Goldman Sachs (GS) Earnings Q3 2025

Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday.

Here’s what Wall Street expects:

• Earnings per share: $11, according to LSEG
• Revenue: $14.1 billion, according to LSEG
• Trading revenue: Fixed Income of $3.19 billion, Equities of $3.9 billion, per StreetAccount
• Investing banking fees: $2.15 billion, per StreetAccount

Goldman Sachs is set up to be a beneficiary of several trends in the third quarter.

Trading desks across Wall Street have benefitted 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 Venturesa 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.