The Goldman Sachs Group (GS) Q3 2026 earnings summary

Executive summary

• Q3 net revenues were $18.679B, up 23% YoY and the second-highest quarterly result; diluted EPS was $17.01, with ROE of 18.7% and ROTE of 20.5%.

• 9M revenue reached a record $56.244B, up 25% YoY; net earnings were $17.552B and diluted EPS was $55.56.

• Global Banking & Markets led quarterly growth; record Asset & Wealth Management fees and sustained inflows supported a more durable revenue mix, while expenses and charitable contributions weighed on earnings.

Financial highlights

• Q3 operating expenses were $11.308B, up 20% YoY; pre-tax earnings were $7.003B and net earnings to common shareholders were $5.122B.

• Q3 net interest income was $3.77B, down 2% YoY; provision for credit losses was $368M versus $339M YoY, primarily reflecting wholesale loan impairments.

• 9M operating expenses were $33.41B, up 20%; provision for credit losses was $785M, down 22% YoY.

• 9M net interest income was $11.28B, up 14% YoY; the 9M effective tax rate was 20.4%.

Outlook and guidance

• FY2026 effective tax rate is expected to be ~20%, potentially lower if tax audits are resolved in Q4; incentive fees are expected to remain elevated in Q4.

• Full-year alternatives fundraising is expected at ~$150B; 9M fundraising reached $122B, including $37B in Q3.

• Investment banking fees backlog decreased QoQ, primarily due to Advisory; future fees depend on transaction completion, financing, approvals and market conditions.

• AWM medium-term targets include 17%-19% ROE, ~30% pre-tax margin, $750B alternative AUS by 2030 and $300B in credit alternative assets by 2028.

• Capital target is a 50-100 bps buffer above applicable requirements; financing growth is expected to continue with a buffer-based SLR approach and no significant further SLR movement expected from current levels.