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Goldman Sachs Group (GS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Goldman Sachs Group (GS) Q3 2026 earnings results →
Q3 2026 Revenue up 23% year over year to $18.7B · 28¢ of every $1 of revenue kept as net profit · operating margin 37.5%
Goldman Sachs Group made $18.7B in Q3 2026 (+23% Y/Y): Global Banking & Markets $13.5B, Asset & Wealth Management $5.1B, Platform Solutions $170M. Operating margin 37.5%, net earnings $5.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $18.7B in Q3 2026, up 23% year over year and down 8% from the previous quarter. Global Banking & Markets was the largest line at 72% of revenue. Global Banking & Markets added $3.3B year over year (up 32%), 94% of the total change. Platform Solutions declined 72%.
Operating profit was $7.0B, a 37.5% margin (up 2.0 points year over year). Of the extra revenue versus Q3 2025, 46% reached operating profit, above the 36% margin then. Total costs grew 19% against revenue growth of 23%. Net earnings were $5.3B, up 29% year over year. The effective tax rate was 24.4%.
Operating cash flow was $4.2B (up 56% year over year), 79% of net earnings. Non-cash charges added back $0.54B of depreciation and amortization and $0.27B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.53B left free cash flow of $3.7B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $18.7B | +23% | 37.5% | $5.3B | $4.2B |
| Q2 2026 | 10-Q | Aug 3, 2026 | $20.3B | +40% | 42.1% | $6.6B | $6.1B |
| Q1 2026 | 10-Q | May 1, 2026 | $17.2B | +14% | 37.7% | $5.6B | −$31.9B |
| Q4 2025 | 10-K | Feb 25, 2026 | $13.5B | -3% | 43.5% | $4.6B | −$16.3B |
| Q3 2025 | 10-Q | Oct 31, 2025 | $15.2B | +20% | 35.5% | $4.1B | $2.7B |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Goldman Sachs Group
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. When we use the terms “Goldman Sachs,” “we,” “us,” “our” and “the firm,” we mean The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, and its consolidated subsidiaries. When we use the term “our subsidiaries,” we mean the consolidated subsidiaries of Group Inc.
In its own words, from its 10-K, filed Feb 25, 2026.
Goldman Sachs Group against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +23% against the peers' median +13%. Operating margin: 37.5% against the peers' median 30.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
| IBKR Interactive Brokers Group | Q3 2026 | $1.9B | +16% | 78.2% |
Source: Goldman Sachs Group 10-Q on SEC EDGAR · CIK 886982 · Security Brokers, Dealers & Flotation Companies
Guidance and outlook
13F: who owns GS and who is buying
More on GS
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results
- Goldman Sachs Group guidance history: guided vs reported
- Goldman Sachs Group operating margin by quarter
- Goldman Sachs Group net income by quarter
- Goldman Sachs Group free cash flow by quarter
- Goldman Sachs Group capital expenditures by quarter
- Goldman Sachs Group Global Banking & Markets revenue by quarter
- Goldman Sachs Group Asset & Wealth Management revenue by quarter
- Goldman Sachs Group Platform Solutions revenue by quarter