Quick Verdict
Goldman Sachs reported third-quarter 2026 earnings of $17.01 per share and net revenue of $18.68 billion, beating analyst expectations as equities revenue surged 72%. Net earnings reached $5.29 billion. Shares initially rose 3.4% following the release, according to contemporaneous reporting, reflecting strong trading performance and higher investment banking fees.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. (NYSE: GS) is a global financial institution founded in 1869 and headquartered at 200 West Street in New York. The firm provides investment banking, securities trading, financing, asset management, and wealth management services to corporations, financial institutions, governments, and individuals. Its operations span three reporting segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. As of September 30, 2026, Goldman Sachs employed 47,500 people, down from 48,300 a year earlier, while total assets reached approximately $2.18 trillion.
Assets under supervision totaled $4.10 trillion, reflecting the scale of its investment management franchise. The board declared a quarterly common dividend of $5.00 per share, payable December 30, 2026. A verified current market capitalization, trailing price-to-earnings ratio, and dividend yield were not established from the reviewed sources; these valuation measures are therefore omitted rather than estimated using potentially mismatched share prices and share counts from different dates.
Top Financial Highlights
- Total net revenue: $18.679 billion, up 23% year over year but down 8% from Q2 2026. Goldman reports revenue net of interest expense.
- Net income: $5.294 billion, up 29% year over year; earnings available to common shareholders totaled $5.122 billion.
- Diluted EPS: $17.01, up 39% from $12.25 in Q3 2025.
- Profitability: Annualized return on common equity reached 18.7%, while pretax earnings totaled $7.003 billion.
- Gross margin: Not reported as a standard bank earnings metric. For a more relevant profitability indicator, Goldman’s year-to-date efficiency ratio was 59.4%, versus 62.1% a year earlier; a lower ratio indicates lower operating expenses relative to net revenue.
- Operating cash flow: Not provided in the reviewed quarterly earnings release; it should not be inferred from net income or changes in cash balances.
- Global Banking & Markets revenue: $13.458 billion, up 32% year over year.
- Asset & Wealth Management revenue: $5.051 billion, up 14% year over year.
- Platform Solutions revenue: $170 million, down 72%, primarily reflecting net markdowns related to the Apple Card loan portfolio.
- Equities revenue: $6.441 billion, up 72%, supported by financing and derivatives activity. Investment banking fees increased 21% to $3.224 billion. These businesses sit within Global Banking & Markets, rather than being additional reporting segments.
- Operating expenses: $11.308 billion, up 20%, reflecting higher transaction-based expenses, compensation, and charitable contributions.
- Cash on hand: Cash and cash equivalents totaled approximately $177 billion at September 30. Separately, global core liquid assets averaged $574 billion during the quarter; that broader liquidity measure is not interchangeable with cash.
- Shareholder distributions: Goldman returned $4.49 billion through $3.00 billion of common-share repurchases and $1.49 billion of common dividends.
- Next-quarter outlook: Management expected incentive fees to remain elevated in Q4 and anticipated another meaningful charitable contribution. It did not provide a numerical Q4 revenue or EPS target in the reviewed materials. Full-year alternatives fundraising was expected to reach roughly $150 billion, with an approximately 20% effective tax rate.
The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues
(Source: goldmansachs.com)
The table presents Goldman Sachs’ unaudited segment net revenues for the three months ended September 30, 2026, compared with June 30, 2026, and September 30, 2025. Figures are reported in USD millions, with percentage changes showing quarter-on-quarter and year-on-year performance.
- Total net revenues reached USD 18,679 million, up 23% year-on-year but down 8% from the previous quarter.
- Global Banking & Markets generated USD 13,458 million, increasing 32% year-on-year but declining 13% quarter-on-quarter. Within this segment, investment banking fees rose 21% year-on-year to USD 3,224 million, while equities revenues increased 72% to USD 6,441 million. Fixed Income, Currency and Commodities (FICC) revenues declined 1% year-on-year to USD 3,471 million.
- Asset & Wealth Management recorded USD 5,051 million in net revenues, up 14% year-on-year and 10% quarter-on-quarter. Management and other fees increased 22% year-on-year to USD 3,587 million, while incentive fees rose 672% to USD 587 million. These gains were partly offset by lower revenues from private banking and lending and from investments.
- Platform Solutions reported USD 170 million in net revenues, declining 72% year-on-year and 23% quarter-on-quarter
Overall, the table shows strong year-on-year revenue growth, supported particularly by equities and Asset & Wealth Management, alongside a sequential decline driven mainly by lower Global Banking & Markets revenues.
Beat or Miss?
Goldman Sachs beat both earnings and revenue expectations. The comparison below consistently uses the Zacks analyst survey reported by Associated Press: $12.90 for EPS and $16.87 billion for net revenue. Other providers published different consensus figures, so estimates should not be mixed without attribution.
| Metric | Reported | Difference/Analysis |
| Diluted EPS | $17.01 | Exceeded the $12.90 Zacks survey estimate by $4.11, or approximately 31.9%. |
| Net revenue | $18.68 billion | Exceeded the $16.87 billion Zacks survey estimate by approximately $1.81 billion, or 10.7%. |
| Net income | $5.29 billion | Consensus estimate not supplied in the cited earnings snapshot; up 29% year over year. |
| Equities revenue | $6.44 billion | Exceeded the separately reported $5.05 billion consensus by approximately $1.39 billion. |
| FICC revenue | $3.47 billion | Below the separately reported $3.70 billion consensus by approximately $230 million. |
The results were not uniformly strong across trading businesses. Equities drove the upside, while fixed income, currencies and commodities revenue declined approximately 1% year over year. Total net revenue and net earnings also fell sequentially from a stronger second quarter.
What Leadership Is Saying
Chairman and CEO David Solomon emphasized the role of Goldman’s established franchises and continued investment:
“I am confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth.”
CFO Denis Coleman highlighted expense discipline and improved operating efficiency during the earnings call:
“For the year-to-date, total operating expenses were $33.4 billion for an efficiency ratio of 59.4%, improving 270 basis points from the prior year and in line with our target.”
Coleman also said an approximately $450 million accelerated charitable contribution reduced quarterly EPS by about $1. That distinction helps explain the difference between reported profitability and management’s discussion of earnings excluding the contribution; the headline EPS remains $17.01.
Historical Performance
The following comparison uses the Q3 2025 figures presented in Goldman’s latest Q3 2026 release, maintaining consistency with its current comparative presentation. Dollar amounts are in billions, except EPS. Changes are rounded to the nearest whole percentage point, consistent with the release.
| Category | Q3 2026 | Q3 2025 | Change (%) |
| Net revenue | $18.679 billion | $15.184 billion | 23% |
| Net income | $5.294 billion | $4.098 billion | 29% |
| Operating expenses | $11.308 billion | $9.453 billion | 20% |
| Diluted EPS | $17.01 | $12.25 | 39% |
| Global Banking & Markets revenue | $13.458 billion | $10.168 billion | 32% |
| Asset & Wealth Management revenue | $5.051 billion | $4.418 billion | 14% |
Revenue increased faster than operating expenses, supporting a 30% rise in pretax earnings. EPS grew faster than total net income because earnings available to common shareholders increased 33%, while average diluted common shares declined approximately 4%.
Competitor comparison: JPMorgan Chase
JPMorgan Chase provides a contemporaneous peer benchmark because it also reported Q3 2026 results on October 13. Its diversified consumer and commercial banking operations make consolidated results less directly comparable with Goldman’s investment banking and markets-led business mix. The table uses reported revenue, not JPMorgan’s separate managed-revenue measure.
| Category | Q3 2026 | Q3 2025 | Change (%) |
| JPMorgan Chase — reported net revenue | $50.172 billion | $46.427 billion | 8% |
| JPMorgan Chase — net income | $15.305 billion | $14.393 billion | 6% |
| JPMorgan Chase — noninterest expense | Approximately $27.3 billion | Approximately $24.5 billion* | 12% |
Goldman’s 23% revenue growth and 29% net-income growth outpaced JPMorgan’s corresponding 8% and 6% increases. Goldman also delivered a headline earnings beat, while JPMorgan’s reported EPS of $5.57 fell below the $5.90 LSEG consensus. These differences show relative quarterly momentum, not an equivalent comparison of business models or investment valuations.
How the Market Reacted?
Goldman Sachs shares initially traded 3.4% higher at $923.22 following the earnings release, according to contemporaneous coverage. That figure represents an immediate post-report reaction, not a verified October 13 closing return or after-hours move.
The positive response accompanied substantial revenue and EPS beats, led by equities trading and stronger investment banking fees. Investors still faced offsets, including weaker FICC performance, higher expenses, and lower earnings than in Q2.
Sources
