Goldman Sachs reported net earnings of $5.29 billion for the third quarter ended 30 September 2026, up from $4.10 billion a year earlier. Diluted earnings per share rose to $17.01 from $12.25. Net revenues reached $18.68 billion, 23% above the prior-year quarter.
The result produced an annualised return on common equity of 18.7%, while book value per share increased 5% from a year earlier to $372.64. Reuters reported that earnings exceeded the market consensus and that the shares rose in early trading. The bank generated $56.24 billion of revenue and $17.55 billion of net earnings in the first nine months of 2026.
EQUITIES AND ADVISORY LIFTED THE QUARTER
Equities revenue increased 72% year on year to $6.44 billion, split between $3.08 billion of intermediation revenue and $3.37 billion of financing revenue. The performance reflected heightened client activity during a volatile quarter for US markets.
Investment banking fees rose 21% to $3.22 billion as advisory and equity underwriting strengthened, with Goldman describing advisory revenue as a record for the business. Fixed-income, currencies and commodities revenue moved the other way, declining 1% to $3.47 billion.
CAPITAL RETURNS SET THE NEXT REFERENCE POINT
Asset and wealth management revenue increased 14% from a year earlier, supported by higher management and incentive fees. Platform Solutions revenue fell 72% to $170 million, illustrating the contrast between Goldman's main institutional franchises and its smaller platform segment.
Goldman returned $4.49 billion to common shareholders during the quarter, including $3.00 billion of share repurchases, and declared a $5.00 quarterly dividend payable on 30 December to holders of record on 2 December. The next quarterly disclosure will show whether exceptional equities activity and stronger advisory revenue can offset softer fixed-income trading as elevated rates and market volatility continue.