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olivLaw · US equity research

The Goldman Sachs Group, Inc. GS

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

896.09USD−0.29% · 1 dayClose 03 Nov 2026

The Goldman Sachs Group, Inc. is a global financial institution headquartered in New York that provides investment banking, markets and wealth management services. In the third quarter of 2026 net revenues were 18.68 billion USD and net earnings 5.29 billion USD. The 2025 annual report shows net revenues of 58.28 billion USD, up 9%.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, The Goldman Sachs Group, Inc. (GS) stock was 896.09 USD (−0.29% on the day), with market capitalisation 258.5 bn USD, P/E 12.7 on diluted EPS of 70.30 USD over the last 12 months, dividend yield 2.01%, beta 1.50, 52-week range 773.70–1,152.07 USD. Latest reported quarter (Q3 2026): net income of 5.3 bn USD (+29.2% YoY), diluted EPS 17.01 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
258.5 bn USD
shares as of 16 Oct 2026
P/E (TTM)
12.7
Diluted EPS TTM 70.30 · TTM to 30 Sept 2026
E/P (TTM)
7.84%
TTM to 30 Sept 2026
Dividend yield
2.01%
DPS 12m 18.00
Beta (2y)
1.50
Volatility (1y) 32%
52-week range
773.701,152.07

Price history

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Technical reading

RSI (14)
45.5
neutral
Bollinger (20, 2)
866.12 – 922.06
in the upper half of the band · %B 0.54 · band width 6.3%
SMA 50 / 200
942.06 / 957.14
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-8.20 / -13.07
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.7%−2.0%+1.3 pp—
3 months−14.9%−2.2%−12.7 pp—
6 months−2.5%+4.3%−6.7 pp—
Year to date+1.9%+10.6%−8.6 pp—
1 year+14.1%+10.5%+3.6 pp−11.1%
3 years+173.5%+73.7%+99.8 pp+60.5%
5 years+119.6%+61.7%+57.9 pp—
Max drawdown (1y)
−24.0%
15 Jul 2026 → 23 Oct 2026
Max drawdown (5y)
−31.5%
08 Nov 2021 → 17 Jun 2022
Compound annual growth (5y)
+17.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
unavailable USD
unavailable YoY
Net income
5.3 bn USD
+29.2% YoY
Diluted EPS
17.01
+38.9% YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Depreciation & amortisation498.0 m506.0 m618.0 m531.0 m527.0 m495.0 m509.0 m537.0 m
Interest expense17.6 bn16.5 bn16.7 bn17.0 bn16.7 bn———
Pre-tax income5.3 bn5.6 bn5.0 bn5.4 bn5.9 bn6.5 bn8.6 bn7.0 bn
Income tax1.1 bn909.0 m1.2 bn1.3 bn1.2 bn856.0 m1.9 bn1.7 bn
Net income4.1 bn4.7 bn3.7 bn4.1 bn4.6 bn5.6 bn6.6 bn5.3 bn
Diluted EPS12.51 ≈14.1210.9112.2514.76 ≈17.5520.9817.01
Operating cash flow46.8 bn-37.2 bn5.7 bn ≈2.7 bn ≈-16.3 bn-31.9 bn6.1 bn ≈4.2 bn ≈
Capex586.0 m499.0 m476.0 m ≈558.0 m ≈531.0 m565.0 m502.0 m ≈525.0 m ≈
Dividends paid1.2 bn1.1 bn1.2 bn ≈1.5 bn ≈1.5 bn1.6 bn1.6 bn ≈1.7 bn ≈
Share repurchases2.0 bn4.4 bn3.0 bn ≈2.0 bn ≈3.0 bn5.0 bn4.0 bn ≈3.0 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 44-quarter history (min 6.2, median 12.7, max 27.5; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income10.5 bn8.5 bn9.5 bn21.6 bn11.3 bn8.5 bn14.3 bn17.2 bn
Net income YoY+144.0%−19.1%+11.7%+128.7%−48.0%−24.4%+67.6%+20.3%
Diluted EPS25.2721.0324.7459.4530.0622.8740.5451.32
Diluted EPS YoY+180.5%−16.8%+17.6%+140.3%−49.4%−23.9%+77.3%+26.6%
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow8.6 bn15.4 bn-24.8 bn1.6 bn5.0 bn-14.9 bn-15.3 bn-47.2 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
164.3 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
125.0 bn USD
Total assets
1,809.3 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
13.9%
ROA
1.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Depreciation & amortisation
2023
4.9 bn
2024
2.4 bn
2025
2.2 bn

SEC (XBRL)· 25 Feb 2026verified

Interest expense
2023
62.2 bn
2024
73.3 bn
2025
66.8 bn

SEC (XBRL)· 25 Feb 2026verified

Pre-tax income
2023
10.7 bn
2024
18.4 bn
2025
21.9 bn

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
2.2 bn
2024
4.1 bn
2025
4.7 bn

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
8.5 bn
2024
14.3 bn
2025
17.2 bn

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
22.87
2024
40.54
2025
51.32

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
345.8 m
2024
333.6 m
2025
317.6 m

SEC (XBRL)· 25 Feb 2026verified

Dividend per share
2023
10.50
2024
11.50
2025
14.00

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
241.6 bn
2024
182.1 bn
2025
164.3 bn

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
11.2 bn
2024
8.0 bn
2025
7.5 bn

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
5.9 bn
2024
5.9 bn
2025
5.9 bn

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.2 bn
2024
847.0 m
2025
842.0 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
1,641.6 bn
2024
1,676.0 bn
2025
1,809.3 bn

SEC (XBRL)· 25 Feb 2026verified

Short-term debt
2023
75.9 bn
2024
69.7 bn
2025
—

SEC (XBRL)· 27 Feb 2025verified

Total liabilities
2023
1,524.7 bn
2024
1,554.0 bn
2025
1,684.3 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
116.9 bn †
2024
122.0 bn †
2025
125.0 bn †

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-12.6 bn
2024
-13.2 bn
2025
-45.2 bn

SEC (XBRL)· 25 Feb 2026verified

Capex
2023
2.3 bn
2024
2.1 bn
2025
2.1 bn

SEC (XBRL)· 25 Feb 2026verified

Free cash flow
2023
-14.9 bn ≈
2024
-15.3 bn ≈
2025
-47.2 bn ≈

SEC (XBRL)· 25 Feb 2026derived

Investing cash flow
2023
-17.3 bn
2024
-49.6 bn
2025
-44.2 bn

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
27.8 bn
2024
7.3 bn
2025
66.1 bn

SEC (XBRL)· 25 Feb 2026verified

Dividends paid
2023
4.2 bn
2024
4.5 bn
2025
5.3 bn

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
5.8 bn
2024
8.0 bn
2025
12.4 bn

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
20.3%
computed by olivLawFY 2025
Net income CAGR 3Y
15.1%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
12.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
26.6%
computed by olivLawFY 2025
EPS CAGR 3Y
19.5%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
15.7%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
17.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
25.6%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-37.9 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
2.1 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-40.0 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
-180.3%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
258.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
11.7x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
12.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
7.8%
computed by olivLawTTM to 30 Sept 2026
P/B
2.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-15.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2.0%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
8.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 39.6% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

896.09 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 258.5 bn USD

Key indicators

Market capitalisation
258.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
12.7x
computed by olivLawTTM to 30 Sept 2026
P/B
2.1x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
17.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
2.0%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 16 Oct 2026
Source: SEC (XBRL)published 02 Nov 2026
verified 2398derived 203

Score by group

40% · Insufficient data

Estimated value range

Low
459.27
USD per share
Mid
600.24
USD per share
High
788.03
USD per share
Price: 896.09 USD
The price is above the range
Potential to the central value: -33.0% (value / price − 1)
Margin of safety: -49.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 183.97 – 1,328.65 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E734.57 – 1,328.65 (Mid 989.46)
    17 companies used · median multiple 14.1x · quartiles 10.4x – 18.9x
    BLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
  • Dividend discount (DDM)183.97 – 247.41 (Mid 211.03)
Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Quality-180.3%0 (on a fixed band)16%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growth19.5%100 (on a fixed band)21%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation12.7x60 (vs peers)26%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-15.5%0 (on a fixed band)21%
Shareholder yield (distributions) · Returns8.2%100 (on a fixed band)16%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation33/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

The Goldman Sachs Group, Inc. (GS). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: ROE 17.8%.

The estimated value range is 459.27–788.03 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 600.24 USD, the price of 896.09 USD leaves a potential of -33.0% (value / price − 1) and a margin of safety of -49.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EPS CAGR 3Y: 19.5%
  • Shareholder yield (distributions): 8.2%

What contradicts it

  • FCF conversion: -180.3%
  • FCF yield: -15.5%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
12.7x
vertical median 15.5x
below median (−17.8%)
EV/EBITDA
—
vertical median 14.1x
P/S
—
vertical median 1.8x
P/B
2.1x
vertical median 2.1x
at median
ROE
17.8%
vertical median 18.5%
at median
Net margin
—
vertical median 13.5%
EBIT margin
—
vertical median 22.1%
Revenue YoY
—
vertical median 19.6%
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
2.0%
vertical median 1.9%
above median (+6.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley292.3 bn14.918.0%—unavailable+10% / +135%
GSThe Goldman Sachs Group, Inc.258.5 bn12.717.8%—unavailable+14% / +174%
BLKBlackRock, Inc.179.9 bn28.012.3%24.1%+89.3%+11% / +55%
SCHWSchwab Charles Corp154.4 bn16.120.3%38.8%+22.0%−4% / +46%
RJFRaymond James Financial, Inc.31.1 bn14.118.5%13.6%+6.6%+3% / +54%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn10.316.4%14.3%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for GS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Oct 2026; since then the company filed 10-Q (02 Nov 2026).

In brief

The Goldman Sachs Group, Inc. is a global financial institution headquartered in New York that provides investment banking, markets and wealth management services. In the third quarter of 2026 net revenues were 18.68 billion USD and net earnings 5.29 billion USD 3. The 2025 annual report shows net revenues of 58.28 billion USD, up 9% 1.

SWOT

Strengths

  • Leading position in investment banking and equities trading, with revenues rising in the third quarter of 2026 3.
  • Global research coverage and a technology platform for institutional clients, including Marquee 1.
  • Solid capital and liquidity, with capital ratios above regulatory minimums and high liquid assets 23.

Weaknesses

  • Revenues are sensitive to market conditions, and many activities do not produce predictable earnings 1.
  • Operating expenses rose considerably, lifting the efficiency ratio and pressuring margins 3.
  • Platform Solutions recorded revenue losses from revaluing the credit portfolio without a full recovery in sight 13.

Opportunities

  • A revival of public offerings and mergers could support new investment banking revenue if markets stay active 3.
  • Growth in assets under supervision and management fees could add recurring revenue in Asset & Wealth Management 3.
  • Expanding electronic trading and digital platforms could attract new institutional clients 1.

Threats

  • Geopolitical tensions and the Middle East conflict could generate volatility and losses in markets 2.
  • Trade policies and tariffs could affect client activity and cross-border flows 12.
  • Strong competition and new technologies could compress margins in trading and market services 1.

Risks

  • Volatility and declines in asset valueshigh

    Many positions are marked to market daily, so falls in asset prices can directly affect earnings unless they are hedged 1.

  • Macroeconomic and geopolitical conditionshigh

    Recession, inflation, U.S.-China tensions and Middle East conflicts are factors that could affect activity and lending 12.

  • Credit and concentration riskmedium

    A deterioration in credit quality or concentrated exposures could lead to losses in lending and financing activities 13.

  • Operational and cyber riskmedium

    System failures, human error or cyber attacks could disrupt operations, damage reputation and expose confidential information 1.

  • Regulation and supervisionmedium

    An extensive regulatory framework and governmental investigations could bring costs, restrictions and significant liability 1.

Investment thesis

What would need to be true (bull case)

  • If the recovery in investment banking and trading continues, quarterly revenues could hold near recent levels, supported by high return on equity 3.
  • Growth in assets under supervision and performance-related fees could diversify income and reduce reliance on volatile markets 3.
  • Solid capital and liquidity could allow continued distributions to shareholders, including dividends and share repurchases 23.

What would break the thesis

  • If volatility and geopolitical uncertainty intensify, client activity could fall and trading and investment banking revenue could be hit 12.
  • Rising operating expenses linked to compensation and transaction costs could squeeze margins if revenue growth does not keep pace 3.
  • Scaling back consumer activities and transitioning the Apple Card could leave Platform Solutions weak for a period without offsetting income 13.

What to watch

  • Revenue trends in Global Banking & Markets and investment bankingQ4 2026
  • Level of volatility and the effect of the Middle East conflict on tradingQ4 2026
  • Progress of the Apple Card transition and its effect on Platform Solutions2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Oct 2026; since then the company filed 10-Q (02 Nov 2026).

The business

The core activity sits in Global Banking & Markets, which earns investment banking fees, FICC and Equities intermediation and financing, and lending to corporate clients 1. Asset & Wealth Management earns management fees, incentive fees, private banking and lending income and investment gains 1. In the third quarter of 2026 Asset & Wealth Management net revenues reached 5.05 billion USD 3.

Segments

Asset & Wealth Management

Net revenues rose to 5.05 billion USD in the third quarter of 2026, driven by higher management and other fees and incentive fees, partly offset by weaker investments and private banking and lending results 3.

Market context

The operating environment was characterized by resilient economic activity, particularly in the U.S., geopolitical concerns, interest in artificial intelligence investments and uncertainty over inflation and trade policy including tariffs 2. The conflict in the Middle East caused periods of volatility, although global equity markets were generally higher in the second quarter of 2026 2.

The economic outlook remains uncertain, and results could depend on the course of the Middle East conflict, central bank policy and trade policy, which could influence client activity 23.

Trends

  • Recovery in investment banking activitytailwind

    Investment banking fees rose year on year, supported by more completed mergers and acquisitions and higher initial public offering activity 3. If capital markets stay active, this line could continue to support revenue.

  • Market volatility and tradingmixed

    Volatility lifted Equities revenues but also created uncertainty for market-making, which depends on the level of volatility 13. The net effect depends on how long and how intense the volatility is.

  • Trade and geopolitical tensionsheadwind

    Tariffs and tensions between the U.S. and China could disrupt international trade, lending and client activity, and the Middle East conflict is cited as a source of uncertainty 12.

  • Narrowing consumer exposuremixed

    The firm is narrowing its consumer activities, and the transition of the Apple Card program could reduce Platform Solutions revenue while also reducing consumer credit risk 13.

Competitive position

The financial services industry is highly competitive, and the growth of electronic trading and new technologies including AI and distributed ledger systems has intensified rivalry 1. A larger client base and new products could change the firm's competitive position 1.

Competition is most intense in investment banking, market-making and wealth management, where global firms pursue the same institutional clients 1. Results can depend on the firm's ability to retain talent and win clients 1.

  • Morgan StanleyMS

    U.S. investment banking and wealth management firm and a direct rival in advisory and trading within the highly competitive sector 1.

  • JPMorgan ChaseJPM

    Global bank with investment banking and markets activities that competes for corporate and institutional clients 1.

  • Bank of AmericaBAC

    Global bank with investment banking and wealth management divisions competing in segments similar to Global Banking & Markets 1.

  • CitigroupC

    Global bank with markets and institutional client services that competes in financing and trading categories 1.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Goldman Sachs Group, Inc. · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Goldman Sachs Group, Inc. · 03 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / The Goldman Sachs Group, Inc. · 13 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.