Goldman Sachs (GS) Equities net revenues rose 72% year over year to $6.44 billion in the third quarter of 2026, its second-highest quarterly result in this business. For the first nine months of 2026, Equities revenues grew 57% to $19.18 billion. Equities financing revenues jumped 96% to a record $3.37 billion in the quarter, as demand exceeded industry capacity and activity in Asia was strong. Combined FICC and Equities financing revenues reached a record $12.7 billion over nine months, accounting for more than 40% of total FICC and Equities revenues. The article cites market volatility, weaker trading activity, elevated interest rates and geopolitical uncertainty as potential drags, and notes Morgan Stanley's Equities revenues of $5.80 billion in the quarter, up 41%.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
Goldman Sachsbanksearningsinterest rates
Open a keyword to see other news on the same topic.
Related tickers and likely impact
JPM
▲ Likely positiveJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $891.9B |
| Close on 10/22/2026 | 336.51 |
| Change that session | +0.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Why JPMorgan can 'do well' in any rate environment
A panel from Gerber Kawasaki discusses the first wave of Big Bank earnings, focusing on JPMorgan. Net interest margin, the spread between what banks earn on loans and pay depositors, lets JPMorgan benefit when rates rise, but losses on its bond portfolio caused it to miss earnings, though it expects to earn more interest income over the next year. Goldman Sachs posted much better trading profits and higher margins thanks to its greater trading leverage. The panelists say JPMorgan's size and diversification should let it do well in theory in any environment, while delayed IPOs and uncertain macro conditions are headwinds for investment banking. They also note that Wall Street banks such as Goldman Sachs, Morgan Stanley and JPMorgan have traded at higher valuations than Bank of America and Citigroup.
- Ken Fisher and Jim Cramer Like This Bank Stock. Is It a Buy After Earnings?
Goldman Sachs reported third-quarter results that beat estimates, with net revenues the second highest in the firm's history and return on common equity of 18.7%. Equities revenue rose 72% from a year earlier and asset and wealth management revenue rose 10% from the second quarter, yet the stock traded flat after the report. The bull case points to durable revenues, which have more than doubled since 2020 and made up about 45% of revenue this year. The bear case notes that trading revenue dipped from the prior quarter and that EPS growth is expected to slow from about 39% in 2026 to about 4% in 2027. The consensus rating is Hold, and the stock trades at about 12.3 times forward earnings, a premium of about 14% to its sector's 10.8 times and near its five-year average of about 12.5 times.
- The Goldman Sachs Group (NYSE: GS) Stock Gets Price Target Increase from JPMorgan Chase & Co.
JPMorgan Chase & Co. raised its price target on The Goldman Sachs Group (NYSE:GS) from $955.00 to $970.00 in a report issued on Friday, keeping a "neutral" rating. The target implies potential upside of 8.28% from the current price. GS shares traded up $4.53 on Friday to $895.81, on volume of 677,646 shares against an average of 2,213,132. Goldman's latest quarterly results beat expectations, with earnings of $17.01 per share versus a $12.86 consensus and revenue of $18.68 billion, up 23.0% year over year. Analysts' consensus rating is "Hold" with a consensus price target of $1,051.23, and the company declared a $5 quarterly dividend.
- Goldman and Berkshire Stand Out After Big Bank Earnings: What the Charts Show
- Should You Buy, Hold or Sell Goldman Stock Post Impressive Q3 Results?
Goldman Sachs (GS) reported third-quarter 2026 earnings per share up 39% year over year to $17.01, beating the Zacks Consensus Estimate by 31.9%. Net revenues rose 23% to $18.68 billion, driven by a 72% jump in equities trading revenue and a 21% rise in investment banking fees. Annualized return on equity improved to 18.7% from 14.2% a year earlier. The article flags concerns including elevated operating expenses, subdued fixed-income trading and uncertainty in capital markets. GS trades at a forward P/E of 12.53X, below the industry average of 12.60X, versus 13.26X for JPMorgan and 14.36X for Morgan Stanley. Over the first nine months of 2026, IB fees rose 40% to $9.46 billion.
- JPM, Citi, Wells Fargo Or Goldman Sachs: Which Big Bank Is The Better Buy After Q3 Results?
Goldman Sachs, Citigroup, Wells Fargo and JPMorgan Chase all reported third-quarter results, and their shares closed lower as the results were seen as disappointing. Goldman Sachs posted net profit up 29% to $5.29 billion with EPS of $17.01 beating estimates, while Citigroup's net income rose 40% to $5.25 billion. JPMorgan Chase reported $50.17 billion in revenue and $15.3 billion in net income, a rare miss against consensus, and raised its 2026 net interest income outlook to $106.2 billion. Wells Fargo beat EPS estimates with $1.87 per share but missed on revenue, and expects roughly $13 billion in fourth-quarter net interest income and roughly $50 billion for full-year 2026. Goldman kept 'Buy' ratings on JPM, WFC and C but cut price targets, such as JPM to $392 from $398.
Related markets
Latest news
- What we want to see when this data center stock reports earnings next week
Stocks mostly fell on Friday, with the Dow down about 1% as selling spread beyond the AI trade, and West Texas Intermediate crude rose above $103 per barrel on renewed US-Iran tensions. Palo Alto Networks and CrowdStrike were the Investing Club's best performers, each up more than 6%, while the Club exited Broadcom. Meta shares fell again, extending Thursday's nearly 7% decline, as investors questioned how its AI buildout will be funded after free cash flow turned negative for the first time since its 2012 IPO. The Club is sticking with Meta given its strong fundamentals and Muse roadmap, and it added a few shares of GE Vernova during Thursday's sell-off. Ahead of GE Vernova's earnings next week, the Club wants to see continued strong orders for heavy-duty gas turbines and strong pricing.
- SpaceX earnings, tech selloff lead to rocky week for investors
SpaceX shares rose after a third-quarter report beat estimates and Elon Musk openly backed a possible merger with Tesla, but a Thursday tech sell-off erased those gains. Connectivity revenue, mostly from Starlink, climbed 69% to $5.2 billion, and Starlink added 1.6 million subscribers, bringing broadband consumer subscribers to just under 14 million. Bloomberg reported SpaceX is in talks with Crown Castle and American Tower to lease space on 80,000 US cell sites to build out a terrestrial network. SpaceX and Tesla have each formed special committees to explore a combination worth about $3.5 trillion, though Musk flagged the hurdle of approval from 50% of Tesla shareholders and Reuters reported his endorsement could delay the process by weeks. The Thursday slide also came as about 911.5 million insider shares became eligible for sale.
- Wells Fargo Names Top Pick Ahead of Q3 Earnings
Wells Fargo named Amazon its top long position and preferred mega-cap stock heading into third-quarter earnings, expecting another positive revision to AWS revenue and operating income. The firm cites AWS revenue acceleration and strong margins as the main drivers, while acknowledging near-term operating income risks from fuel costs and longer-term uncertainty around agentic commerce. It views Amazon's setup as more straightforward than other mega-cap tech names, where hedge fund positioning adds complications. Wells Fargo also sees AWS as the key driver of positive estimate revisions after the report.
- SEC flags tokenization as high-risk area in 2027 market examinations
The SEC added tokenization to its fiscal 2027 examination priorities, flagging tokenized securities as an emerging market risk alongside quantum computing and extended trading hours. Tokenization is an area of focus for critical market infrastructure and a high-risk area at clearing agencies, alongside default management, securities lending and operational risks. Cryptocurrencies, however, remain absent as a standalone examination priority for a second consecutive year, after the fiscal 2025 priorities included a dedicated section on crypto assets. The move comes as traditional firms expand into tokenized securities, including an OKX and Intercontinental Exchange joint venture that filed to offer tokenized shares in more than 60 US-listed companies.
- How Broker Downgrade Has Changed The Case For Agnico Eagle Stock
Freedom Broker downgraded Agnico Eagle Mines, citing operational risks at Canadian Malartic and Odyssey and trimmed earnings and EBITDA projections after revenue came in slightly below estimates. The broker noted the stock trades at a premium to peers, so any execution issues or cost inflation could weigh more heavily on profit expectations. The company, with long-life gold assets in Canada, Australia, Finland and Mexico, reports a return on equity of 20.5% and a net profit margin of 40.4%. Forecasts now point to declining earnings and revenue over the next three years, and the shares have fallen about 6% over one day and roughly 13% over the past month ahead of the October 28 earnings release. Some pessimistic analysts see revenue falling toward US$10.2b and earnings toward roughly US$4.8b by 2029, though those forecasts predate the downgrade.
- As the U.S. Pulls Chip Making Back Home, the Toolmakers Win First
Chipmaking is being pulled back to the U.S., pouring billions into new factories and creating strong demand for equipment. In July, TSMC added $100 billion to its Arizona plans, lifting its planned U.S. investment to $265 billion, while Micron raised its U.S. spending plan to more than $250 billion through 2035. Tool orders can arrive before a new fab reaches full production. The article argues that toolmakers such as ASML and Applied Materials get paid first, while fab operators like Intel, TSMC and Micron face their own risks. ASML trades at a P/E above 40, and export restrictions or Taiwan tensions could disrupt its sales.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.