The Goldman Sachs Group (GS) investor relations material

Executive summary

• Q3 net revenues were $18.679B, the second-highest quarterly level; net earnings were $5.294B and diluted EPS was $17.01.

• YTD revenue reached a record $56.244B, with net earnings of $17.552B and diluted EPS of $55.56; YTD ROE was 20.7% and ROTE was 22.4%.

• Global Banking & Markets and Asset & Wealth Management drove growth; higher expenses and a $450M charitable contribution weighed on quarterly earnings.

Financial highlights

• Q3 revenue rose 23% YoY; pre-tax earnings increased 30% to $7.003B and net earnings to common rose 33% to $5.122B.

• Q3 operating expenses were $11.308B, up 20% YoY; YTD expenses were $33.4B and the YTD efficiency ratio was 59.4%.

• Q3 provision for credit losses was $368M, primarily reflecting wholesale loan impairments; net interest income was $3.77B, down 2% YoY.

Outlook and guidance

• Full-year alternatives fundraising is expected at ~$150B, with Q4 incentive fees expected to remain elevated; the full-year effective tax rate is expected at ~20%.

• Investment banking fees backlog decreased QoQ, primarily due to Advisory, and was slightly lower than at 2025-end; conversion and future fees remain subject to market and transaction risks.

• Management cited a complex, uncertain environment but confidence in leading franchises, client relationships and investments to support long-term earnings growth.