Results
Goldman Sachs Reports Third Quarter Earnings Per
Common Share of $ 17.01
Financial Summary
Net Earnings $ in millions
3Q26$ 5,294
3Q26 YTD$ 17,552
EPS 1
3Q26$ 17.01
3Q26 YTD$ 55.56
Net Revenues $ in millions
3Q26$ 18,679
3Q26 YTD$ 56,244
Annualized ROE 2
3Q2618.7%
3Q26 YTD20.7%
Book Value Per Share
3Q26$ 372.64
2YTD Growth4.2%
NEW YORK, October 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $ 18.68 billion
and net earnings of $ 5.29 billion for the third quarter ended September 30, 2026.
Net revenues were $ 56.24 billion and net
earnings were $ 17.55 billion for the first nine months of 2026.
Diluted earnings per common share (EPS) 1 was $ 17.01 for the third quarter of 2026 compared with $ 12.25 for the third quarter
of 2025 and $ 20.98 for the second quarter of 2026, and was $ 55.56 for the first nine months of 2026 compared with $ 37.33 for
the first nine months of 2025.
Annualized return on average common shareholders' equity (ROE) 2 was 18.7% for the third quarter of 2026 and 20.7% for the
first nine months of 2026.
8Book value per common share increased by 1.4% during the third quarter of 2026 and by 4.2% during the first nine months of
2026 to $ 372.64 .
Net Revenues
3Net revenues were $ 18.68 billion for the third quarter of 2026, 23% higher than
the third quarter of 2025 and 8% lower than the second quarter of 2026.
The
increase compared with the third quarter of 2025 primarily reflected
significantly higher net revenues in Global Banking & Markets.
Net Revenues $ in millions
3Q26$ 18,679
Global Banking & Markets
Net revenues in Global Banking & Markets were $ 13.46 billion for the third
7quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than
5Investment banking fees were $ 3.22 billion, 21% higher than the third quarter
of 2025, primarily due to higher net revenues in Advisory, reflecting an
increase in completed mergers and acquisitions volumes, and significantly
higher net revenues in Equity underwriting, primarily reflecting higher net
revenues from initial public offerings and secondary offerings.
Net revenues in
Debt underwriting were also higher, primarily reflecting significantly higher net
revenues from investment-grade activity.
The firm’s Investment banking fees
backlog 3 decreased compared with the end of the second quarter of 2026 and
decreased slightly compared with the end of 2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $ 3.47
billion, essentially unchanged compared with the third quarter of 2025.
Net
revenues in FICC intermediation were lower, due to significantly lower net
revenues in mortgages and credit products and lower net revenues in interest
rate products, partially offset by significantly higher net revenues in currencies
and commodities.
Net revenues in FICC financing were higher, primarily due to
higher net revenues in mortgages and structured lending.
6Net revenues in Equities were $ 6.44 billion, 72% higher than the third quarter
of 2025, due to significantly higher net revenues in Equities financing (driven
by significantly higher net revenues in prime financing and portfolio financing)
and in Equities intermediation (primarily driven by significantly higher net
revenues in derivatives).
Net revenues in Other were $ 322 million, compared with $ 282 million for the
third quarter of 2025, primarily reflecting higher net revenues in transaction
Advisory$ 1,654
Equity underwriting666
Debt underwriting904
Investment banking fees3,224
FICC intermediation2,264
FICC financing1,207
FICC3,471
Equities intermediation3,076
Equities financing3,365
Equities6,441
Other322
Net revenues$ 13,458
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $ 5.05 billion for the third
4quarter of 2026, 14% higher than the third quarter of 2025 and 10% higher
than the second quarter of 2026.
The increase compared with the third quarter
of 2025 reflected significantly higher Management and other fees and
Incentive fees, partially offset by significantly lower net revenues in
The increase in Management and other fees primarily reflected the impact of
higher average assets under supervision.
The increase in Incentive fees was
driven by fund distributions.
The decrease in Investments net revenues
included net markdowns in debt investments compared with net markups in
the prior year period.
The decrease in Private banking and lending net
revenues reflected the payment of interest on a previously impaired loan in the
prior year period.
Asset & Wealth Management $ in millions
Management and other fees$ 3,587
Incentive fees587
Private banking and lending827
Investments50
Net revenues$ 5,051
Platform Solutions
Net revenues in Platform Solutions were $ 170 million for the third quarter of
12026, 72% lower than the third quarter of 2025 and 23% lower than theGuidance lowered
second quarter of 2026.
The decrease compared with the third quarter of 2025
primarily reflected net markdowns related to the Apple Card loan portfolio,
Corporate events
which was transferred to held for sale in the fourth quarter of 2025.
Results
Platform Solutions $ in millions
Net revenues$ 170
Provision for Credit Losses
Provision for Credit Losses $ in millions
3Q26$ 368
Provision for credit losses was $ 368 million for the third quarter of 2026,
compared with $ 339 million for the third quarter of 2025 and $ 102 million for
the second quarter of 2026.
Provisions for the third quarter of 2026 primarily
reflected impairments related to wholesale loans.
Provisions for the third
quarter of 2025 primarily reflected net provisions related to the credit card
Corporate events
portfolio, which was transferred to held for sale in the fourth quarter of 2025.
Results
Operating Expenses
Operating expenses were $ 11.31 billion for the third quarter of 2026, 20%
higher than the third quarter of 2025 and 3% lower than the second quarter of
The firm's efficiency ratio 3 was 59.4% for the first nine months of 2026,
compared with 62.1% for the first nine months of 2025.
The increase in operating expenses compared with the third quarter of 2025
primarily reflected significantly higher transaction based expenses and higher
compensation and benefits expenses (reflecting improved operating
performance).
In addition, charitable contributions to Goldman Sachs Gives (in
other expenses) were significantly higher.
Net provisions for litigation and regulatory proceedings were $ 23 million for the
third quarter of 2026, compared with $ 131 million for the third quarter of 2025.
Headcount increased 3% compared with the end of the second quarter of
Management commentary
2026, reflecting the timing of campus hires.
Results
Operating Expenses $ in millions
3Q26$ 11,308
Efficiency Ratio
3Q26 YTD59.4%
Provision for Taxes
18 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.