# Goldman Sachs Tops Third-Quarter Earnings Estimates as Stock Trading Surges 72%

- URL: https://stocks.freetheai.org/news/goldman-sachs-tops-third-quarter-earnings-estimates-as-stock-trading-surges-72-347de5
- Published: 2026-10-13T13:00:51Z
- Category: earnings; sentiment: bullish; impact: high
- Symbols: [NYSE:GS](https://stocks.freetheai.org/symbols/NYSE-GS), [NYSE:JPM](https://stocks.freetheai.org/symbols/NYSE-JPM), [NYSE:WFC](https://stocks.freetheai.org/symbols/NYSE-WFC), [NYSE:MS](https://stocks.freetheai.org/symbols/NYSE-MS)
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Goldman Sachs Group Inc. (NYSE:GS) reported third-quarter earnings per share of $17.01, up from $12.25 a year earlier and easily topping the $13.08 Wall Street consensus estimate. The strong results were propelled by a surge in stock trading, where revenue jumped 72% year-over-year to $6.44 billion, significantly exceeding expectations of $5.09 billion. High client activity in derivatives and prime financing, which involves lending to hedge funds, drove the gains on the equity desk, while investment banking fees also rose 21% to $3.22 billion.

The quarter highlighted a distinct division between stock desks and fixed-income desks across major financial institutions. Goldman Sachs Group Inc. (NYSE:GS) bond trading revenue was unchanged from a year ago at $3.47 billion, falling short of the $3.72 billion estimate due to lower performance in credit, mortgages, and interest-rate products. Similar trends appeared at JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co. (NYSE:WFC), but Goldman Sachs Group Inc. (NYSE:GS) benefited most because stock trading accounts for approximately 34% of its revenue, compared to 10% at JPMorgan Chase & Co. (NYSE:JPM) and 2% at Wells Fargo & Co. (NYSE:WFC).

Investors will watch whether strength in stock trading can offset weaker fixed-income activity into the final quarter of the year. Market participants will also monitor results from Morgan Stanley (NYSE:MS), which reports earnings on Wednesday, to see if equity trading momentum extends across the industry.

## Key points

- Goldman Sachs reported third-quarter earnings of $17.01 per share, beating the Wall Street consensus estimate of $13.08.
- Stock trading revenue soared 72% year-over-year to $6.44 billion, exceeding expectations by $1.35 billion.
- Bond trading revenue was flat at $3.47 billion, missing estimates due to lower income in mortgages, credit, and rate products.
- Investment banking fees climbed 21% to $3.22 billion during the quarter.

## Questions and answers

### How much did Goldman Sachs earn in the third quarter?

Goldman Sachs earned $17.01 per share in the third quarter, up from $12.25 a year earlier and above Wall Street estimates of $13.08.

### Why did Goldman Sachs stock trading revenue increase?

Stock trading revenue rose 72% to $6.44 billion, driven by strength in financial derivatives and prime financing lending to hedge funds.

### How did Goldman Sachs bond trading perform in Q3?

Bond trading revenue was unchanged at $3.47 billion, missing estimates of $3.72 billion due to lower revenue in mortgages, credit, and interest-rate products.