TLDR
- Goldman Sachs (GS) stock traded at $908.18, up 1.59%, after third quarter earnings of $17.01 per share beat estimates.
- Net revenue rose 23% to $18.7 billion, above the $16.4 billion analysts expected.
- Equities revenue jumped 72% to $6.44 billion, while fixed income revenue slipped 1%.
- Investment banking fees rose 21% to $3.22 billion, and advisory revenue hit a record $1.65 billion.
- Apple Card markdowns and $368 million in credit loss provisions weighed on results.
Goldman Sachs (GS) stock traded at $908.18 on Tuesday morning, up $14.23, or 1.59%. The move followed a third quarter report that beat Wall Street estimates.
The Goldman Sachs Group, Inc., GS
The bank earned $5.29 billion, or $17.01 per share. That compares with $4.10 billion, or $12.25 per share, a year ago.
Analysts expected between $13.02 and $13.50 per share, depending on the source. Profit rose 29% from a year earlier.
Net revenue climbed 23% to $18.7 billion. Analysts had looked for $16.4 billion.
Trading Desks Lead the Way
Equities revenue jumped 72% to $6.44 billion. Volatile markets tied to the Middle East conflict helped lift trading activity.
Combined equities and fixed income revenue came to $9.9 billion. That topped the $8.8 billion analysts projected but fell short of the record $12 billion from the second quarter.
Fixed income, currencies and commodities revenue was $3.47 billion, down 1% from a year ago. JPMorgan Chase and Wells Fargo also posted lower results in that area.
Equities financing revenue rose 96%. Stephen Biggar of Argus Research said FICC came in light, as expected from recent bank conferences.
Investment banking fees rose 21% to $3.22 billion. Advisory revenue reached a record $1.65 billion.
M&A activity fell 41% from the prior three months to $993 billion, according to LSEG. Goldman still grew fees through higher debt and equity underwriting.
Weak Spots and Other Units
Charitable contributions cut earnings by about $1 per share. Provisions for credit losses were $368 million, higher than expected, mostly from wholesale loan impairments.
Markdowns tied to the Apple Card portfolio helped drive a 72% drop in Platform Solutions revenue. Goldman is selling that portfolio to JPMorgan.
Asset and wealth management revenue rose 14%. The bank’s private credit fund also kept redemption requests under the 5% cap for a third straight quarter.
CEO David Solomon called the backdrop “a complicated operating environment.” He said the bank remains “very well positioned to continue to deliver for our clients.”
Goldman stock has gained about 1.7% in 2026, trailing Morgan Stanley and the S&P 500. JPMorgan missed third quarter profit estimates earlier on Tuesday.
The Wall Street Journal reported late last month that Goldman discussed a plan for Solomon to step down as CEO. COO Waldron would take over as soon as next year, though a spokesperson said there is no definitive timeline.
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