Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Financing client trades became Goldman's biggest revenue line
Market making rose 46.3%, and the filing credits equities financing, so this line now tracks client borrowing more than deal flow.
For investorsWhat has to hold for the financing engine to keep growing?
For foundersPricing by complexity: what a tiered fee model teaches
Compensation rose 9.4% against revenue growth of 23.0%, which let pre-tax earnings outgrow revenue despite surging trading costs.
Funding costs grew faster than interest earned, so net interest income fell 2.1% even as financing revenue grew strongly.
Alternative investments earn 61 basis points against an average of 30, so growth in that tier lifts fees faster than assets.
Unlock the financial breakdown, competitive insights, historical trends and founder playbook, plus research across the company library.
Free CXProWealth membership required
Business Lens describes Goldman Sachs from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
