Key Highlights

● Net revenues were $18.68bn, up 23% on the year and down 8% sequentially.

● Diluted EPS was $17.01, against $12.25 a year earlier and $20.98 last quarter.

● Equities revenues rose 72% on the year to $6.44bn.

● The firm repurchased 2.9 million shares for $3.00bn and declared a $5.00 dividend.

The Goldman Sachs Group, Inc. (NYSE:GS), which files with the SEC as Goldman Sachs Group Inc, has common stock listed on the New York Stock Exchange under GS, as the cover page of its 13 October 2026 Form 8-K confirms. It is a US dollar reporter. The stock is one of the thirty companies in the Dow Jones Industrial Average, with an estimated weight of 10.26%, the largest of the thirty, as of the 13 October 2026 close. The Dow is price-weighted, so a high share price, rather than market value alone, drives a large weight.

Third-quarter earnings

Net revenues were $18.68bn, up 23% on the year and down 8% on the second quarter. Net earnings were $5.29bn, up 29% on the year but 20% lower than in the second quarter. Diluted earnings per share were $17.01, against $12.25 a year earlier and $20.98 in the second quarter. Annualised return on equity was 18.7% for the quarter and 20.7% for the first nine months. Provisions for credit losses were $368m, which the firm says mainly reflected impairments on wholesale loans. Preferred dividends were $172m, against $229m in the second quarter. Preferred dividends for the first nine months were $628m. Earnings per share rose about 39% on the year against 29% for net earnings.

The business lines

Global Banking and Markets net revenues were $13.46bn, up 32% on the year and down 13% on the quarter. Within that, equities revenues rose 72% on the year to $6.44bn, while fixed income, currency and commodities revenues were $3.47bn, down 1%. Investment banking fees were $3.22bn, up 21%. The firm states that its investment banking fees backlog decreased from the end of the second quarter and slightly from the end of 2025, with no figure given. Asset and Wealth Management net revenues were $5.05bn, up 14% on the year and 10% on the quarter. The sequential decline in markets revenue shows how dependent results are on trading conditions. Equities revenue exceeded fixed income by almost $3bn.

Capital and shareholder returns

On a preliminary basis, the common equity tier 1 ratio was 12.4% under the standardised approach, down from 12.9% at 30 June, and 13.6% under the advanced approach, unchanged. Common equity tier 1 capital was $101.4bn and the supplementary leverage ratio was 4.3%. The firm repurchased 2.9 million shares for $3.00bn, an average cost of $1,048.73, and paid $1.49bn in common dividends. The board declared a $5.00 dividend per share on 12 October 2026, payable on 30 December to holders of record on 2 December. Book value per common share was $372.64, up 1.4% in the quarter and 4.2% year to date. Buybacks and common dividends together returned $4.49bn in the quarter, about 85% of net earnings before preferred dividends. These figures are preliminary estimates as of 30 September 2026.

Trading Volatility, a Lower Fees Backlog and Thinner Capital Headroom

Material risks include revenue volatility in trading and advisory businesses, a lower fees backlog, credit impairments in wholesale lending and the lower standardised capital ratio, which reduces headroom for repurchases.