GOLDMAN SACHS GROUP INC

Three Months Ended September 2026 versus September 2025. We generated net earnings of $5.29 billion for the third quarter of 2026, compared with $4.10 billion for the third quarter of 2025. Diluted earnings per common share (EPS) was $17.01 for the third quarter of 2026, compared with $12.25 for the third quarter of 2025. Annualized return on average common shareholders’ equity (ROE) was 18.7% for the third quarter of 2026, compared with 14.2% for the third quarter of 2025. Book value per common share was $372.64 as of September 2026, 1.4% higher compared with June 2026 and 4.2% higher compared with December 2025.

Net revenues were $18.68 billion for the third quarter of 2026, 23% higher than the third quarter of 2025, primarily reflecting significantly higher net revenues in Global Banking & Markets. The increase in net revenues in Global Banking & Markets reflected significantly higher net revenues in Equities and Investment banking fees. Net revenues in Asset & Wealth Management were higher, reflecting significantly higher Management and other fees and Incentive fees, partially offset by significantly lower net revenues in Investments and Private banking and lending. Net revenues in Platform Solutions were significantly lower, primarily reflecting 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 was $368 million for the third quarter of 2026, compared with $339 million for the third quarter of 2025. 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.

Operating expenses were $11.31 billion for the third quarter of 2026, 20% higher than the third quarter of 2025, primarily reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Our efficiency ratio (total operating expenses divided by total net revenues) was 60.5% for the third quarter of 2026, compared with 62.3% for the third quarter of 2025.

During the third quarter of 2026, we returned a total of $4.49 billion of capital to common shareholders, including $3.00 billion of common share repurchases and $1.49 billion of common stock dividends. As of September 2026, our Common Equity Tier 1 (CET1) capital ratio was 12.4% under the Standardized Capital Rules and 13.6% under the Advanced Capital Rules. See Note 20 to the consolidated financial statements for further information about our capital ratios.

Nine Months Ended September 2026 versus September 2025. We generated net earnings of $17.55 billion for the first nine months of 2026, compared with $12.56 billion for the first nine months of 2025. Diluted EPS was $55.56 for the first nine months of 2026, compared with $37.33 for the first nine months of 2025. Annualized ROE was 20.7% for the first nine months of 2026, compared with 14.6% for the first nine months of 2025.

Net revenues were $56.24 billion for the first nine months of 2026, 25% higher than the first nine months of 2025, primarily reflecting significantly higher net revenues in Global Banking & Markets. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher net revenues in Equities and Investment banking fees and higher net revenues in Fixed Income, Currency and Commodities (FICC). Net revenues in Asset & Wealth Management were higher, primarily reflecting higher Management and other fees and significantly higher Incentive fees, partially offset by lower net revenues in Private banking and lending. Net revenues in Platform Solutions were significantly lower, primarily reflecting 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 was $785 million for the first nine months of 2026, compared with $1.01 billion for the first nine months of 2025. Provisions for the first nine months of 2026 reflected impairments and growth related to wholesale loans. Provisions for the first nine months of 2025 reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025, and impairments related to wholesale loans.

Operating expenses were $33.41 billion for the first nine months of 2026, 20% higher than the first nine months of 2025, primarily reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Our efficiency ratio was 59.4% for the first nine months of 2026, compared with 62.1% for the first nine months of 2025.

During the first nine months of 2026, we returned a total of $16.23 billion of capital to common shareholders, including $12.00 billion of common stock repurchases and $4.23 billion of common stock dividends.