Earnings Call
Oct 13, 2026
Q3 FY2026
EPS Estimate
12.86
EPS Actual
17.01
Post-Earnings Close
$891.91
Earnings Reaction
-0.2%
Goldman Sachs delivered a blockbuster third quarter that substantially exceeded consensus expectations, reporting net revenues of $18.7 billion (the second highest in company history) and EPS of $17.01, well ahead of the $12.86 estimate. The beat was driven by exceptional performance across the firm's core franchises, particularly a record equities business that generated $6.4 billion in revenues (up 72% year-over-year), while Asset & Wealth Management continued its remarkable momentum with record management fees of $3.6 billion and $97 billion in long-term net inflows. The quarter demonstrated the durability of Goldman's strategic pivot toward higher-margin, less cyclical revenue streams: financing revenues reached a record $12.7 billion year-to-date and now represent over 40% of combined FICC and Equities revenues, a structural shift that management argues reduces earnings volatility through market cycles. Investment Banking also delivered record advisory revenues of $1.7 billion, maintaining the firm's #1 M&A position with $1.5 trillion in announced transactions for the year and a backlog that remains robust despite strong quarterly accruals.
Report generated on Oct 13, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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