The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segment also provides cash management services, such as deposit-taking and payment solutions for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Goldman Sachs Group, Inc. (The)

Key Points
Social Security benefits will get a 2.8% cost-of-living adjustment (COLA) in 2026, a historic event because it’s the fourth straight pay increase of at least 2.5%.
COLAs are tied to the CPI-W, but that metric underestimates how much retirees spend on housing and medical care, which often leads to insufficient COLAs.
President Trump's sweeping trade war has caused inflation to increase substantially since April, which makes it even more likely that retirees will find the 2026 COLA insufficient.
Last Friday, The Social Security Administration announced the official 2026 cost-of-living adjustment (COLA). Benefits will increase 2.8% next year, three-tenths of a percentage point more than the pay increase retired workers received this year.
However, the announcement also comes with bad news for Social Security beneficiaries. Tariffs imposed by the Trump administration have caused inflation to increase significantly since April, and many economists expect consumer prices to trend higher in the coming months, which means the COLA is likely insufficient.
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Here's what retired workers should know.
Social Security benefits will get a 2.8% cost-of-living adjustment (COLA) in 2026
Each year, Social Security benefits receive a cost-of-living adjustment (COLA) based on how the CPI-W (a subset of the Consumer Price Index) changes during the third quarter, meaning the three-month period that runs from July through September.
The math is straightforward: The CPI-W from the third quarter of the current years is divided by the CPI-W from the third quarter of the previous year, and the precent increase becomes the COLA in the following year. CPI-W inflation measured 2.8% in the third quarter of 2025, so Social Security benefits will increase 2.8% in 2026.
The chart below details how the COLA will impact the average monthly Social Security payment for different types of beneficiaries.
With a 2.8% COLA in 2026, Social Security benefits have now received four straight COLAs of at least 2.5%. That last happened three decades ago. Yet, over half of retired workers surveyed by The Motley Fool said the last two COLAs were insufficient, meaning they did not fully offset increases in living expenses. Unfortunately, the 2026 COLA is likely to disappoint in much the same way for two reasons.
First, the CPI-W underestimates how much retirees spend on housing and medical care, and prices in both categories have risen faster than the overall CPI-W this year, meaning the COLA is likely to underestimate true inflation.
Second, CPI-W inflation is likely to trend higher during the fourth quarter due to the trade policies put in place by the Trump administration, but COLAs only consider CPI-W inflation through the third quarter. Any price increases beyond that point will not be reflected in the 2026 COLA.
President Trump's tariffs have caused a material increase in inflation
President Donald Trump imposed sweeping tariffs on what he labeled "Liberation Day" in April. Included in the announcement was a 10% baseline tariff on most countries, as well as more severe country-specific reciprocal tariffs that were ultimately delayed until August.
Despite Trump's assertion that foreign exporters would "pay for the privilege" of doing business in the U.S., Americans are footing the bill for the trade war. Goldman Sachs estimates U.S. companies and consumers will in aggregate pay 77% of the tariffs by year's end, with consumers alone bearing over half the burden.
In turn, CPI-W inflation climbed from 2.1% in April to 2.9% in September, and many experts think the upward pressure will persist as companies pass along costs on more tariffed products. Twenty economists surveyed by The Wall Street Journal estimate inflation will rise at least two-tenths of a percentage point by December.
That is bad news for retired workers. While annual COLAs reimburse Social Security recipients for the buying power benefits lost in the prior year, they only consider inflation in the third quarter. Any increase in consumer prices in the fourth quarter is not reflected in the next COLA, and there is a good chance inflation will exit the year above 2.8%, in which case a 2.8% COLA will feel insufficient.
Of course, if inflation keeps climbing through the third quarter of 2026, that will be reflected in the 2027 COLA. So, Social Security beneficiaries will eventually be compensated for price increases caused President Trump's trade war. But they will be behind the curve until inflation starts trending lower.
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Trevor Jennewine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Social Security's 2026 COLA Is Official -- It Comes With Bad News About President Trump's Tariffs

Key Points
Nvidia quickly became the gold standard for powering AI, which experts believe is still in the early innings.
The chipmaker's graphics processing units (GPUs) provide the computational horsepower fueling the next generation of AI.
The stock's blistering run in recent years and fears of slowing adoption are giving some investors pause.
Artificial intelligence (AI) has had an undeniable impact on the technology landscape in recent years. Over the past few months, fears of decelerating growth have fueled the popular narrative that the low-hanging AI fruit has been picked. The truth, however, is much more nuanced.
AI chipmaker Nvidia (NASDAQ: NVDA) is a prime example. The company is the leading supplier of data center graphics processing units (GPUs) that underpin AI models, forming the foundation for both AI training and inference. While the company's relative growth has slowed, absolute demand for these AI-centric chips is still robust.
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Investors are climbing a wall of worry, yet the stock remains within striking distance of a new all-time high. Let's look at the company's track record, the opportunity that remains, and what Nvidia will need to do to achieve a $10 trillion market cap.
The results are enviable
Over the past decade, Nvidia's revenue has grown by 3,480%, while its net income has surged 10,640%. That performance, combined with its pole position in the AI revolution, has driven a blistering increase in its stock price, which has soared 26,000%. Yet these stellar results are not part of some dusty past.
The company's recent results help provide much-needed context. In its fiscal 2026 second quarter (ended Jul. 27), Nvidia's results continued to accelerate, though at a more moderate pace. It generated record revenue of $46.7 billion, which jumped 56% year over year and 17% sequentially. This resulted in earnings per share (EPS) that rose 61% to $1.08. The headliner was the data center segment -- which includes chips used for data centers, cloud computing, and AI -- as sales surged 73% to $39 billion, fueled by persistent demand for AI.
Management's forecast suggests the growth spurt is poised to continue. For the third quarter, Nvidia's outlook calls for revenue of $54 billion, which would result in year-over-year growth of 54% at the midpoint of its guidance.
Estimates regarding the size of the opportunity run the gamut. The generative AI market could be worth $7 trillion by 2030, according to Goldman Sachs Research. Big Four accounting firm PricewaterhouseCoopers (PwC) is thinking much bigger, calculating that AI could add $15.7 trillion to the global economy by 2030. The disparity in these estimates illustrates an important point: Experts agree the opportunity is vast, but no one knows exactly how big it really is.
Nvidia is the leading supplier of data center GPUs with an estimated 92% of the market, according to IoT Analytics, so it stands to gain the most from the continuing adoption of AI.
The path to $10 trillion
Nvidia currently boasts a market cap of roughly $4.4 trillion (as of this writing). This means it will take stock price gains of 126% to drive its value to $10 trillion. According to Wall Street, Nvidia is on track to generate revenue of roughly $206 billion for fiscal 2026, resulting in a forward price-to-sales (P/S) ratio of 21. Assuming its P/S remains constant, Nvidia would need to grow its revenue to roughly $467 billion annually to support a $10 trillion market cap.
Wall Street is forecasting annual revenue growth of 26.2% for Nvidia over the coming five years. If the company can achieve that growth rate, it could reach a $10 trillion market cap as early as 2030. Given Nvidia's tendency to exceed Wall Street's expectations, I have gone on record saying it will cross that threshold even sooner.
Don't take my word for it. Beth Kindig, CEO and lead tech analyst for the I/O Fund, has come to the same conclusion (emphasis mine):
We believe Nvidia will reach a $10 trillion market cap by 2030 or sooner through a rapid product road map, its impenetrable moat from the CUDA [Compute Unified Device Architecture] software platform, and due to being an AI systems company that provides components well beyond GPUs, including networking and software platforms.
Given recent advancements in AI and its rapid evolution, I think Kindig is right on the money.
It's important to remember that even if the company can achieve this historic milestone, the path to success won't be a straight line, and there are bound to be fits and starts along the way.
Bears will point to Nvidia's valuation, as the stock is currently selling for 51 times trailing-12-month sales. I would counter that the price-to-earnings (P/E) ratio is ill-equipped to assess high-growth stocks like Nvidia. Using the more appropriate price/earnings-to-growth (PEG) ratio returns a multiple of 0.8, when any number less than 1 is the standard for an undervalued stock.
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Danny Vena has positions in Nvidia. The Motley Fool has positions in and recommends Goldman Sachs Group and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Predition: This Supercharged Growth Stock Will Soar to $10 Trillion By 2030

The Opal Dividend Income ETF is seeing unusually high volume in afternoon trading Friday, with over 159,000 shares traded versus three month average volume of about 31,000. Shares of DIVZ were up about 0.4% on the day.
Components of that ETF with the highest volume on Friday were AT&T, trading up about 1.6% with over 57.0 million shares changing hands so far this session, and Verizon Communications, up about 0.7% on volume of over 19.2 million shares. Goldman Sachs Group is the component faring the best Friday, higher by about 4.4% on the day, while Kinder Morgan is lagging other components of the Opal Dividend Income ETF, trading lower by about 1.6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF with Unusual Volume: DIVZ

Goldman Sachs (GS) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this investment bank have returned +12.2% over the past month versus the Zacks S&P 500 composite's +1% change. The Zacks Financial - Investment Bank industry, to which Goldman belongs, has gained 10.4% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate Revisions
Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Goldman is expected to post earnings of $7.93 per share for the current quarter, representing a year-over-year change of +44.7%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.
The consensus earnings estimate of $37.15 for the current fiscal year indicates a year-over-year change of +62.4%. This estimate has remained unchanged over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $42.65 indicates a change of +14.8% from what Goldman is expected to report a year ago. Over the past month, the estimate has changed +0.1%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Goldman.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth Forecast
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Goldman, the consensus sales estimate of $12.02 billion for the current quarter points to a year-over-year change of +6.2%. The $51.62 billion and $55.64 billion estimates for the current and next fiscal years indicate changes of +11.6% and +7.8%, respectively.
Last Reported Results and Surprise History
Goldman reported revenues of $12.7 billion in the last reported quarter, representing a year-over-year change of +7.5%. EPS of $8.40 for the same period compares with $5.47 a year ago.
Compared to the Zacks Consensus Estimate of $11.63 billion, the reported revenues represent a surprise of +9.24%. The EPS surprise was +22.63%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Goldman is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Goldman. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Goldman Sachs Group, Inc. (GS) Is a Trending Stock: Facts to Know Before Betting on It

Interest rates are on the decline, U.S.-China trade tensions have heightened and markets have been on a wild ride of late. Against this backdrop, the largest banks of the United States reported earnings. The economic signal from these bank results remains positive so far despite concerns over non-bank lenders, especially after a few recent bankruptcies.
Wall Street credit concerns have resurfaced lately, following a warning from JPMorgan Chase JPM CEO Jamie Dimon about “cockroaches” in the U.S. economy, as quoted on Yahoo Finance. Note that on Thursday, shares of regional banking shares suffered due to fresh signs of credit stress in the banking sector.
Zions Bancorporation plunged 13% on the day and Western Alliance Bancorporation fell about 10%. Zions took a $50 million charge-off related to two loans extended through its California Bank & Trust division, as quoted on Yahoo Finance.
Meanwhile, Western Alliance said it filed a fraud lawsuit in August against a borrower tied to a revolving credit facility. However, Western Alliance has assessed the collateral and believes that their value is sufficient to cover the obligation.
Vanguard Financials Index Fund ETF VFH has lost 3.1% over the past month (as of Oct. 21, 2025) while SPDR S&P Bank ETF KBE has fallen 5.2%. These returns came against 0.7% uptick in SPDR S&P 500 ETF Trust SPY.
Is More Pain Ahead?
The capital markets segment is finally delivering results after several quarters of management highlighting improving deal pipelines. While activity has remained low by historical standards, the favorable regulatory and monetary policy environment makes it reasonable to be optimistic about the sector’s prospects.
Consumer spending and household finances remain stable, supported by a decent labor market. Credit demand shows signs of improvement and delinquencies have declined from their peaks despite references to so-called ‘cockroaches.’
For the Finance sector, we now have third-quarter results from 47.7% of the sector’s total market capitalization in the S&P 500 index. Total earnings for these Finance sector companies grew more than 20.4% from the same period last year on 10.9% higher revenues, with 96.2% beating EPS estimates and 88.5% beating revenue estimates.
JPMorgan Chase & Co. (JPM), Wells Fargo & Company WFC, Citigroup Inc. C, Goldman Sachs GS, Morgan Stanley MS and Bank of America BAC beat both top and bottom-line estimates in their latest earnings releases.
Upbeat Zacks Ranks
The Finance sector ranks fifth out of the 16 Zacks classified sectors. The Financial - Investment Bank category, which most big banks come from, is also strongly positioned at present. The industry ranks in the top 14% of the 243 industries classified by Zacks.
Cheaper Valuation
The financials sector currently trades at a forward price-to-earnings multiple of 10.97X versus 19.88X possessed by the S&P 500. The Financial - Investment Bank industry trades at a forward P/E of 15.61X.
Projected EPS Growth of the sector is a solid 8.41% versus the S&P 500’s growth of 6.88%. The Financial - Investment Bank industry’s growth is 14.45%. The financials sector currently has a lower debt-to-equity ratio of 0.34X than the S&P 500’s 0.58X. The Financial - Investment Bank industry’s debt-to-equity ratio is even lower at 0.15X.
Steepening Yield Curve in the Cards?
The Fed is currently cutting interest rates. If risk-on sentiment in the market holds (assuming the so-called AI bubble doesn’t burst), long-term bond yields are likely to rise, while short-term yields will decline due to the Fed’s rate cuts.
This would steepen the yield curve — a positive for the banking sector — by boosting banks’ net interest margins. However, healthy credit demand is necessary to support gains in the net interest margins.
Bank ETFs in Focus
Against this backdrop, financials exchange-traded funds (ETFs), such as iShares U.S. Financial Services ETF IYG, iShares US Financials ETF IYF, Invesco KBW Bank ETF KBWB, Financial Select Sector SPDR XLF and Vanguard Financials ETF VFH, should gain ahead.
(We are reissuing this article to correct a mistake. The original article, issued on Oct. 21, 2025 should no longer be relied upon.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Bank ETFs in Red Over the Past Month: Pain or Gain Ahead? (Revised)

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 lows witnessed in April and May following President Donald Trump’s announcement of sweeping tariffs. Nonetheless, deal-making activities have picked up pace since then as corporates adapted to the rapidly evolving geopolitical and macroeconomic scenarios. They took advantage of a strong U.S. economy, optimism over potential Federal Reserve interest rate cuts, and a more accommodating regulatory environment under Trump.
Driven by higher advisory revenues, signifying a substantial rise in M&A volumes, GS’s IB fee revenues totaled $2.7 billion in the third quarter of 2025, up 42.5% from the prior-year quarter. Specifically, advisory revenues surged 60% year over year, while debt underwriting revenues moved up 30% and equity underwriting revenues grew 21%. Additionally, Goldman ended the third quarter as the leader in both announced and completed M&A, having advised on more than $1 trillion in announced M&A volumes year to date.
During the third-quarterearnings call David Solomon, chairman and CEO of Goldman, highlighted improvements in M&A activity throughout the year and expects the constructive environment to persist through the end of 2025, with even stronger M&A activity anticipated in 2026 amid a favorable backdrop.
Overall, the combination of favorable macro conditions, strong client pipelines, and GS's sustained leadership in the M&A advisory will continue to support its IB performance in the upcoming period.
How GS Competes With Peers in Terms of IB Business
Similar to Goldman, its peers Morgan Stanley MS and JPMorgan JPM witnessed solid growth in their IB revenues in the third quarter.
Riding on a frenzy of deal-making activities and IPOs, Morgan Stanley's IB revenues were $2.1 billion in the third quarter of 2025, up 44.1% from the prior-year quarter. Its fixed income underwriting fees rallied 39%, while equity underwriting income surged 80% year over year. Morgan Stanley’s advisory fees jumped 25% year over year to $684 million as completed M&As rose.
During the third-quarterearnings call Ted Pick, chairman and CEO of Morgan Stanley, said that the rebound in the operating environment enabled M&A and renewed financing activity. While he remained cautious, remarking that “whether we are entering a golden age of investment banking remains to be seen,” he affirmed that IB activity should trend upward over the next couple of years.
JPMorgan’s IB fees stood at $2.6 billion in the third quarter, implying 17.1% year-over-year growth. Specifically, JPM’s advisory fees rose 9%, with debt and equity underwriting fees growing 53% and 9%, respectively.
During the third-quarterearnings call Jeremy Barnum, executive VP and chief financial officer of JPMorgan, noted healthy deal flow with robust pipelines, supported by a constructive market environment.
Goldman’s Price Performance, Valuation & Estimates
GS shares have gained 34.6% year to date compared with the industry’s growth of 28.7%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Goldman trades at a forward price-to-earnings (P/E) ratio of 14.33X, below the industry’s average of 14.38X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Goldman’s 2025 and 2026 earnings implies a year-over-year rise of 19.6% and 12.4%, respectively. Likewise, the consensus estimate for the company’s 2025 and 2026 sales implies year-over-year rallies of 9.1% and 5.9%, respectively. Earnings estimates for both years have been revised upward over the past seven days.
Estimate Revision Trend
Image Source: Zacks Investment Research
Goldman currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Posts Solid Growth in Q3 IB Fees: Will the Trend Continue?

Key Points
Eli Lilly is expected to present third-quarter results on Oct. 30 after the market opens.
Wall Street analysts will be looking closely at sales growth for Mounjaro and Zepbound.
The market's expectations for Eli Lilly are high.
Eli Lilly (NYSE: LLY) is one of the pharmaceutical industry's biggest success stories of the past several years. During the 18-month period from the end of 2022 through the end of June 2024, its stock price soared by 147.5% as its weight-management drug exceeded expectations.
Unfortunately, the good times didn't last forever. From the end of June 2024 through Oct. 20, 2025, Eli Lilly stock dropped by 10.7% and investors want to know when they can expect it to recover.
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On Oct. 30, Eli Lilly will announce third-quarter earnings results that could lift the stock, or pressure it further. Here are three things beyond the headline numbers that investors should know before trying to evaluate the company's recent performance.
1. All eyes are on tirzepatide
Tirzepatide is a dual glucagon-like peptide-1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist. It was first approved to treat diabetes by the Food and Drug Administration (FDA) in 2022 under the brand name Mounjaro. In 2023, the same drug also earned FDA approval for chronic weight management under the brand name Zepbound.
In 2024, combined sales of Mounjaro and Zepbound more than tripled to reach a whopping $16.47 billion. That was enough to drive total revenue 32% higher last year.
Eli Lilly's stock has underperformed over the past year because investors are concerned that unauthorized versions of tirzepatide sold by compounding pharmacies will eat into its share of the market. These fears don't seem well-founded. In the first half of 2025, total tirzepatide sales rose by 121% year over year to reach $14.7 billion.
2. Eli Lilly is made of many pieces that move in different directions
While sales of tirzepatide are surging, not all of Eli Lilly's revenue streams are growing. Trulicity, a GLP-1 treatment first approved to treat diabetes in 2014, was the company's largest source of sales, but it's been losing ground to Mounjaro. Jardiance is another diabetes treatment that's contributing less revenue than it used to.
When it comes to patent protections, drug patents are relatively short-lived. The introduction of generic or biosimilar versions of branded drugs can quickly reduce the revenue those brands generate. To offset the losses, Eli Lilly and its big pharma peers regularly invest today's profits into tomorrow's blockbusters.
Tirzepatide is offsetting several aging products with declining sales. As a result, total second-quarter revenue climbed 38% year over year. This is an outstanding growth rate that Eli Lilly could have trouble maintaining in the years ahead.
This May, analysts at Goldman Sachs reduced their outlook for global anti-obesity drug sales in 2030 down to $95 billion annually from a previous estimate of $130 billion.
Tirzepatide has been a big winner over the past few years because its dual GLP-1/GIP mode of action is more effective at reducing appetite than drugs that only act on GLP-1 receptors. Unfortunately, it's also less easily tolerated. Many patients seeking weight-reduction treatments choose Wegovy from Novo Nordisk because tirzepatide makes them nauseous.
3. Expectations are high
At recent prices, shares of Eli Lilly have been trading for 35.8 times forward-looking earnings estimates. That is a rich multiple for most pharmaceutical companies, but Eli Lilly has raised earnings per share by a whopping 122% over the past three years.
If tirzepatide's growth rate in the first half of 2025 continues for a few more years, investors who buy Eli Lilly at recent prices could realize market-beating gains. That said, they would be accepting a lot more risk than they'd get with most pharmaceutical stocks.
Eli Lilly could lose market exclusivity for Trulicity, a previously popular GLP-1 drug, in the U.S. beginning in 2027. As an approved diabetes treatment, low-cost biosimilar versions will more than likely pressure Mounjaro sales. Off-label prescriptions could pressure Zepbound sales down the road.
Now that the market for GLP-1 treatments has matured, the rapid growth rates investors have gotten used to seeing from Eli Lilly could become impossible to repeat. If tirzepatide sales stumble, and the market begins assuming this company will revert to typical growth rates for its industry, investors who buy at today's prices could get stuck with heavy losses.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Things Investors Need to Know Ahead of Eli Lilly's Q3 Earnings Report

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Goldman Sachs Group Inc (Symbol: GS), where a total volume of 20,132 contracts has been traded thus far today, a contract volume which is representative of approximately 2.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 95.6% of GS's average daily trading volume over the past month, of 2.1 million shares. Especially high volume was seen for the $770 strike call option expiring October 24, 2025, with 741 contracts trading so far today, representing approximately 74,100 underlying shares of GS. Below is a chart showing GS's trailing twelve month trading history, with the $770 strike highlighted in orange:
Metallus Inc (Symbol: MTUS) options are showing a volume of 1,805 contracts thus far today. That number of contracts represents approximately 180,500 underlying shares, working out to a sizeable 73.6% of MTUS's average daily trading volume over the past month, of 245,270 shares. Particularly high volume was seen for the $17.50 strike call option expiring February 20, 2026, with 1,550 contracts trading so far today, representing approximately 155,000 underlying shares of MTUS. Below is a chart showing MTUS's trailing twelve month trading history, with the $17.50 strike highlighted in orange:
And Peloton Interactive Inc (Symbol: PTON) saw options trading volume of 107,677 contracts, representing approximately 10.8 million underlying shares or approximately 70.2% of PTON's average daily trading volume over the past month, of 15.3 million shares. Especially high volume was seen for the $8.50 strike call option expiring October 24, 2025, with 73,035 contracts trading so far today, representing approximately 7.3 million underlying shares of PTON. Below is a chart showing PTON's trailing twelve month trading history, with the $8.50 strike highlighted in orange:
For the various different available expirations for GS options, MTUS options, or PTON options, visit StockOptionsChannel.com.
Also see:
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FLTN Options Chain
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Tuesday Option Activity: GS, MTUS, PTON

The Goldman Sachs Group, Inc. GS announced third-quarter 2025 results on Oct. 14, before the opening bell.
The company’s quarterly top and bottom-line numbers outpaced the Zacks Consensus Estimate. The solid improvement in trading revenues and investment banking (IB) business majorly supported Goldman’s performance.
Following solid quarterly results, should you buy Goldman’s stock? Before checking that out, let us discuss the company’s quarterly performance in brief.
Quick Glance at Goldman’s Q3 Performance
IB Revenues: Driven by higher advisory revenues, signifying a substantial rise in mergers and acquisitions (M&A) volumes, Goldman’s IB revenues jumped 42.5% year over year. Its peers, JPMorgan’s JPM IB fees rose to $2.6 billion, marking 17.1% year-over-year growth, whereas Morgan Stanley’s MS IB revenues were $2.1 billion, up 44.1%.
David Solomon, chairman and CEO of Goldman, highlighted improvements in M&A throughout the year and expects the constructive environment to persist through the end of 2025, with even stronger M&A activity anticipated in 2026 amid a favorable backdrop.
Trading Revenues: The volatile market drove Goldman’s trading volume in the quarter. The company’s equities trading revenues grew 7% year over year to $3.7 billion. Fixed income, currency and commodities trading revenues rose 17% to $3.5 billion.
Similarly, JPMorgan’s markets revenues jumped 25% year over year to $8.9 billion. Specifically, fixed-income markets’ revenues rose 21% to $5.6 billion, whereas equity markets’ numbers increased 33% to $3.3 billion. Morgan Stanley’s equity trading revenues climbed 35% year over year to $4.12 billion, and fixed-income trading income was up 8% to $2.17 billion.
Asset & Wealth Management (AWM) Division: The AWM division generated revenues of $4.4 billion in the reported quarter, up 17% year over year. The increase reflects increased management and other fees, and significantly higher net revenues in private banking and lending.
Strong IB Business to Support Goldman
GS’s IB division continues to build on its momentum in 2025, buoyed by a resurgence in global dealmaking activity. The year began with optimism, though sentiment briefly cooled following Trump’s tariff announcement on “Liberation Day.” Since then, deal flow has accelerated, driving a steady uptrend in Goldman’s IB revenues.
Goldman ended the third quarter as the leader in both announced and completed M&A. The company advised on more than $1 trillion in announced M&A volumes year to date. Management indicated that 2026 is expected to be an even stronger year for M&A activity, barring any major macroeconomic shocks. The company’s backlog across IB is now at its highest level in the past three years.
Overall, the combination of favorable macro conditions, strong client pipelines and sustained leadership in M&A advisory positions Goldman well to extend its dealmaking dominance.
Goldman’s Strategic Streamlining Progresses Well
The company’s streamlining effort has been underway for some time as it retreats from the underperforming consumer banking ventures. GS is exiting its non-core consumer banking business and sharpening its focus on Global Banking and Markets, and AWM divisions.
The Global Banking and Markets segment has been witnessing a rise in revenues over the past couple of years. The segment's net revenues recorded a compounded annual growth rate (CAGR) of 3.7% from 2022 to 2024, with the metric rising 17% year over year in the first nine months of 2025.
The AWM division’s net revenues witnessed a CAGR of 9.9% from 2022 to 2024. In the first nine months of 2025, the segment’s net revenues rose 4% year over year. The segment is expanding into fee-based revenue streams. Assets under supervision (AUS) rose to a record $3.5 trillion at the end of the third quarter, with impressive results in private banking and lending.
In alternatives, Goldman raised a record $33 billion in the quarter. As a result, the company expects to raise $100 billion in alternatives this year, substantially exceeding its prior full-year fundraising expectations. Goldman is also accelerating growth via innovative partnerships and acquisitions. This month, it agreed to acquire Industry Ventures to expand its exposure to the innovation economy and further solidify its position in the global alternatives market. Last month, Goldman expanded its alliance with T. Rowe Price to give individuals greater access to private markets, with new offerings set to launch in phases. Products for wealthy clients will debut by late 2025, followed by retirement solutions in 2026.
Goldman’s Strong Liquidity Profile Aids Capital Distribution
GS maintains a fortress balance sheet, with the Tier 1 capital ratios well above regulatory requirements. This financial strength allows it to return capital to shareholders aggressively through buybacks and a healthy dividend yield.
As of Sept. 30, 2025, cash and cash equivalents were $169 billion, and near-term borrowings were $73 billion. Given its strong liquidity, the company rewards its shareholders handsomely.
Post-clearing the 2025 Fed stress test, the company increased the quarterly dividend 33.3% to $4 per common share. In the past five years, the company has hiked dividends five times, with an annualized growth rate of 22%. Currently, its payout ratio sits at 33% of earnings.
JPMorgan raised its dividends six times over the past five years with a payout ratio of 28%. Morgan Stanley has raised its dividends five times over the past five years, with a payout ratio is 42%.
Additionally, Goldman has a share repurchase plan in place. At the end of the third quarter of 2025, it had $38.6 billion worth of shares available under authorization.
Goldman’s Price Performance & Valuation Analysis
Year to date, shares of Goldman have appreciated 34.6% compared with the industry’s rally of 30.3%. Its peers JPMorgan and Morgan Stanley have gained 28.8% and 30.8%, respectively.
Price Performance
Image Source: Zacks Investment Research
In terms of valuation, the GS stock looks inexpensive compared with the industry. The stock is trading at a forward price/earnings (P/E) of 14.42X below the industry average of 14.61X. The stock is also trading at a discount compared with its peers, JPMorgan and Morgan Stanley, which have forward P/E multiples of 14.64X and 16.88X, respectively.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
How to Approach Goldman’s Stock Now?
GS’s ongoing growth initiatives, consistent capital returns and a steadily improving AWM business provide a strong foundation for long-term financial performance. The rebound in M&A activity and a healthy deal pipeline continue to underpin the firm’s IB momentum, while its robust liquidity profile supports a sustainable and disciplined capital distribution strategy.
The Zacks Consensus Estimate for 2025 and 2026 earnings implies year-over-year growth of 18.6% and 12.6%, respectively. Over the past seven days, the Zacks Consensus Estimate for 2025 and 2026 earnings has been revised upward.
Estimate Revision Trend
Image Source: Zacks Investment Research
In pursuing growth across business segments, operational efficiency remains central to Goldman’s strategy. During the third-quarterearnings call management unveiled One Goldman Sachs 3.0 — an AI-driven, centralized operating model aimed at driving efficiency and creating capacity for future expansion. The initiative focuses on six key objectives: enhancing client experience, improving profitability, driving productivity, strengthening scalability and resilience, enriching the employee experience, and bolstering risk management.
The company’s recent performance and forward-looking initiatives reaffirm its progress toward achieving its mid-term goals of a 14-16% return on equity (ROE) and a 60% efficiency ratio. Supported by favorable market conditions, operational discipline and strategic execution, GS is well-positioned to sustain growth and deliver long-term value.
With its solid fundamentals and improving business mix, Goldman remains an appealing investment choice. The stock currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Stock #1: A Disruptive Force with Notable Growth and Resilience
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should You Invest in Goldman Stock Post Its Q3 Earnings Release?

Goldman Sachs (GS) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for Goldman basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Goldman imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Goldman
For the fiscal year ending December 2025, this investment bank is expected to earn $48.08 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Goldman. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.4%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Goldman to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.