New York, January 15, 2026, 11:21 ET — Regular session
- Goldman Sachs shares rose about 4% after fourth-quarter profit beat estimates.
- Equities trading revenue hit a record $4.31 billion; investment banking fees rose 25% to $2.58 billion.
- Investors are watching costs and whether 2026 dealmaking momentum holds.
Goldman Sachs shares rose nearly 4% on Thursday after the Wall Street bank topped fourth-quarter profit estimates and raised its dividend. The stock was up about 3.9% at $969.24, after closing at $932.67 on Wednesday.
The results land as investors comb through bank earnings for signs that last year’s revival in dealmaking can stick, even as rate-cut bets and market swings keep changing the tone. For Goldman, the big question is whether a hot run in trading and advisory can carry into 2026 without costs catching up.
Goldman said earnings per share came in at $14.01, beating analysts’ estimate of $11.67, helped by a surge in trading revenue and stronger investment-banking activity. Equities revenue rose to a record $4.31 billion, while fixed income, currencies and commodities (FICC) — the bond and macro trading business — brought in $3.11 billion.
Still, expectations were high after a sharp run in the stock last year. “The stock has been on a tear,” RBC Capital Markets analyst Gerard Cassidy said, adding that the results “met a high bar,” while Argus Research analyst Stephen Biggar called the dividend increase a “powerful testament” to confidence in earnings. 1
Chief Executive David Solomon struck a confident tone in the firm’s earnings presentation, saying Goldman expects “momentum to accelerate in 2026,” while stressing “disciplined risk management” as it looks for places to deploy capital and return it to shareholders. 2
Goldman reported fourth-quarter net revenues of $13.45 billion and net earnings of $4.62 billion, and posted full-year net revenues of $58.28 billion with net earnings of $17.18 billion. The bank said its board raised the quarterly dividend to $4.50 per share from $4.00, payable on March 30 to shareholders of record on March 2, and that it returned $16.78 billion to common shareholders in 2025, including $12.36 billion of share repurchases. 3
Wealth is becoming a bigger part of the pitch. Goldman said assets under supervision — the money it manages or oversees for clients — climbed to a record $3.61 trillion, while management fees hit a quarterly record as the firm pushed for steadier, fee-based income.
Investment banking fees rose 25% to $2.58 billion as mergers and acquisitions picked up, though the figure was slightly below analysts’ expectations. Goldman also flagged a rebound in initial public offerings (IPOs), with bankers looking toward a busier 2026 pipeline after a choppy stretch.
The consumer unwind was still visible in the numbers. The bank pointed to a $2.26 billion markdown tied to the transition of the Apple Card loans, offset by a $2.48 billion reserve reduction in provisions for credit losses.
Costs remain a live issue. Operating expenses rose 18% to $9.72 billion in the quarter, with Goldman citing higher compensation and investments, including work on artificial intelligence tools inside the firm.
That leaves a narrower margin for error if markets cool. Trading results can fade quickly when volatility drops, and advisory fees still depend on companies actually closing deals — a process that can stall if financing costs rise or confidence slips.
Investors are now watching for follow-through across the rest of bank earnings and for the Federal Reserve’s next policy meeting on January 27–28, a key marker for rate expectations that can move trading volumes and deal timing. 4
