Goldman Sachs Q3 Profit Jumps 29% as Equities Revenue Surges

By
Harris
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48

Key Points

  • Goldman Sachs reported $5.29 billion in third-quarter net earnings, or $17.01 a share, up 29% and 39% from a year earlier.
  • Net revenues rose 23% to $18.68 billion, the firm’s second-highest quarterly total, according to its SEC filing.
  • Equities revenue jumped 72% to $6.44 billion, while investment banking fees rose 21%, including record advisory revenue.
  • Shares rose about 3.6% in early trading; the September Consumer Price Index is due Wednesday at 8:30 a.m. ET.

The Goldman Sachs Group, Inc. delivered a sharp third-quarter beat on Tuesday, powered by equities trading and advisory work, giving Wall Street a stronger bank print on the same morning JPMorgan Chase posted a softer reaction to its own results.

What happened

In a Form 8-K filed with the Securities and Exchange Commission, Goldman said net earnings for the quarter ended Sept. 30 were $5.294 billion, or $17.01 per diluted share, compared with $4.10 billion, or $12.25 per share, in the third quarter of 2025.

Net revenues were $18.679 billion, up 23% from a year earlier and described by the firm as its second-highest quarterly total. Year-to-date net revenues through Sept. 30 reached a record $56.244 billion. Annualized return on average common shareholders’ equity was 18.7% for the quarter.

Global Banking & Markets revenue rose 32% year over year to $13.458 billion. Equities revenue jumped 72% to $6.441 billion. Investment banking fees rose 21% to $3.224 billion, including record Advisory revenue of $1.654 billion. Fixed income, currency and commodities revenue was $3.471 billion, down 1% from a year earlier.

Asset & Wealth Management revenue rose 14% to $5.051 billion. Assets under supervision increased $56 billion to a record $4.10 trillion. The firm returned $4.49 billion to common shareholders in the quarter, including $3.00 billion of share repurchases and $1.49 billion of common dividends.

Why the market moved

Reuters reported Goldman shares rose about 3.6% in early trading after the release (Data checked: morning ET, Tue 13 Oct 2026, Reuters). CNBC’s bank-earnings coverage similarly noted the stock leading the bank group higher before and around the open.

The equities surge stood out against softer fixed-income prints at peers. Reuters said volatile U.S. equity markets during the quarter, tied to rates, fuel costs, and chip-stock swings, lifted trading desks as investors reshuffled portfolios.

Fundamental drivers

CEO David Solomon said in the firm’s statement that clients kept turning to Goldman for advice, execution, and financing “against the backdrop of a complicated operating environment,” resulting in the second-highest quarterly net revenues and record year-to-date revenues.

Charitable contributions of about $450 million raised non-compensation expenses and, after taxes, reduced diluted EPS by about $1.00, the filing notes. Platform Solutions revenue fell 72% to $170 million and posted a $76 million net loss, a drag the firm disclosed alongside the stronger Banking & Markets and Asset & Wealth Management lines.

Book value per common share rose to $372.64. The standardized Common Equity Tier 1 capital ratio was a preliminary 12.4%. Those capital and return metrics help investors compare Goldman with other large U.S. banks reporting this week.

Upcoming catalysts

The Bureau of Labor Statistics is scheduled to release the September Consumer Price Index on Wednesday, Oct. 14, at 8:30 a.m. ET. That print is the next major input for Treasury yields and rate-path pricing after September’s Federal Reserve hike.

Bank of America and Morgan Stanley are among the large lenders still due this week. Investors will keep comparing equities versus fixed-income trading, advisory backlogs, and capital return plans across the group.

Bullish scenario

A constructive read would stress the 72% equities jump, record advisory fees, record assets under supervision, and the early stock gain. If Wednesday’s CPI cools without a growth scare, financials could keep focus on capital-markets resilience into year-end.

Bearish scenario

A tougher read would flag the 1% FICC decline, the sequential drop in investment banking fees from the second quarter, and the Platform Solutions loss. Hotter CPI or further Fed hawkishness could pressure valuation multiples for trading-heavy banks.

What traders should watch next

Watch whether the early gain holds through the regular session, management comments on the investment-banking backlog, and whether peers echo equities strength or fixed-income softness. CPI at 8:30 a.m. ET Wednesday remains the near-term macro pivot for yields and bank multiples.

Related live coverage

Follow bank earnings, yields, and inflation data on our Markets Live center. For the same-day peer print, see JPMorgan’s third-quarter results. For recent Fed context, see Fed minutes on another possible rate hike and stocks facing oil and yield tests around Fed minutes. Live news channels are listed on our Watch Live hub.

Sources