A consensus of 12 Wall Street analysts expects Goldman Sachs to report fourth-quarter earnings per share of approximately $7.20, a year-over-year decline of nearly 10%. Revenue in the core investment banking and trading divisions is projected at $11.8 billion, down 6% from the same period last year. Fixed income, currencies and commodities (FICC) trading revenues are seen sliding by roughly 15% amid muted volatility, while equities trading could contract by about 8% as client activity remains restrained. Underlying net interest income is anticipated to see a modest improvement of 3%, supported by higher deposit balances and ongoing fee income from wealth management.

Bank of America Securities analyst Ebrahim Poonawala reiterated a Buy rating on Goldman Sachs and raised the 12-month price target to $1,050, emphasizing CEO David Solomon’s challenge in managing swings in the capital-markets franchise. Poonawala projects a 20% rebound in investment banking revenue for fiscal 2026, driven by higher underwriting mandates and M&A advisory fees, with normalized performance by fiscal 2027. He forecasts a return on tangible common equity (ROTCE) approaching 19% and an efficiency ratio near 60% once the firm absorbs recent technology investments and cost-reduction programs. Historically, Goldman’s EPS has swung by more than 50% over two-year cycles, underscoring the importance of stable deal flow and market volatility management.