GOLDMAN SACHS GROUP INC

Previous wording

Three Months Ended June 2026 versus June 2025. We generated net earnings of $6.63 billion for the second quarter of 2026, compared with $3.72 billion for the second quarter of 2025. Diluted earnings per common share (EPS) was $20.98 for the second quarter of 2026, compared with $10.91 for the second quarter of 2025. Annualized return on average common shareholders’ equity (ROE) was 23.5% for the second quarter of 2026, compared with 12.8% for the second quarter of 2025. Book value per common share was $367.67 as of June 2026, 1.8% higher compared with March 2026 and 2.8% higher compared with December 2025.

Current wording

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.

Previous wording

Net revenues were $20.34 billion for the second quarter of 2026, 39% higher than the second 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, Investment banking fees, and Fixed Income, Currency and Commodities (FICC). Net revenues in Asset & Wealth Management were significantly higher, reflecting significantly higher Management and other fees and significantly higher net revenues in Investments, 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.

Current wording

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.

Previous wording

Provision for credit losses was $102 million for the second quarter of 2026, compared with $384 million for the second quarter of 2025. Provisions for the second quarter of 2026 primarily reflected impairments related to wholesale loans. Provisions for the second 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, and growth related to wholesale loans.

Current wording

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.

Previous wording

Operating expenses were $11.67 billion for the second quarter of 2026, 26% higher than the second quarter of 2025, primarily reflecting significantly higher compensation and benefits expenses (reflecting improved operating performance) and transaction based expenses. Our efficiency ratio (total operating expenses divided by total net revenues) was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025.

Current wording

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.

Previous wording

During the second quarter of 2026, we returned a total of $5.36 billion of capital to common shareholders, including $4.00 billion of common share repurchases and $1.36 billion of common stock dividends. As of June 2026, our Common Equity Tier 1 (CET1) capital ratio was 12.9% 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.

Current wording

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.

Previous wording

Six Months Ended June 2026 versus June 2025. We generated net earnings of $12.26 billion for the first half of 2026, compared with $8.46 billion for the first half of 2025. Diluted EPS was $38.51 for the first half of 2026, compared with $25.07 for the first half of 2025. Annualized ROE was 21.7% for the first half of 2026, compared with 14.8% for the first half of 2025.

Current wording

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.

Previous wording

Net revenues were $37.57 billion for the first half of 2026, 27% higher than the first half 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 FICC. Net revenues in Asset & Wealth Management were higher, primarily reflecting higher Management and other fees and significantly higher net revenues in Investments, 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.

Current wording

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.

Previous wording

Provision for credit losses was $417 million for the first half of 2026, compared with $671 million for the first half of 2025. Provisions for the first half of 2026 reflected impairments and growth related to wholesale loans. Provisions for the first half 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.

Current wording

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.

Previous wording

Operating expenses were $22.10 billion for the first half of 2026, 20% higher than the first half of 2025, primarily reflecting significantly higher compensation and benefits expenses (reflecting improved operating performance) and transaction based expenses. Our efficiency ratio was 58.8% for the first half of 2026, compared with 62.0% for the first half of 2025.

Current wording

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.

Previous wording

During the first half of 2026, we returned a total of $11.74 billion of capital to common shareholders, including $9.00 billion of common stock repurchases and $2.74 billion of common stock dividends.

Current wording

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.

Previous wording

During the second quarter of 2026, the operating environment was generally characterized by resilient economic activity, particularly in the U.S., geopolitical concerns, a focus on investments related to artificial intelligence (AI) and uncertainty in the outlook for inflation and international trade policies (including tariffs). The conflict in the Middle East persisted over the course of the quarter, contributing to periods of market volatility. However, shifts in investor sentiment led to generally higher global equity markets following a decline in the prior quarter. Although the Federal Reserve held rates steady during the quarter, concerns about the economic outlook, including inflationary pressures, continued to weigh on the actions taken by central banks globally with respect to policy interest rates.

Current wording

During the third quarter of 2026, the operating environment was generally characterized by resilient economic activity (particularly in the U.S.), ongoing geopolitical concerns (including the conflict in the Middle East), a focus on investments related to artificial intelligence (AI) and uncertainty in the outlook for inflation. This environment contributed to periods of market volatility, increased oil prices and higher bond yields, while equity markets proved resilient. Concerns about inflationary pressures prompted actions by central banks globally with respect to policy interest rates during the third quarter of 2026, which included rate hikes by the Federal Reserve and the European Central Bank.

Previous wording

The economic outlook remains uncertain, reflecting concerns about the continuation or further escalation of the conflict in the Middle East, inflation, central bank policies and international trade policies (including tariffs). See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for further information about the operating environment for each of our business segments.

Current wording

The economic outlook remains uncertain, reflecting concerns about the continuation or further escalation of the conflict in the Middle East, inflation, central bank policies and investment demands related to AI. See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for further information about the operating environment for each of our business segments.

Previous wording

To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of June 2026 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse economic scenario. The adverse economic scenario of the forecast model reflects a global recession in the third quarter of 2026 through the second quarter of 2027, resulting in an economic contraction and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $0.6 billion increase in our allowance for credit losses as of June 2026. This hypothetical increase does not take into consideration any potential adjustments to qualitative reserves. The forecasts of macroeconomic conditions are inherently uncertain and do not take into account any other offsetting or correlated effects. The actual credit loss in an adverse macroeconomic environment may differ significantly from this estimate. See Note 9 to the consolidated financial statements for further information about the allowance for credit losses.

Current wording

To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of September 2026 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse economic scenario. The adverse economic scenario of the forecast model reflects a global recession in the fourth quarter of 2026 through the third quarter of 2027, resulting in an economic contraction and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $0.6 billion increase in our allowance for credit losses as of September 2026. This hypothetical increase does not take into consideration any potential adjustments to qualitative reserves. The forecasts of macroeconomic conditions are inherently uncertain and do not take into account any other offsetting or correlated effects. The actual credit loss in an adverse macroeconomic environment may differ significantly from this estimate. See Note 9 to the consolidated financial statements for further information about the allowance for credit losses.