Global Markets (Equities and FICC)
Equities revenue reached $6.44 billion in Q3 2026, up 72% year over year; FICC was flat at $3.47 billion.
The numbers
What it is
The trading and financing franchise for institutional clients. Equities covers financing and market-making in stocks; FICC covers rates, credit, currencies and commodities. It is the largest engine of Goldman's trading revenue and the most sensitive part of the business to volatility and client activity.
Why it matters to the stock. Equities is the line that has driven the recent record quarters. A trader tracking GS earnings should watch the equities-to-FICC mix and whether financing (about $3.37 billion in Q3 2026) holds up.
News
Goldman returned $4.49B in Q3 through buybacks and dividends
Goldman Sachs returned $4.49 billion to common shareholders in the third quarter, including $3.00 billion of buybacks and $1.49 billion of dividends.
Goldman Q2 equities revenue $7.42B and IB fees up 55% as backlog grows
Equities revenue reached $7.42 billion in the second quarter, up 72% from a year earlier and from $5.33 billion in the first quarter.
Goldman Sachs Q1 2026 EPS $17.55 on record equities; FICC down to $4.01 billion
Goldman Sachs reported first-quarter 2026 net revenues of $17.23 billion and diluted EPS of $17.55 on April 13, 2026.
Goldman Sachs reports Q4 2025 EPS of $14.01 and raises dividend to $4.50
Goldman Sachs reported fourth-quarter 2025 net revenues of $13.45 billion and diluted EPS of $14.01 on January 15, 2026.