Watch for the conference call at 9:30am ET for commentary on the investment banking fee backlog (which decreased QoQ) and the trajectory of FICC revenues. The sequential revenue decline from Q2 and higher credit provisions warrant monitoring for Q4 trends, but the strong EPS beat and record AUS inflows support the bullish thesis.
Price Chart
Executive Summary
Goldman Sachs reported Q3 2026 EPS of $17.01 on net revenues of $18.68B, beating consensus estimates of $15.70 EPS and $17.67B revenue. The beat was driven by strong Global Banking & Markets results (+32% YoY), particularly record Advisory revenues and record Equities financing, though FICC revenues were flat YoY and Platform Solutions continued to decline. The stock will move on the EPS beat and strong investment banking momentum, partially offset by a sequential revenue decline from Q2 and a higher provision for credit losses.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $17.01 vs consensus $15.70 (beat by 8.3%)
- Net revenues of $18.68B vs consensus $17.67B (beat by 5.7%)
- Net revenues up 23% YoY but down 8% sequentially from Q2
- Global Banking & Markets net revenues of $13.46B, up 32% YoY
- Record Advisory revenues of $1.654B, up 18% YoY
- Record Equities financing revenues of $3.365B, up 96% YoY
- FICC net revenues essentially flat YoY at $3.47B
- Asset & Wealth Management net revenues of $5.05B, up 14% YoY with record AUS of $4.10T
- Platform Solutions net revenues of $170M, down 72% YoY on Apple Card portfolio markdowns
- Provision for credit losses of $368M, up from $102M in Q2 and $339M in Q3 2025
- Operating expenses of $11.31B, up 20% YoY; efficiency ratio of 59.4% YTD
- Returned $4.49B to shareholders via $3.00B in buybacks and $1.49B in dividends
- Book value per share of $372.64, up 4.2% YTD
- Standardized CET1 ratio of 12.4%, down from 12.9% in Q2
Financial Impact
EPS beat of $1.31 (8.3%) vs consensus on $1.01B revenue beat (5.7%)
Risk Factors
- FICC revenues flat YoY and down 24% QoQ signal potential market share or volatility headwinds
- Platform Solutions continues to decline with Apple Card portfolio drag
- Provision for credit losses more than tripled QoQ to $368M
- Standardized CET1 ratio declined to 12.4% from 12.9% in Q2, reducing capital flexibility
- Investment banking fee backlog decreased QoQ, suggesting near-term revenue headwinds
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000886982-26-000529 |
| Document: gs-20261013.htm | 0000886982-26-000529 |
| Document: a3q26gsearningsresultspr.htm | 0000886982-26-000529 |
| Document: 0000886982-26-000529-index-headers.html | 0000886982-26-000529 |
| Document: 0000886982-26-000529-index.html | 0000886982-26-000529 |
| Document: 0000886982-26-000529.txt | 0000886982-26-000529 |
| 8-K Data (Synthetic) | 0000886982-26-000529 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | ANALYST-UPGRADE | $877.07 | awaiting T+1 | — | $912.08 (+3.99%) |
Oct 22, 2026 5d ago | 144 | $875.68 $893.28 | ▲ +2.01% | ▲ +1.30% | $912.08 (+4.16%) |
Oct 14, 2026 13d ago | Court Ruling | $891.28 $881.26 | ▼ −1.12% | ▼ −0.02% | $912.08 (+2.33%) |
Oct 13, 2026 14d ago | 8-K | $891.91 $878.72 | ▼ −1.48% | ▼ −0.40% | $912.08 (+2.26%) |
Oct 8, 2026 19d ago | ANALYST-UPGRADE | $882.59 $895.32 | ▲ +1.44% | ▲ +0.84% | $912.08 (+3.34%) |
Oct 1, 2026 25d ago | DEFA14A | $902.56 $893.46 | ▼ −1.01% | ▼ −1.68% | $912.08 (+1.05%) |
Sep 10, 2026 6w ago | Court Ruling | $1,029.18 $988.45 | ▼ −3.96% | ▼ −3.51% | $912.08 (−11.38%) |
Aug 14, 2026 10w ago | 13F-HR | $1,051.31 $1,040.47 | ▼ −1.03% | ▼ −0.36% | $912.08 (−13.24%) |
Jul 21, 2026 14w ago | GOVT-CONTRACT | $1,092.85 $1,069.48 | ▼ −2.14% | ▼ −0.90% | $912.08 (−16.54%) |
Jul 20, 2026 14w ago | 8-K | $1,055.03 $1,085.56 | ▲ +2.89% | ▲ +2.06% | $912.08 (−13.55%) |
US Market Status
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