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Goldman Sachs
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Updated Nov 2, 2026
Goldman Sachs Q3 2026: Equities surge and M&A wave drive 23% revenue growth, ROE hits 18.7% as consumer exit completes
Goldman Sachs delivered Q3 2026 net revenues of $18.68 billion, up 23% year-over-year, driven by a 72% surge in Equities revenues to $6.44 billion and a 21% rise in Investment banking fees to $3.22 billion — both reflecting the strongest capital markets environment in several years. ROE of 18.7% exceeded the firm's 14-16% through-the-cycle target, with ROTE reaching 20.5%, as the efficiency ratio improved to 60.5% from 62.3%. The consumer retreat is now structural: Platform Solutions revenues collapsed 72% to $170 million as Apple Card markdown drag dominates, and two new ETF manager acquisitions — Innovator Capital Management ($1.91 billion total consideration) and NEOS Investments (up to $2.25 billion) — signal an accelerating pivot toward fee-based alternatives AUM, which reached $491 billion.
Tone: bullishRevenue
$58.3B
GS 10-K · FY 2025
Employees
47,400
Revenue FY2024
$53.5B
Founded
1869
Profile
GS 10-K Item 1 · Feb 25, 2026Goldman Sachs is a leading global financial institution providing investment banking, market-making, asset management, wealth management and consumer financial services to corporations, financial institutions, governments and individuals worldwide. The firm operates through three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Its One Goldman Sachs initiative aims to deliver the full range of the firm's capabilities to clients in a seamless and integrated manner.
Read filing description ↓ Collapse description ↑
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Our purpose is to advance sustainable economic growth and financial opportunity. Our goal, reflected in our One Goldman Sachs initiative, is to deliver the full range of our services and expertise to support our clients in a more accessible, comprehensive and efficient manner, across businesses and product areas. Group Inc. is a bank holding company (BHC) and a financial holding company (FHC) regulated by the Board of Governors of the Federal Reserve System (FRB). Our U.S. depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets generates revenues from investment banking fees, including advisory, and equity and debt underwriting fees, Fixed Income, Currency and Commodities (FICC) intermediation and financing activities and Equities intermediation and financing activities, as well as relationship lending and acquisition financing, investing activities related to our Global Banking & Markets activities and transaction banking. Asset & Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending and investments. Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited. In December 2025, we entered into an agreement to transition the Apple Card program to another issuer.
Primary products
- Advisory (mergers and acquisitions, divestitures, restructurings, spin-offs)
- Equity underwriting
- Debt underwriting
- FICC intermediation
- FICC financing
- Equities intermediation
Business segments
End markets
Geographies
Named customers
“Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues were $58.28 billion for 2025, described in the MD&A as 9% higher than 2024, primarily reflecting higher net revenues in Global Banking & Markets, partially offset by significantly lower net revenues in Platform Solutions.
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