Filing Flows › Goldman Sachs Group (GS) › Q3 2026 › vs Q2 2026
Goldman Sachs Group (GS) Q3 2026 vs Q2 2026 (quarter over quarter)
Goldman Sachs Group's revenue fell $1.7B (-8%) from $20.3B in Q2 2026 to $18.7B in Q3 2026. The biggest changes: Global Banking & Markets −$2.1B (-13%); Asset & Wealth Management +$454M (+10%); Platform Solutions −$51.0M (-23%). Operating margin 37.5% against 42.1% (-4.6 pts).
Goldman Sachs Group, Q3 2026: revenue $18.7B (+23% year over year), operating margin 37.5%, net earnings $5.3B, operating cash flow $4.2B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 37.5% | 42.1% | -4.6 pts |
| Net margin | 28.3% | 32.6% | -4.2 pts |
| Free cash flow margin | 19.6% | 27.5% | -8.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Global Banking & Markets | $13.5B | $15.5B | −$2.1B | -13% |
| Asset & Wealth Management | $5.1B | $4.6B | $454M | +10% |
| Platform Solutions | $170M | $221M | −$51.0M | -23% |
| Revenue | $18.7B | $20.3B | −$1.7B | -8% |
| Operating profit | $7.0B | $8.6B | −$1.6B | -18% |
| Costs & expenses | $11.7B | $11.8B | −$99.0M | -0.8% |
| Pre-tax earnings | $7.0B | $8.6B | −$1.6B | -18% |
| Net earnings | $5.3B | $6.6B | −$1.3B | -20% |
| Income tax | $1.7B | $1.9B | −$226M | -12% |
| Depreciation & amortization | $537M | $509M | $28.0M | +6% |
| Share-based compensation | $271M | $439M | −$168M | -38% |
| Working capital & other | $1.9B | $1.5B | $450M | +31% |
| Operating cash flow | $4.2B | $6.1B | −$1.9B | -32% |
| Free cash flow (OCF − capex) | $3.7B | $5.6B | −$1.9B | -35% |
| Capital expenditures | $525M | $502M | $23.0M | +5% |
Questions
How much did Goldman Sachs Group's revenue grow quarter over quarter in Q3 2026?
Goldman Sachs Group's revenue fell $1.7B (-8%) from $20.3B in Q2 2026 to $18.7B in Q3 2026.
What drove Goldman Sachs Group's revenue change in Q3 2026?
Global Banking & Markets −$2.1B (-13%); Asset & Wealth Management +$454M (+10%); Platform Solutions −$51.0M (-23%).