Goldman Sachs Reports 2026 Third Quarter Earnings Per Common Share of $17.01 and Annualized Return on Common Equity of 18.7%

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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