Goldman Sachs (GS) earnings Q3 2025

Goldman Sachs on Tuesday topped estimates for third quarter results on stronger-than-expected investment banking and fixed income trading.

Here’s what the company reported:

• Earnings per share: $12.25 vs. $11 a share LSEG estimate
• Revenue: $15.18 billion vs. $14.1 billion estimate

The company said in a release that profit surged 37% from a year earlier to $4.1 billion, or $12.25 a share.

Trading desks across Wall Street have benefited as President Donald Trump’s tariff policies have roiled markets for bonds, currencies, commodities and stocks.

Investment banking activity including mergers and IPOs has gained steam, with revenue climbing 22% in the third quarter from a year earlier, per Dealogic.

Finally, stocks at or near record highs bodes well for the firm’s asset and wealth management division.

Goldman Sachs gets the majority of its revenue from Wall Street activities including trading and investment banking. That can lead to outsized returns during boom times and underperformance when markets don’t cooperate.

On Monday, the company announced it was acquiring Industry Ventures, a venture capital firm with $7 billion in assets under supervision, to bolster its asset management division.

Shares of the bank have climbed 37% this year.

JPMorgan Chase, Wells Fargo and Citigroup also release earnings Tuesday, with Bank of America and Morgan Stanley releasing results Wednesday.

This story is developing. Please check back for updates.