Third Quarter 2026

Earnings Results

THIRD QUARTER 2026 EARNINGS RESULTS

Goldman Sachs Reports Third Quarter Earnings Per

Common Share of $17.01

Financial Summary

NEW YORK, October 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $18.68 billion

and net earnings of $5.29 billion for the third quarter ended September 30, 2026. Net revenues were $56.24 billion and net

earnings were $17.55 billion for the first nine months of 2026.

Diluted earnings per common share (EPS)1 was $17.01 for the third quarter of 2026 compared with $12.25 for the third quarter

of 2025 and $20.98 for the second quarter of 2026, and was $55.56 for the first nine months of 2026 compared with $37.33 for

the first nine months of 2025.

Annualized return on average common shareholders' equity (ROE)2 was 18.7% for the third quarter of 2026 and 20.7% for the

first nine months of 2026.

Book value per common share increased by 1.4% during the third quarter of 2026 and by 4.2% during the first nine months of

2026 to $372.64.

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

Net Revenues

Net revenues were $18.68 billion for the third quarter of 2026, 23% higher than

the third quarter of 2025 and 8% lower than the second quarter of 2026. The

increase compared with the third quarter of 2025 primarily reflected

significantly higher net revenues in Global Banking & Markets.

Global Banking & Markets

Net revenues in Global Banking & Markets were $13.46 billion for the third

quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than

the second quarter of 2026.

Investment banking fees were $3.22 billion, 21% higher than the third quarter

of 2025, primarily due to higher net revenues in Advisory, reflecting an

increase in completed mergers and acquisitions volumes, and significantly

higher net revenues in Equity underwriting, primarily reflecting higher net

revenues from initial public offerings and secondary offerings. Net revenues in

Debt underwriting were also higher, primarily reflecting significantly higher net

revenues from investment-grade activity. The firm’s Investment banking fees

backlog3 decreased compared with the end of the second quarter of 2026 and

decreased slightly compared with the end of 2025.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47

billion, essentially unchanged compared with the third quarter of 2025. Net

revenues in FICC intermediation were lower, due to significantly lower net

revenues in mortgages and credit products and lower net revenues in interest

rate products, partially offset by significantly higher net revenues in currencies

and commodities. Net revenues in FICC financing were higher, primarily due to

higher net revenues in mortgages and structured lending.

Net revenues in Equities were $6.44 billion, 72% higher than the third quarter

of 2025, due to significantly higher net revenues in Equities financing (driven

by significantly higher net revenues in prime financing and portfolio financing)

and in Equities intermediation (primarily driven by significantly higher net

revenues in derivatives).

Net revenues in Other were $322 million, compared with $282 million for the

third quarter of 2025, primarily reflecting higher net revenues in transaction

banking.

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $5.05 billion for the third

quarter of 2026, 14% higher than the third quarter of 2025 and 10% higher

than the second quarter of 2026. The increase compared with the third quarter

of 2025 reflected significantly higher Management and other fees and

Incentive fees, partially offset by significantly lower net revenues in

Investments and Private banking and lending.

The increase in Management and other fees primarily reflected the impact of

higher average assets under supervision. The increase in Incentive fees was

driven by fund distributions. The decrease in Investments net revenues

included net markdowns in debt investments compared with net markups in

the prior year period. The decrease in Private banking and lending net

revenues reflected the payment of interest on a previously impaired loan in the

prior year period.

Platform Solutions

Net revenues in Platform Solutions were $170 million for the third quarter of

2026, 72% lower than the third quarter of 2025 and 23% lower than the

second quarter of 2026. The decrease compared with the third quarter of 2025

primarily reflected net markdowns related to the Apple Card loan portfolio,

which was transferred to held for sale in the fourth quarter of 2025.

Provision for Credit Losses

Provision for credit losses was $368 million for the third quarter of 2026,

compared with $339 million for the third quarter of 2025 and $102 million for

the second quarter of 2026. Provisions for the third quarter of 2026 primarily

reflected impairments related to wholesale loans. Provisions for the third

quarter of 2025 primarily reflected net provisions related to the credit card

portfolio, which was transferred to held for sale in the fourth quarter of 2025.

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

Operating Expenses

Operating expenses were $11.31 billion for the third quarter of 2026, 20%

higher than the third quarter of 2025 and 3% lower than the second quarter of

2026. The firm's efficiency ratio3 was 59.4% for the first nine months of 2026,

compared with 62.1% for the first nine months of 2025.

The increase in operating expenses compared with the third quarter of 2025

primarily reflected significantly higher transaction based expenses and higher

compensation and benefits expenses (reflecting improved operating

performance). In addition, charitable contributions to Goldman Sachs Gives (in

other expenses) were significantly higher.

Net provisions for litigation and regulatory proceedings were $23 million for the

third quarter of 2026, compared with $131 million for the third quarter of 2025.

Headcount increased 3% compared with the end of the second quarter of

2026, reflecting the timing of campus hires.

Provision for Taxes

The effective tax rate for the first nine months of 2026 was 20.4%, up from

18.5% for the first half of 2026, primarily due to a decrease in the impact of tax

benefits on the settlement of employee share-based awards.4

Other Matters

• On October 12, 2026, the Board of Directors of The Goldman Sachs

Group, Inc. declared a dividend of $5.00 per common share to be paid on

December 30, 2026 to common shareholders of record on December 2,

2026.

• During the quarter, the firm returned $4.49 billion of capital to common

shareholders, including $3.00 billion of common share repurchases (2.9

million shares at an average cost of $1,048.73) and $1.49 billion of

common stock dividends.3

• Global core liquid assets3 averaged $574 billion for the third quarter of

2026, compared with an average of $555 billion for the second quarter of

2026.

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GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a

large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in

1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private

Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current

conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently

uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ,

possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For

information about some of the risks and important factors that could affect the firm’s future results, financial condition and

liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,

balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking

statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking

statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and

related net revenues may not be realized or may be materially less than expected. Important factors that could have such a

result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international

trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle

East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial

advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development

with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other

important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the

firm’s Annual Report on Form 10-K for the year ended December 31, 2025.

Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will

be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the

U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior

to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor

Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For

those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three

hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs

Investor Relations, via e-mail, at gs-investor-relations@gs.com.

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

Geographic Net Revenues (unaudited)3

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

Geographic Net Revenues (unaudited)3

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

Average Daily VaR (unaudited)3

GOLDMAN SACHS REPORTS

THIRD QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3,5

Footnotes

1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.

2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders'

equity. Average monthly common shareholders' equity was $109.38 billion for the three months ended September 30, 2026 and $109.06 billion for the

nine months ended September 30, 2026.

3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition

and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) Investment banking fees backlog – see

“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –

Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital

Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk

Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk

Management – Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly

Report on Form 10-Q for the period ended June 30, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation

and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards and other share-based

arrangements that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common

Share.”

Represents a preliminary estimate for the third quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,

supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q

for the period ended September 30, 2026.

4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2026 of

approximately $975 million, which increased diluted EPS by approximately $3.20 and annualized ROE by 1.1 percentage points.

5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better

reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.

6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital

Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the

disposition of Goldman Sachs TFI, for the three months ended June 30, 2026.