$GS · GOLDMAN SACHS GROUP INC
Goldman Sachs filed its 10-Q for the quarter ended September 30, 2026. Total net revenues reached $18.679B, a 23% increase from $15.184B in Q3 2025. Net earnings applicable to common shareholders were $5.122B ($17.01 diluted EPS), up from $3.860B ($12.25 diluted EPS). Global Banking & Markets drove the outperformance with pre-tax earnings of $5.782B and a 20.7% ROE.
- Q3 net revenues of $18.679B, up 23% YoY from $15.184B, driven by market making (+46%) and investment banking (+22%).
- Diluted EPS of $17.01 vs. $12.25 a year ago; nine-month diluted EPS of $55.56 vs. $37.33.
- Global Banking & Markets pre-tax earnings surged to $5.782B from $4.258B, with ROE hitting 20.7%.
- Firm-wide return on average common equity reached 18.7% for Q3, up from 14.2% a year ago.
- Share count continued shrinking: average diluted shares fell to 301.1M from 315.0M; $12B in buybacks over nine months.
Extended-hours trading shows GS at $900.00, +0.14% vs. the regular close of $898.72. The modest after-hours move suggests the strong results were largely anticipated, though the 23% revenue growth and 39% EPS jump affirm the bull case for the $261.68B franchise.
Goldman's 23% revenue growth and 39% EPS jump confirm capital-markets activity is roaring back, with market making alone surging 46% to $5.658B.
Goldman's 23% revenue growth and 18.7% ROE set a high bar among large-cap banks this quarter. The 46% surge in market making revenues to $5.658B reflects the favorable trading environment that peers like Morgan Stanley and JPMorgan are also navigating, though GS's investment banking rebound (+22%) stands out.
Platform Solutions remains a drag: Q3 net revenues fell to $170M from $598M, with a pre-tax loss of $95M and negative 9.2% ROE. The segment's non-interest revenues were negative $534M, signaling ongoing repositioning costs. A $978M after-tax loss on available-for-sale securities hit other comprehensive income this quarter.