Yes. The statement of Christ in Matthew 25, and elsewhere, are taken at face value. It is believed that after death each man must come before God in judgment and that he will be judged according to the deeds done while he lived (Hebrews 9:27). After judgment is pronounced he will spend eternity either in heaven or hell.

Matthew 25:46:

And these shall go away into everlasting punishment: but the righteous into life eternal.

Hebrews 9:27:

And as it is appointed unto men once to die, but after this the judgment