Goldman Sachs Earns $17.01 A Share As Equities Revenue Climbs 72%, Apple Card Unit Falls 72%
Third-quarter profit rose from a year earlier, but per-share earnings fell from the second quarter's $20.98 and revenue slipped 8%.
Goldman Sachs earned $5.29 billion, 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 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) — SEC EDGAR
- Exhibit a3q26gsearningsresults.htm — GOLDMAN SACHS GROUP INC 8-K exhibit — SEC EDGAR
- Exhibit a3q26gsearningsresultspr.htm — GOLDMAN SACHS GROUP INC 8-K exhibit — SEC EDGAR
- Seeking Clues to Goldman (GS) Q3 Earnings? A Peek Into Wall Street Projections for Key Metrics — Yahoo Finance
