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
THIRD QUARTER 2026 EARNINGS RESULTS
Goldman Sachs Reports Third Quarter Earnings Per Common Share of $17.01
Financial Summary$56,244
3Q26 YTD
$18,679
3Q26
Net Revenues
$ in millions
$17,552
3Q26 YTD
$5,294
3Q26
Net Earnings
$ in millions
$55.56
3Q26 YTD
$17.01
3Q26
EPS1
20.7%
3Q26 YTD
18.7%
3Q26
Annualized ROE2
4.2%
YTD Growth
$372.64
3Q26
Book Value Per Share
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.
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Net Revenues$18,679
3Q26
Net Revenues
$ in millions
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 & MarketsGlobal 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 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 backlog3 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.
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Asset & Wealth ManagementAsset & Wealth Management $ in millions | |
Management and other fees | $3,587 |
Incentive fees | 587 |
Private banking and lending | 827 |
Investments | 50 |
Net revenues | $5,051 |
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.
Platform Solutions$170
Net revenues
Platform Solutions
$ in millions
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$368
3Q26
Provision for Credit Losses
$ in millions
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.
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Operating Expenses$11,308
3Q26
Operating Expenses
$ in millions
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 ratio3 was 59.4% for the first nine months of 2026, compared with 62.1% for the first nine months of 2025.
59.4%
3Q26 YTD
Efficiency Ratio
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.
Provision for Taxes20.4%
3Q26 YTD
Effective Tax Rate
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$5.00
4Q26
Quarterly Dividend Declared
Per common share
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.
Hi Hi d
$3.00
3Q26
Common Share Repurchases
$ in billions
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
$574
3Q26
Average GCLA
$ in billions
Global core liquid assets3 averaged $574 billion for the third quarter of 2026, compared with an average of $555 billion for the second quarter of 2026.
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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 StatementsThis 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 CallA 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, https://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.
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)THREE MONTHS ENDED | % CHANGE FROM | |||||
SEPTEMBER 30, | JUNE 30, | SEPTEMBER 30, | JUNE 30, | SEPTEMBER 30, | ||
$ in millions | 2026 | 2026 | 2025 | 2026 | 2025 | |
GLOBAL BANKING & MARKETS | ||||||
Advisory $ 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 MANAGEMENT | ||||||
Management 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 SOLUTIONS | ||||||
Net revenues 170 | 221 | 598 | (23) | (72) | ||
Total net revenues $ 18,679 | $ 20,338 | $ 15,184 | (8) | 23 | ||
$ in millions | THREE MONTHS ENDED | ||
SEPTEMBER 30, 2026 | JUNE 30, SEPTEMBER 30, 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 % |
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)NINE MONTHS ENDED | % CHANGE FROM | |||
SEPTEMBER 30, SEPTEMBER 30, | SEPTEMBER 30, | |||
$ in millions | 2026 2025 | 2025 | ||
GLOBAL BANKING & MARKETS | ||||
Advisory $ 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 MANAGEMENT | ||||
Management 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 SOLUTIONS | ||||
Net revenues 802 | 1,827 | (56) | ||
Total net revenues $ 56,244 | $ 44,829 | 25 | ||
$ in millions | NINE MONTHS ENDED | |
SEPTEMBER 30, SEPTEMBER 30, 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 % |
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)THREE MONTHS ENDED | % CHANGE FROM | ||||
In millions, except per share amounts and headcount | SEPTEMBER 30, 2026 | JUNE 30, SEPTEMBER 30, 2026 2025 | JUNE 30, 2026 | SEPTEMBER 30, 2025 | |
REVENUES | |||||
Investment 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 EXPENSES | |||||
Compensation 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 SHARE | |||||
Basic3 $ 17.24 | $ 21.27 $ 12.42 | (19) % 39 % | |||
Diluted1 $ 17.01 | $ 20.98 $ 12.25 | (19) 39 | |||
AVERAGE COMMON SHARES | |||||
Basic 296.1 | 300.1 309.6 | (1) (4) | |||
Diluted 301.1 | 304.9 315.0 | (1) (4) | |||
SELECTED DATA AT PERIOD-END | |||||
Common shareholders' equity $ 110,151 | $ 109,714 $ 109,249 | - | 1 | ||
Basic shares3 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) | ||
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)NINE MONTHS ENDED | % CHANGE FROM | |||
In millions, except per share amounts | SEPTEMBER 30, SEPTEMBER 30, 2026 2025 | SEPTEMBER 30, 2025 | ||
REVENUES | ||||
Investment 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 EXPENSES | ||||
Compensation 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 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) | |
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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 | ||
SEPTEMBER 30, 2026 | JUNE 30, 2026 | ||
ASSETS | |||
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' equity | $ 2,182 | $ 2,128 | |
$ in billions | AS OF | |
SEPTEMBER 30, 2026 | JUNE 30, 2026 | |
Common equity tier 1 capital | $ 101.4 | $ 101.7 |
STANDARDIZED CAPITAL RULES Risk-weighted assets Common equity tier 1 capital ratio | $ 817 12.4 % | $ 791 12.9 % |
ADVANCED CAPITAL RULES Risk-weighted assets Common equity tier 1 capital ratio | $ 745 13.6 % | $ 747 13.6 % |
SUPPLEMENTARY LEVERAGE RATIO Supplementary leverage ratio | 4.3 % | 4.3 % |
$ in millions | THREE MONTHS ENDED | |
SEPTEMBER 30, 2026 | JUNE 30, 2026 | |
CATEGORIES Interest rates | $ 75 | $ 82 |
Equity prices | 79 | 65 |
Currency rates | 18 | 19 |
Commodity prices | 31 | 30 |
Diversification effect | (77) | (76) |
Total | $ 126 | $ 120 |
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GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5$ in billions | SEPTEMBER 30, 2026 | JUNE 30, 2026 | SEPTEMBER 30, 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)6 | 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 |
Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
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.
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.
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.
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.
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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