Goldman Sachs (GS) third quarter 2025 results

Goldman Sachs is expected to report third-quarter results 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 $3.19 billion, Equities $3.9 billion, per StreetAccount
• Investment banking fees: $2.15 billion, per StreetAccount

Goldman Sachs should benefit from several trends in the third quarter.

Wall Street trading desks have benefited from President Donald Trump’s tariff policies that have shaken bond, currency, commodities and stock markets.

Investment banking activity, including mergers and IPOs, has been gaining momentum, with revenue up 22% in the third quarter from a year earlier, according to Dealogic.

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

Goldman Sachs earns the majority of its revenue from its Wall Street businesses, including trading and investment banking. This can lead to outsized returns during booms and underperformance when markets don’t cooperate.

On Monday, the company announced the acquisition of Industry Ventures, a venture capital firm with $7 billion in assets under supervision, to strengthen its asset management division.

The bank’s shares have soared 37% this year.

JPMorgan Chase, Wells Fargo And Citi Group will also publish its results on Tuesday, with Bank of America And Morgan Stanley publication of results on Wednesday.

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