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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 13, 2026
The Goldman Sachs Group, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-14965
Delaware 13-4019460
(State or other jurisdiction of
incorporation)
(IRS Employer
Identification No.)
200 West Street, New York, NY
 10282
(Address of principal executive offices) (Zip Code)
(212) 902-1000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Exchange
on which
registered
Common stock, par value $.01 per share GS NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition.
On October 13, 2026, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the third quarter ended September 30, 2026. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On October 13, 2026, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
99.1
Exhibit 99.1 shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act).
99.2
Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.
101
Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).
104
Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE GOLDMAN SACHS GROUP, INC.
(Registrant)
Date: October 13, 2026 By: /s/ Denis P. Coleman III
Name: Denis P. Coleman III
Title: Chief Financial Officer

EX-99.1 2 a3q26gsearningsresults.htm EX-99.1 3Q26 GS Earnings Results
Exhibit 99.1
gslogocorrectgraya.jpg
Third Quarter 2026
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
1
THIRD QUARTER 2026 EARNINGS RESULTS
Goldman Sachs Reports Third Quarter Earnings Per
Common Share of $17.01
Financial Summary
Net Earnings
$ in millions
3Q26
$5,294
3Q26 YTD
$17,552
EPS1
3Q26
$17.01
3Q26 YTD
$55.56
Net Revenues
$ in millions
3Q26
$18,679
3Q26 YTD
$56,244
Annualized ROE2
3Q26
18.7%
3Q26 YTD
20.7%
Book Value Per Share
3Q26
$372.64
YTD Growth
4.2%
NEW YORK, October 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $18.68 billion
and net earnings of $5.29 billion for the third quarter ended September 30, 2026. Net revenues were $56.24 billion and net
earnings were $17.55 billion for the first nine months of 2026.
Diluted earnings per common share (EPS)1 was $17.01 for the third quarter of 2026 compared with $12.25 for the third quarter
of 2025 and $20.98 for the second quarter of 2026, and was $55.56 for the first nine months of 2026 compared with $37.33 for
the first nine months of 2025.
Annualized return on average common shareholders' equity (ROE)2 was 18.7% for the third quarter of 2026 and 20.7% for the
first nine months of 2026.
Book value per common share increased by 1.4% during the third quarter of 2026 and by 4.2% during the first nine months of
2026 to $372.64.
2
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Net Revenues
Net revenues were $18.68 billion for the third quarter of 2026, 23% higher than
the third quarter of 2025 and 8% lower than the second quarter of 2026. The
increase compared with the third quarter of 2025 primarily reflected
significantly higher net revenues in Global Banking & Markets.
Net Revenues
$ in millions
3Q26
$18,679
Global Banking & Markets
Net revenues in Global Banking & Markets were $13.46 billion for the third
quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than
the second quarter of 2026.
Investment banking fees were $3.22 billion, 21% higher than the third quarter
of 2025, primarily due to higher net revenues in Advisory, reflecting an
increase in completed mergers and acquisitions volumes, and significantly
higher net revenues in Equity underwriting, primarily reflecting higher net
revenues from initial public offerings and secondary offerings. Net revenues in
Debt underwriting were also higher, primarily reflecting significantly higher net
revenues from investment-grade activity. The firm’s Investment banking fees
backlog3 decreased compared with the end of the second quarter of 2026 and
decreased slightly compared with the end of 2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47
billion, essentially unchanged compared with the third quarter of 2025. Net
revenues in FICC intermediation were lower, due to significantly lower net
revenues in mortgages and credit products and lower net revenues in interest
rate products, partially offset by significantly higher net revenues in currencies
and commodities. Net revenues in FICC financing were higher, primarily due to
higher net revenues in mortgages and structured lending.
Net revenues in Equities were $6.44 billion, 72% higher than the third quarter
of 2025, due to significantly higher net revenues in Equities financing (driven
by significantly higher net revenues in prime financing and portfolio financing)
and in Equities intermediation (primarily driven by significantly higher net
revenues in derivatives).
Net revenues in Other were $322 million, compared with $282 million for the
third quarter of 2025, primarily reflecting higher net revenues in transaction
banking.
Global Banking & Markets
$ in millions
Advisory
$1,654
Equity underwriting
666
Debt underwriting
904
Investment banking fees
3,224
FICC intermediation
2,264
FICC financing
1,207
FICC
3,471
Equities intermediation
3,076
Equities financing
3,365
Equities
6,441
Other
322
Net revenues
$13,458
3
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $5.05 billion for the third
quarter of 2026, 14% higher than the third quarter of 2025 and 10% higher
than the second quarter of 2026. The increase compared with the third quarter
of 2025 reflected significantly higher Management and other fees and
Incentive fees, partially offset by significantly lower net revenues in
Investments and Private banking and lending.
The increase in Management and other fees primarily reflected the impact of
higher average assets under supervision. The increase in Incentive fees was
driven by fund distributions. The decrease in Investments net revenues
included net markdowns in debt investments compared with net markups in
the prior year period. The decrease in Private banking and lending net
revenues reflected the payment of interest on a previously impaired loan in the
prior year period.
Asset & Wealth Management
$ in millions
Management and other fees
$3,587
Incentive fees
587
Private banking and lending
827
Investments
50
Net revenues
$5,051
Platform Solutions
Net revenues in Platform Solutions were $170 million for the third quarter of
2026, 72% lower than the third quarter of 2025 and 23% lower than the
second quarter of 2026. The decrease compared with the third quarter of 2025
primarily reflected net markdowns related to the Apple Card loan portfolio,
which was transferred to held for sale in the fourth quarter of 2025.
Platform Solutions
$ in millions
Net revenues
$170
Provision for Credit Losses
Provision for Credit Losses
$ in millions
3Q26
$368
Provision for credit losses was $368 million for the third quarter of 2026,
compared with $339 million for the third quarter of 2025 and $102 million for
the second quarter of 2026. Provisions for the third quarter of 2026 primarily
reflected impairments related to wholesale loans. Provisions for the third
quarter of 2025 primarily reflected net provisions related to the credit card
portfolio, which was transferred to held for sale in the fourth quarter of 2025.
4
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Operating Expenses
Operating expenses were $11.31 billion for the third quarter of 2026, 20%
higher than the third quarter of 2025 and 3% lower than the second quarter of
2026. The firm's efficiency ratio3 was 59.4% for the first nine months of 2026,
compared with 62.1% for the first nine months of 2025.
The increase in operating expenses compared with the third quarter of 2025
primarily reflected significantly higher transaction based expenses and higher
compensation and benefits expenses (reflecting improved operating
performance). In addition, charitable contributions to Goldman Sachs Gives (in
other expenses) were significantly higher.
Net provisions for litigation and regulatory proceedings were $23 million for the
third quarter of 2026, compared with $131 million for the third quarter of 2025.
Headcount increased 3% compared with the end of the second quarter of
2026, reflecting the timing of campus hires.
Operating Expenses
$ in millions
3Q26
$11,308
Efficiency Ratio
3Q26 YTD
59.4%
Provision for Taxes
Effective Tax Rate
3Q26 YTD
20.4%
The effective tax rate for the first nine months of 2026 was 20.4%, up from
18.5% for the first half of 2026, primarily due to a decrease in the impact of tax
benefits on the settlement of employee share-based awards.4
Other Matters
•On October 12, 2026, the Board of Directors of The Goldman Sachs
Group, Inc. declared a dividend of $5.00 per common share to be paid on
December 30, 2026 to common shareholders of record on December 2,
2026.
•During the quarter, the firm returned $4.49 billion of capital to common
shareholders, including $3.00 billion of common share repurchases (2.9
million shares at an average cost of $1,048.73) and $1.49 billion of
common stock dividends.3
•Global core liquid assets3 averaged $574 billion for the third quarter of
2026, compared with an average of $555 billion for the second quarter of
2026.
Quarterly Dividend Declared
Per common share
4Q26
$5.00
Common Share Repurchases
$ in billions
3Q26
$3.00
Hi Hi d
Average GCLA
$ in billions
3Q26
$574
5
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ,
possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For
information about some of the risks and important factors that could affect the firm’s future results, financial condition and
liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle
East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial
advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development
with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other
important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the
firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the
U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior
to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor
Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For
those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three
hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs
Investor Relations, via e-mail, at gs-investor-relations@gs.com.
6
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in millions
2026
2026
2025
2026
2025
GLOBAL BANKING & MARKETS
Advisory
$
1,654
$
1,378
$
1,404
20
%
18
%
Equity underwriting
666
985
465
(32)
43
Debt underwriting
904
1,032
788
(12)
15
Investment banking fees
3,224
3,395
2,657
(5)
21
FICC intermediation
2,264
3,376
2,437
(33)
(7)
FICC financing
1,207
1,216
1,056
(1)
14
FICC
3,471
4,592
3,493
(24)
(1)
Equities intermediation
3,076
4,157
2,020
(26)
52
Equities financing
3,365
3,259
1,716
3
96
Equities
6,441
7,416
3,736
(13)
72
Other
322
117
282
175
14
Net revenues
13,458
15,520
10,168
(13)
32
ASSET & WEALTH MANAGEMENT
Management and other fees
3,587
3,355
2,943
7
22
Incentive fees
587
112
76
424
672
Private banking and lending
827
689
1,057
20
(22)
Investments
50
441
342
(89)
(85)
Net revenues
5,051
4,597
4,418
10
14
PLATFORM SOLUTIONS
Net revenues
170
221
598
(23)
(72)
Total net revenues
$
18,679
$
20,338
$
15,184
(8)
23
Geographic Net Revenues (unaudited)3
THREE MONTHS ENDED
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in millions
2026
2026
2025
Americas
$
11,674
$
12,222
$
10,020
EMEA
3,205
4,502
3,163
Asia
3,800
3,614
2,001
Total net revenues
$
18,679
$
20,338
$
15,184
Americas
63
%
60
%
66
%
EMEA
17
%
22
%
21
%
Asia
20
%
18
%
13
%
Total
100
%
100
%
100
%
7
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
NINE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
SEPTEMBER 30,
SEPTEMBER 30,
$ in millions
2026
2025
2025
GLOBAL BANKING & MARKETS
Advisory
$
4,526
$
3,370
34
%
Equity underwriting
2,186
1,263
73
Debt underwriting
2,747
2,129
29
Investment banking fees
9,459
6,762
40
FICC intermediation
8,589
8,250
4
FICC financing
3,485
3,165
10
FICC
12,074
11,415
6
Equities intermediation
9,951
7,162
39
Equities financing
9,232
5,067
82
Equities
19,183
12,229
57
Other
1,000
636
57
Net revenues
41,716
31,042
34
ASSET & WEALTH MANAGEMENT
Management and other fees
10,019
8,446
19
Incentive fees
882
308
186
Private banking and lending
2,154
2,571
(16)
Investments
671
635
6
Net revenues
13,726
11,960
15
PLATFORM SOLUTIONS
Net revenues
802
1,827
(56)
Total net revenues
$
56,244
$
44,829
25
Geographic Net Revenues (unaudited)3
NINE MONTHS ENDED
SEPTEMBER 30,
SEPTEMBER 30,
$ in millions
2026
2025
Americas
$
34,312
$
28,868
EMEA
11,474
10,465
Asia
10,458
5,496
Total net revenues
$
56,244
$
44,829
Americas
61
%
65
%
EMEA
20
%
23
%
Asia
19
%
12
%
Total
100
%
100
%
8
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
In millions, except
per share amounts and headcount
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
2026
2026
2025
2026
2025
REVENUES
Investment banking
$
3,233
$
3,400
$
2,659
(5)
%
22
%
Investment management
4,102
3,378
2,952
21
39
Commissions and fees
1,515
1,525
1,110
(1)
36
Market making
5,658
7,637
3,868
(26)
46
Other principal transactions
401
444
743
(10)
(46)
Total non-interest revenues
14,909
16,384
11,332
(9)
32
Interest income
22,793
22,047
20,822
3
9
Interest expense
19,023
18,093
16,970
5
12
Net interest income
3,770
3,954
3,852
(5)
(2)
Total net revenues
18,679
20,338
15,184
(8)
23
Provision for credit losses
368
102
339
261
9
OPERATING EXPENSES
Compensation and benefits
5,122
6,104
4,680
(16)
9
Transaction based
3,021
3,052
1,968
(1)
54
Market development
183
198
171
(8)
7
Communications and technology
674
635
545
6
24
Depreciation and amortization
537
509
531
6
1
Occupancy
249
244
242
2
3
Professional fees
424
372
432
14
(2)
Other expenses
1,098
559
884
96
24
Total operating expenses
11,308
11,673
9,453
(3)
20
Pre-tax earnings
7,003
8,563
5,392
(18)
30
Provision for taxes
1,709
1,935
1,294
(12)
32
Net earnings
5,294
6,628
4,098
(20)
29
Preferred stock dividends
172
229
238
(25)
(28)
Net earnings to common
$
5,122
$
6,399
$
3,860
(20)
33
EARNINGS PER COMMON SHARE
Basic3
$
17.24
$
21.27
$
12.42
(19)
%
39
%
Diluted1
$
17.01
$
20.98
$
12.25
(19)
39
AVERAGE COMMON SHARES
Basic
296.1
300.1
309.6
(1)
(4)
Diluted
301.1
304.9
315.0
(1)
(4)
SELECTED DATA AT PERIOD-END
Common shareholders' equity
$
110,151
$
109,714
$
109,249
—
1
Basic shares3
295.6
298.4
308.8
(1)
(4)
Book value per common share
$
372.64
$
367.67
$
353.79
1
5
Headcount
47,500
46,200
48,300
3
(2)
9
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
NINE MONTHS ENDED
% CHANGE FROM
In millions, except
per share amounts
SEPTEMBER 30,
SEPTEMBER 30,
SEPTEMBER 30,
2026
2025
2025
REVENUES
Investment banking
$
9,477
$
6,769
40
%
Investment management
10,659
8,548
25
Commissions and fees
4,366
3,537
23
Market making
18,756
14,324
31
Other principal transactions
1,707
1,800
(5)
Total non-interest revenues
44,965
34,978
29
Interest income
65,477
59,994
9
Interest expense
54,198
50,143
8
Net interest income
11,279
9,851
14
Total net revenues
56,244
44,829
25
Provision for credit losses
785
1,010
(22)
OPERATING EXPENSES
Compensation and benefits
16,638
14,241
17
Transaction based
8,588
5,773
49
Market development
567
494
15
Communications and technology
1,892
1,581
20
Depreciation and amortization
1,541
1,655
(7)
Occupancy
747
709
5
Professional fees
1,175
1,296
(9)
Other expenses
2,259
2,073
9
Total operating expenses
33,407
27,822
20
Pre-tax earnings
22,052
15,997
38
Provision for taxes
4,500
3,438
31
Net earnings
17,552
12,559
40
Preferred stock dividends
628
643
(2)
Net earnings to common
$
16,924
$
11,916
42
EARNINGS PER COMMON SHARE
Basic3
$
56.27
$
37.75
49
%
Diluted1
$
55.56
$
37.33
49
AVERAGE COMMON SHARES
Basic
299.9
314.6
(5)
Diluted
304.6
319.2
(5)
10
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
AS OF
SEPTEMBER 30,
JUNE 30,
$ in billions
2026
2026
ASSETS
Cash and cash equivalents
$
177
$
187
Collateralized agreements
359
366
Customer and other receivables
226
230
Trading assets
832
789
Investments
273
256
Loans
276
261
Other assets
39
39
Total assets
$
2,182
$
2,128
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$
568
$
558
Collateralized financings
395
357
Customer and other payables
289
300
Trading liabilities
331
324
Unsecured short-term borrowings
92
90
Unsecured long-term borrowings
352
348
Other liabilities
30
28
Total liabilities
2,057
2,005
Shareholders’ equity
125
123
Total liabilities and shareholders’ equity
$
2,182
$
2,128
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
AS OF
SEPTEMBER 30,
JUNE 30,
$ in billions
2026
2026
Common equity tier 1 capital
$
101.4
$
101.7
STANDARDIZED CAPITAL RULES
Risk-weighted assets
$
817
$
791
Common equity tier 1 capital ratio
12.4
%
12.9
%
ADVANCED CAPITAL RULES
Risk-weighted assets
$
745
$
747
Common equity tier 1 capital ratio
13.6
%
13.6
%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio
4.3
%
4.3
%
Average Daily VaR (unaudited)3
THREE MONTHS ENDED
SEPTEMBER 30,
JUNE 30,
$ in millions
2026
2026
CATEGORIES
Interest rates
$
75
$
82
Equity prices
79
65
Currency rates
18
19
Commodity prices
31
30
Diversification effect
(77)
(76)
Total
$
126
$
120
11
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in billions
2026
2026
2025
ASSET CLASS (as of period-end)
Alternative investments
$
491
$
459
$
390
Equity
1,150
1,123
914
Fixed income
1,405
1,394
1,297
Total long-term AUS
3,046
2,976
2,601
Liquidity products
1,051
1,065
851
Total AUS
$
4,097
$
4,041
$
3,452
ROLLFORWARD (for the three months ended)
Beginning balance
$
4,041
$
3,650
$
3,293
Net inflows / (outflows):
Alternative investments
34
21
12
Equity
13
46
5
Fixed income
50
24
39
Total long-term AUS net inflows / (outflows)6
97
91
56
Liquidity products
(14)
139
23
Total AUS net inflows / (outflows)
83
230
79
Net market appreciation / (depreciation)
(27)
161
80
Ending balance
$
4,097
$
4,041
$
3,452
Footnotes
1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders'
equity. Average monthly common shareholders' equity was $109.38 billion for the three months ended September 30, 2026 and $109.06 billion for the
nine months ended September 30, 2026.
3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk
Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk
Management – Market Risk Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly
Report on Form 10-Q for the period ended June 30, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation
and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards and other share-based
arrangements that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common
Share.”
Represents a preliminary estimate for the third quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q
for the period ended September 30, 2026.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2026 of
approximately $975 million, which increased diluted EPS by approximately $3.20 and annualized ROE by 1.1 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital
Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the
disposition of Goldman Sachs TFI, for the three months ended June 30, 2026.
EX-99.2 3 a3q26gsearningsresultspr.htm EX-99.2 a3q26gsearningsresultspr
114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Third Quarter 2026 Earnings Results Presentation October 13, 2026 Exhibit 99.2

 
1 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade ■ Charitable contributions reduced diluted EPS by approximately $1.00, annualized ROE by approximately 1.1 percentage points and annualized ROTE by approximately 1.1 percentage points2 ■ 2nd highest net revenues ■ 2nd highest net revenues in GBM, including record net revenues in Advisory and 2nd highest net revenues in both FICC financing and Equities (record financing and 2nd highest intermediation) ■ #1 in announced and completed M&A and equity & equity-related offerings; #2 in leveraged lending; #3 in HY debt4 ■ Record Management and other fees ■ Record AUS5 of $4.10 trillion; 35th consecutive quarter of long-term fee-based net inflows ■ During 3Q26, the firm announced agreements to acquire NEOS Investments and LCN Capital Partners Results Snapshot Quarterly Highlights Net Revenues $ in millions 3Q26 $18,679 3Q26 YTD $56,244 Net Earnings $ in millions 3Q26 $5,294 3Q26 YTD $17,552 Annualized ROE2,3 3Q26 18.7% 3Q26 YTD 20.7% Annualized ROTE2,3 3Q26 20.5% 3Q26 YTD 22.4% Book Value Per Share 3Q26 $372.64 YTD Growth 4.2% EPS1,2 3Q26 $17.01 3Q26 YTD $55.56 "Against the backdrop of a complicated operating environment, our clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities, resulting in our second highest quarterly net revenues and record year-to-date net revenues. Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients. I am confident our market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth."  ____________________ David Solomon Chairman and Chief Executive Officer

 
2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $18,679 $20,338 $15,184 $5,051 $4,597 $4,418 $13,458 $15,520 $10,168 Global Banking & Markets Asset & Wealth Management Platform Solutions 3Q26 2Q26 3Q25 Financial Overview Financial Results Financial Overview Highlights ■ 3Q26 results included EPS1,2 of $17.01 and ROE2,3 of 18.7% ‐ Net revenues were significantly higher YoY, primarily reflecting significantly higher net revenues in Global Banking & Markets ‐ Provision for credit losses of $368 million primarily reflected impairments related to wholesale loans ‐ Operating expenses were significantly higher YoY, primarily reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance) $ in millions except per share amounts 3Q26 vs.  2Q26 vs. 3Q25 3Q26 YTD vs.  3Q25 YTD Global Banking & Markets $ 13,458 (13)% 32% $ 41,716 34% Asset & Wealth Management 5,051 10% 14% 13,726 15% Platform Solutions 170 (23)% (72)% 802 (56)% Net revenues 18,679 (8)% 23% 56,244 25% Provision for credit losses 368 261% 9% 785 (22)% Operating expenses 11,308 (3)% 20% 33,407 20% Pre-tax earnings $ 7,003 (18)% 30% $ 22,052 38% Net earnings $ 5,294 (20)% 29% $ 17,552 40% Net earnings to common $ 5,122 (20)% 33% $ 16,924 42% Diluted EPS1,2 $ 17.01 (19)% 39% $ 55.56 49% ROE2,3 18.7% (4.8)pp 4.5pp 20.7% 6.1pp ROTE2,3 20.5% (5.0)pp 5.3pp 22.4% 6.8pp Efficiency Ratio5 60.5% 3.1pp (1.8)pp 59.4% (2.7)pp  Net Revenues by Segment ($ in millions) $170 $221 $598

 
3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Global Banking & Markets Financial Results Global Banking & Markets Highlights ■ 3Q26 net revenues were significantly higher YoY ‐ Investment banking fees primarily reflected higher net revenues in Advisory and significantly higher net revenues in Equity underwriting ‐ FICC reflected lower net revenues in intermediation, offset by higher net revenues in financing ‐ Equities reflected significantly higher net revenues in financing and intermediation ■ Investment banking fees backlog5 decreased QoQ, primarily driven by a decrease in Advisory ■ 3Q26 select data5: ‐ Total assets of $1.94 trillion ‐ Loan balance of $200 billion ‐ Net interest income of $2.32 billion $ in millions 3Q26 vs.  2Q26 vs. 3Q25 3Q26 YTD vs.  3Q25 YTD Investment banking fees $ 3,224 (5)% 21% $ 9,459 40% FICC 3,471 (24)% (1)% 12,074 6% Equities 6,441 (13)% 72% 19,183 57% Other 322 175% 14% 1,000 57% Net revenues 13,458 (13)% 32% 41,716 34% Provision for credit losses 345 360% 321% 668 108% Operating expenses 7,331 (8)% 26% 22,286 26% Pre-tax earnings $ 5,782 (23)% 36% $ 18,762 43% Net earnings $ 4,360 (25)% 35% $ 14,933 45% Net earnings to common $ 4,219 (25)% 39% $ 14,422 48% Average common equity $ 81,485 — 3% $ 81,705 3% Return on average common equity 20.7% (6.8)pp 5.4pp 23.5% 7.1pp Global Banking & Markets Net Revenues ($ in millions) $13,458 $15,520 $10,168 $6,441 $7,416 $3,736 $3,471 $4,592 $3,493 $3,224 $3,395 $2,657 Investment banking fees FICC Equities Other 3Q26 2Q26 3Q25 $322 $117 $282

 
4 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Global Banking & Markets – Net Revenues  Net Revenues Global Banking & Markets Net Revenues Highlights ■ 3Q26 Investment banking fees were significantly higher YoY ‐ Record Advisory net revenues reflected an increase in completed mergers and acquisitions volumes ‐ Equity underwriting primarily reflected higher net revenues from initial public offerings and secondary offerings ‐ Debt underwriting primarily reflected significantly higher net revenues from investment-grade activity ■ 3Q26 FICC net revenues were essentially unchanged YoY ‐ FICC intermediation net revenues decreased, reflecting significantly lower net revenues in mortgages and credit products and lower net revenues in interest rate products, partially offset by significantly higher net revenues in currencies and commodities ‐ FICC financing net revenues increased, primarily reflecting higher net revenues in mortgages and structured lending ■ 3Q26 Equities net revenues were significantly higher YoY ‐ Equities intermediation primarily reflected significantly higher net revenues in derivatives ‐ Record Equities financing net revenues reflected significantly higher net revenues in prime financing and portfolio financing ■ 3Q26 Other net revenues YoY primarily reflected higher net revenues in transaction banking $ in millions 3Q26 vs.  2Q26 vs. 3Q25 3Q26 YTD vs.  3Q25 YTD Advisory $ 1,654 20% 18% $ 4,526 34% Equity underwriting 666 (32)% 43% 2,186 73% Debt underwriting 904 (12)% 15% 2,747 29% Investment banking fees  3,224 (5)% 21% 9,459 40% FICC intermediation 2,264 (33)% (7)% 8,589 4% FICC financing 1,207 (1)% 14% 3,485 10% FICC 3,471 (24)% (1)% 12,074 6% Equities intermediation 3,076 (26)% 52% 9,951 39% Equities financing 3,365 3% 96% 9,232 82% Equities 6,441 (13)% 72% 19,183 57% Other 322 175% 14% 1,000 57% Net revenues $ 13,458 (13)% 32% $ 41,716 34%

 
5 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Asset & Wealth Management Financial Results Asset & Wealth Management Highlights ■ 3Q26 net revenues were higher YoY ‐ Record Management and other fees primarily reflected the impact of higher average AUS ‐ Incentive fees YoY was driven by fund distributions ‐ Private banking and lending net revenues decreased significantly, reflecting the payment of interest on a previously impaired loan in 3Q25 ‐ Investments net revenues decreased significantly, including net markdowns in debt investments compared with net markups in 3Q25 ■ 3Q26 YTD pre-tax margin of 24% ■ 3Q26 select data5: ‐ Management and other fees: Asset management $1.55 billion; Wealth management $2.04 billion ‐ Total Wealth management client assets of ~$2.1 trillion ‐ Total assets of $211 billion ‐ Loan balance of $56 billion, of which $51 billion related to Private banking and lending ‐ Net interest income of $751 million $ in millions 3Q26 vs.  2Q26 vs. 3Q25 3Q26 YTD vs. 3Q25 YTD Management and other fees $ 3,587 7% 22% $ 10,019 19% Incentive fees 587 424% 672% 882 186% Private banking and lending 827 20% (22)% 2,154 (16)% Investments 50 (89)% (85)% 671 6% Net revenues 5,051 10% 14% 13,726 15% Provision for credit losses 23 (15)% N.M. 116 N.M. Operating expenses 3,712 7% 13% 10,252 12% Pre-tax earnings $ 1,316 18% 14% $ 3,358 16% Net earnings $ 1,010 18% 14% $ 2,673 17% Net earnings to common $ 983 20% 16% $ 2,573 19% Average common equity $ 24,427 3% (1)% $ 23,793 (4)% Return on average common equity 16.1% 2.3pp 2.4pp 14.4% 2.7pp Asset & Wealth Management Net Revenues ($ in millions) $5,051 $4,597 $4,418 $3,587 $3,355 $2,943 $827 $689 $1,057 $587 $441 $342 Management and other fees Private banking and lending Incentive fees Investments 3Q26 2Q26 3Q25 $50 $112 $76

 
6 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade ■ During the quarter, AUS increased $56 billion to a record $4.10 trillion ‐ Net inflows in fixed income, alternative investments and equity assets ‐ Net outflows in liquidity products ‐ Net market depreciation in fixed income assets, partially offset by net market appreciation in equity assets ■ Total long-term AUS net inflows of $97 billion during the quarter, of which: ‐ $47 billion of net inflows in Wealth management client channel ‐ $31 billion of net inflows in Institutional client channel ‐ $19 billion of net inflows in Third-party distributed client channel Long-Term AUS by Client Channel5 AUS Highlights5 Asset & Wealth Management – Assets Under Supervision AUS Rollforward5 AUS by Asset Class5 3Q26 AUS by Region and Vehicle5 Americas EMEA Asia Region 74% 19% 7% $ in billions 3Q26 2Q26 3Q25 Alternative investments $ 491 $ 459 $ 390 Equity 1,150 1,123 914 Fixed income 1,405 1,394 1,297 Total long-term AUS 3,046 2,976 2,601 Liquidity products 1,051 1,065 851 Total AUS $ 4,097 $ 4,041 $ 3,452 $ in billions 3Q26 2Q26 3Q25 Institutional $ 1,245 $ 1,252 $ 1,161 Wealth management 1,087 1,041 914 Third-party distributed 714 683 526 Total long-term AUS $ 3,046 $ 2,976 $ 2,601 $ in billions 3Q26 2Q26 3Q25 Beginning balance $ 4,041 $ 3,650 $ 3,293 Long-term AUS net inflows / (outflows)6 97 91 56 Liquidity products net inflows / (outflows) (14) 139 23 Total AUS net inflows / (outflows) 83 230 79 Net market appreciation / (depreciation) (27) 161 80 Total AUS $ 4,097 $ 4,041 $ 3,452 Separate accounts Public funds Private funds and other Vehicle 53% 29% 18%

 
7 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Asset & Wealth Management - Alternative Investments Alternative Investments Highlights5On-Balance Sheet Alternative Investments5 ■ 3Q26 Management and other fees from alternative investments were $860 million, up 43% compared with 3Q25 ■ During the quarter, alternative investments AUS increased $32 billion to a record $491 billion ■ 3Q26 gross third-party alternatives fundraising across strategies was $37 billion ($122 billion for 3Q26 YTD and $560 billion raised since 2019) 3Q26 $ in billions Average AUS Effective Fees (bps) Corporate equity $ 150 92 Credit 81 78 Real estate 28 65 Hedge funds and other 75 68 Funds and discretionary accounts 334 81 Corporate equity 43 20 Credit 24 19 Real estate 21 7 Hedge funds and other 56 17 Advisory and OCIO accounts 144 17 Total alternative investments AUS $ 478 60 Alternatives Fundraising5 ($ in billions)Alternative Investments AUS and Effective Fees5 $37 $8 $16 $12 Corporate equity Credit Real estate Hedge funds and other 3Q26 $ in billions 3Q26 Loans $ 5.3 Debt securities 7.0 Equity securities 10.7 Other 1.3 Total on-balance sheet alternative investments $ 24.3 $1

 
8 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Platform Solutions Financial Results Platform Solutions Highlights ■ 3Q26 net revenues were significantly lower YoY, primarily reflecting net markdowns related to the Apple Card loan portfolio, which was transferred to held for sale in 4Q25 ■ 3Q26 select data5: ‐ Total assets of $30 billion ‐ Loan balance of $20 billion ‐ Net interest income of $704 million $ in millions 3Q26 vs.  2Q26 vs. 3Q25 3Q26 YTD vs.  3Q25 YTD Net revenues $ 170 (23)% (72)% $ 802 (56)% Provision for credit losses — N.M. (100)% 1 (100)% Operating expenses 265 (1)% (21)% 869 (15)% Pre-tax earnings / (loss) $ (95) (98)% (332)% $ (68) N.M. Net earnings / (loss) $ (76) (77)% (322)% $ (54) N.M. Net earnings / (loss) to common $ (80) (60)% (208)% $ (71) (344)% Average common equity $ 3,468 1% (19)% $ 3,562 (19)% Return on average common equity (9.2)% (3.4)pp (6.8)pp (2.7)% (2.2)pp Platform Solutions Net Revenues ($ in millions) $170 $221 $598 3Q26 2Q26 3Q25

 
9 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $276 $261 $222 $20 $20 $18 $56 $53 $50 $200 $188 $154 Global Banking & Markets Asset & Wealth Management Platform Solutions 3Q26 2Q26 3Q25 Loans and Net Interest Income Loans and Net Interest Income Highlights5 Loans by Segment5 ($ in billions) $ in billions 3Q26 2Q26 3Q25 Corporate $ 39 $ 36 $ 32 Commercial real estate 42 40 34 Residential real estate 38 36 30 Securities-based 22 19 18 Other collateralized 113 109 90 Credit cards 20 19 20 Other 4 4 3 Allowance for loan losses (2) (2) (5) Total loans $ 276 $ 261 $ 222 ■ 3Q26 loans increased QoQ ‐ Gross loans by type: amortized cost $249 billion, fair value $5 billion, held for sale $24 billion ‐ Average loans of $270 billion ‐ Total allowance for loan losses and losses on lending commitments was $3.11 billion ($2.31 billion for funded loans) ■ Net charge-offs for 3Q26 of $154 million for an annualized net charge-off rate of 0.3% ■ Net interest income for 3Q26 was $3.77 billion, 2% lower YoY ‐ 3Q26 average interest-earning assets of $2.03 trillion Loans by Type5 Metrics 0.9% ALLL to total gross loans, at amortized cost as of 3Q26 ALLL to Gross Loans Gross Secured Loans 85% of total gross loans are secured as of 3Q26

 
10 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Expenses Financial Results Expense Highlights ■ 3Q26 total operating expenses were significantly higher YoY ‐ Compensation and benefits expenses were higher, reflecting improved operating performance ‐ Non-compensation expenses were significantly higher, primarily reflecting significantly higher transaction based expenses. In addition, charitable contributions to Goldman Sachs Gives (in other expenses) were significantly higher ■ 3Q26 YTD effective tax rate was 20.4%, up from 18.5% for 2Q26 YTD, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards $ in millions 3Q26 vs.  2Q26 vs.  3Q25  3Q26 YTD vs.  3Q25 YTD Compensation and benefits $ 5,122 (16)% 9% $ 16,638 17% Transaction based 3,021 (1)% 54% 8,588 49% Market development 183 (8)% 7% 567 15% Communications and technology 674 6% 24% 1,892 20% Depreciation and amortization 537 6% 1% 1,541 (7)% Occupancy 249 2% 3% 747 5% Professional fees 424 14% (2)% 1,175 (9)% Other expenses 1,098 96% 24% 2,259 9% Total operating expenses $ 11,308 (3)% 20% $ 33,407 20% Provision for taxes $ 1,709 (12)% 32% $ 4,500 31% Effective tax rate 20.4% (1.1)pp 59.4% 62.1% 3Q26 YTD 3Q25 YTD Efficiency Ratio5

 
11 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Capital and Balance Sheet Capital and Balance Sheet Highlights5Capital5 ■ Standardized CET1 capital ratio decreased QoQ, primarily reflecting an increase in market and credit RWAs ■ Advanced CET1 capital ratio was unchanged QoQ, primarily reflecting a decrease in credit and operational RWAs, offset by an increase in market RWAs ■ Returned $4.49 billion of capital to common shareholders during the quarter ‐ 2.9 million common shares repurchased for a total cost of $3.00 billion ‐ $1.49 billion of common stock dividends ■ Deposits of $568 billion consisted of consumer $230 billion, private bank $105 billion, transaction banking $93 billion, brokered CDs $52 billion, deposit sweep programs $42 billion and other $46 billion ■ Book value per common share increased 1.4% QoQ $ in billions 3Q26 2Q26 4Q25 Total assets $ 2,182 $ 2,128 $ 1,809 Deposits $ 568 $ 558 $ 501 Unsecured long-term borrowings $ 352 $ 348 $ 285 Shareholders' equity $ 125 $ 123 $ 125 Average GCLA $ 574 $ 555 $ 479 Book Value Selected Balance Sheet Data5 3Q26 2Q26 4Q25 Standardized CET1 capital ratio 12.4% 12.9% 14.3% Advanced CET1 capital ratio 13.6% 13.6% 15.1% Supplementary leverage ratio (SLR) 4.3% 4.3% 5.2% in millions, except per share amounts 3Q26 2Q26 4Q25 Basic shares5 295.6 298.4 307.1 Book value per common share $ 372.64 $ 367.67 $ 357.60 Tangible book value per common share3 $ 341.43 $ 336.61 $ 335.49

 
12 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Information regarding the firm’s assets under supervision, total alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships) and the achievability of targets and goals, (iii) the firm’s expense savings, productivity (including the opportunities presented by artificial intelligence (AI)) and strategic location initiatives, (iv) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer (SCB) requirement and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective tax rate, (vii) the firm’s Investment banking fees backlog and future results, (viii) the firm’s planned benchmark debt issuances, and (ix) the firm's ability to transition the Apple Card program, and the timing of that transaction, are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policy, including tariffs, as well as the effects of the outbreak or escalation of wars or other conflicts. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships), expense savings and productivity initiatives (including the opportunities presented by AI) and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s SCB requirement and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, the results of supervisory stress tests and the finalization of outstanding regulatory capital rule proposals, which may not be what the firm expects. Statements about the firm’s future effective tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the process to transition the Apple Card program are subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions. Cautionary Note Regarding Forward-Looking Statements

 
13 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 1. Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements. 2. The impact of charitable contributions was an increase in non-compensation expenses for the third quarter of 2026 of approximately $450 million, which, after the impact of taxes, reduced diluted EPS by approximately $1.00, annualized ROE by approximately 1.1 percentage points and annualized ROTE by approximately 1.1 percentage points. 3. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: 4. Dealogic – January 1, 2026 through September 30, 2026. 5. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS), Wealth management client assets and alternative assets – see “Results of Operations – Asset & Wealth Management,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk Management." For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy." Represents a preliminary estimate for the third quarter of 2026 for the firm's assets under supervision, Wealth management client assets, alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2026. 6. Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Footnotes Unaudited, $ in millions AVERAGE FOR THE  AS OF  THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, 2026  JUNE 30, 2026 DECEMBER 31, 2025SEPTEMBER 30, 2026 SEPTEMBER 30, 2026 Total shareholders' equity $ 123,721 $ 123,028 $ 124,929 $ 122,742 $ 124,972 Preferred stock (14,341) (13,968) (14,778) (13,028) (15,153) Common shareholders' equity 109,380 109,060 110,151 109,714 109,819 Goodwill (7,347) (6,987) (7,338) (7,342) (5,949) Identifiable intangible assets (1,912) (1,529) (1,886) (1,929) (842) Tangible common shareholders' equity $ 100,121 $ 100,544 $ 100,927 $ 100,443 $ 103,028