3Q26 Earnings Presentation

‌Third Quarter 2026

Earnings Results Presentation

October 13, 2026 ‌Results Snapshot

"Against the backdrop of a complicated operating environment, our clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities, resulting in our second highest quarterly net revenues and record year-to-date net revenues. Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients. I am confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth."

David Solomon

Chairman and Chief Executive Officer

EPS1,2

3Q26

$17.01

3Q26 YTD

$55.56

Book Value Per Share

3Q26

$372.64

YTD Growth

4.2%

Quarterly Highlights

• Charitable contributions reduced diluted EPS by approximately $1.00, annualized ROE by approximately 1.1 percentage points and annualized ROTE by approximately 1.1 percentage points2

• 2nd highest net revenues

• 2nd highest net revenues in GBM, including record net revenues in Advisory and 2nd highest net revenues in both FICC financing and Equities (record financing and 2nd highest intermediation)

• #1 in announced and completed M&A and equity & equity-related offerings; #2 in leveraged lending; #3 in HY debt4

• Record Management and other fees

• Record AUS5 of $4.10 trillion; 35th consecutive quarter of long-term fee-based net inflows

• During 3Q26, the firm announced agreements to acquire NEOS Investments and LCN Capital Partners

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  ‌Financial Overview Financial Results Financial Overview Highlights

  $ in millions except per share amounts	3Q26	vs. 2Q26	vs. 3Q25	3Q26 YTD	vs. 3Q25 YTD
  Global Banking & Markets	$ 13,458	(13)%	32%	$ 41,716	34%
  Asset & Wealth Management	5,051	10%	14%	13,726	15%
  Platform Solutions	170	(23)%	(72)%	802	(56)%
  Net revenues	18,679	(8)%	23%	56,244	25%
  Provision for credit losses	368	261%	9%	785	(22)%
  Operating expenses	11,308	(3)%	20%	33,407	20%
  Pre-tax earnings	$ 7,003	(18)%	30%	$ 22,052	38%
  Net earnings	$ 5,294	(20)%	29%	$ 17,552	40%
  Net earnings to common	$ 5,122	(20)%	33%	$ 16,924	42%
  Diluted EPS1,2	$ 17.01	(19)%	39%	$ 55.56	49%
  ROE2,3	18.7%	(4.8)pp	4.5pp	20.7%	6.1pp
  ROTE2,3	20.5%	(5.0)pp	5.3pp	22.4%	6.8pp
  Efficiency Ratio5	60.5%	3.1pp	(1.8)pp	59.4%	(2.7)pp

  • 3Q26 results included EPS1,2 of $17.01 and ROE2,3 of 18.7%

    • Net revenues were significantly higher YoY, primarily reflecting significantly higher net revenues in Global Banking & Markets

    • Provision for credit losses of $368 million primarily reflected impairments related to wholesale loans

    • Operating expenses were significantly higher YoY, primarily reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance)

      Net Revenues by Segment ($ in millions)

      Global Banking & Markets Asset & Wealth Management Platform Solutions
      
      

      $18,679			$15,520	$15,184
      	$13,458
      					$10,168
      	$5,051	$170	$4,597	$221	$4,418	$59

      $20,338

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      3Q26 2Q26 3Q25

      
      
      

      2

      ‌Global Banking & Markets Financial Results Global Banking & Markets Highlights

      $ in millions	3Q26	vs. 2Q26	vs. 3Q25	3Q26 YTD	vs. 3Q25 YTD
      Investment banking fees	$ 3,224	(5)%	21%	$ 9,459	40%
      FICC	3,471	(24)%	(1)%	12,074	6%
      Equities	6,441	(13)%	72%	19,183	57%
      Other	322	175%	14%	1,000	57%
      Net revenues	13,458	(13)%	32%	41,716	34%
      Provision for credit losses	345	360%	321%	668	108%
      Operating expenses	7,331	(8)%	26%	22,286	26%
      Pre-tax earnings	$ 5,782	(23)%	36%	$ 18,762	43%
      Net earnings	$ 4,360	(25)%	35%	$ 14,933	45%
      Net earnings to common	$ 4,219	(25)%	39%	$ 14,422	48%
      Average common equity	$ 81,485	-	3%	$ 81,705	3%
      Return on average common equity	20.7%	(6.8)pp	5.4pp	23.5%	7.1pp

  • 3Q26 net revenues were significantly higher YoY

    • Investment banking fees primarily reflected higher net revenues in Advisory and significantly higher net revenues in Equity underwriting

    • FICC reflected lower net revenues in intermediation, offset by higher net revenues in financing

    • Equities reflected significantly higher net revenues in financing and intermediation

  • Investment banking fees backlog5 decreased QoQ, primarily driven by a decrease in Advisory

  • 3Q26 select data5:

    • Total assets of $1.94 trillion

    • Loan balance of $200 billion

    • Net interest income of $2.32 billion

      Global Banking & Markets Net Revenues ($ in millions)

      Investment banking fees FICC Equities Other
      
      

      $15,520

      $13,458

      $10,168

      $282

      $3,736

$117

$322

3Q26 2Q26 3Q25

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‌Global Banking & Markets - Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights

3Q26 2Q26 3Q25

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‌Asset & Wealth Management - Assets Under Supervision AUS by Asset Class5 AUS Rollforward5

AUS Highlights5

• During the quarter, AUS increased $56 billion to a record $4.10 trillion

  • Net inflows in fixed income, alternative investments and equity assets

  • Net outflows in liquidity products

  • Net market depreciation in fixed income assets, partially offset by net market appreciation in equity assets

• Total long-term AUS net inflows of $97 billion during the quarter, of which:

  • $47 billion of net inflows in Wealth management client channel

  • $31 billion of net inflows in Institutional client channel

  • $19 billion of net inflows in Third-party distributed client channel

  3Q26 AUS by Region and Vehicle5

  Long-Term AUS by Client Channel5

  $ in billions	3Q26	2Q26	3Q25
  Institutional	$ 1,245	$ 1,252	$ 1,161
  Wealth management	1,087	1,041	914
  Third-party distributed	714	683	526
  Total long-term AUS	$ 3,046	$ 2,976	$ 2,601

  
  
  

  Americas

  EMEA Asia
  
  

  7%

  19%

  Region

  74%

  Separate accounts

  Public funds Private funds and other
  
  

  18%

  Vehicle

  53%

  29%

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  ‌Asset & Wealth Management - Alternative Investments On-Balance Sheet Alternative Investments5

  $ in billions	3Q26
  Loans	$ 5.3
  Debt securities	7.0
  Equity securities	10.7
  Other	1.3
  Total on-balance sheet alternative investments	$ 24.3

  Alternative Investments AUS and Effective Fees5

  $ in billions	3Q26
  	Average AUS	Effective Fees (bps)
  Corporate equity	$ 150	92
  Credit	81	78
  Real estate	28	65
  Hedge funds and other	75	68
  Funds and discretionary accounts	334	81
  Corporate equity	43	20
  Credit	24	19
  Real estate	21	7
  Hedge funds and other	56	17
  Advisory and OCIO accounts	144	17
  Total alternative investments AUS	$ 478	60

  Alternative Investments Highlights5

• 3Q26 Management and other fees from alternative investments were $860 million, up 43% compared with 3Q25

• During the quarter, alternative investments AUS increased $32 billion to a record $491 billion

• 3Q26 gross third-party alternatives fundraising across strategies was $37 billion ($122 billion for 3Q26 YTD and $560 billion raised since 2019)

  Alternatives Fundraising5 ($ in billions)

  Corporate equity Credit Real estate Hedge funds and other
  
  

  $37

  	$12	$1
  	$16
  	$8

  3Q26

  
  
  

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  ‌Platform Solutions Financial Results Platform Solutions Highlights

  $ in millions	3Q26	vs. 2Q26	vs. 3Q25	3Q26 YTD	vs. 3Q25 YTD
  Net revenues	$ 170	(23)%	(72)%	$ 802	(56)%
  Provision for credit losses	-	N.M.	(100)%	1	(100)%
  Operating expenses	265	(1)%	(21)%	869	(15)%
  Pre-tax earnings / (loss)	$ (95)	(98)%	(332)%	$ (68)	N.M.
  Net earnings / (loss)	$ (76)	(77)%	(322)%	$ (54)	N.M.
  Net earnings / (loss) to common	$ (80)	(60)%	(208)%	$ (71)	(344)%
  Average common equity	$ 3,468	1%	(19)%	$ 3,562	(19)%
  Return on average common equity	(9.2)%	(3.4)pp	(6.8)pp	(2.7)%	(2.2)pp

  • 3Q26 net revenues were significantly lower YoY, primarily reflecting net markdowns related to the Apple Card loan portfolio, which was transferred to held for sale in 4Q25

  • 3Q26 select data5:

    • Total assets of $30 billion

    • Loan balance of $20 billion

    • Net interest income of $704 million

      Platform Solutions Net Revenues ($ in millions)

      $598

      $221

      $170

      3Q26 2Q26 3Q25

      
      
      

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      ‌Loans and Net Interest Income Loans by Type5

      $ in billions	3Q26	2Q26	3Q25
      Corporate	$ 39	$ 36	$ 32
      Commercial real estate	42	40	34
      Residential real estate	38	36	30
      Securities-based	22	19	18
      Other collateralized	113	109	90
      Credit cards	20	19	20
      Other	4	4	3
      Allowance for loan losses	(2)	(2)	(5)
      Total loans	$ 276	$ 261	$ 222

      Metrics

      85%

      ALLL to Gross Loans Gross Secured Loans

      Loans and Net Interest Income Highlights5

• 3Q26 loans increased QoQ

  • Gross loans by type: amortized cost $249 billion, fair value $5 billion, held for sale $24 billion

  • Average loans of $270 billion

  • Total allowance for loan losses and losses on lending commitments was $3.11 billion ($2.31 billion for funded loans)

• Net charge-offs for 3Q26 of $154 million for an annualized net charge-off rate of 0.3%

• Net interest income for 3Q26 was $3.77 billion, 2% lower YoY

- 3Q26 average interest-earning assets of $2.03 trillion

Loans by Segment5 ($ in billions)

Global Banking & Markets Asset & Wealth Management Platform Solutions

$261

$200

$188

$276

$222

0.9%

ALLL to total gross loans, at amortized cost as of 3Q26

of total gross loans are secured as of 3Q26

3Q26 2Q26 3Q25

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‌Expenses Financial Results Expense Highlights

• 3Q26 total operating expenses were significantly higher YoY

  • Compensation and benefits expenses were higher, reflecting improved operating performance

  • Non-compensation expenses were significantly higher, primarily reflecting significantly higher transaction based expenses. In addition, charitable contributions to Goldman Sachs Gives (in other expenses) were significantly higher

• 3Q26 YTD effective tax rate was 20.4%, up from 18.5% for 2Q26 YTD, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards

Efficiency Ratio5

59.4%

62.1%

3Q26 YTD 3Q25 YTD

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‌Capital and Balance Sheet Capital5 Selected Balance Sheet Data5 Book Value

Capital and Balance Sheet Highlights5

• Standardized CET1 capital ratio decreased QoQ, primarily reflecting an increase in market and credit RWAs

• Advanced CET1 capital ratio was unchanged QoQ, primarily reflecting a decrease in credit and operational RWAs, offset by an increase in market RWAs

• Returned $4.49 billion of capital to common shareholders during the quarter

  • 2.9 million common shares repurchased for a total cost of $3.00 billion

  • $1.49 billion of common stock dividends

• Deposits of $568 billion consisted of consumer $230 billion, private bank $105 billion, transaction banking $93 billion, brokered CDs $52 billion, deposit sweep programs $42 billion and other $46 billion

• Book value per common share increased 1.4% QoQ

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‌Cautionary Note Regarding Forward-Looking Statements

This presentation 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 and the forward-looking statements below, 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, total alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) 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 regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships) and the achievability of targets and goals, (iii) the firm's expense savings, productivity (including the opportunities presented by artificial intelligence (AI)) and strategic location initiatives, (iv) the future state of the firm's liquidity and regulatory capital ratios (including the firm's stress capital buffer (SCB) requirement and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm's prospective capital distributions (including dividends and repurchases), (vi) the firm's future effective tax rate, (vii) the firm's Investment banking fees backlog and future results, (viii) the firm's planned benchmark debt issuances, and (ix) the firm's ability to transition the Apple Card program, and the timing of that transaction, are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policy, including tariffs, as well as the effects of the outbreak or escalation of wars or other conflicts. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships), expense savings and productivity initiatives (including the opportunities presented by AI) and the achievability of targets and goals are based on the firm's current expectations regarding the firm's ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm's liquidity and regulatory capital ratios (including the firm's SCB requirement and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm's actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, the results of supervisory stress tests and the finalization of outstanding regulatory capital rule proposals, which may not be what the firm expects. Statements about the firm's future effective tax rate are subject to the risk that the firm's future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm's expected tax rate, and potential future guidance from tax authorities. Statements about the firm's Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or 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. Statements regarding the firm's planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm's funding needs. Statements about the process to transition the Apple Card program are subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions.

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‌Footnotes

1. Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.

2. The impact of charitable contributions was an increase in non-compensation expenses for the third quarter of 2026 of approximately $450 million, which, after the impact of taxes, reduced diluted EPS by approximately $1.00, annualized ROE by approximately 1.1 percentage points and annualized ROTE by approximately 1.1 percentage points.

3. Annualized return on average common shareholders' equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity. Annualized return on average tangible common shareholders' equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders' equity. Tangible common shareholders' equity is calculated as total shareholders' equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders' equity by basic shares. Management believes that tangible common shareholders' equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders' equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

   The table below presents a reconciliation of average and ending common shareholders' equity to average and ending tangible common shareholders' equity:

   Unaudited, $ in millions	AVERAGE FOR THE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, 2026 SEPTEMBER 30, 2026		AS OF
   			SEPTEMBER 30, 2026	JUNE 30, 2026	DECEMBER 31, 2025
   Total shareholders' equity	$ 123,721	$ 123,028	$ 124,929	$ 122,742	$ 124,972
   Preferred stock	(14,341)	(13,968)	(14,778)	(13,028)	(15,153)
   Common shareholders' equity	109,380	109,060	110,151	109,714	109,819
   Goodwill	(7,347)	(6,987)	(7,338)	(7,342)	(5,949)
   Identifiable intangible assets	(1,912)	(1,529)	(1,886)	(1,929)	(842)
   Tangible common shareholders' equity	$ 100,121	$ 100,544	$ 100,927	$ 100,443	$ 103,028

4. Dealogic - January 1, 2026 through September 30, 2026.

5. 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), Wealth management client assets and alternative assets - see "Results of Operations - Asset & Wealth Management," (iii) efficiency ratio - see "Results of Operations - Operating Expenses," (iv) basic shares - see "Balance Sheet and Funding Sources - Balance Sheet Analysis and Metrics," (v) share repurchase program - see "Capital Management and Regulatory Capital - Capital Management" and (vi) global core liquid assets (GCLA) - see "Risk Management - Liquidity 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) interest-earning assets - see "Statistical Disclosures - Distribution of Assets, Liabilities and Shareholders' Equity" and (ii) risk-based capital ratios and the supplementary leverage ratio - see Note 20 "Regulation and Capital Adequacy."

   Represents a preliminary estimate for the third quarter of 2026 for the firm's assets under supervision, Wealth management client assets, alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2026.

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.

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