Goldman Sachs (GS) Q3 Earnings Report Preview: What To Look For

October 12, 2025 at 23:01 PM EDT

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Global investment bank Goldman Sachs (NYSE: GS) will be announcing earnings results this Tuesday before the bell. Here’s what you need to know.

Goldman Sachs beat analysts’ revenue expectations by 7.3% last quarter, reporting revenues of $14.58 billion, up 14.5% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

Is Goldman Sachs a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Goldman Sachs’s revenue to grow 11.9% year on year to $14.21 billion, improving from the 7.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $10.57 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Goldman Sachs has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 6.6% on average.

Looking at Goldman Sachs’s peers in the capital markets segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Jefferies delivered year-on-year revenue growth of 21.6%, beating analysts’ expectations by 8.4%, and FactSet reported revenues up 6.2%, topping estimates by 0.6%. Jefferies traded down 1.9% following the results while FactSet was also down 14%.

Read our full analysis of Jefferies’s results here and FactSet’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.2% on average over the last month. Goldman Sachs is down 2.9% during the same time and is heading into earnings with an average analyst price target of $761.11 (compared to the current share price of $764.20).

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Goldman Sachs (GS) Q3 Earnings Report Preview: What To Look For

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