The Goldman Sachs Group, Inc. Q3 2026 Earnings Recap

Goldman Sachs shares fell 1.7% after earnings, a roughly flat reaction. Results were strong on reported revenue, but the quarter included an accelerated charitable contribution that reduced EPS and returns; the transcript does not identify a specific earnings disappointment behind the move.

Key Takeaways

• Net revenue was $18.7 billion, the second-highest quarterly total in company history; EPS was $17.01, ROE 18.7% and ROTE 20.5%. Management said EPS would have been approximately $18 excluding the charitable contribution.
• Global Banking & Markets delivered its second-highest revenue quarter. Investment Banking Advisory revenue was a record, and Equities posted its second-best performance after the prior quarter’s record.
• Asset & Wealth Management management and other fees rose 22% year over year to a record $3.6 billion. Assets under supervision reached $4.1 trillion, with $97 billion of long-term net inflows.
• Alternatives assets under supervision increased 26% year over year to a record $491 billion. After $122 billion of year-to-date fundraising, the firm expects roughly $150 billion for the full year.
• Management cited renewed geopolitical tensions, energy-market disruption and inflation concerns as sources of uncertainty, while saying the Investment Banking backlog remained very robust.