Goldman Sachs Q3 2026 earnings: EPS up 39% to $17.01 as equities revenue jumps 72%; $5 dividend declared

Goldman Sachs rode surging equities revenue and stronger dealmaking to a big year-over-year earnings gain in the third quarter. The Wall Street firm reported diluted earnings of $17.01 per share on Tuesday, up from $12.25 a year earlier, on net revenues of $18.68 billion, up 23%.

Results cooled from the second quarter, when EPS was $20.98. Net earnings were $5.29 billion, and annualized return on equity was 18.7%.

Goldman said charitable contributions reduced diluted EPS by about $1.00 in the quarter, according to its earnings presentation.

Equities and advisory carried the quarter

Global Banking & Markets revenue rose 32% to $13.46 billion. Equities revenue soared 72% to $6.44 billion, with significantly higher results in both prime and portfolio financing and in derivatives.

Investment banking fees climbed 21% to $3.22 billion on higher completed M&A volumes and stronger IPO and secondary activity. Fixed income, currency and commodities revenue was essentially flat at $3.47 billion. The firm said its investment banking backlog decreased from the end of the second quarter.

Asset & Wealth Management revenue grew 14% to $5.05 billion, helped by higher management fees and incentive fees. Platform Solutions revenue fell 72% to $170 million, mainly reflecting markdowns on the Apple Card loan portfolio, which was moved to held for sale in late 2025.

"Against the backdrop of a complicated operating environment, our clients continued to turn to Goldman Sachs," CEO David Solomon said.

Capital return

Goldman returned $4.49 billion to common shareholders in the quarter, including $3.00 billion of buybacks, 2.9 million shares at an average cost of $1,048.73, and $1.49 billion of dividends.

The board declared a quarterly dividend of $5.00 per share, payable Dec. 30 to holders of record on Dec. 2.

Operating expenses rose 20% to $11.31 billion, reflecting higher transaction-based and compensation expenses. The provision for credit losses was $368 million, mainly tied to impairments on wholesale loans.

By the numbers

• Diluted EPS: $17.01 (vs. $12.25), up 39%
• Net revenues: $18.68 billion, up 23%
• Equities: $6.44 billion, up 72%
• Investment banking fees: $3.22 billion, up 21%
• Q3 buybacks: $3.00 billion
• Quarterly dividend: $5.00 per share

Sources

1. The Goldman Sachs Group, Inc., Form 8-K, Exhibit 99.1, "Third Quarter 2026 Earnings Results," filed Oct. 13, 2026 (accession 0000886982-26-000529)
2. The Goldman Sachs Group, Inc., Form 8-K, Exhibit 99.2, "Third Quarter 2026 Earnings Results Presentation," filed Oct. 13, 2026 (accession 0000886982-26-000529)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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