Goldman Sachs (GS) Q3 2026 Earnings: Revenue Up 23%, EPS of $17.01

Goldman Sachs reported third-quarter 2026 results on October 13. The release shows net revenues of $18.68 billion, 23% higher than a year earlier and 8% lower than the second quarter, and net earnings of $5.29 billion.

Earnings per share#

Diluted EPS was $17.01, compared with $12.25 in the third quarter of 2025 and $20.98 in the second quarter of 2026. For the first nine months, EPS was $55.56 versus $37.33. Annualized return on average common equity was 18.7% for the quarter and 20.7% year to date. Book value per share rose 1.4% in the quarter to $372.64.

Where the growth came from#

Global Banking & Markets produced $13.46 billion, up 32% year over year. Investment banking fees of $3.22 billion were up 21%, with higher advisory revenue on completed mergers and significantly higher equity underwriting from IPOs and secondary offerings; debt underwriting also rose. Fixed Income, Currency and Commodities revenue was $3.47 billion, essentially flat, as weaker mortgage, credit and rates intermediation was offset by currencies and commodities. The firm said its investment banking backlog decreased from the end of the second quarter.

What to compare next#

For readers following GS, the quarter-over-quarter decline and the smaller backlog are the cautionary details inside a strong year-over-year print. Advisory revenue depends on deals that close, so the backlog comment is the earlier signal for the next two quarters.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.