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How Goldman Sachs Group (GS) makes money
Goldman Sachs Group (GS) made $18.7B of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Global Banking & Markets brought in $13.5B (72%); Asset & Wealth Management brought in $5.1B (27%); Platform Solutions brought in $170M (1%). Of every dollar of revenue, 37¢ was left as operating profit, 28¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Global Banking & Markets | $13.5B | 72.0% | -13% | +32% |
| Asset & Wealth Management | $5.1B | 27.0% | +10% | +14% |
| Platform Solutions | $170M | 0.9% | -23% | -72% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $18.7B | 100.0% |
| Operating profit | $7.0B | 37.5% |
| Income tax | $1.7B | 9.1% |
| Net earnings | $5.3B | 28.3% |
| Operating cash flow | $4.2B | 22.4% |
| Free cash flow | $3.7B | 19.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +40% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
From Goldman Sachs Group's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Goldman Sachs Group make money?
Goldman Sachs Group (GS) made $18.7B of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Global Banking & Markets brought in $13.5B (72%); Asset & Wealth Management brought in $5.1B (27%); Platform Solutions brought in $170M (1%). Of every dollar of revenue, 37¢ was left as operating profit, 28¢ was left as net earnings.
What is Goldman Sachs Group's biggest business?
Global Banking & Markets: $13.5B in the third quarter 2026, 72% of revenue, +32% from a year earlier.
What is Goldman Sachs Group's profit margin?
Net earnings were $5.3B, 28.3% of revenue, in the third quarter 2026; the operating margin was 37.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.