Goldman equities revenue jumps 72% in third quarter

Goldman Sachs reported $6.44bn in third-quarter equities revenue, up 72% from a year earlier, as financing and derivatives activity increased. Total revenue reached $18.68bn, up 23%, and net earnings were $5.29bn. Earnings per share rose to $17.01 from $12.25.

The gains were uneven. Fixed income, currency and commodities revenue was essentially unchanged at $3.47bn. Investment banking fees rose 21% to $3.22bn, but the bank said its backlog of future fees declined from the second quarter and slightly from the end of 2025.

Operating expenses increased 20% to $11.31bn. Total revenue was also 8% below the preceding quarter, despite the large year-over-year increase.