Exhibit 99.1 Third Quarter 2026 Earnings Results
Media Relations: Tony Fratto 212-902-5400 Investor Relations: Jehan Ilahi 212-902-0300 The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282
1 THIRD QUARTER 2026 EARNINGS RESULTS Goldman Sachs Reports Third Quarter Earnings Per Common Share of $ 17.01 Financial Summary
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. Book 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 .
2 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS Net Revenues Net 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.
Global Banking & Markets Net revenues in Global Banking & Markets were $ 13.46 billion for the third quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than the second quarter of 2026. Investment 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. Net 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 banking.
Global Banking & Markets$ in millions Advisory $1,654 Equity underwriting 666 Debt underwriting 904 Investment banking fees 3,224 FICC intermediation 2,264 FICC financing 1,207 FICC 3,471 Equities intermediation 3,076 Equities financing 3,365 Equities 6,441 Other 322 Net revenues $13,458
3 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS Asset & Wealth Management Net revenues in Asset & Wealth Management were $ 5.05 billion for the third quarter 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 Investments and Private banking and lending. 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 fees 587 Private banking and lending 827 Investments 50 Net revenues $5,051
Platform Solutions Net revenues in Platform Solutions were $ 170 million for the third quarter of 2026, 72% lower than the third quarter of 2025 and 23% lower than the second quarter of 2026. The decrease compared with the third quarter of 2025 primarily reflected net markdowns related to the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025.
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 portfolio, which was transferred to held for sale in the fourth quarter of 2025.
4 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS 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 2026. 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 2026, reflecting the timing of campus hires.
The effective tax rate for the first nine months of 2026 was 20.4% , up from 18.5% for the first half of 2026, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards. 4 Other Matters • On October 12, 2026, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $ 5.00 per common share to be paid on December 30, 2026 to common shareholders of record on December 2, 2026. • During the quarter, the firm returned $ 4.49 billion of capital to common shareholders, including $ 3.00 billion of common share repurchases ( 2.9 million shares at an average cost of $ 1,048.73 ) and $ 1.49 billion of common stock dividends. 3 • Global core liquid assets 3 averaged $ 574 billion for the third quarter of 2026, compared with an average of $ 555 billion for the second quarter of 2026.
5 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Conference Call A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations . There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com .
6 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited)
7 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited)
8 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of Earnings (unaudited)
9 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of Earnings (unaudited)
10 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) 3
$ in billions AS OF ASSETS SEPTEMBER 30, 2026 JUNE 30, 2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 177 $ 187 Collateralized agreements 359 366 Customer and other receivables 226 230 Trading assets 832 789 Investments 273 256 Loans 276 261 Other assets 39 39 Total assets $ 2,182 $ 2,128 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits $ 568 $ 558 Collateralized financings 395 357 Customer and other payables 289 300 Trading liabilities 331 324 Unsecured short-term borrowings 92 90 Unsecured long-term borrowings 352 348 Other liabilities 30 28 Total liabilities 2,057 2,005 Shareholders’ equity 125 123 Total liabilities and shareholders’ $ 2,182 $ 2,128 equity
AS OF $ in billions SEPTEMBER 30, 2026 JUNE 30, 2026 ────────────────────────────────────────────────────────────────────────────── Common equity tier 1 capital $ 101.4 $ 101.7 STANDARDIZED CAPITAL RULES Risk-weighted assets $ 817 $ 791 Common equity tier 1 capital 12.4 % 12.9 % ratio ADVANCED CAPITAL RULES Risk-weighted assets $ 745 $ 747 Common equity tier 1 capital 13.6 % 13.6 % ratio SUPPLEMENTARY LEVERAGE RATIO Supplementary leverage ratio 4.3 % 4.3 %
11 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS The Goldman Sachs Group, Inc. and Subsidiaries Assets Under Supervision (unaudited) 3 , 5
Footnotes 1. Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements. 2. Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity. Average monthly common shareholders' equity was $ 109.38 billion for the three months ended September 30, 2026 and $ 109.06 billion for the nine months ended September 30, 2026. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards and other share-based arrangements that have non- forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.” Represents a preliminary estimate for the third quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2026. 4. The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2026 of approximately $975 million, which increased diluted EPS by approximately $3.20 and annualized ROE by 1.1 percentage points. 5. Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation. 6. Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the disposition of Goldman Sachs TFI, for the three months ended June 30, 2026.
Full text with the tables
Exhibit 99.1 Third Quarter 2026 Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
1 THIRD QUARTER 2026 EARNINGS 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
EPS1
3Q26 $17.01
3Q26 YTD $55.56
Net Revenues$ in millions
3Q26 $18,679
3Q26 YTD $56,244
Annualized ROE2
3Q26 18.7%
3Q26 YTD 20.7%
Book Value Per Share
3Q26 $372.64
YTD Growth 4.2%
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. Book 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 .
2 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
Net Revenues
Net 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
quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than
the second quarter of 2026. Investment 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. Net 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 banking.
Global Banking & Markets$ in millions
Advisory $1,654
Equity underwriting 666
Debt underwriting 904
Investment banking fees 3,224
FICC intermediation 2,264
FICC financing 1,207
FICC 3,471
Equities intermediation 3,076
Equities financing 3,365
Equities 6,441
Other 322
Net revenues $13,458
3 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $ 5.05 billion for the third
quarter 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 Investments and Private
banking and lending. 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 fees 587
Private banking and lending 827
Investments 50
Net revenues $5,051
Platform Solutions
Net revenues in Platform Solutions were $ 170 million for the third quarter of
2026, 72% lower than the third quarter of 2025 and 23% lower than the second
quarter of 2026. The decrease compared with the third quarter of 2025 primarily
reflected net markdowns related to the Apple Card loan portfolio, which was
transferred to held for sale in the fourth quarter of 2025.
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
portfolio, which was transferred to held for sale in the fourth quarter of 2025.
4 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS 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
2026. 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 2026, reflecting the timing of campus hires.
Operating Expenses$ in millions
3Q26 $11,308
Efficiency Ratio
3Q26 YTD 59.4%
Provision for Taxes
Effective Tax Rate
3Q26 YTD 20.4%
The effective tax rate for the first nine months of 2026 was 20.4% , up from
18.5% for the first half of 2026, primarily due to a decrease in the impact of
tax benefits on the settlement of employee share-based awards. 4 Other Matters
• On October 12, 2026, the Board of Directors of The Goldman Sachs Group, Inc.
declared a dividend of $ 5.00 per common share to be paid on December 30, 2026
to common shareholders of record on December 2, 2026. • During the quarter, the
firm returned $ 4.49 billion of capital to common shareholders, including $ 3.00
billion of common share repurchases ( 2.9 million shares at an average cost of $
1,048.73 ) and $ 1.49 billion of common stock dividends. 3 • Global core liquid
assets 3 averaged $ 574 billion for the third quarter of 2026, compared with an
average of $ 555 billion for the second quarter of 2026.
Quarterly Dividend DeclaredPer common share
4Q26 $5.00
Common Share Repurchases$ in billions
3Q26 $3.00
Hi Hi d
Average GCLA$ in billions
3Q26 $574
5 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. is a leading global financial institution that
delivers a broad range of financial services to a large and diversified client
base that includes corporations, financial institutions, governments and
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world. Cautionary
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of
the safe harbor provisions of the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not historical facts or statements of
current conditions, but instead represent only the firm’s beliefs regarding
future events, many of which, by their nature, are inherently uncertain and
outside of the firm’s control. It is possible that the firm’s actual results,
financial condition and liquidity may differ, possibly materially, from the
anticipated results, financial condition and liquidity in these forward-looking
statements. For information about some of the risks and important factors that
could affect the firm’s future results, financial condition and liquidity, see
“Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for
the year ended December 31, 2025. Information regarding the firm’s assets under
supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary
estimates. These estimates are forward-looking statements and are subject to
change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results
also may constitute forward-looking statements. Such statements are subject to
the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than
expected. Important factors that could have such a result include, for
underwriting transactions, a decline or weakness in general economic conditions,
changes in international trade policies, including the potential for new or
increased tariffs, the continuation or worsening of the conflict in the Middle
East, volatility in the securities markets or an adverse development with
respect to the issuer of the securities and, for financial advisory
transactions, a decline in the securities markets, an inability to obtain
adequate financing, an adverse development with respect to a party to the
transaction or a failure to obtain a required regulatory approval. For
information about other important factors that could adversely affect the firm’s
Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s
Annual Report on Form 10-K for the year ended December 31, 2025. Conference Call
A conference call to discuss the firm’s financial results, outlook and related
matters will be held at 9:30 am (ET). The call will be open to the public.
Members of the public who would like to listen to the conference call should
dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode
number 7042022. The number should be dialed at least 10 minutes prior to the
start of the conference call. The conference call will also be accessible as an
audio webcast through the Investor Relations section of the firm’s website,
www.goldmansachs.com/investor-relations . There is no charge to access the call.
For those unable to listen to the live broadcast, a replay will be available on
the firm’s website beginning approximately three hours after the event. Please
direct any questions regarding obtaining access to the conference call to
Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com .
6 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited)
$ in
mil…
GLO… THR… %
BAN… MON… CHA…
& SEPT… END… JUNE SEPT… JUNE FROM SEPT…
MAR… 30, 2026 30, 2026 30, 2025 30, 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Adv… $ 1,6… $ 1,3… $ 1,4… 20 % 18 %
Equ… 666 985 465 -32 43
und…
Debt 904 1,0… 788 -12 15
und…
Inv…
ban… 3,2… 3,3… 2,6… -5 21
fees
FICC 2,2… 3,3… 2,4… -33 -7
int…
FICC 1,2… 1,2… 1,0… -1 14
fin…
FICC 3,4… 4,5… 3,4… -24 -1
Equ… 3,0… 4,1… 2,0… -26 52
int…
Equ… 3,3… 3,2… 1,7… 3 96
fin…
Equ… 6,4… 7,4… 3,7… -13 72
Oth… 322 117 282 175 14
Net 13,… 15,… 10,… -13 32
rev…
ASS…
&
WEA…
MAN…
Man…
and 3,5… 3,3… 2,9… 7 22
oth…
fees
Inc… 587 112 76 424 672
fees
Pri…
ban… 827 689 1,0… 20 -22
and
len…
Inv… 50 441 342 -89 -85
Net 5,0… 4,5… 4,4… 10 14
rev…
PLA…
SOL…
Net 170 221 598 -23 -72
rev…
Tot…
net $ 18,… $ 20,… $ 15,… -8 23
rev…
Geographic Net Revenues (unaudited) 3
THREE
MONTHS
$ in SEPTEMBER ENDED SEPTEMBER
millions 30, 2026 JUNE 30, 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Americas $ 11,674 $ 12,222 $ 10,020
EMEA 3,205 4,502 3,163
Asia 3,800 3,614 2,001
Total
net $ 18,679 $ 20,338 $ 15,184
revenues
Americas 63 % 60 % 66 %
EMEA 17 % 22 % 21 %
Asia 20 % 18 % 13 %
Total 100 % 100 % 100 %
7 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited)
$ in
millions NINE % CHANGE
GLOBAL MONTHS FROM
BANKING & SEPTEMBER ENDED SEPTEMBER SEPTEMBER
MARKETS 30, 2026 30, 2025 30, 2025
──────────────────────────────────────────────────────────────────────────────
Advisory $ 4,526 $ 3,370 34 %
Equity 2,186 1,263 73
underwri…
Debt 2,747 2,129 29
underwri…
Investme…
banking 9,459 6,762 40
fees
FICC 8,589 8,250 4
intermed…
FICC 3,485 3,165 10
financing
FICC 12,074 11,415 6
Equities 9,951 7,162 39
intermed…
Equities 9,232 5,067 82
financing
Equities 19,183 12,229 57
Other 1,000 636 57
Net 41,716 31,042 34
revenues
ASSET &
WEALTH
MANAGEME…
Manageme…
and other 10,019 8,446 19
fees
Incentive 882 308 186
fees
Private
banking 2,154 2,571 -16
and
lending
Investme… 671 635 6
Net 13,726 11,960 15
revenues
PLATFORM
SOLUTIONS
Net 802 1,827 -56
revenues
Total net $ 56,244 $ 44,829 25
revenues
Geographic Net Revenues (unaudited) 3
NINE MONTHS
ENDED
$ in millions SEPTEMBER 30, 2026 SEPTEMBER 30, 2025
──────────────────────────────────────────────────────────────────────────────
Americas $ 34,312 $ 28,868
EMEA 11,474 10,465
Asia 10,458 5,496
Total net $ 56,244 $ 44,829
revenues
Americas 61 % 65 %
EMEA 20 % 23 %
Asia 19 % 12 %
Total 100 % 100 %
8 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of
Earnings (unaudited)
In
mi…
ex…
sh…
am…
and SEP… THR… JUNE SEP… JUNE %
he… 30, MON… 30, 30, 30, CHAN… SEP…
RE… 2026 END… 2026 2025 2026 FROM 30, 2025
──────────────────────────────────────────────────────────────────────────────
In… $ 3,2… $ 3,400 $ 2,659 -5 % 22 %
ba…
In… 4,1… 3,378 2,952 21 39
ma…
Co…
and 1,5… 1,525 1,110 -1 36
fe…
Ma… 5,6… 7,637 3,868 -26 46
ma…
Ot…
pr… 401 444 743 -10 -46
tr…
To…
no… 14,… 16,3… 11,3… -9 32
re…
In… 22,… 22,0… 20,8… 3 9
in…
In… 19,… 18,0… 16,9… 5 12
ex…
Net
in… 3,7… 3,954 3,852 -5 -2
in…
To…
net 18,… 20,3… 15,1… -8 23
re…
Pr…
for 368 102 339 261 9
cr…
lo…
OP…
EX…
Co…
and 5,1… 6,104 4,680 -16 9
be…
Tr… 3,0… 3,052 1,968 -1 54
ba…
Ma… 183 198 171 -8 7
de…
Co…
and 674 635 545 6 24
te…
De…
and 537 509 531 6 1
am…
Oc… 249 244 242 2 3
Pr… 424 372 432 14 -2
fe…
Ot… 1,0… 559 884 96 24
ex…
To…
op… 11,… 11,6… 9,453 -3 20
ex…
Pr… 7,0… 8,563 5,392 -18 30
ea…
Pr…
for 1,7… 1,935 1,294 -12 32
ta…
Net 5,2… 6,628 4,098 -20 29
ea…
Pr…
st… 172 229 238 -25 -28
di…
Net
ea… $ 5,1… $ 6,399 $ 3,860 -20 33
to
co…
EA…
PER
CO…
SH…
Ba… $ 17.… $ 21.27 $ 12.42 -19 % 39 %
Di… $ 17.… $ 20.98 $ 12.25 -19 39
AV…
CO…
SH…
Ba… 296… 300.1 309.6 -1 -4
Di… 301… 304.9 315.0 -1 -4
SE…
DA…
AT
PE…
Co…
sh… $ 110… $ 109,… $ 109,… — 1
eq…
Ba… 295… 298.4 308.8 -1 -4
sh…
Bo…
va…
per $ 372… $ 367.… $ 353.… 1 5
co…
sh…
He… 47,… 46,2… 48,3… 3 -2
9 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of
Earnings (unaudited)
In
millions, % CHANGE
exceptper FROM
share SEPTEMBER NINE SEPTEMBER SEPTEMBER
amounts 30, MONTHS 30, 30,
REVENUES 2026 ENDED 2025 2025
──────────────────────────────────────────────────────────────────────────────
Investme… $ 9,477 $ 6,769 40 %
banking
Investme… 10,659 8,548 25
manageme…
Commissi… 4,366 3,537 23
and fees
Market 18,756 14,324 31
making
Other
principal 1,707 1,800 -5
transact…
Total
non-inte… 44,965 34,978 29
revenues
Interest 65,477 59,994 9
income
Interest 54,198 50,143 8
expense
Net
interest 11,279 9,851 14
income
Total net 56,244 44,829 25
revenues
Provision
for 785 1,010 -22
credit
losses
OPERATING
EXPENSES
Compensa…
and 16,638 14,241 17
benefits
Transact… 8,588 5,773 49
based
Market 567 494 15
developm…
Communic…
and 1,892 1,581 20
technolo…
Deprecia…
and 1,541 1,655 -7
amortiza…
Occupancy 747 709 5
Professi… 1,175 1,296 -9
fees
Other 2,259 2,073 9
expenses
Total
operating 33,407 27,822 20
expenses
Pre-tax 22,052 15,997 38
earnings
Provision 4,500 3,438 31
for taxes
Net 17,552 12,559 40
earnings
Preferred
stock 628 643 -2
dividends
Net
earnings $ 16,924 $ 11,916 42
to common
EARNINGS
PER
COMMON
SHARE
Basic3 $ 56.27 $ 37.75 49 %
Diluted1 $ 55.56 $ 37.33 49
AVERAGE
COMMON
SHARES
Basic 299.9 314.6 -5
Diluted 304.6 319.2 -5
10 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Condensed Consolidated Balance
Sheets (unaudited) 3
$ in billions AS OF
ASSETS SEPTEMBER 30, 2026 JUNE 30, 2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 177 $ 187
Collateralized agreements 359 366
Customer and other receivables 226 230
Trading assets 832 789
Investments 273 256
Loans 276 261
Other assets 39 39
Total assets $ 2,182 $ 2,128
LIABILITIES AND SHAREHOLDERS’
EQUITY
Deposits $ 568 $ 558
Collateralized financings 395 357
Customer and other payables 289 300
Trading liabilities 331 324
Unsecured short-term borrowings 92 90
Unsecured long-term borrowings 352 348
Other liabilities 30 28
Total liabilities 2,057 2,005
Shareholders’ equity 125 123
Total liabilities and shareholders’ $ 2,182 $ 2,128
equity
Capital Ratios and Supplementary Leverage Ratio (unaudited) 3
AS OF
$ in billions SEPTEMBER 30, 2026 JUNE 30, 2026
──────────────────────────────────────────────────────────────────────────────
Common equity tier 1 capital $ 101.4 $ 101.7
STANDARDIZED CAPITAL RULES
Risk-weighted assets $ 817 $ 791
Common equity tier 1 capital 12.4 % 12.9 %
ratio
ADVANCED CAPITAL RULES
Risk-weighted assets $ 745 $ 747
Common equity tier 1 capital 13.6 % 13.6 %
ratio
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio 4.3 % 4.3 %
Average Daily VaR (unaudited) 3
$ in millions THREE MONTHS ENDED
CATEGORIES SEPTEMBER 30, 2026 JUNE 30, 2026
───────────────────────────────────────────────────────────────────────────
Interest rates $ 75 $ 82
Equity prices 79 65
Currency rates 18 19
Commodity prices 31 30
Diversification effect -77 -76
Total $ 126 $ 120
11 GOLDMAN SACHS REPORTS THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries Assets Under Supervision
(unaudited) 3 , 5
$ in billions
ASSET CLASS(as
of period-end) SEPTEMBER 30, 2026 JUNE 30, 2026 SEPTEMBER 30, 2025
──────────────────────────────────────────────────────────────────────────────
Alternative $ 491 $ 459 $ 390
investments
Equity 1,150 1,123 914
Fixed income 1,405 1,394 1,297
Total long-term 3,046 2,976 2,601
AUS
Liquidity 1,051 1,065 851
products
Total AUS $ 4,097 $ 4,041 $ 3,452
ROLLFORWARD(for
the three
months ended)
Beginning $ 4,041 $ 3,650 $ 3,293
balance
Net inflows /
(outflows):
Alternative 34 21 12
investments
Equity 13 46 5
Fixed income 50 24 39
Total long-term
AUS net inflows 97 91 56
/
(outflows)6
Liquidity -14 139 23
products
Total AUS net
inflows / 83 230 79
(outflows)
Net market
appreciation / -27 161 80
(depreciation)
Ending balance $ 4,097 $ 4,041 $ 3,452
Footnotes 1. Diluted EPS includes the dilutive effect of instruments that are
convertible into common shares and other share-based arrangements. 2. Annualized
ROE is calculated by dividing annualized net earnings applicable to common
shareholders by average monthly common shareholders' equity. Average monthly
common shareholders' equity was $ 109.38 billion for the three months ended
September 30, 2026 and $ 109.06 billion for the nine months ended September 30,
2026. 3. For information about the following items, see the referenced sections
in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the
period ended June 30, 2026: (i) Investment banking fees backlog – see “Results
of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) –
see “Results of Operations – Asset & Wealth Management – Assets Under
Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating
Expenses,” (iv) share repurchase program – see “Capital Management and
Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) –
see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see
“Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and
(vii) VaR – see “Risk Management – Market Risk Management.” For information
about the following items, see the referenced sections in Part I, Item 1
“Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q
for the period ended June 30, 2026: (i) risk-based capital ratios and the
supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy,”
(ii) geographic net revenues – see Note 25 “Business Segments” and (iii)
unvested share-based awards and other share-based arrangements that have non-
forfeitable rights to dividends or dividend equivalents in calculating basic EPS
– see Note 21 “Earnings Per Common Share.” Represents a preliminary estimate for
the third quarter of 2026 for the firm’s assets under supervision, capital
ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data,
global core liquid assets and VaR. These may be revised in the firm’s Quarterly
Report on Form 10-Q for the period ended September 30, 2026. 4. The impact of
tax benefits related to employee share-based awards was a reduction to provision
for taxes for the first nine months of 2026 of approximately $975 million, which
increased diluted EPS by approximately $3.20 and annualized ROE by 1.1
percentage points. 5. Beginning in the fourth quarter of 2025, certain assets
under supervision have been reclassified from fixed income to alternative
investments to better reflect the underlying investment strategies. Amounts for
prior periods have been conformed to the current presentation. 6. Includes $31
billion of inflows in long-term assets under supervision (in equity assets) in
connection with the acquisition of Innovator Capital Management, partially
offset by $15 billion of outflows in long-term assets under supervision (in
fixed income and equity assets) in connection with the disposition of Goldman
Sachs TFI, for the three months ended June 30, 2026.