Goldman Sachs beats third-quarter profit estimates as equities revenue jumps 72%

Goldman Sachs beat third-quarter profit estimates on Tuesday, 13 October, Reuters reported, as volatile equity markets tied to the Middle East conflict and the Federal Reserve’s September rate hike lifted trading desks and sent the shares up 3.8% before the open.

The numbers

• Profit was $5.29 billion, or $17.01 per share, versus $4.10 billion, or $12.25, a year earlier. Analysts expected $13.02 a share (LSEG).
• Equities revenue jumped 72% to $6.44 billion.
• FICC (fixed income, currencies and commodities) revenue was $3.47 billion, down 1% year on year.
• Investment banking fees rose 21% to $3.22 billion, with advisory revenue at a record; fees were down 5% sequentially after a busy second quarter.
• Total net revenue rose 23% to $18.68 billion, the second-highest on record. Asset and wealth management revenue was up 14%.

Context

Global M&A volume in the third quarter fell 41% from the prior quarter to $993 billion, below $1 trillion for the first time since the second quarter of 2025, LSEG data showed. Goldman still booked strong debt and equity underwriting, including roles on Intel’s $23 billion equity offering and SK Hynix’s $26.5 billion US offering.

CEO David Solomon said the firm remained “very well positioned” despite “complexity and uncertainty.” Argus Research analyst Stephen Biggar called investment banking a clear beat versus consensus even as FICC came in light.