Goldman Sachs finishes strong in the fourth quarter with stock underwriting revenue ranking first on Wall Street.

Goldman Sachs returned to the top of the Wall Street stock capital market revenue rankings in the fourth quarter of last year. This year is expected to be a year of IPO activity, with major banks eager to get a piece of the action. Goldman Sachs reported stock underwriting revenue of $521 million in the last three months of 2025, surpassing Morgan Stanley's $494 million and JPMorgan Chase's $416 million during the same period. Data shows that stock capital market activity has grown for the fourth consecutive year, with IPOs, stock offerings, and convertible bonds totaling $841.8 billion. However, this is still only slightly higher than half of the record-breaking financing amount in 2021. Goldman Sachs CEO David Solomon said that it is unlikely that this record will be broken in the short term. Solomon told analysts on the earnings conference call, "I expect that by 2026, the level of stock capital markets will still be well below the peak of 2021, but higher than 2025."