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Goldman Sachs Group (GS) guidance and outlook

Goldman Sachs Group's 10-Q filed Nov 2, 2026 makes 56 forward-looking statements, 2 of them new and 4 no longer said since the filing before.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 2, 2026

• We apply judgment in weighting individual scenarios each quarter based on a variety of factors, including our internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends.
• To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of September 2026 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse…
• In accounting for income taxes, we recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position.
• Our interpretations are reevaluated quarterly based on guidance currently available, tax examination experience and the opinions of legal counsel, among other factors.
• Our target (through-the-cycle) is to achieve ROE within a range of 14% to 16% and return on average tangible common shareholders’ equity (ROTE) within a range of 15% to 17%.
• The Pillar II legislation did not have a material impact on the effective tax rate for the first nine months of 2026 and, depending on the amount of our earnings and the geographic mix of our earnings, is not expected to have a material impact on our 2026 annual effective tax rate.
• new · We expect our 2026 annual effective tax rate to be approximately 20%, but it could be lower if any tax audits are resolved in the fourth quarter of 2026.
• In certain circumstances, we also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets.
• We have announced the following targets relating to Asset & Wealth Management:
• new · We expect Incentive fees to remain elevated in the fourth quarter of 2026.
• We earn management fees on client assets that we manage and also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets.
• updated · We have raised $122 billion in third-party commitments in the first nine months of 2026 and expect fundraising for full year 2026 to be approximately $150 billion.

Goldman Sachs Group's latest quarter

Questions

What does Goldman Sachs Group expect?

We expect our 2026 annual effective tax rate to be approximately 20%, but it could be lower if any tax audits are resolved in the fourth quarter of 2026. We expect Incentive fees to remain elevated in the fourth quarter of 2026. We have raised $122 billion in third-party commitments in the first nine months of 2026 and expect fundraising for full year 2026 to be approximately $150 billion.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.