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)
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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.
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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | 498.0 m | 506.0 m | 618.0 m | 531.0 m | 527.0 m | 495.0 m | 509.0 m | 537.0 m |
| Interest expense | 17.6 bn | 16.5 bn | 16.7 bn | 17.0 bn | 16.7 bn | — | — | — |
| Pre-tax income | 5.3 bn | 5.6 bn | 5.0 bn | 5.4 bn | 5.9 bn | 6.5 bn | 8.6 bn | 7.0 bn |
| Income tax | 1.1 bn | 909.0 m | 1.2 bn | 1.3 bn | 1.2 bn | 856.0 m | 1.9 bn | 1.7 bn |
| Net income | 4.1 bn | 4.7 bn | 3.7 bn | 4.1 bn | 4.6 bn | 5.6 bn | 6.6 bn | 5.3 bn |
| Diluted EPS | 12.51 ≈ | 14.12 | 10.91 | 12.25 | 14.76 ≈ | 17.55 | 20.98 | 17.01 |
| Operating cash flow | 46.8 bn | -37.2 bn | 5.7 bn ≈ | 2.7 bn ≈ | -16.3 bn | -31.9 bn | 6.1 bn ≈ | 4.2 bn ≈ |
| Capex | 586.0 m | 499.0 m | 476.0 m ≈ | 558.0 m ≈ | 531.0 m | 565.0 m | 502.0 m ≈ | 525.0 m ≈ |
| Dividends paid | 1.2 bn | 1.1 bn | 1.2 bn ≈ | 1.5 bn ≈ | 1.5 bn | 1.6 bn | 1.6 bn ≈ | 1.7 bn ≈ |
| Share repurchases | 2.0 bn | 4.4 bn | 3.0 bn ≈ | 2.0 bn ≈ | 3.0 bn | 5.0 bn | 4.0 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 10.5 bn | 8.5 bn | 9.5 bn | 21.6 bn | 11.3 bn | 8.5 bn | 14.3 bn | 17.2 bn |
| Net income YoY | +144.0% | −19.1% | +11.7% | +128.7% | −48.0% | −24.4% | +67.6% | +20.3% |
| Diluted EPS | 25.27 | 21.03 | 24.74 | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 |
| Diluted EPS YoY | +180.5% | −16.8% | +17.6% | +140.3% | −49.4% | −23.9% | +77.3% | +26.6% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 8.6 bn | 15.4 bn | -24.8 bn | 1.6 bn | 5.0 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | 1.9 bn | 2.0 bn | 2.5 bn | 4.9 bn | 2.4 bn | 2.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 8.9 bn | 5.7 bn | 21.3 bn | 62.2 bn | 73.3 bn | 66.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 12.5 bn | 27.0 bn | 13.5 bn | 10.7 bn | 18.4 bn | 21.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 3.0 bn | 5.4 bn | 2.2 bn | 2.2 bn | 4.1 bn | 4.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 9.5 bn | 21.6 bn | 11.3 bn | 8.5 bn | 14.3 bn | 17.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 24.74 | 59.45 | 30.06 | 22.87 | 40.54 | 51.32 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 360.3 m | 355.8 m | 358.1 m | 345.8 m | 333.6 m | 317.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 5.00 | 6.50 | 9.00 | 10.50 | 11.50 | 14.00 | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 155.8 bn | 261.0 bn | 241.8 bn | 241.6 bn | 182.1 bn | 164.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | — | — | 17.1 bn | 11.2 bn | 8.0 bn | 7.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 4.3 bn | 4.3 bn | 6.4 bn | 5.9 bn | 5.9 bn | 5.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 630.0 m | 418.0 m | 2.0 bn | 1.2 bn | 847.0 m | 842.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 1,163.0 bn | 1,464.0 bn | 1,441.8 bn | 1,641.6 bn | 1,676.0 bn | 1,809.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | — | 61.0 bn | 75.9 bn | 69.7 bn | — | SEC (XBRL)· 27 Feb 2025verified |
| Total liabilities | 1,067.1 bn | 1,354.1 bn | 1,324.6 bn | 1,524.7 bn | 1,554.0 bn | 1,684.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 95.9 bn † | 109.9 bn † | 117.2 bn † | 116.9 bn † | 122.0 bn † | 125.0 bn † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -18.5 bn | 6.3 bn | 8.7 bn | -12.6 bn | -13.2 bn | -45.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 6.3 bn | 4.7 bn | 3.7 bn | 2.3 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -24.8 bn ≈ | 1.6 bn ≈ | 5.0 bn ≈ | -14.9 bn ≈ | -15.3 bn ≈ | -47.2 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -34.4 bn | -30.5 bn | -76.0 bn | -17.3 bn | -49.6 bn | -44.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 70.4 bn | 134.7 bn | 59.6 bn | 27.8 bn | 7.3 bn | 66.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 2.3 bn | 2.7 bn | 3.7 bn | 4.2 bn | 4.5 bn | 5.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 1.9 bn | 5.2 bn | 3.5 bn | 5.8 bn | 8.0 bn | 12.4 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- 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
03 Nov 2026Source: olivLaw, closing series
Market cap: 258.5 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
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 – 18.9xBLK, 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)
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -180.3% | 0 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 19.5% | 100 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 12.7x | 60 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -15.5% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 8.2% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 292.3 bn | 14.9 | 18.0% | — | unavailable | +10% / +135% |
| GSThe Goldman Sachs Group, Inc. | 258.5 bn | 12.7 | 17.8% | — | unavailable | +14% / +174% |
| BLKBlackRock, Inc. | 179.9 bn | 28.0 | 12.3% | 24.1% | +89.3% | +11% / +55% |
| SCHWSchwab Charles Corp | 154.4 bn | 16.1 | 20.3% | 38.8% | +22.0% | −4% / +46% |
| RJFRaymond James Financial, Inc. | 31.1 bn | 14.1 | 18.5% | 13.6% | +6.6% | +3% / +54% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 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 m | 1.9 | 33.3% | 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. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 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.
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Goldman, Apollo seek buyers for $40 billion SpaceX AI chip deal, Bloomberg News reportsCNA (Channel NewsAsia) · 04 Nov 2026 · EN
- [AINews] Behind Latent Space: Kill My SaaS, Jev & AI in 2026 | AIEi ShanghaiLatent Space Newsletter · 04 Nov 2026 · EN
- The AI trade has been ‘sold to death’ but Goldman strategist highlights silver lining from Democratic sweepMarketWatch — Top Stories · 04 Nov 2026 · EN
- Goldman Sachs is bullish on stocks. Why it's also telling clients to hold cash near termCNBC — Top News · 03 Nov 2026 · EN
- Ex-Phoenix Court partner launches $17M debut solo fund to discover next LovableTech.eu · 03 Nov 2026 · EN
- Is AI a Bubble? Wall Street Titans Say Not Even CloseBloomberg Markets · 03 Nov 2026 · EN
- Goldman Sachs adds a beer giant and a major bank to its favorite stock picksCNBC — Top News · 03 Nov 2026 · EN
- Goldman’s Solomon Sees ‘Very Robust’ Demand for AI DealsBloomberg Markets · 03 Nov 2026 · EN
- Solomon on Tech Supercycle 'Bumps'Bloomberg Markets · 03 Nov 2026 · EN
- Live: Goldman, Morgan Stanley CEOs to Navigate Markets, AI Trades at HK SummitBloomberg Markets · 03 Nov 2026 · EN
- AI could break legal systems by finding previously hidden loopholesThe Register · 02 Nov 2026 · EN
- Digest de seară: pierderile Anthropic se adâncesc, Marvell cumpără Lumentum - InvezzSurge — Google News · 02 Nov 2026 · RO
- Цена Brent опустилась ниже $106 за баррель впервые с 20 октябряKommersant (RU) · 02 Nov 2026 · RU
- Brent подешевела до $108,48 за баррельInterfax Russia (RU) · 02 Nov 2026 · RU
- How oil prices could average $130 per barrel next year, according to Goldman SachsMarketWatch — Top Stories · 02 Nov 2026 · EN
- Цена Brent опустилась ниже $109 за баррель впервые с 21 октябряKommersant (RU) · 02 Nov 2026 · RU
- Goldman Sachs повысил прогноз для Brent на 2027 год до $88Kommersant (RU) · 02 Nov 2026 · RU
- Goldman Sachs Raises Brent Oil Price Forecast to $105Oil Price · 02 Nov 2026 · EN
- Prețul petrolului a scăzut la aproape 109 dolari pe baril, luni dimineața, după ce au apărut informații privind disponibilitatea SUA și a Iranului de a identifica o soluție diplomatică în cadrul conflictului. Donald Trump vrea să continue negocierile înainte de a decide reluarea atacurilor, după alegerile de la jumătatea mandatului.Biziday.ro · 02 Nov 2026 · RO
- Goldman Sachs повысил прогноз для Brent на 2027 год до $88 за баррельInterfax Russia (RU) · 02 Nov 2026 · RU
SEC filings
- Quarterly report02 Nov 2026
- Current report13 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report27 Jul 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report21 Jul 2026Financial statements and exhibits
- Current report20 Jul 2026Other events
- Current report14 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Jun 2026Other events · Financial statements and exhibits
- Current report03 Jun 2026Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Goldman Sachs Group, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Goldman Sachs Group, Inc. · 03 Aug 2026
- [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.