Goldman Sachs Profit Rises as Equities Trading Revenue Jumps 72% Amid Market Volatility

The US investment bank recorded net profit of $5.29 billion, or $17.01 per share, for the three months ended 30 September. This compared with $4.10 billion, or $12.25 per share, in the same period a year earlier. Total net revenue increased by 23% to $18.68 billion.

Equities trading was the strongest contributor to the quarter’s performance. Revenue from the division rose 72% year on year to $6.44 billion as investors adjusted their portfolios amid volatile equity markets. Market movements were influenced by the Federal Reserve’s September interest-rate increase, rising fuel costs and a sell-off in semiconductor shares.

The results illustrate how periods of uncertainty can support trading activity at major investment banks, as institutional clients reposition holdings and manage exposure to changing market conditions. However, the same volatility can also create challenges for other areas of the business, particularly when higher financing costs or uncertainty discourage corporate transactions.

Goldman’s fixed-income, currencies and commodities division recorded revenue of $3.47 billion, down 1% from a year earlier. Performance in the business has fluctuated during 2026, reflecting changes in interest-rate markets and geopolitical developments.

Investment banking provided another source of support. Fees rose 21% year on year to $3.22 billion, despite a broader slowdown in mergers and acquisitions during the quarter. Higher debt and equity underwriting activity, alongside an 18% increase in advisory revenue, helped the division maintain growth. Advisory revenue reached a record for the investment bank, according to the company’s results reported by Reuters.

The bank’s asset and wealth management division also recorded a strong performance, with revenue increasing 14%. The business has become increasingly important to Goldman’s strategy as the group seeks to build more recurring sources of income alongside its historically market-sensitive trading and investment banking operations.

Despite the improved quarterly figures, Goldman’s shares have risen only about 1.7% so far this year, underperforming Morgan Stanley and the broader S&P 500 index, Reuters reported.

Chief Executive David Solomon said the bank remained well positioned to serve clients despite uncertainty in the global environment.

The results highlight Goldman’s ability to benefit from active financial markets, but the outlook will depend on whether trading conditions remain supportive and corporate clients continue to pursue financing and advisory transactions.