Goldman Tops Third-Quarter Views Amid Equities Boost, Record Advisory Revenue

10:37 AM EDT, 10/13/2026 (MT Newswires) -- Goldman Sachs' (GS) third-quarter results topped Wall Street's estimates as its equities revenue soared while an uptick in deal activity pushed advisory revenue to a record. Earnings per share for the September quarter jumped to $17.01 from $12.25 a year earlier, well above the FactSet-polled consensus of $12.86. Net revenue surged 23% to $18.68 billion, while analysts expected $16.83 billion. Revenue in Goldman's global banking and markets segment jumped 32% year over year to $13.46 billion. The equities business gained 72% to $6.44 billion, while investment banking fees rose 21% to $3.22 billion. Within investment banking, advisory revenue rose 18% to a record $1.65 billion on higher merger and acquisition volumes, while equity underwriting climbed 43% amid a surge in initial public offerings and secondary offerings. Goldman's shares were up 1.6% intraday Tuesday, and have gained 3.1% so far this year. "While the third quarter began with optimism around a potential resolution of the conflict in the Middle East, renewed geopolitical tensions and continued disruption of energy flows added complexity to the outlook, increasing oil prices, reigniting inflation concerns, and driving bond yields higher," Chief Executive David Solomon said during an earnings conference call, according to a FactSet transcript. The Federal Reserve raised its policy rate in September for the first time in just over three years to combat sticky inflation. Markets are pricing in about 75 basis points of additional tightening in this cycle across the US, UK and Europe, Solomon told analysts. Big bank earnings kicked off today, with JPMorgan Chase's (JPM) third-quarter results missing market expectations amid investment securities losses. Citigroup (C) beat Wall Street's projections, while Wells Fargo (WFC) reported a mixed third quarter. Bank of America (BAC) and Morgan Stanley are due to report their latest financials on Wednesday. UBS Securities said last week that Goldman, Morgan Stanley, JPMorgan and Citigroup were likely to miss third-quarter earnings estimates. Oppenheimer separately expected earnings at capital markets-oriented banks to be pressured. Revenue in Goldman's asset and wealth management segment rose 14% annually to $5.05 billion in the third quarter, as management and other fees hit a record. Price: 908.99, Change: +15.04, Percent Change: +1.68