Why it matters
- Goldman Sachs reported third-quarter earnings of $17.01 a diluted share on Tuesday, Oct. 13, up from $12.25 a year earlier, on net revenues of $18.68 billion, up 23%, the bank said.
- Equities trading revenue rose 72% to $6.44 billion and investment banking fees rose 21% to $3.22 billion. Analysts had expected $13.09 a share and $16.86 billion in revenue, according to Investing.com.
- Goldman shares traded at about $923 before the opening bell, up about 3.3% from Monday's close of $893.95, according to Yahoo Finance data.
Goldman Sachs reported third-quarter earnings of $17.01 a diluted share on Tuesday, Oct. 13, up 39% from $12.25 a year earlier, as equities trading revenue jumped 72%. Net revenues rose 23% to $18.68 billion and net earnings were $5.29 billion, the bank said in its earnings release. Its annualized return on equity was 18.7%.
The results topped Wall Street forecasts. Analysts had expected earnings of $13.09 a share on revenue of $16.86 billion, Investing.com reported. Goldman shares rose to about $923.10 in premarket trading at 8:55 a.m. ET, up about 3.3% from Monday's close of $893.95, according to Yahoo Finance data.
What drove Goldman Sachs' third-quarter beat?
Trading and dealmaking. Net revenues in Global Banking & Markets rose 32% from a year earlier to $13.46 billion, Goldman said.
- Equities: $6.44 billion, up 72%, on much higher revenue in prime and portfolio financing and in derivatives.
- Investment banking fees: $3.22 billion, up 21%, on more completed mergers and higher revenue from IPOs, secondary offerings and investment-grade bond deals.
- FICC (fixed income, currencies and commodities): $3.47 billion, essentially unchanged. Gains in currencies and commodities offset lower revenue in mortgages, credit and interest-rate products.
Asset & Wealth Management revenue rose 14% to $5.05 billion on higher management and incentive fees. Platform Solutions revenue fell 72% to $170 million, mainly because of markdowns on the Apple Card loan portfolio, which Goldman moved to held for sale in late 2025, the bank said.
Goldman Sachs Q3 2026 results at a glance
| Measure | 3Q 2026 | 3Q 2025 |
|---|---|---|
| Net revenues | $18.68 billion | $15.18 billion |
| Net earnings | $5.29 billion | $4.10 billion |
| Diluted EPS | $17.01 | $12.25 |
| Book value per share | $372.64 | $353.79 |
Source: Goldman Sachs third-quarter 2026 earnings release.
Were there any weak spots?
Yes. Operating expenses rose 20% to $11.31 billion on higher transaction costs and pay, and earnings fell from the second quarter, when Goldman earned $20.98 a share on $20.34 billion of revenue. The bank also said its investment banking fee backlog fell from the end of June and slipped slightly from the end of 2025.
Goldman returned $4.49 billion to shareholders in the quarter, including $3.00 billion of stock buybacks, and declared a quarterly dividend of $5.00 a share payable Dec. 30.
How did other big banks do?
JPMorgan Chase also reported on Tuesday, posting net income of $15.3 billion, or $5.57 a share, on markets revenue up 15%, the bank said. Its shares were up about 0.7% before the open, Yahoo Finance data show. Wells Fargo shares fell in premarket trading after its own results; see Wells Fargo Stock Falls After Q3 Revenue Misses Estimates.
For more earnings coverage, see our companies section.
Sources
- Goldman Sachs, Third Quarter 2026 Earnings Results (Exhibit 99.1 to Form 8-K, Oct. 13, 2026)
- JPMorgan Chase, Earnings Release, Third Quarter 2026 Results (Exhibit 99.1 to Form 8-K, Oct. 13, 2026)
- Investing.com, Goldman Sachs beats third-quarter estimates on trading strength (Oct. 13, 2026)
- Investing.com, Goldman Sachs earnings beat by $3.92, revenue topped estimates (Oct. 13, 2026)
- Yahoo Finance, chart data for Goldman Sachs (GS) and JPMorgan Chase (JPM)
