Key Takeaways Investment banking revenues at Goldman rose 42.5% y/y to $2.7B in the third quarter of 2025. Advisory revenues surged 60%, while debt and equity underwriting grew 30% and 21%, respectively. Goldman ended Q3 as the leader in announced and completed mergers and acquisitions. The Goldman Sachs Group, Inc. (GS) reported double-digit growth in its investment banking (IB) revenues in the third quarter of 2025. Global mergers and acquisitions (M&As) in the quarter were impressive, rebounding from the ...