『Goldman Sachs Q3 2026 Earnings Analysis』のカバーアート

Goldman Sachs Q3 2026 Earnings Analysis

Goldman Sachs Q3 2026 Earnings Analysis

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're digging into Goldman Sachs' third quarter 2026 results, and Jordan, this is a juicy one.

JORDAN: It really is. But before we get into it — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

ALEX: Right, so let's set the scene. Goldman posted net revenues of $18.7 billion for Q3 — the second highest in company history — with EPS of $17.01. ROE came in at 18.7%, ROTE at 20.5%.

JORDAN: And here's the twist — those numbers actually understate how strong the quarter was. Goldman made an accelerated charitable contribution of about $450 million, pulling forward roughly five years of planned philanthropic giving. Strip that out, and EPS would've been closer to $18, with ROE near 20% and ROTE around 21.5%.

ALEX: Interesting move — basically front-loading generosity during a strong quarter. Let's talk segments. Global Banking & Markets was the engine here, $13.5 billion in revenue, second-highest ever.

JORDAN: Advisory revenue hit a record, $1.7 billion, up 18% year-over-year. Goldman's still the king of M&A — they advised on $1.5 trillion in announced deals year-to-date, with a lead over their closest competitor of about $430 billion. That's the biggest lead they've ever had.

ALEX: Big names in there too — the Hugging Face sale to NVIDIA for $13 billion, Integer Holdings' $6 billion sale to KKR.

JORDAN: Equities was the real standout though — $6.4 billion in revenue, up 72% year-over-year. Financing revenue within equities rose 96% to a record, driven by elevated prime balances and a lot of activity in Asia.

ALEX: That Asia buildout keeps coming up. Management's been investing there deliberately for years, and it's clearly paying off now.

JORDAN: FICC was more muted — basically flat year-over-year — but financing revenue there rose too. And here's the headline stat for anyone tracking Goldman's long-term strategy: financing now makes up over 40% of combined FICC and Equities revenue year-to-date. That's a durability story, not just a trading story.

ALEX: Which ties into something David Solomon kept hammering — durable revenues have more than doubled since the 2020 Investor Day and now represent about 45% of total revenue year-to-date. That's a structural shift in how Goldman makes money.

JORDAN: Let's not skip Asset & Wealth Management, because the growth there was staggering. Management and other fees hit a record $3.6 billion, up 22% year-over-year. Assets under supervision reached $4.1 trillion — a record — with $97 billion in long-term inflows. That's 35 consecutive quarters of net inflows.

ALEX: Thirty-five quarters. That's not luck, that's a flywheel.

JORDAN: Wealth Management alone pulled in $47 billion in long-term inflows, way ahead of their 5% annual growth target — they're annualizing at 12%. And on the alternatives side, they raised their full-year fundraising target to roughly $150 billion, up from the original $75 to $100 billion range.

ALEX: They're also buying their way into new capabilities — the NEOS acquisition for derivative income ETFs, and LCN Capital Partners for triple net lease real estate. Solomon was clear this isn't opportunistic; it's a six-plus year strategy to scale the asset management platform.

JORDAN: Now, the Q&A had some great moments. One analyst asked David Solomon directly about succession rumors that had been circulating in the press.

ALEX: And Solomon shut that down pretty firmly, saying there's "no succession transition or timeline underway" and that he and the board are singularly focused on growing the firm.

JORDAN: There was also a really candid exchange about AI infrastructure financing. Sol

This episode includes AI-generated content.
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