Goldman Sachs earns $17.01 a share as equities trading revenue surges 72% to $6.4bn
Goldman Sachs reported third-quarter 2026 net revenues of $18.68bn and net earnings of $5.29bn on 13 October, according to the results it filed with the US Securities and Exchange Commission. Diluted earnings per share were $17.01 and annualised return on equity 18.7 per cent. 24/7 Wall St reported that the per-share figure compared with a consensus of $13.65 and that revenue exceeded the $17.03bn analysts had expected.
Trading drove the outperformance. Equities net revenues reached $6.44bn, up 72 per cent from a year earlier, with equities financing rising 96 per cent on prime brokerage, portfolio financing and derivatives activity, according to 24/7 Wall St. Fixed income, currencies and commodities contributed $3.47bn. Global Banking and Markets as a whole generated $13.46bn of the group's revenue, the filing shows.
Investment banking fees were $3.22bn, within which advisory fees set a record at $1.65bn, 24/7 Wall St reported. The bank noted that its investment banking backlog declined from the second quarter, mainly because of lower advisory activity, a signal that the merger pipeline may have thinned even as completed transactions lifted the quarter.
Asset and Wealth Management revenue rose 14 per cent to $5.05bn, and assets under supervision climbed to a record $4.10tn at 30 September, according to the filing. Platform Solutions, the bank's smallest segment, contributed $170m. The provision for credit losses was $368m. Chief executive David Solomon described the period as delivering the firm's second-highest quarterly net revenues and record year-to-date net revenues, 24/7 Wall St reported.
Two items weighed on the bottom line. A charitable contribution of about $450m reduced earnings, and the standardised common equity tier 1 ratio fell to 12.4 per cent from 14.3 per cent at the end of 2025, according to 24/7 Wall St. The year-to-date efficiency ratio nonetheless improved to 59.4 per cent from 62.1 per cent.
Capital returns continued. The board declared a dividend of $5.00 a share on 12 October, payable on 30 December, and the firm repurchased 2.9 million shares for $3.0bn at an average price of $1,048.73, the filing shows. 24/7 Wall St also reported that Goldman has agreed to acquire NEOS Investments and LCN Capital Partners, additions to its asset-management business.
The result contrasted with peers reporting the same day. JPMorgan Chase earned $5.57 a share, below the $5.93 consensus, after a $658m loss on investment securities, Il Sole 24 Ore reported, while Wells Fargo shares fell about 3 per cent on revenue of $21.87bn, according to 24/7 Wall St. Goldman's shares were quoted around $904 in early trading, up on the day, the same report said, though it noted inconsistent intraday figures across the piece.
The next markers are the remaining bank reports this week and Goldman's own commentary on whether the advisory backlog recovers into the fourth quarter. The $5.00 dividend is payable on 30 December, and the firm's year-end results in January will show whether equities financing, the quarter's standout line, sustains its growth rate as the comparison base rises.
