2026 Third Quarter Earnings Results

Third Quarter 2026Earnings Results

Media Relations: Tony Fratto 212-902-5400Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc.200 West Street | New York, NY 10282
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THIRD QUARTER 2026 EARNINGS RESULTS

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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) 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) 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.

EPS

3Q26  $17.01

3Q26 YTD  $55.56
Net Earnings$ in millions

3Q26  $5,294

3Q26 YTD  $17,552 
Net Revenues$ in millions

3Q26  $18,679

3Q26 YTD  $56,244 Annualized ROE 3Q26  18.7%

3Q26 YTD  20.7%  Book Value Per Share 3Q26  $372.64

YTD Growth  4.2%

Goldman Sachs Reports Third Quarter Earnings Per Common Share of $17.01 
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GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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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 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 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.

Net Revenues$ in millions

3Q26  $18,679

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

Net Revenues

Global Banking & Markets
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GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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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.

Platform Solutions$ in millions

Net revenues  $170

Provision for Credit Losses$ in millions

3Q26  $368

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

Provision for Credit Losses

Asset & Wealth Management

Platform Solutions
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Hi Hi d

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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Provision for Taxes

• 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.

• Global core liquid assets averaged $574 billion for the third quarter of 2026, compared with an average of $555 billion for the second quarter of 2026.

Efficiency Ratio

3Q26 YTD  59.4%

Quarterly Dividend DeclaredPer common share

4Q26  $5.00

Operating Expenses$ in millions

3Q26  $11,308

Effective Tax Rate

3Q26 YTD  20.4%

Common Share Repurchases$ in billions

3Q26  $3.00

Average GCLA$ in billions

3Q26  $574

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 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.

Operating Expenses

Other Matters
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GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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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.

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.

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.

Cautionary Note Regarding Forward-Looking Statements

Conference Call
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THREE MONTHS ENDED  % CHANGE FROM
SEPTEMBER 30,  JUNE 30,SEPTEMBER 30,  JUNE 30,SEPTEMBER 30,
$ in millions  2026  2026  2025  2026  2025
GLOBAL BANKING & MARKETSAdvisory  $  1,654  $  1,378  $  1,404  20%  18%
Equity underwriting  666  985  465  (32)  43
Debt underwriting  904  1,032  788  (12)  15
Investment banking fees  3,224  3,395  2,657  (5)  21
FICC intermediation  2,264  3,376  2,437  (33)  (7)
FICC financing  1,207  1,216  1,056  (1)  14
FICC  3,471  4,592  3,493  (24)  (1)
Equities intermediation  3,076  4,157  2,020  (26)  52
Equities financing  3,365  3,259  1,716  3  96
Equities  6,441  7,416  3,736  (13)  72
Other  322  117  282  175  14
Net revenues  13,458  15,520  10,168  (13)  32
ASSET & WEALTH MANAGEMENTManagement and other fees  3,587  3,355  2,943  7  22
Incentive fees  587  112  76  424  672
Private banking and lending  827  689  1,057  20  (22)
Investments  50  441  342  (89)  (85)
Net revenues  5,051  4,597  4,418  10  14
PLATFORM SOLUTIONSNet revenues  170  221  598  (23)  (72)
Total net revenues  $  18,679  $  20,338  $  15,184  (8)  23

THREE MONTHS ENDEDSEPTEMBER 30,  JUNE 30,SEPTEMBER 30,
$ in millions  2026  2026  2025
Americas  $  11,674  $  12,222  $  10,020
EMEA  3,205  4,502  3,163
Asia  3,800  3,614  2,001
Total net revenues  $  18,679  $  20,338  $  15,184
Americas  63%  60%  66%
EMEA  17%  22%  21%
Asia  20%  18%  13%
Total  100%  100%  100%

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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The Goldman Sachs Group, Inc. and SubsidiariesSegment Net Revenues (unaudited)

Geographic Net Revenues (unaudited)
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NINE MONTHS ENDED  % CHANGE FROM
SEPTEMBER 30,SEPTEMBER 30,  SEPTEMBER 30,
$ in millions  2026  2025  2025
GLOBAL BANKING & MARKETSAdvisory  $  4,526  $  3,370  34%
Equity underwriting  2,186  1,263  73
Debt underwriting  2,747  2,129  29
Investment banking fees  9,459  6,762  40
FICC intermediation  8,589  8,250  4
FICC financing  3,485  3,165  10
FICC  12,074  11,415  6
Equities intermediation  9,951  7,162  39
Equities financing  9,232  5,067  82
Equities  19,183  12,229  57
Other  1,000  636  57
Net revenues  41,716  31,042  34
ASSET & WEALTH MANAGEMENTManagement and other fees  10,019  8,446  19
Incentive fees  882  308  186
Private banking and lending  2,154  2,571  (16)
Investments  671  635  6
Net revenues  13,726  11,960  15
PLATFORM SOLUTIONSNet revenues  802  1,827  (56)
Total net revenues  $  56,244  $  44,829  25

NINE MONTHS ENDEDSEPTEMBER 30,SEPTEMBER 30, $ in millions  2026  2025
Americas  $  34,312  $  28,868
EMEA  11,474  10,465
Asia  10,458  5,496
Total net revenues  $  56,244  $  44,829
Americas  61%  65%
EMEA  20%  23%
Asia  19%  12%
Total  100%  100%

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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The Goldman Sachs Group, Inc. and SubsidiariesSegment Net Revenues (unaudited)

Geographic Net Revenues (unaudited)
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THREE MONTHS ENDED  % CHANGE FROM

In millions, exceptper share amounts and headcount  SEPTEMBER 30,  JUNE 30,SEPTEMBER 30,  JUNE 30,  SEPTEMBER 30,
2026  2026  2025  2026  2025
REVENUESInvestment banking  $  3,233  $  3,400  $  2,659  (5)%  22%
Investment management  4,102  3,378  2,952  21  39
Commissions and fees  1,515  1,525  1,110  (1)  36
Market making  5,658  7,637  3,868  (26)  46
Other principal transactions  401  444  743  (10)  (46)
Total non-interest revenues  14,909  16,384  11,332  (9)  32
Interest income  22,793  22,047  20,822  3  9
Interest expense  19,023  18,093  16,970  5  12
Net interest income  3,770  3,954  3,852  (5)  (2)
Total net revenues  18,679  20,338  15,184  (8)  23
Provision for credit losses  368  102  339  261  9
OPERATING EXPENSESCompensation and benefits  5,122  6,104  4,680  (16)  9
Transaction based  3,021  3,052  1,968  (1)  54
Market development  183  198  171  (8)  7
Communications and technology  674  635  545  6  24
Depreciation and amortization  537  509  531  6  1
Occupancy  249  244  242  2  3
Professional fees  424  372  432  14  (2)
Other expenses  1,098  559  884  96  24
Total operating expenses  11,308  11,673  9,453  (3)  20
Pre-tax earnings  7,003  8,563  5,392  (18)  30
Provision for taxes  1,709  1,935  1,294  (12)  32
Net earnings  5,294  6,628  4,098  (20)  29
Preferred stock dividends  172  229  238  (25)  (28)
Net earnings to common  $  5,122  $  6,399  $  3,860  (20)  33
EARNINGS PER COMMON SHAREBasic  $  17.24  $  21.27  $  12.42  (19)%  39%
Diluted  $  17.01  $  20.98  $  12.25  (19)  39
AVERAGE COMMON SHARESBasic  296.1  300.1  309.6  (1)  (4)
Diluted  301.1  304.9  315.0  (1)  (4)
SELECTED DATA AT PERIOD-ENDCommon shareholders' equity  $  110,151  $  109,714  $  109,249  —  1
Basic shares  295.6  298.4  308.8  (1)  (4)
Book value per common share  $  372.64  $  367.67  $  353.79  1  5
Headcount  47,500  46,200  48,300  3  (2)

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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The Goldman Sachs Group, Inc. and SubsidiariesConsolidated Statements of Earnings (unaudited)
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NINE MONTHS ENDED  % CHANGE FROM

In millions, except per share amounts  SEPTEMBER 30,SEPTEMBER 30,SEPTEMBER 30, 2026  2025  2025
REVENUESInvestment banking  $  9,477  $  6,769  40%
Investment management  10,659  8,548  25
Commissions and fees  4,366  3,537  23
Market making  18,756  14,324  31
Other principal transactions  1,707  1,800  (5)
Total non-interest revenues  44,965  34,978  29
Interest income  65,477  59,994  9
Interest expense  54,198  50,143  8
Net interest income  11,279  9,851  14
Total net revenues  56,244  44,829  25
Provision for credit losses  785  1,010  (22)
OPERATING EXPENSESCompensation and benefits  16,638  14,241  17
Transaction based  8,588  5,773  49
Market development  567  494  15
Communications and technology  1,892  1,581  20
Depreciation and amortization  1,541  1,655  (7)
Occupancy  747  709  5
Professional fees  1,175  1,296  (9)
Other expenses  2,259  2,073  9
Total operating expenses  33,407  27,822  20
Pre-tax earnings  22,052  15,997  38
Provision for taxes  4,500  3,438  31
Net earnings  17,552  12,559  40
Preferred stock dividends  628  643  (2)
Net earnings to common  $  16,924  $  11,916  42
EARNINGS PER COMMON SHAREBasic  $  56.27  $  37.75  49%
Diluted  $  55.56  $  37.33  49
AVERAGE COMMON SHARESBasic  299.9  314.6  (5)
Diluted  304.6  319.2  (5)

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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The Goldman Sachs Group, Inc. and SubsidiariesConsolidated Statements of Earnings (unaudited)
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AS OFSEPTEMBER 30,  JUNE 30,
$ in billions   2026  2026
ASSETSCash 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’ EQUITYDeposits  $  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’ equity  $  2,182  $  2,128

AS OFSEPTEMBER 30,  JUNE 30,
$ in billions  2026  2026
Common equity tier 1 capital  $  101.4  $  101.7
STANDARDIZED CAPITAL RULESRisk-weighted assets  $  817  $  791
Common equity tier 1 capital ratio  12.4%  12.9%
ADVANCED CAPITAL RULESRisk-weighted assets  $  745  $  747
Common equity tier 1 capital ratio  13.6%  13.6%
SUPPLEMENTARY LEVERAGE RATIOSupplementary leverage ratio  4.3%  4.3%

THREE MONTHS ENDEDSEPTEMBER 30,  JUNE 30,
$ in millions  2026  2026
CATEGORIESInterest rates  $  75  $  82
Equity prices  79  65
Currency rates  18  19
Commodity prices  31  30
Diversification effect  (77)  (76)
Total  $  126  $  120

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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The Goldman Sachs Group, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (unaudited)

Capital Ratios and Supplementary Leverage Ratio (unaudited)

Average Daily VaR (unaudited)
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SEPTEMBER 30,  JUNE 30,SEPTEMBER 30,
$ in billions  2026  2026  2025
ASSET CLASS (as of period-end)Alternative investments  $  491  $  459  $  390
Equity  1,150  1,123  914
Fixed income  1,405  1,394  1,297
Total long-term AUS  3,046  2,976  2,601
Liquidity products  1,051  1,065  851
Total AUS  $  4,097  $  4,041  $  3,452
ROLLFORWARD (for the three months ended)Beginning balance  $  4,041  $  3,650  $  3,293
Net inflows / (outflows):Alternative investments  34  21  12
Equity  13  46  5
Fixed income  50  24  39
Total long-term AUS net inflows / (outflows)  97  91  56
Liquidity products  (14)  139  23
Total AUS net inflows / (outflows)  83  230  79
Net market appreciation / (depreciation)  (27)  161  80
Ending balance  $  4,097  $  4,041  $  3,452

GOLDMAN SACHS REPORTSTHIRD QUARTER 2026 EARNINGS RESULTS

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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.

The Goldman Sachs Group, Inc. and SubsidiariesAssets Under Supervision (unaudited)

Footnotes
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