Goldman Sachs heads into its October 13 Q3 2026 earnings release with market-implied odds favoring a miss at 64%, driven primarily by expectations of a sharp sequential decline in trading revenues and overall results after Q2's record $20.34 billion revenue and $20.98 EPS, which beat consensus by roughly 45%. Analysts have trimmed Q3 EPS estimates to around $12.9–$13.1 and revenue near $16.5–$16.9 billion over the past month amid softer FICC activity flagged by management, moderating AI-related financing demand, and broader capital markets normalization. The stock's recent 9% pullback and history of 12 consecutive beats underscore how elevated prior-quarter momentum has reset the bar, with traders focusing on equities trading resilience, investment banking fees near $2.8 billion, and net interest income trends tied to the Fed's policy stance.