit-card program to JPMorgan Chase. That impact was more than offset by a $2.48 billion reduction in provisions for credit losses, which contributed a net $2.12 billion boost to the bottom line.

Strength in Goldman's global banking and markets division supported overall performance, as volatile market conditions throughout 2025—driven by U.S. trade policy shifts and concerns around artificial intelligence-related equity valuations—boosted trading activity.

Equities trading revenue surged 25% year over year to $4.31 billion, while fixed income, currencies, and commodities revenue increased 12% to $3.11 billion, supported by demand for interest rate and commodities products.

Investment banking fees rose 25% to $2.58 billion, reflecting stronger advisory activity amid elevated merger and acquisition volumes despite prolonged market uncertainty.

Overall, group-wide net revenues declined 3% to $13.45 billion. Earnings per share came in at $14.01, well above analyst expectations of $11.48.