Goldman Sachs reported a 29% increase in third-quarter net earnings, driven by a robust performance in its equities business. The bank recorded net earnings of $5.29bn for the quarter ended 30 September 2026, compared with $4.09bn in the previous year.
Equities net revenues jumped 72% to $6.44bn. This surge was largely fueled by gains in prime financing, portfolio financing, and derivatives intermediation. The bank’s total assets stood at $2.18tn, while assets under supervision reached $4.09tn after $83bn of net inflows during the quarter.
Third-quarter net revenues were $18.68bn, representing a 23% increase from the third quarter of 2025 and an 8% decline from the second quarter of 2026. The annual increase was mainly attributable to higher net revenues from Global Banking & Markets. Diluted earnings per common share (EPS) were $17.01 for the quarter, compared with $12.25 in the third quarter of 2025.
Global Banking & Markets reported net revenues of $13.46bn, up 32% from the third quarter of 2025 and down 13% from the preceding quarter. Asset & Wealth Management recorded net revenues of $5.05bn, 14% above the third quarter of 2025, driven by higher management and incentive fees. This was partly offset by lower net revenues in investments and private banking and lending. Platform Solutions net revenues fell to $170m, down 72% year on year. The annual decline was mainly linked to net markdowns relating to the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025.
For the first nine months of 2026, the firm recorded net revenues of $56.24bn and net earnings of $17.55bn. The provision for credit losses increased to $368m from $339m in the third quarter of 2025. Operating expenses also rose by 20% year over year, reaching $11.31bn. Additionally, the company returned $4.49bn in capital to its common shareholders during the quarter.
Net provisions for litigation and regulatory proceedings were $23m, compared with $131m in the year-earlier quarter.
Goldman Sachs CEO and chairman David Solomon said the results came despite a complicated operating environment. “Our clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities, resulting in our second highest quarterly net revenues and record year-to-date net revenues,” Solomon said.
“Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients,” Solomon added. “I am confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth.”