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# Goldman Sachs Earns $17.01 A Share As Equities Revenue Climbs 72%, Apple Card Unit Falls 72%
- URL: https://www.bullished.co/goldman-sachs-earns-17-01-a-share-as-equities-revenue-climbs-72-apple-card-unit-falls-72-53eae712/
- Published: 2026-10-13T11:51:13.000Z
- Updated: 2026-10-23T12:47:25.000Z
- Description: Third-quarter profit rose from a year earlier, but per-share earnings fell from the second quarter's $20.98 and revenue slipped 8%.
- Author: Matteo Parrino
- Tags: Earnings, GS, Industry: Financials

[Goldman Sachs](https://www.bullished.co/tag/gs/) [earned $5.29 billion](https://www.sec.gov/Archives/edgar/data/0000886982/000088698226000529/a3q26gsearningsresults.htm?ref=bullished.co), or $17.01 per diluted share, in the third quarter on net revenues of $18.68 billion, according to an 8-K filed Tuesday. Revenue was up 23% from a year earlier, led by a 72% jump in equities, while the Apple Card-linked Platform Solutions unit fell 72%.

## What the results show

Diluted earnings per share compared with $12.25 a year earlier and $20.98 in the second quarter. Net revenues were 8% lower than the second quarter.

Global Banking & Markets revenues were $13.46 billion, up 32% from a year earlier but 13% below the second quarter. Equities brought in $6.44 billion, with record financing revenue and higher derivatives revenue.

Investment banking fees were $3.22 billion, up 21% from a year earlier, helped by advisory, stock offerings and investment-grade debt. Fixed income, currencies and commodities revenue was $3.47 billion, essentially unchanged. Goldman said its investment banking fee backlog fell from the end of the second quarter.

Asset & Wealth Management revenue was $5.05 billion, up 14% from a year earlier, with record management fees. Platform Solutions revenue was $170 million, down 72%, mainly on markdowns tied to the Apple Card loan portfolio, which moved to held for sale in the fourth quarter of 2025\. The unit posted a pre-tax loss of $95 million.

## Costs, capital and the stock

Operating expenses were $11.31 billion, up 20% from a year earlier. Charitable contributions of about $450 million cut diluted earnings by roughly $1.00 per share, Goldman said. Provisions for credit losses were $368 million, against $102 million in the second quarter, mostly from wholesale loan impairments.

The firm returned [$4.49 billion](https://finance.yahoo.com/markets/stocks/articles/seeking-clues-goldman-gs-q3-121518628.html?.tsrc=rss&ref=bullished.co) to common shareholders, including $3.00 billion of buybacks. The board declared a $5.00 per share dividend payable December 30\. Assets under supervision hit a record $4.10 trillion, with $97 billion of long-term net inflows.

Goldman shares were up 3.14% to $922.00 in Tuesday pre-market trading, against Monday's close of $893.95.

## What to watch

Goldman holds its earnings call at 9:30 a.m. ET Tuesday to discuss results and outlook. CEO David Solomon said clients "continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities."

Annualized return on equity was 18.7% for the quarter and 20.7% for the first nine months of 2026.

### Sources

- [8-K Filing — GOLDMAN SACHS GROUP INC (GS)](https://www.sec.gov/Archives/edgar/data/0000886982/000088698226000529/gs-20261013.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a3q26gsearningsresults.htm — GOLDMAN SACHS GROUP INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000886982/000088698226000529/a3q26gsearningsresults.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a3q26gsearningsresultspr.htm — GOLDMAN SACHS GROUP INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000886982/000088698226000529/a3q26gsearningsresultspr.htm?ref=bullished.co) — SEC EDGAR
- [Seeking Clues to Goldman (GS) Q3 Earnings? A Peek Into Wall Street Projections for Key Metrics](https://finance.yahoo.com/markets/stocks/articles/seeking-clues-goldman-gs-q3-121518628.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance

### More on Goldman Sachs Group

- [Goldman's Solomon On AI Financing Limits: 'I Don't Know, And Nobody Knows'](https://www.bullished.co/goldmans-solomon-on-ai-financing-limits-i-dont-know-and-nobody-knows-c533dd83/)
- [Goldman's Solomon, Asked Twice On Succession: 'No Succession Transition Or Timeline Underway'](https://www.bullished.co/goldmans-solomon-asked-twice-on-succession-no-succession-transition-or-timeline-underway-4c2c9e86/)

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