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.↗ source
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.