Goldman Sachs (GS) Earnings Preview: What to Expect From Tuesday’s Q3 Report
Goldman has beaten estimates four straight quarters; Wall Street wants to know if investment banking and equities trading can keep the streak alive against a backdrop of 24-year-high bond yields.
Update: Goldman Sachs has reported — read the full recap →
Goldman Sachs reports third-quarter 2026 results before Tuesday’s opening bell, alongside JPMorgan, Citigroup, Wells Fargo and three other S&P 100 names — see the full lineup in our Corporate Earnings This Week tracker. Goldman has topped EPS estimates in each of its last four quarters, including a blowout second quarter in which EPS of $20.98 beat the $14.47 Street estimate and revenue of $20.3 billion topped the $16.5 billion consensus, sending shares up 9% on the day.
What to Watch
Estimates for the quarter vary more than usual depending on the data provider: some models put consensus EPS near $15.18 (up 23.9% from $12.25 a year ago) on revenue of roughly $17.4 billion, while others, including some Zacks-tracked estimates, sit closer to $13.35–$13.89 on revenue nearer $16.9 billion. Either way, the growth story is the same — a mid-teens-to-20%-plus profit jump driven by a rebound in investment-banking advisory and underwriting fees and another strong quarter for equities trading, the business that drove last quarter’s beat. Investors will be watching whether that momentum held into September, how narrowing net interest margins at the firm’s smaller banking operations factored in, and whether rising operating expenses — a theme flagged across the sector heading into this earnings season — ate into the bottom line. Management commentary on deal pipeline strength and the outlook for IPO activity into 2027 will also matter, given how central capital-markets activity has become to the bank’s results.
Analyst Estimates and Price Targets
Across the 26 analysts the Street tracks, the consensus rating is “Moderate Buy”: eight rate the stock Strong Buy, one Moderate Buy, 16 sit at Hold, and one holds a Strong Sell, with an average price target of $1,150.74 — roughly 26% above the stock’s recent trading level near $895. Shares are up about 14.6% over the past 52 weeks, trailing the S&P 500’s 15.7% gain over the same stretch even as the stock has far outpaced the financial sector’s SPDR ETF (XLF). On October 8, Goldman raised its quarterly dividend for the second time in 2026, which Zacks and 24/7 Wall Street attributed to stronger corporate earnings and a larger capital cushion, alongside a rating upgrade to Buy from Hold — a sign that at least some of the Street sees the risk-reward turning more favorable heading into the print.
The wide range in both EPS estimates and ratings (eight Strong Buys against 16 Holds) underscores the key debate: bulls point to the firm’s trading and dealmaking momentum, while the Hold-heavy middle of the Street is more focused on elevated expenses and the risk that capital-markets activity cools from an unusually strong run.
Why It Matters
Goldman’s results land the same morning as JPMorgan’s own Q3 report, and together the two set the tone for bank earnings season — see our full breakdown in Bank Earnings Season Kicks Off. As the Wall Street bank most levered to trading and deal activity rather than traditional lending, Goldman’s numbers are a cleaner read on capital-markets health than most of its peers’ — and a strong quarter would help offset the drag that historically high Treasury yields have put on the broader banking sector over the past month.
For the full recap once results are out, and for our ongoing coverage of the bank, see our GS stock fact sheet, the Earnings coverage category, and the Stock Fact Sheets hub.
This article is for informational purposes only and does not constitute investment advice. Analyst estimates and price targets are subject to change; consult a financial advisor before making investment decisions.
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