10-Q · August 3, 2026
Goldman posted an exceptional Q2, with revenue up 39% YoY to $20.338B and EPS up to $20.98 from $10.91, driven primarily by Equities, investment banking and FICC. Profitability improved materially as the efficiency…
Earnings analysis · 10-Q
GS earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Goldman Sachs reported a strong third quarter, with revenue of $18.679 billion and diluted EPS of $17.01, beating consensus by 10.63% and 30.34%, respectively. Results were driven primarily by Global Banking & Markets,…
Read full summary
Goldman Sachs reported a strong third quarter, with revenue of $18.679 billion and diluted EPS of $17.01, beating consensus by 10.63% and 30.34%, respectively. Results were driven primarily by Global Banking & Markets, with additional growth in Asset & Wealth Management. The supplied 10-Q excerpt does not provide sufficient income-statement, balance-sheet, cash-flow, segment-dollar or quantified risk-detail data to assess margins, working capital or free cash flow. No numeric forward guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $17.01
What stood out
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Revenue materially beat consensus
Third-quarter revenue was $18.679 billion, exceeding the $16.884 billion consensus estimate by 10.63%.
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EPS beat consensus by 30%
Diluted EPS was $17.01 versus the $13.05 consensus estimate, a 30.34% upside surprise.
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Capital markets drove performance
The prior analysis identified Global Banking & Markets, particularly equities and investment banking, as the principal revenue drivers; Asset & Wealth Management also grew. Segment revenue amounts were not included in the supplied filing text.
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Meaningful share repurchases
The company repurchased 2,860,632 shares during the quarter, including 2,860,575 shares under its publicly announced program.
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Substantial buyback capacity remains
As of September 2026, $20.0 billion remained authorized for repurchases under the program.
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Controls remained effective
Management concluded that disclosure controls were effective as of the end of the period, and reported no material change in internal control over financial reporting during the quarter ended September 2026.
What to watch
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Elevated litigation expense risk
The company states that litigation expenses may remain high and that some proceedings could be material to operating results in a given period, although the supplied excerpt does not provide a quantified loss amount.
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Capital allocation and regulatory risk
Repurchases are influenced by regulatory capital requirements, market conditions and the stock price; the company had $20.0 billion of remaining authorization at quarter-end, creating potential capital-allocation sensitivity.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the supplied 10-Q text; prior analysis also reported no forward operating guidance.
Earlier filings 4
10-Q · May 1, 2026
Goldman Sachs reported a strong performance in Q1 2026 with net revenues of $17.23 billion, up 14% from Q1 2025, and diluted EPS of $17.55, increasing from $14.12 from the prior year. Segment results reflected…
10-K · February 25, 2026
Goldman Sachs reported revenue growth to $58,283 million in 2025 (from $53,512 million in 2024) and net earnings of $17,176 million, driving diluted EPS to $51.32. The firm saw a material pickup in net interest income…
10-Q · August 1, 2025
Goldman Sachs reported a strong June quarter: net revenues of $14,583 million and diluted EPS of $10.91, each materially above the year-ago quarter. Net interest income and investment banking led the outperformance,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.