高盛Q3 EPS 17.01美元超预期：股票交易与投行业务强劲，固收交易不及预期，盘前涨3.5%后回落

Goldman Sachs Group Inc.’s equities traders blew past expectations in the third quarter, while its fixed-income and rates-trading counterparts fell far below Wall Street’s estimates.

The company’s equities traders, who in July posted a record of any bank for a third straight quarter, reported revenue of $6.44 billion for the three months through September, according to a statement Tuesday. That’s lower than the all-time high, from the second quarter, of $7.42 billion, but still beat the expectations of analysts compiled by Bloomberg.

Fixed-income and commodities traders brought in $3.47 billion, significantly lower than expected and an almost 1% drop from a year earlier, after Chief Executive Officer David Solomon warned in September of a slower quarter.

Goldman’s dealmaking machine helped drive growth in the third quarter, with its investment bankers bringing in a higher-than-expected fee haul of $3.22 billion. The bank’s asset-management unit also drew record management fees.

Goldman has led the rebound in Wall Street dealmaking while also pulling in billions of dollars from trading around volatile equity and fixed-income markets. Like peers, it’s seen its share price retreat in the face of rising bond yields weighing on capital-markets activity.

On Tuesday, Solomon pointed to “a complicated operating environment” and the “current complexity and uncertainty in the world.”

Goldman shares rose more than 3% at 7:49 a.m. in early New York trading. If the price holds up, a fleet of its top executives are in line for a collective payout in excess of $500 million later this month.

Pay rose along with the bank’s boost in revenue, pushing compensation and benefits expenses to $5.12 billion, a 9% increase from a year earlier. Year-to-date, those expenses are up 17% compared with the same period in 2025.

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The bank’s incentive fees surged almost eightfold from a year earlier to $587 million. That was tied to arranging bets for its wealth clients on SpaceX during its early funding rounds, Bloomberg News reported this month. Goldman’s revenue from those fees far surpassed the price it was paid for advising on the record IPO.

Goldman also made two key acquisitions in the quarter to expand its more than $4 trillion asset-management division. It bought exchange-traded fund provider NEOS Investments for $2.25 billion and LCN Capital Partners, a commercial real estate investor, for as much as $410 million.