Goldman Sachs (GS) Q3 2026 Earnings
Charitable contributions to Goldman Sachs Gives of approximately $450 million reduced diluted EPS by approximately $1.00. Tax benefits related to employee share-based awards reduced provision for taxes for the first nine months by approximately $975 million, increasing diluted EPS by approximately $3.20.
How Did GS Stock React to Q3 2026 Earnings?
Did GS Beat Earnings? Q3 2026 Results
Yes. Goldman Sachs reported Q3 2026 earnings of $17.01 a share on Oct 13, 2026, beating the $13.65 consensus estimate by 24.6%. Revenue was $18.7B against a $17.0B estimate.
Goldman Sachs delivered a standout third quarter, posting GAAP diluted EPS of $17.01, beating the $13.65 consensus estimate by 24.60% and extending the firm's streak of consensus EPS beats to six consecutive quarters. Revenue of $18.68 billion topped expectations by 9.66%, though it came in 41.9% below the year-ago period on a reported basis. The GAAP figures include two notable items: roughly $450 million in charitable contributions to Goldman Sachs Gives, which reduced diluted EPS by approximately $1.00, while tax benefits tied to employee share-based awards boosted year-to-date EPS by approximately $3.20. The primary engine behind the quarter's strength was Global Banking & Markets, where Equities revenues surged 72% year-over-year to $6.44 billion on exceptional financing and derivatives activity, and Advisory fees reached record levels at $1.65 billion. Asset & Wealth Management also contributed, with assets under supervision reaching $4.10 trillion. Looking ahead, the firm noted its investment banking backlog declined modestly from Q2, even as it pursues acquisitions of NEOS Investments and LCN Capital Partners to expand its alternatives platform.
- Significantly higher Equities revenues up 72% YoY driven by prime financing, portfolio financing, and derivatives
- Record Advisory net revenues reflecting increased completed M&A volumes
- Record Management and other fees driven by higher average AUS
- Record AUS of $4.10 trillion with 35th consecutive quarter of long-term fee-based net inflows
- Higher Equity underwriting from IPOs and secondary offerings
- Higher Debt underwriting from investment-grade activity
- Improved efficiency ratio to 59.4% YTD from 62.1% prior year
“Against the backdrop of a complicated operating environment, our clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities, resulting in our second highest quarterly net revenues and record year-to-date net revenues. Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients. I am confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth.”
Goldman Sachs CEO, on the earnings call
What Is Goldman Sachs's Outlook?
Goldman Sachs noted that its investment banking fees backlog decreased compared with the end of Q2 2026 and decreased slightly compared with the end of 2025, primarily driven by a decrease in Advisory. The firm expressed confidence in its market-leading franchises and deep relationships to drive long-term earnings growth despite current complexity and uncertainty. The firm is actively pursuing strategic acquisitions (NEOS Investments, LCN Capital Partners) to expand its alternatives platform and continues the process to transition the Apple Card program.
GS YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $18.7B | $32.2B | −41.9% |
| Operating Income | $7.0B | $5.4B | +29.9% |
| Net Income | $5.3B | $4.1B | +29.2% |
GS Revenue by Segment
GS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.