Goldman Sachs Group Inc. (NYSE:GS) shares are trading lower on Tuesday after the firm reported third-quarter results.

The firm beat analyst expectations, boosted by growth across all segments.

Net revenue rose 20% year over year (Y/Y) to $15.18 billion, topping the consensus estimate of $14.10 billion.

Also Read: Stock Market Today: S&P 500, Nasdaq Futures Tumble Ahead Of Big Bank Earnings—Goldman Sachs, JPMorgan, Citigroup In Focus

Net Interest Income surged 64% Y/Y to $3.85 billion in the quarter on a decline in funding costs and higher interest-earning assets.

Provision for credit losses declined to $339 million, compared with $397 million a year ago and $384 million last quarter, driven by net provisions related to the credit card portfolio.

GAAP earnings came in at $12.25 per share, up from $8.40 a year ago and above the $10.86 consensus.

Operating expenses rose 14% Y/Y to $9.45 billion, on higher compensation and transaction-based costs.

The firm’s efficiency ratio improved to 62.1% for the first nine months of 2025, down from 64.3% a year ago.

The firm’s Standardized CET1 capital ratio stood at 14.4%, while the Advanced ...