Goldman Sachs, Morgan Stanley & BlackRock All Surge on Earnings

On this episode of Stock Movers:

- Goldman Sachs (GS) blew through expectations for equities-trading revenue, posting an all-time Wall Street record of $4.31 billion in the final three months of last year. That was higher than the previous record for any bank, set by Goldman in the second quarter of 2025. It also came in nearly $700 million higher than what analysts had expected for the quarter, according to the average estimate compiled by Bloomberg. Shares of the Wall Street giant traded higher.

- Morgan Stanley (MS)’s debt bankers increased revenue 93% in the fourth quarter, by far the biggest jump on Wall Street and capping a record year for that business. The firm’s debt-underwriting revenue came in at $785 million for the last three months of the year, according to a statement Thursday, while analysts were expecting $635 million. That brought total investment-banking fees to $2.41 billion, up 47% from a year ago. The company reported record annual net income. Shares of Morgan Stanley rose 3.7% after earnings were released. They’ve climbed 44% in the past 12 months, more than the 9.9% increase for the S&P 500 Financials Index.

- BlackRock (BLK) pulled in $342 billion of total client cash in the fourth quarter, pushing the firm to a record $14 trillion of assets as it integrates a string of recent acquisitions to become a force in private markets. Investors added $268 billion on a net basis to its long-term investment funds, including $181 billion to its exchange-traded fund business that now has $5.5 trillion overall, BlackRock said Thursday in a statement announcing full-year and quarterly earnings. The tally in the last three months of the year pushed the total annual haul, including money-market and cash-management funds, to $698 billion, setting a new record. Shares of BlackRock rose 5.2% in New York after earnings.

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