Key Takeaways
- 💰 Goldman Sachs made $5.29 billion profit last quarter, up 29% on a year ago.
- 📈 Its stock trading desk brought in $6.44 billion, up 72%, as choppy markets kept investors busy.
- 🏦 JPMorgan, the biggest US bank, grew profit 6% but missed Wall Street's forecast.
- 🧩 Same industry, same quarter, different result. The difference is what each bank actually does for money.
- ⚖️ Honest catch: trading profits swing with the market, Goldman's bond desk was flat, and its deal pipeline shrank.
- 🔍 Want to dig deeper? Research Goldman Sachs (GS), JPMorgan (JPM) and other bank stocks on Nemo.money, from $1.
⚡ The Short Version
US bank earnings season started this week. Goldman Sachs stole the show.
Its profit rose 29% to $5.29 billion. Earnings per share were $17.01, well above the roughly $13 analysts expected. Revenue rose 23% to $18.68 billion, its second-best quarter ever.
JPMorgan told a different story. Profit still grew, but it came in below forecasts.
Why the gap? Goldman earns far more of its money from trading stocks. And last quarter, traders were busy.
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📊 Goldman's Quarter in Numbers
- 💵 Revenue: $18.68 billion, up 23%.
- 💰 Profit: $5.29 billion, up 29% (from $4.10 billion).
- 🧾 Earnings per share: $17.01, up from $12.25 a year ago.
- 📈 Stock trading (equities): $6.44 billion, up 72%.
- 🤝 Deal fees (investment banking): $3.22 billion, up 21%. Advisory fees hit a record $1.65 billion.
- 🏛️ Asset & wealth management: $5.05 billion, up 14%.
- 🎯 Return on equity: 18.7%, up from 14.2% a year ago.
- 🎁 Paid back to shareholders: $4.49 billion, including $3 billion of buybacks. The quarterly dividend stays at $5 a share.
CEO David Solomon called it the bank's "second highest quarterly net revenues and record year-to-date net revenues."
Goldman shares jumped about 4% before the opening bell. Then the gain faded. By the close they were slightly lower, down about 0.2%.
🏦 Why JPMorgan Missed
- 💵 Profit rose 6% to $15.3 billion, or $5.57 a share.
- 🧾 Without a $658 million loss on investment securities, it was $5.75 a share. Analysts expected $5.90.
- 📉 Its bond trading (fixed income) fell 4% to $5.37 billion, below forecasts.
- 📈 Its stock trading jumped 49% to $4.95 billion. But that is only about 10% of JPMorgan's revenue.
- 🗣️ Finance chief Jeremy Barnum said Wall Street deals are "delayed rather than canceled."
JPMorgan shares closed nearly 1% lower. Wells Fargo beat on profit, but its revenue fell short. Its shares fell between about 1.5% and 3% in early trading.
🧩 Same Quarter, Different Banks
Think of it like three restaurants on one street. A festival comes to town. The one that sells street food has a record night. The family sit-down place barely notices.
- 🎯 Goldman: stock trading was about 34% of revenue.
- 🏦 JPMorgan: about 10%.
- 🏠 Wells Fargo: about 2%.
Wild, choppy markets mean big investors trade more. Goldman is built to profit from that. JPMorgan and Wells Fargo lean much more on loans, deposits and interest income.
💡 The One Lesson
Know what actually pays the bills.
"Bank stocks" are not one thing. Before you research any company, ask one question: where does most of the money come from?
- 🔁 Trading-heavy banks shine when markets are busy and wobbly.
- 🏠 Lending-heavy banks do better when loans grow and interest income is steady.
- 📰 The same headline can lift one and leave the other flat.
This works for every sector, not just banks. Our guide on how to pick a stock walks through the basics.
⚖️ The Honest Catch
The case for caution:
- 🤔 Investors weren't fully convinced. An early 4% jump turned into a small loss by the close.
- 🎢 Trading profits swing. A record stock-trading quarter can fade fast when markets calm down.
- 📉 Goldman's bond trading was flat at $3.47 billion and came in below estimates.
- 📦 Its deal "backlog" (future fees already lined up) fell from the end of June. It is now slightly below where it ended 2025.
- 💸 Costs rose too. Operating expenses climbed 20% to $11.31 billion.
- 📊 Even before this week, the stock was down about 15% over three months and roughly 23% below its 52-week high.
The other side:
- 🏆 Revenue was the second-highest in Goldman's history. Advisory fees hit a record.
- 🎯 Return on equity jumped to 18.7%, from 14.2%.
- 🤝 Its asset and wealth arm, which earns steadier fees, grew 14%.
- 🗣️ Barnum at JPMorgan said deals are delayed, not dead. If they come back, deal-heavy banks like Goldman could benefit.
Both things can be true. A great quarter is a fact. A great next quarter is not promised.
🙋 What It Means for You
- 🧠 Bank results are a window into the whole market. Busy trading desks tell you investors are active and nervous at the same time.
- 🧺 Prefer not to pick one bank? Funds that track the S&P 500 already hold Goldman, JPMorgan and Wells Fargo. Our ETFs explained guide shows how that works.
- 🚀 Deal fees rise when companies list on the stock market. Our IPO 101 guide explains how listings work.
- 🏦 Banking is changing fast beyond Wall Street too. See our look at the Nubank–Monzo talks.
- 📌 Goldman (GS), JPMorgan (JPM) and Wells Fargo (WFC) are examples to research, not recommendations.
📱 How to Research with Nemo.money
- 💵 Start from $1. Fractional shares mean you don't need $900 for one Goldman share.
- 🆓 Zero commission on US stocks and ETFs.
- 💡 Need ideas? Nemes can help you find them.
- 🏦 Cash waiting to be invested? Nemo.money pays 6% AER, paid daily in USD.
- 📚 New to investing? Start with our Top 10 rules of investing.
Research any of these stocks on Nemo.money.
FAQs
1. How much did Goldman Sachs make in Q3 2026?
Goldman made $5.29 billion in profit, up 29% on a year ago. Revenue was $18.68 billion, up 23%. Earnings per share were $17.01.
2. Why did Goldman beat when JPMorgan missed?
Goldman earns about a third of its revenue from stock trading, which jumped 72%. JPMorgan earns far more from lending and interest. Its bond trading also fell short of forecasts.
3. Did JPMorgan lose money?
No. JPMorgan's profit rose 6% to $15.3 billion. It only missed what analysts expected. Excluding a $658 million securities loss, it earned $5.75 a share against forecasts of $5.90.
4. Is Goldman Sachs stock a good buy now?
That depends on your goals. Supporters point to record advisory fees, a higher return on equity and a share price well below its 52-week high. Sceptics point to volatile trading profits, a flat bond desk and a smaller deal backlog.
5. Can I buy Goldman Sachs shares from the UAE?
Yes. On Nemo.money you can research and invest in US stocks like Goldman Sachs from $1, with fractional shares and zero commission.
🏁 Final Thoughts
Earnings season is only days old. Already it has shown that "banks" do not move as one.
Goldman's traders had a huge quarter. JPMorgan's bigger, steadier machine grew, but not by as much as hoped. The smart move is not to chase the winner. It is to understand why it won, and whether that can last.
More big banks report this week. Watch which ones lean on trading, and which on lending.
👉 Start researching on Nemo.money
Nemo = Never Miss Out.Stay informed. Stay ahead.
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