Goldman Sachs reported strong third-quarter 2026 earnings, with revenues of $18.68 billion and earnings per share of $17.01, both exceeding estimates. Chairman and CEO David Solomon highlighted resilient investment banking activity despite rising interest rates and geopolitical uncertainty. Global Banking & Markets revenues surged 32% year over year to $13.46 billion, while investment banking fees increased 21% to $3.22 billion.
The bank's financing franchise expanded significantly, with equities revenues jumping 72% year over year to $6.44 billion. Chief Financial Officer Denis Coleman noted that financing activities accounted for over 40% of combined FICC and Equities revenues year to date. Asset & Wealth Management revenues also rose 14% year over year to $5.05 billion, supported by record assets under supervision of $4.1 trillion.
Solomon identified artificial intelligence infrastructure investment as a key financing opportunity but cautioned about potential risks from escalating financing requirements and higher interest rates. The bank maintained expense discipline, with operating expenses totaling $11.31 billion, up 20% year over year. Goldman repurchased $3 billion in shares during the quarter and emphasized returning excess capital to shareholders.
Despite the positive results, Goldman Sachs carries a Zacks Rank #3 (Hold), indicating a neutral near-term earnings revision outlook. Its Value Score of C and Growth Score of D reflect middling relative valuation and weaker growth-related attributes.