Goldman Sachs Group, Inc. (The)
GS · NYSE
GS · NYSE
Expected to report Jan 14, 2027 — estimated from last year’s reporting date.
Consensus is $15.54 EPS for Dec 2026 across 8 estimates, ranging $13.44 to $17.52.
Goldman Sachs reported a strong year-over-year quarter but a sequential step-down from Q2’s unusually higher revenue and earnings. Net revenue of $18.68 billion rose 23% from $15.18 billion a year ago and fell 8% from $20.34 billion in Q2. Diluted EPS of $17.01 beat the $12.90 consensus by 31.86%, increased 39% from $12.25 a year ago, and declined 19% from $20.98 in Q2. Net earnings were $5.29 billion, compared with $4.10 billion a year ago and $6.63 billion last quarter; annualized ROE was 18.7% versus 20.7% for the first nine months.
The print was defined by strength in Global Banking & Markets, especially Equities, and a solid contribution from Asset & Wealth Management, offset by sequentially lower markets revenue and higher costs and credit provisions. GBM revenue climbed 32% year over year to $13.46 billion but fell 13% sequentially, as Equities’ 72% annual increase did not prevent a 13% sequential decline in the business. AWM revenue rose 14% year over year to $5.05 billion, supported by fees and incentive fees. Operating expenses increased 20% year over year to $11.31 billion, and the provision for credit losses rose to $368 million from $102 million in Q2.
GBM generated $13.46 billion of revenue, up 32% year over year but down 13% from Q2. The annual comparison reflected a broad improvement in investment banking and, especially, Equities; sequentially, lower trading and underwriting revenues weighed on the segment. Investment banking fees increased 21% year over year to $3.22 billion, although the fees backlog declined from Q2 and was slightly lower than at the end of 2025.
AWM revenue rose 14% year over year and 10% sequentially to $5.05 billion. Higher average assets under supervision lifted management and other fees, while fund distributions supported incentive fees. These gains more than offset weak investment revenue, where debt investments had net markdowns versus net markups a year earlier. Private banking and lending was lower year over year, partly because the prior-year quarter included interest paid on a previously impaired loan.
Operating expenses were $11.31 billion, 20% higher than a year earlier but 3% lower than Q2. The annual increase was driven mainly by transaction-based expenses, up 54% to $3.02 billion, and compensation and benefits, up 9% to $5.12 billion, reflecting improved operating performance. Other expenses also rose 24% to $1.10 billion, including higher charitable contributions. The nine-month efficiency ratio improved to 59.4% from 62.1% a year earlier. The $368 million credit-loss provision compared with $339 million in the prior-year quarter and $102 million in Q2, with this quarter’s charge primarily reflecting wholesale-loan impairments.
Platform Solutions revenue fell 72% year over year and 23% sequentially to $170 million. The annual decline primarily reflected net markdowns related to the Apple Card loan portfolio, which had been transferred to held for sale in Q4 2025. In contrast, AWM’s $5.05 billion of revenue grew against both comparison periods, making it the more resilient of the two non-GBM businesses this quarter.
