# Goldman Sachs Q3 2026 Earnings: Investment Banking Revival Tests Fee Recovery

> Goldman Sachs reports record advisory revenue but investment banking fees decline as it tests fee income recovery.
- Title: Goldman Sachs Q3 2026 Earnings: Investment Banking Revival…
- Summary: Goldman Sachs reports record advisory revenue but investment banking fees decline as it tests fee income recovery. Goldman Sachs saw record advisory revenue…
- Keywords: goldman sachs, q3 2026, investment banking, fee income, advisory revenue, underwriting, equities financing, Goldman, Sachs, 2026, Earnings, Investment
- Source: Alphastreet - Earnings Decoded. Market Intelligence Delivered — https://news.alphastreet.com/goldman-sachs-gs-q3-2026-investment-banking-revival-tests-the-fee-income-recovery
- Author: Newsdesk
- Published: 2026-10-15T19:18:47+00:00
- Read time: 1 min
- Topics: goldman sachs, q3 2026, investment banking, fee income, advisory revenue, underwriting, equities financing
## Q3 2026 Results
Goldman Sachs reported third-quarter 2026 results on October 13, 2026, delivering net revenues of $18.68 billion, up 23 percent year-over-year yet down 8 percent from the preceding quarter’s record $20.34 billion.
## Record Advisory Revenue
Advisory revenues reached a record $1.654 billion, up 18 percent year-over-year and 20 percent from the preceding quarter.
## Underwriting Declines
Equity underwriting revenues declined 32 percent sequentially, and debt underwriting fell 12 percent sequentially.
## Investment Banking Fees
Total investment banking fees dropped 5 percent sequentially to $3.224 billion despite record advisory performance.
## Equities Financing Surge
Equities financing revenues surged 96 percent year-over-year to $3.365 billion, driven by AI-related capital formation.
## Asset & Wealth Management
Asset & Wealth Management delivered $5.051 billion in Q3 2026, up 14 percent year-over-year with 35 consecutive quarters of net inflows.
## Key Investor Watch
Investors should monitor Q4 2026 advisory revenue guidance and backlog levels to determine if fee income recovery is durable or peaking.
## Key takeaway

Goldman Sachs saw record advisory revenue of $1.654 billion but investment banking fees fell 5% sequentially due to underwriting declines.