1) Strong Financial Performance
- Generated net revenues of $18.7 billion, the second highest in history.
- Earnings per share (EPS) of $17.01, with a return on equity (ROE) of 18.7% and return on tangible equity (ROTE) of 20.5%.
- Excluding a charitable contribution, adjusted EPS would be approximately $18, with ROE and ROTE around 20% and 21.5%, respectively.
- Year-to-date revenues reached record levels, with ROE at 20.7% and ROTE at 22.4%.

2) Segment Performance Highlights
- Global Banking & Markets revenues were $13.5 billion, contributing to a segment ROE of 23.5% year-to-date.
- Investment Banking advisory revenues hit a record $1.7 billion, up 18% YoY, maintaining a #1 position in M&A with $1.5 trillion in announced transactions.
- Equities revenues rose 72% YoY to $6.4 billion, driven by strong intermediation and financing performance.
- Asset & Wealth Management revenues increased 14% YoY to $5.1 billion, with management fees up 22% to a record $3.6 billion.

3) Challenges and Market Headwinds
- Renewed geopolitical tensions and energy flow disruptions have complicated the economic outlook, increasing oil prices and inflation concerns.
- The Federal Reserve raised rates for the first time in three years, with expectations of further tightening.
- Despite these challenges, the U.S. economy remains resilient, with GDP growth at 2.2% and strong corporate earnings.

4) Strategic Initiatives and Growth Plans
- Continued investment in Asia to drive share gains and enhance client engagement.
- Announced acquisitions of NEOS and LCN Capital Partners to strengthen Asset & Wealth Management capabilities.
- Focus on AI infrastructure investment, with significant capital needs projected for the U.S. data center build-out, creating opportunities for financing solutions.
- Commitment to maintaining a disciplined approach to risk management as financing needs grow more complex.

5) Outlook and Guidance
- Full-year fundraising for Asset & Wealth Management expected to reach approximately $150 billion.
- The firm anticipates continued strong demand for M&A and capital formation, despite potential headwinds from interest rate volatility.
- Management remains confident in the firm's ability to create long-term shareholder value through strategic investments and disciplined capital allocation.

Bottom line: Goldman Sachs demonstrated robust financial performance in Q3 2026, with strong revenue growth across segments and strategic initiatives aimed at enhancing its market position. Despite geopolitical and economic challenges, the firm is well-positioned for continued growth, particularly in Asset & Wealth Management and through its investments in AI infrastructure.