In Goldman Sachs’ Q3 earnings report $GSB , equities was the strongest area. Net revenue was $18.679 billion, up 23% year over year, and net income was $5.294 billion, up 29%. Equities net revenue was $6.441 billion, up 72%.
Diluted EPS was $17.01, up 39% year over year—faster than net income, partly due to changes in the number of shares and preferred stock dividends. It should not be read directly as the growth rate in the group’s profits. Sequentially, net revenue fell 8% and net income fell 20%.
Investment banking fees were $3.224 billion, up 21% year over year, with equity underwriting leading the way at 43% growth. However, the investment banking fee backlog was below its level at the end of Q2 and slightly below its level at the end of 2025. Asset management revenue was $5.051 billion, up 14%, with management fees up 22%. Fixed income, currencies and commodities revenue was $3.471 billion, down 1%.
There are three key variables: how many quarters equities can sustain its high revenue, whether the investment banking backlog can recover, and whether expenses can be adjusted as revenue declines. The sequential decline should not be overlooked.
The above is compiled from public information and does not constitute investment advice.
#GoldmanSachs #BStocks #FinancialSector
Diluted EPS was $17.01, up 39% year over year—faster than net income, partly due to changes in the number of shares and preferred stock dividends. It should not be read directly as the growth rate in the group’s profits. Sequentially, net revenue fell 8% and net income fell 20%.
Investment banking fees were $3.224 billion, up 21% year over year, with equity underwriting leading the way at 43% growth. However, the investment banking fee backlog was below its level at the end of Q2 and slightly below its level at the end of 2025. Asset management revenue was $5.051 billion, up 14%, with management fees up 22%. Fixed income, currencies and commodities revenue was $3.471 billion, down 1%.
There are three key variables: how many quarters equities can sustain its high revenue, whether the investment banking backlog can recover, and whether expenses can be adjusted as revenue declines. The sequential decline should not be overlooked.
The above is compiled from public information and does not constitute investment advice.
#GoldmanSachs #BStocks #FinancialSector