Sep 2026 (Q3 FY26) — Oct 13, 2026
Goldman Sachs Q3 FY26 — Record Revenues and Strong Capital Markets Performance
Read the full callGoldman Sachs (GS) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Goldman Sachs earnings: last reported Tue, 13 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 6,628 | +78.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Firm-wide efficiency ratio | 60% | Dec 2024 | Through the first half of the year, we generated material operating leverage with an efficiency ratio of 58.8%, improving 320 basis points from the prior year period | Achieved |
| Alternatives gross third-party fundraising (sustainable annual run-rate) | $75 billion to $100 billion annually on a sustainable basis | Dec 2025 | Given the strength we've seen year-to-date, we now expect full year fundraising to exceed $125 billion. | Revised Up |
| AWM incentive fees (annual run-rate) | $1 billion annual target over the medium term | Sep 2024 | on a multiyear basis, we're not sort of readjusting what we think is the medium-term run rate contribution from incentive fees | On Track |
1 of GOLDMAN SACHS GROUP INC's 23 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Net revenues reached $18.7 billion, the second highest in the firm's history.
- Investment Banking advisory revenues were a record, maintaining the #1 M&A position with $1.5 trillion announced transactions YTD.
- Equities net revenues were $6.4 billion, up 72% year-over-year, marking the second best quarter.
- Asset & Wealth Management management and other fees increased 22% year-over-year to a record $3.6 billion.
- Assets under supervision reached a record $4.1 trillion, supported by $97 billion of long-term net inflows.
Qualified
- Provision for credit losses was $368 million, reflecting certain impairments and overall loan growth.
- Non-compensation expenses were $6.2 billion, up 30% year-over-year, largely due to higher transaction-based expenses.
Price
$875.78 −0.62% · −$5.48
Performance +16.7% 1Y
1Y: $750.77 on 17 Oct 2025 → $875.78. High $1,152.07 (15 Jul 2026), low $744.6 (22 Oct 2025).
- Previous close
- $881.26
- 52-week range
- $744.6 – $1,152.07
- One year
- +14.73%
Overview
- Symbol
- GS
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Firm-wide efficiency ratio | 60% | Dec 2024 | Through the first half of the year, we generated material operating leverage with an efficiency ratio of 58.8%, improving 320 basis points from the prior year period | Achieved |
| Alternatives gross third-party fundraising (sustainable annual run-rate) | $75 billion to $100 billion annually on a sustainable basis | Dec 2025 | Given the strength we've seen year-to-date, we now expect full year fundraising to exceed $125 billion. | Revised Up |
| AWM incentive fees (annual run-rate) | $1 billion annual target over the medium term | Sep 2024 | on a multiyear basis, we're not sort of readjusting what we think is the medium-term run rate contribution from incentive fees | On Track |
Claimed
- Net revenues reached $18.7 billion, the second highest in the firm's history.
- Investment Banking advisory revenues were a record, maintaining the #1 M&A position with $1.5 trillion announced transactions YTD.
- Equities net revenues were $6.4 billion, up 72% year-over-year, marking the second best quarter.
- Asset & Wealth Management management and other fees increased 22% year-over-year to a record $3.6 billion.
- Assets under supervision reached a record $4.1 trillion, supported by $97 billion of long-term net inflows.
Qualified
- Provision for credit losses was $368 million, reflecting certain impairments and overall loan growth.
- Non-compensation expenses were $6.2 billion, up 30% year-over-year, largely due to higher transaction-based expenses.
The full ledger
Open GOLDMAN SACHS GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 14, 2026
Goldman Sachs Q2 FY26 — Record Results Driven by Strong Client Activity and AI Investment Cycle
Read the full callMar 2026 (Q1 FY26) — Apr 13, 2026
Goldman Sachs Q1 FY26 — Record Global Banking & Markets Revenues Drive Strong Performance
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Goldman Sachs earnings calls (GS)
Financials
What the filings say
Net profit, year on year: +78% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Interest | 19,101 | 18,371 | 16,488 | 16,685 | 16,970 | 16,671 | — | — |
| Profit before tax | 3,987 | 5,257 | 5,647 | 4,958 | 5,392 | 5,855 | 6,486 | 8,563 |
| Tax rate | 25.0% | 21.8% | 16.1% | 24.9% | 24.0% | 21.1% | 13.2% | 22.6% |
| Net profit | 2,990 | 4,111 | 4,738 | 3,723 | 4,098 | 4,617 | 5,630 | 6,628 |
| EPS ($ per share) | 8.52 | — | 14.25 | 11.03 | 12.42 | — | 17.74 | — |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 100,100 | 106,465 | 112,947 | 131,811 | 139,372 | 143,688 | 153,412 | 165,288 |
| Total liabilities | 841,611 | 902,703 | 1,067,096 | 1,354,062 | 1,324,610 | 1,524,689 | 1,553,976 | 1,684,348 |
| Fixed assets | — | — | — | — | 17,074 | 11,244 | 8,024 | 7,474 |
| Total assets | 931,796 | 992,968 | 1,163,028 | 1,463,988 | 1,441,799 | 1,641,594 | 1,675,972 | 1,809,320 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 16,564 | 23,868 | -18,535 | 6,298 | 8,708 | -12,587 | -13,212 | -45,154 |
| Cash from investing | -18,820 | -24,236 | -34,356 | -30,465 | -75,960 | -17,312 | -49,624 | -44,227 |
| Cash from financing | 22,752 | 3,367 | 70,380 | 134,738 | 59,602 | 27,800 | 7,323 | 66,100 |
| Net cash flow | — | — | 22,296 | 105,194 | -19,211 | -248 | -59,485 | -17,833 |
| Capital expenditure | -7,982 | -8,443 | -6,309 | -4,667 | -3,748 | -2,316 | -2,091 | -2,064 |
| Free cash flow | 8,582 | 15,425 | -24,844 | 1,631 | 4,960 | -14,903 | -15,303 | -47,218 |
GS operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Return on tangible common equity (ROTCE) | — | 15.2%In the third quarter, we generated net revenues of $15.2 billion, earnings per share of $12.25, an ROE of 14.2% and an RoTE of 15.2%.Source: earnings call transcript | 17.1%I'm very pleased with our strong performance in the fourth quarter, where we generated earnings per share of $14.01, an ROE of 16% and an ROTE of 17.1%.Source: earnings call transcript | 21.3%As a result, we delivered a return on equity of 19.8% and an ROTE of 21.3%.Source: earnings call transcript | 25.5%In the quarter, we generated record revenues of $20.3 billion, record earnings per share of $20.98 and an ROE of 23.5% and an ROTE of 25.5%.Source: earnings call transcript | 20.5%Earnings per share of $17.01, an ROE of 18.7% and an ROTE of 20.5%.Source: earnings call transcript | -5 pt |
| Long-term net inflows | — | $56BTotal assets under supervision ended the quarter at a record $3.5 trillion, up sequentially on $80 billion of net market appreciation as well as $56 billion of long-term net inflows across asset classes, representing our 31st consecutive quarter of long-term fee-based net inflows.Source: earnings call transcript | $66BTotal assets under supervision ended the quarter at a record $3.6 trillion, driven by $66 billion of long-term fee-based net inflows across asset classes and $50 billion of liquidity inflows.Source: earnings call transcript | $62BWe generated $62 billion long-term fee-based inflows, including $22 billion in wealth management flows.Source: earnings call transcript | $91BTotal assets under supervision ended the quarter at a record $4 trillion, supported by $91 billion of long-term net inflows across asset classes, particularly in equity assets.Source: earnings call transcript | $97BOur assets under supervision reached another record of $4.1 trillion, supported by $97 billion of long-term net inflows, representing our 35th consecutive quarter of inflows.Source: earnings call transcript | +6.6% |
| Common equity tier 1 ratio (CET1) Standardized approach | 14.5%Our common equity Tier 1 ratio was 14.5% at the end of the second quarter under the standardized approach.Source: earnings call transcript | 14.4%Our common equity Tier 1 ratio was 14.4% at the end of the third quarter under the standardized approach.Source: earnings call transcript | 14.4%Our common equity Tier 1 ratio was 14.4% at the end of the fourth quarter under the standardized approach.Source: earnings call transcript | 12.5%Our common equity Tier 1 ratio was 12.5% at the end of the first quarter under the standardized approach, 110 basis points above our current capital requirement of 11.4%.Source: earnings call transcript | 12.9%Common equity Tier 1 ratio was 12.9% at the end of the second quarter under the standardized approach, 150 basis points above our current capital requirement of 11.4%.Source: earnings call transcript | 12.4%Our common equity Tier 1 ratio was 12.4% at the end of the third quarter under the standardized approach, 100 basis points above our current capital requirement of 11.4%.Source: earnings call transcript | -0.5 pt |
| Long-term net inflows Wealth Management | — | — | — | $22BWe generated $62 billion long-term fee-based inflows, including $22 billion in wealth management flows.Source: earnings call transcript | $19BWe delivered our 34th consecutive quarter of long-term net inflows, including $19 billion in Wealth Management.Source: earnings call transcript | $47BIn Wealth Management, $47 billion of long-term net inflows contributed to record client assets of $2.1 trillion.Source: earnings call transcript | +147.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
187 filings between Nov 25, 2025 and Aug 28, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$148.71M
163 sales by 9 insiders
Compensation
not trading decisions- 10
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| VINIAR DAVID A | — | $65.82M | Jan 16, 2026 |
| Ruemmler Kathryn H. | — | $22.95M | May 6, 2026 |
| COLEMAN DENIS P. | — | $17.62M | May 14, 2026 |
| ROGERS JOHN F.W. | — | $15.21M | Feb 11, 2026 |
| FREDMAN SHEARA J | — | $14.06M | May 1, 2026 |
| HALIO CAREY | — | $4.26M | Jan 27, 2026 |
| GOLTEN ALEX S | — | $4.21M | Apr 23, 2026 |
| SOLOMON DAVID M | — | $3.48M | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 28, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 600 | $620.3K |
| Aug 4, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 9 | $9.5K |
| Aug 4, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 37 | $39.0K |
| Aug 4, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 129 | $136.0K |
| Jul 15, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 149 | $171.7K |
| Jul 15, 2026 | LESLIE ERICKA T Chief Administrative Officer | Sale | 101 | $116.3K |
| Jul 15, 2026 | VINIAR DAVID A Director | Gift | 2,000 | $0 |
| May 14, 2026 | COLEMAN DENIS P. Chief Financial Officer | Sale | 1,428 | $1.39M |
| May 14, 2026 | COLEMAN DENIS P. Chief Financial Officer | Sale | 1,560 | $1.52M |
| May 14, 2026 | COLEMAN DENIS P. Chief Financial Officer | Sale | 2,509 | $2.44M |
| May 14, 2026 | COLEMAN DENIS P. Chief Financial Officer | Sale | 1,360 | $1.33M |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 837 | $783.6K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 479 | $447.4K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 203 | $190.2K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 437 | $407.8K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 481 | $449.6K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 814 | $763.9K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 8,250 | $7.76M |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 120 | $113.0K |
| May 6, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 2,671 | $2.51M |
| May 1, 2026 | SOLOMON DAVID M Chairman of the Board and CEO | Sale | 2,310 | $2.15M |
| May 1, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 80 | $74.4K |
| May 1, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 468 | $435.1K |
| May 1, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Sale | 135 | $125.4K |
| May 1, 2026 | FREDMAN SHEARA J Chief Accounting Officer | Sale | 8,166 | $7.60M |
| May 1, 2026 | FREDMAN SHEARA J Chief Accounting Officer | Sale | 2,135 | $1.98M |
| May 1, 2026 | SOLOMON DAVID M Chairman of the Board and CEO | Sale | 1,160 | $1.08M |
| Apr 28, 2026 | WALDRON JOHN E. President and COO | Option exercise | 27,446 | — |
| Apr 28, 2026 | SOLOMON DAVID M Chairman of the Board and CEO | Tax withheld | 18,812 | $17.64M |
| Apr 28, 2026 | SOLOMON DAVID M Chairman of the Board and CEO | Option exercise | 34,017 | — |
| Apr 28, 2026 | ROGERS JOHN F.W. Executive Vice President | Tax withheld | 11,105 | $10.41M |
| Apr 28, 2026 | ROGERS JOHN F.W. Executive Vice President | Option exercise | 21,915 | — |
| Apr 28, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Tax withheld | 14,972 | $14.04M |
| Apr 28, 2026 | COLEMAN DENIS P. Chief Financial Officer | Option exercise | 19,206 | — |
| Apr 28, 2026 | FREDMAN SHEARA J Chief Accounting Officer | Option exercise | 14,181 | — |
| Apr 28, 2026 | Ruemmler Kathryn H. Chief Legal Officer, GC | Option exercise | 27,071 | — |
| Apr 28, 2026 | FREDMAN SHEARA J Chief Accounting Officer | Tax withheld | 7,843 | $7.36M |
| Apr 28, 2026 | COLEMAN DENIS P. Chief Financial Officer | Tax withheld | 10,621 | $9.96M |
| Apr 28, 2026 | WALDRON JOHN E. President and COO | Tax withheld | 15,178 | $14.23M |
| Apr 23, 2026 | GOLTEN ALEX S CHIEF RISK OFFICER | Sale | 535 | $501.1K |
| Apr 23, 2026 | GOLTEN ALEX S CHIEF RISK OFFICER | Sale | 581 | $543.6K |
| Apr 17, 2026 | GOLTEN ALEX S CHIEF RISK OFFICER | Sale | 409 | $375.7K |
| Apr 17, 2026 | GOLTEN ALEX S CHIEF RISK OFFICER | Sale | 706 | $649.2K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 371 | $355.4K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 392 | $375.1K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 261 | $249.5K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 659 | $629.3K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 646 | $616.2K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 526 | $501.2K |
| Feb 11, 2026 | ROGERS JOHN F.W. Executive Vice President | Sale | 1,005 | $956.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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