Latest quarter
Goldman Sachs reported Q3 FY2026 revenue of $18.7 billion, up 23.0% from $15.2 billion a year earlier. Revenue, as the consensus counts it, was $18.7 billion, or 10.8% above the $16.9 billion consensus.
The company reported adjusted EPS, as the consensus counts it, of $17.01, which was 31.9% above the $12.90 consensus. Goldman Sachs reported diluted EPS of $17.58, up 43.5% from $12.25 in Q3 FY2025.
Within the quarter, Global Banking & Markets revenue was $13.5 billion, while equities revenue increased 72.0% year over year. Asset & Wealth Management revenue was $5.1 billion and rose 14%, while advisory revenue was $1.7 billion and fixed-income revenue was $3.5 billion, unchanged from a year earlier. The company reported a 37.5% operating margin, compared with 35.5% a year earlier. Goldman Sachs reported Q2 FY2026 free cash flow of $5.7 billion, versus $5.4 billion in Q2 FY2025.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $18.7 billion | $15.2 billion | 23.0% |
| Diluted EPS | $17.58 | $12.25 | 43.5% |
| Gross margin | 100.0% | 100.0% | 0.0 percentage points |
| Operating margin | 37.5% | 35.5% | 2.0 percentage points |
| Free cash flow | $5.7 billion | $5.4 billion | 5.62% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $17.01 | $12.90 | Beat by 31.9% |
| Revenue | $18.7 billion | $16.9 billion | Beat by 10.8% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
On Goldman Sachs’s Q2 2026 earnings call, Chief Executive Officer David Solomon said client activity remained extremely active and that the company expected that activity to continue. He said the investment-banking backlog had risen to its highest level in five years, despite Q2 investment-banking revenue production, and was supported by a record advisory backlog.
Solomon said the company viewed the AI infrastructure buildout as an early-stage, multi-year investment cycle that was creating financing, capital-markets and advisory opportunities. He also said the cycle would not move in a straight line, because infrastructure demand, enterprise adoption, technology pricing and efficiency gains remained uncertain. Goldman Sachs said it was prioritizing capital deployment to its deals book alongside regular financing activity.
Chief Financial Officer Denis Coleman said equities activity had been broad-based across intermediation and financing. He attributed client activity partly to single-stock dispersion relative to indexes and said the company saw opportunities for pricing leverage. Coleman said Goldman Sachs would remain selective and careful in growing the business, while continuing strategic investment in people, technology and resources, including in Asia.
Analysts asked about the durability of AI-related activity, equities growth, financing demand and operating leverage. Solomon said Goldman Sachs was investing for growth over three to five years rather than focusing on the next quarter. He declined to provide a specific percentage for the contribution that advisory relationships make to the firm’s integrated performance, saying he could not underwrite an exact percentage on a public call.
Coleman said the company had grown revenue faster than compensation and non-compensation expenses in the first half, and expected capacity to continue investing in productivity opportunities from AI and process changes. He also said Goldman Sachs was directing some originated fixed-income opportunities to Asset & Wealth Management clients, while some remained on the balance sheet or were distributed to institutional clients.
Guidance
Goldman Sachs’s current FY2026 guidance calls for an effective tax rate of approximately 20%. On its Q2 2026 call, Coleman said the company continued to expect that rate for the full year.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Tax rate | FY2026 | 20.0% | — | New |