$GS · GOLDMAN SACHS GROUP INC

Goldman Sachs reported Q3 2026 EPS of $17.01 on net revenues of $18.68 billion and net earnings of $5.29 billion, up 23% year-over-year. Global Banking & Markets revenues rose 32% to $13.46 billion, driven by a 72% surge in Equities (to $6.44 billion) on significantly higher financing and derivatives revenues, and 21% higher investment banking fees ($3.22 billion) reflecting stronger M&A and IPO activity. Asset & Wealth Management revenues climbed 14% to $5.05 billion on higher management fees and incentive fees from fund distributions.

Extended-hours trade at $925.18, up 3.49% vs regular close of $894.03, signals strong investor reception to the Equities blowout and capital return. Regular session showed -0.01% move since filing (markets closed at filing time).

Goldman's Q3 beat driven by a 72% Equities surge and robust investment banking fees demonstrates market-share gains in prime brokerage and capital markets amid recovering issuance volumes.

The 72% Equities revenue surge and 21% investment banking gain outpace peers, reflecting Goldman's prime brokerage strength and M&A/IPO market share in a recovering issuance environment. Efficiency ratio improvement to 59.4% from 62.1% demonstrates operating leverage as revenues scale.

Investment banking backlog decreased sequentially and slightly YTD, signaling potential fee headwinds. Platform Solutions revenues fell 72% YoY to $170 million on Apple Card portfolio markdowns. Provision for credit losses rose to $368 million from $102 million prior quarter on wholesale loan impairments.