Goldman Sachs Group, Inc. (The) (GS) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Katie and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs third quarter 2026 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the investor relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced, or rebroadcast without consent. This call is being recorded today, October 13, 2026. I will now turn the call over to Chairman and Chief Executive Officer David Solomon and Chief Financial Officer Denis Coleman. Thank you. Mr. Solomon, you may begin your conference. Thank you, operator. Good morning, everybody. Thank you for joining us. We delivered very strong performance in the third quarter, generating net revenues of $18.7 billion, the second highest in our history, earnings per share of $17.01, An ROE of 18.7% and an ROTE of 20.5%. Our quarterly results included the impact of an accelerated charitable contribution. Excluding that contribution, quarterly EPS would have been approximately $18 and ROE and ROTE would have been approximately 20% and 21.5% respectively. For the year to date, we delivered record revenues driving an ROE of 20.7% and an ROTE of 22.4%. While the third quarter began with optimism around a potential resolution of the conflict in the Middle East, renewed geopolitical tensions and continued disruption of energy flows added complexity to the outlook, increasing oil prices, reigniting inflation concerns and driving bond yields higher. Against this backdrop, the Fed raised rates in September for the first t...