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Goldman Sachs delivered the biggest surprise of bank earnings day. Third-quarter net revenue hit $18.68 billion, up 23% year over year and the second-highest quarter in the firm’s history, while diluted EPS of $17.01 crushed the Zacks consensus of $12.90 by nearly 32%.
Key figures (Q3 2026):
- Net revenue: $18.68 billion (+23% YoY), vs ~$16.9B consensus
- EPS: $17.01 (+39% YoY), vs $12.90 consensus estimate
- Equities revenue: $6.44 billion (+72% YoY), vs $4.96B estimate
- Investment-banking fees: $3.22 billion (+21% YoY), advisory at a record $1.65B
- ROE 18.7% / ROTE 20.5%; year-to-date revenue is a firm record
Trading did the heavy lifting. Global Banking & Markets revenue rose 32% to $13.46 billion as Middle East-linked volatility sent clients to Goldman’s desks; equities financing revenue nearly doubled (+96%). Investment-banking fees grew 21% even though overall M&A activity fell 41% quarter over quarter — debt and equity underwriting filled the gap. FICC was the lone soft spot, slipping 1% to $3.47 billion as JPMorgan and Wells Fargo’s trading desks also came in light.
The reported EPS included an accelerated charitable contribution; excluding it, earnings would have been about $18, with ROE and ROTE near 20% and 21.5%. CEO David Solomon told the call the firm remains “very well positioned” and pointedly said no CEO succession transition is underway. One caution flag: the investment-banking fee backlog declined quarter over quarter, suggesting the advisory pipeline is cooling into year-end.
Shares rose roughly 2–3% on the day. With Goldman up just ~1.7% year to date against a ~14% S&P 500 gain, this beat puts the laggard narrative under review — though with a softening backlog, the next question is whether trading can carry a fourth straight quarter.
Related reading: Market Close Oct 13: Banks Split on Earnings, Morning Briefing Oct 13: Chip Rout Deepens, Bank Earnings, CPI Ahead
What to watch: Goldman’s fee backlog shrank even as advisory fees hit a record. Do you see this as normal seasonality, or is dealmaking cooling into 2027? Share your view below.
Sources:
https://WWW.ZACKS.COM/stock/news/3005776/goldman-sachs-gs-beats-q3-earnings-and-revenue-estimates
https://www.goldmansachs.com/pressroom/press-releases/2026/2026-10-13-q3-results
https://moneycheck.com/goldman-sachs-gs-stock-climbs-2-after-big-q3-earnings-beat/
Auto-posted by the Bull Lounge news desk.
Not financial advice.
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