Goldman Sachs Q3 2026 Earnings: Equities Revenue Jumps 72%

Goldman Sachs Q3 2026 earnings are in, and bank earnings season is off to a lively start. The firm reported net revenues of $18.68 billion and diluted earnings per share of $17.01 on October 13, 2026. Both are well ahead of the same quarter last year, and the engine behind it was a trading desk that had a very good three months.

• Net revenues: $18.68 billion, up 23% from a year ago.
• Diluted EPS: $17.01, versus $12.25 a year ago.
• Equities: $6.44 billion in net revenues, up 72%.
• Shareholder returns: $4.49 billion returned in the quarter, with a $5.00 dividend declared.

What Did Goldman Sachs Report for Q3 2026?

All of these figures come straight from the earnings release Goldman filed with the SEC.

Net revenues were $18.68 billion, up 23% from $15.18 billion in the third quarter of 2025. Net earnings were $5.29 billion, up 29%. Diluted EPS came in at $17.01, compared with $12.25 a year earlier. Annualized return on equity was 18.7% for the quarter.

One thing to keep in perspective: the second quarter was even bigger. Net revenues were down 8% from Q2's $20.34 billion, and EPS was below Q2's $20.98. So this is a strong year-over-year story and a step down from a hot spring. Both things are true.

Zoom out to the first nine months of the year and the picture is clearer. Net revenues were $56.24 billion, up 25%, and EPS was $55.56 compared with $37.33 a year earlier.

Where Did the Growth Come From?

Here is the breakdown by business.

• Global Banking and Markets: $13.46 billion, up 32% from a year ago.
• Equities: $6.44 billion, up 72%. This was the standout.
• Fixed income, currencies and commodities: $3.47 billion, essentially flat.
• Investment banking fees: $3.22 billion, including $1.65 billion from advisory, $666 million from equity underwriting and $904 million from debt underwriting.
• Asset and Wealth Management: $5.05 billion, up 14%, with management and other fees of $3.59 billion, up 22%.
• Platform Solutions: $170 million, lower than a year ago.

Two takeaways. First, when markets are busy, the equities desk earns. Heavy trading volumes are the same theme we saw when CME Group posted record volume for September. Second, the steadier side of the house keeps growing. Assets under supervision reached $4.10 trillion at the end of September, up from $3.45 trillion a year earlier. Management fees on that pile are the kind of revenue that shows up regardless of how the trading quarter goes.

Operating expenses were $11.31 billion, up 20% from a year ago, so costs grew a little slower than revenue.

What Are Shareholders Getting Back?

Goldman returned $4.49 billion of capital in the quarter. That was $3.00 billion in share repurchases, 2.9 million shares at an average cost of $1,048.73, plus $1.49 billion in common dividends.

The board also declared a dividend of $5.00 per common share on October 12, payable December 30, 2026, to shareholders of record on December 2, 2026.

How Did Other Banks Do?

Goldman was not reporting alone. Citigroup also released results on October 13. Its filing shows revenue of $23.8 billion, up 8% from a year ago, net income of $5.2 billion, up 40%, and EPS of $2.85.

Different banks, similar message: trading, dealmaking and wealth businesses are all pulling in the same direction right now.

What Should Investors Take From This?

A few thoughts, and none of them are a buy or sell call.

Bank earnings are a useful read on the wider market. Advisory fees tell you companies are doing deals. Underwriting tells you they are raising money. Equities revenue tells you investors are active. On all three counts, this quarter says the machinery is running.

The fair counterpoint is that trading revenue is lumpy. A 72% jump in equities is great, and it is not the kind of number you pencil in every quarter. The quarter-over-quarter dip from Q2 is a reminder of that.

If you follow earnings season, it is worth comparing these results with other recent reports, such as Accenture's fiscal Q4 record bookings. As always, do your own research before making any investment decision. More market stories are in our stock trading coverage.

Sources: Goldman Sachs Q3 2026 earnings release, SEC filing — October 13, 2026; Goldman Sachs pressroom — October 13, 2026; Citigroup Q3 2026 earnings release, SEC filing — October 13, 2026.