Goldman Sachs 8-K
PositiveEarningsGuidance deferred to the callImpairment / charge
Equities growth drove Global Banking & Markets gains, while Apple Card loan markdowns hit Platform Solutions.
Filed 2026-10-13 07:32 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results. Net revenue rose 23% Y/Y, driven mainly by Global Banking & Markets; nine-month revenue reached a record. Earnings also increased Y/Y, while credit-loss provisions and operating expenses were higher. The firm will discuss its outlook on a conference call on 10/13/2026.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Net revenue | $18.7B, +23% Y/Y | $56.2B, +25% Y/Y |
| Net earnings | $5.29B, +29% Y/Y | $17.6B, +40% Y/Y |
| Net earnings to common | $5.12B, +33% Y/Y | $16.9B, +42% Y/Y |
| Diluted EPS | $17.01, +39% Y/Y | $55.56, +49% Y/Y |
| Annualized ROE | 18.7%, vs 14.2% | 20.7%, vs 14.6% |
| Book value per common share | $372.64, +5% Y/Y | $372.64, +4.2% YTD |
- Segment revenue: Global Banking & Markets $13.5B, +32% Y/Y, with Equities up 72%; Asset & Wealth Management $5.05B, +14%, supported by higher management and incentive fees; Platform Solutions $170M, down 72%, primarily due to Apple Card loan portfolio markdowns.
- Credit-loss provision was $368M, vs $339M Y/Y, primarily reflecting wholesale-loan impairments. Operating expenses rose 20% to $11.3B, mainly on higher transaction-based expenses, compensation and benefits, and charitable contributions.
- Returned $4.49B to common shareholders: $3.00B in repurchases (2.9M shares at an average $1,048.73) and $1.49B in dividends. Average diluted shares declined 4% Y/Y to 301.1M.
Guidance
Guidance to be given on the earnings call.
Investor Takeaways
- Watch the outlook discussed on the 10/13/2026 call and subsequent results against it.
- Investment banking fees backlog decreased Q/Q and slightly from year-end 2025; future advisory and capital-markets revenue depends on activity and deal completion.
- The declared $5.00-per-share dividend is payable 12/30/2026 to shareholders of record on 12/02/2026.
The summary is written by an AI model reading the filing.
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