Goldman revenue rises 23% as equity revenue jumps 72%

Goldman Sachs reported third-quarter 2026 net revenue of $18.679 billion, up 23% from a year earlier, as revenue from equities rose 72%. Diluted earnings per share were $17.01, compared with $12.25 in the third quarter of 2025, an increase of about 39%. Net earnings were $5.294 billion.

The results, filed on October 13, show growth led primarily by Goldman’s Global Banking & Markets business. That division’s revenue increased 32% year over year. The company’s other businesses had a more varied quarter, with growth in Asset & Wealth Management, essentially unchanged fixed-income revenue and a steep decline in Platform Solutions.

The figures compare the three months ended in the third quarter of 2026 with the same period in 2025. They separate the company’s main businesses from revenue lines within Global Banking & Markets; the component rows are not additional divisions to add to that segment total.

Equities drove the strongest business-line growth i

The largest percentage increase among the listed revenue lines was in equities. Investment-banking fees also grew, while fixed-income, currency and commodities revenue—often referred to as FICC—was essentially flat. That uneven pattern shows why the increase in total revenue should not be read as a uniform rise across Goldman’s businesses.

Platform Solutions was the clearest decline. Goldman attributed the drop primarily to markdowns related to the Apple Card loan portfolio. Asset & Wealth Management moved in the other direction, reporting higher revenue for the quarter. Together, those results show distinct outcomes across the company’s businesses rather than a single direction of change.

Expenses and nine-month results i

Operating expenses were $11.308 billion, up 20% from the third quarter of 2025. Goldman also reported an annualized return on equity of 18.7% for the quarter. Its annualized return on equity for the first nine months of 2026 was 20.7%.

For the first nine months of the year, diluted EPS was $55.56, compared with $37.33 in the same period of 2025. Goldman said tax benefits tied to employee share-based awards reduced nine-month tax expense by about $975 million and increased diluted EPS by about $3.20. That benefit is a material part of the company’s explanation of its year-to-date per-share result, which covers a longer period than the third-quarter comparison.

Goldman’s third-quarter figures therefore combine a strong rise in equities revenue and growth in investment-banking fees with flat FICC revenue and a decline in Platform Solutions. The company identified Global Banking & Markets as the primary driver of the increase in total revenue, while its segment results show that gains were not shared evenly across the business.