GS US S&P 500DJIARussell 1000 Earnings call · transcribed from the recording
Goldman Sachs (GS) · Q3 2026 results and valuation
Share price: $926.81 · 2026-11-11
Goldman Sachs is a financial institution that provides investment banking, asset and wealth management, and platform solutions. It serves a diverse client base including corporations, governments, and individuals across global markets. The firm provides services such as advisory, underwriting, and market-making for various financial products. Source: 10-K annual report (2026-02-25)
Results Q3 2026 vs Q2 2026 · previous quarter · published 13 Oct 2026 and 14 Jul 2026
Net income down 20.1% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−20.1%
Net income vs Q2 2026
Outlook given
Net income 5.29B vs 6.63B
Revenue −8.2%
Against the same quarter last year (Q3 2025) it is +29.2%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Upbeat
More upbeat than 84% of company calls
Answers to analysts: typical, but clearly less so than the script.
Similar to last call.
3 · What stood out
Guidance
Considering the strength, Goldman Sachs now expects full year fundraising of roughly $150 billion.
Valuation
Is Goldman Sachs undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 7.2% growth a year (3-year revenue growth), the model's fair value is $1075.06 a share — the stock trades 14% below it. Today's price assumes 5.1% growth a year.
Current price
$926.81
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.1% for 10 yrs
Fair value / share
$1075.06
Buy below
$806.29
Price vs fair value
Undervalued 14%
Price vs buy-below price
Overvalued 15%
Read between the lines
-
Guidance
Goldman Sachs expects over time, the underlying technology can drive greater efficiency, automation, streamline processes, reduce costs, take away friction, improve liquidity across asset classes.
-
Figure
Goldman Sachs delivered very strong performance in the third quarter, generating net revenues of $18.7 billion, the second highest in its history...
-
Fading
Asset Wealth Management franchise
Source quote
“What starts as an advisory mandate in the boardroom increasingly extends into opportunities for our Capital Solutions Group, including financing... ...genesis of client activity across the franchise. While we have made considerable progress strengthening connectivity across the firm, we continue to see opportunities to further collaborate across our Global Banking & Markets and Asset Wealth Management franchise.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 87% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“And even with exceptionally strong revenue production in the quarter, our backlog remains very robust, reflecting the strength and breadth of client engagement across our leading Investment Banking franchise.”
“Even amid very strong accruals in the quarter, our Investment Banking backlog remains very robust as strong revenue realizations in Advisory were largely offset by solid replenishment in equity underwriting.”
“Through our ultra-high net worth Wealth Management franchise, we provided clients early access to a high-growth investment opportunity and recognized incentive fees following the company's IPO.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 18.68B | 20.34B | −8.2% | 15.18B | +23.0% |
| Operating income | 7.00B | 8.56B | −18.2% | 5.39B | +29.9% |
| Net income | 5.29B | 6.63B | −20.1% | 4.10B | +29.2% |
| EPS | 17.01 | 20.98 | −18.9% | 12.25 | +38.9% |
| P/E today 12.4 | 12.9 | 15.6 | −2.7 | 16.2 | −3.3 |
Topics
Most discussed now
- New Goldman Sachs' quarterly results included the impact of an accelerated charitable contribution.
- Economy has remained solid, with strong corporate earnings growth, GDP growth of 2.2% and a very resilient labor market.
- Even amid very strong accruals in the quarter, Goldman Sachs' Investment Banking backlog remains very robust as strong revenue realizations…
- Intermediation revenues declined 7% as lower results in mortgages, rates and credit were largely offset by strong performance in…
- As a leading market maker and risk intermediary, Goldman Sachs has to continue to invest in technologies, infrastructure capabilities to…
Faded since Q2 2026
- Fading Goldman Sachs' performance reflects the strength of its global franchise, the depth of its relationships, and its ability to harness the...
- Dropped Beyond the infrastructure buildout, companies large and small are working to integrate AI into their operations, increasing demand for…
- Fading This is creating significant opportunities for Goldman Sachs to provide structuring, financing, risk management, and capital markets…
- Fading At the same time, the AI investment cycle is expanding capital needs beyond core technology into infrastructure, energy and data...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
The Goldman Sachs Group reported net revenues of $18.68 billion and diluted earnings per share of $17.01 for the third quarter of 2026, compared to $12.25 in the third quarter of 2025.
- Articles or bylaws amended · SEC 8-K · routine
- Change to shareholder rights; Articles or bylaws amended · SEC 8-K
The Goldman Sachs Group, Inc. filed a Certificate of Designations for Series AA Preferred Stock with a 6.500% fixed-rate and a liquidation preference of $25,000 per share.
- Current report · SEC 8-K · routine
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
The Goldman Sachs Group reported net revenues of $20.34 billion and diluted EPS of $20.98 for the second quarter of 2026, compared to $10.91 in the second quarter of 2025.
- Other events · SEC 8-K
The firm plans to increase its common dividend from $4.50 to $5.00 per share starting July 1, 2026, which is a 25% increase compared to the prior year.
- Current report · SEC 8-K · routine
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$187.27B
2026-06-30
Implied runway
—
financial company: operating cash flow reflects client funds and trading, not burn
Dilution
weighted-average basic shares, per quarter. Change: -4.3% YoY, -1.2% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 324.8M |
| Q1 2025 | 320.8M |
| Q2 2025 | 313.7M |
| Q3 2025 | 309.6M |
| Q1 2026 | 303.8M |
| Q2 2026 | 300.1M |
Shares outstanding: 291.2M (2026-07-17)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 66 filings; 50 filings parsed.
Sold by insiders
3.5M shares
$118.5M · 182 transactions
Bought by insiders
1.2M shares
$13.7M · 48 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
-
the remainder of the year
incentive fees increase
Source quote
“We expect these fees to increase materially for the remainder of the year.”
-
full-year
fundraising to exceed $125 billion
Source quote
“Given the strength we've seen year to date, we now expect full-year fundraising to exceed $125 billion.”
-
quarterly revenues for the remainder of the year
Platform Solutions revenues to be broadly consistent with the second quarter
Source quote
“We expect quarterly revenues for the remainder of the year to be broadly consistent with the second quarter.”
-
for the full year
expected effective tax rate
Source quote
“For the full year, we continue to expect an effective tax rate of approximately 20%.”
-
through September 2027
stress capital buffer effectiveness
Source quote
“Our stress capital buffer of 3.4% remains unchanged and is effective through September 2027.”