The Goldman Sachs Group, Inc. reported net revenues of $18.68 billion and net earnings of $5.29 billion for the third quarter ended September 30, 2026. Diluted earnings per common share (EPS) was $17.01 for the third quarter of 2026, compared with $12.25 for the third quarter of 2025. For the first nine months of 2026, net earnings were $17.55 billion, resulting in EPS of $55.56.
Net revenues for the third quarter of 2026 were $18.68 billion, which was 23% higher than the third quarter of 2025. The firm reported an annualized return on average common shareholders' equity (ROE) of 18.7% for the third quarter of 2026. Book value per common share increased by 1.4% during the third quarter to $372.64.
Net revenues in Global Banking & Markets were $13.46 billion for the quarter, driven by higher investment banking fees. Investment banking fees totaled $3.22 billion, a 21% increase compared to the prior year, primarily due to higher advisory and equity underwriting revenues. Net revenues in Asset & Wealth Management were $5.05 billion, an increase of 14% compared to the prior year, supported by higher management and incentive fees. Conversely, Platform Solutions net revenues were $170 million, a decrease of 72% compared to the prior year.
Operating expenses for the third quarter of 2026 were $11.31 billion, 20% higher than the third quarter of 2025. The firm’s efficiency ratio was 59.4% for the first nine months of 2026. The effective tax rate for the first nine months of 2026 was 20.4%. The Board of Directors declared a dividend of $5.00 per common share to be paid on December 30, 2026.
