Goldman Sachs reported a 29% increase in third-quarter net earnings, reaching $5.29 billion for the period ending September 30, 2026, compared with $4.09 billion in the same quarter of 2025. The rise came mainly from equities-related revenue, which surged 72% to $6.44 billion, driven by gains in prime financing, portfolio financing, and derivatives intermediation.
For the first nine months of the year, the bank’s net earnings totaled $17.55 billion, while assets under supervision (AUS) expanded to $4.09 trillion after a $83 billion inflow during the quarter. Total assets grew to $2.18 trillion, and diluted earnings per share (EPS) rose to $17.01, up from $12.25 in Q3 2025.
The Global Banking & Markets division was the top performer, with net revenues of $13.46 billion, a 32% year-over-year increase. Asset & Wealth Management also grew, with revenues up 14% to $5.05 billion, though lower returns in investment and private banking partially reduced the gains. In contrast, Platform Solutions saw a steep decline, with net revenues dropping 72% to $170 million due to write-downs linked to the Apple Card loan portfolio.
Operating expenses climbed 20% to $11.31 billion, while provisions for credit losses increased to $368 million from $339 million in the prior quarter. Net provisions for litigation and regulatory matters fell sharply to $23 million, down from $131 million in Q3 2025. Shareholders received $4.49 billion in distributions during the period.
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CEO David Solomon linked the results to strong client demand for advisory and financing services, describing it as the bank’s second-highest quarterly revenue and a record year-to-date performance. He emphasized that despite global economic challenges, Goldman Sachs remains well-positioned to sustain growth through its leading divisions and client relationships.
The bank’s equities performance stands out against broader industry trends, where many competitors have experienced trading revenue volatility. Goldman’s ability to maintain client engagement highlights strength in high-margin advisory services, even as traditional lending and investment revenues vary.
Third-quarter net revenues amounted to $18.68 billion, an 8% decline from Q2 2026 but still 23% higher than Q3 2025. The quarterly dip reflects seasonal trading patterns, yet the year-over-year improvement demonstrates the bank’s success in seizing market opportunities.