Goldman Sachs Inc. (NYSE: GS) announced its third-quarter results before the opening of trading on Tuesday, exceeding analysts' expectations, driven by strong performance in its trading and investment banking divisions.

The investment bank reported adjusted earnings per share of $17.01, exceeding analysts' expectations of $13.09 by $3.92. Revenue reached $18.68 billion, surpassing estimates of $16.86 billion and representing a 23% increase compared to $15.19 billion in the third quarter of 2025.

These strong results were driven primarily by a significant increase in net revenues from the global banking and markets sector, which rose by 32% year-on-year to $13.46 billion.

The company's shares rose 2.9% in pre-market trading following the announcement of the results.

Investment banking fees reached $3.22 billion, a 21% increase compared to the same quarter last year, reflecting stronger advisory activity driven by increased mergers and acquisitions, along with a significant improvement in equity and debt underwriting. Equity revenues jumped 72% to $6.44 billion, fueled by a substantial rise in net equity and derivatives financing income. Meanwhile, fixed income, currency, and commodities revenues remained stable at $3.47 billion.

Net revenue from the asset and wealth management segment rose 14% to $5.05 billion, driven by higher management fees and increased assets under supervision. However, revenue from the platform solutions segment declined 72% to $170 million, primarily due to a net write-down related to the Apple Card loan portfolio.

The company indicated in its results statement that the increase compared to the third quarter of 2025 mainly reflects a significant rise in net revenues from the global banking and markets sector.

Operating expenses rose 20% to $11.31 billion, reflecting higher transaction costs and increased compensation expenses related to improved operational performance. The company's efficiency ratio improved to 59.4% during the first nine months of 2026, compared to 62.1% in the same period last year.

The board of directors announced a quarterly dividend of $5.00 per share.