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Beta Finch - Goldman Sachs - GS - EN

Beta Finch - Goldman Sachs - GS - EN

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AI-powered earnings call analysis for Goldman Sachs (GS). Two AI hosts break down quarterly results, key metrics, and market implications in digestible podcast episodes.2026 Beta Finch Economia Finanza personale
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  • Goldman Sachs Q3 2026 Earnings Analysis

    Goldman Sachs Q3 2026 Earnings Analysis
    Oct 15 2026
    More earnings analysis: https://betafinch.com
    Groups: BANKS (https://betafinch.com/groups/BANKS)
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    ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're digging into Goldman Sachs' third quarter 2026 results, and Jordan, this is a juicy one.

    JORDAN: It really is. But before we get into it — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    ALEX: Right, so let's set the scene. Goldman posted net revenues of $18.7 billion for Q3 — the second highest in company history — with EPS of $17.01. ROE came in at 18.7%, ROTE at 20.5%.

    JORDAN: And here's the twist — those numbers actually understate how strong the quarter was. Goldman made an accelerated charitable contribution of about $450 million, pulling forward roughly five years of planned philanthropic giving. Strip that out, and EPS would've been closer to $18, with ROE near 20% and ROTE around 21.5%.

    ALEX: Interesting move — basically front-loading generosity during a strong quarter. Let's talk segments. Global Banking & Markets was the engine here, $13.5 billion in revenue, second-highest ever.

    JORDAN: Advisory revenue hit a record, $1.7 billion, up 18% year-over-year. Goldman's still the king of M&A — they advised on $1.5 trillion in announced deals year-to-date, with a lead over their closest competitor of about $430 billion. That's the biggest lead they've ever had.

    ALEX: Big names in there too — the Hugging Face sale to NVIDIA for $13 billion, Integer Holdings' $6 billion sale to KKR.

    JORDAN: Equities was the real standout though — $6.4 billion in revenue, up 72% year-over-year. Financing revenue within equities rose 96% to a record, driven by elevated prime balances and a lot of activity in Asia.

    ALEX: That Asia buildout keeps coming up. Management's been investing there deliberately for years, and it's clearly paying off now.

    JORDAN: FICC was more muted — basically flat year-over-year — but financing revenue there rose too. And here's the headline stat for anyone tracking Goldman's long-term strategy: financing now makes up over 40% of combined FICC and Equities revenue year-to-date. That's a durability story, not just a trading story.

    ALEX: Which ties into something David Solomon kept hammering — durable revenues have more than doubled since the 2020 Investor Day and now represent about 45% of total revenue year-to-date. That's a structural shift in how Goldman makes money.

    JORDAN: Let's not skip Asset & Wealth Management, because the growth there was staggering. Management and other fees hit a record $3.6 billion, up 22% year-over-year. Assets under supervision reached $4.1 trillion — a record — with $97 billion in long-term inflows. That's 35 consecutive quarters of net inflows.

    ALEX: Thirty-five quarters. That's not luck, that's a flywheel.

    JORDAN: Wealth Management alone pulled in $47 billion in long-term inflows, way ahead of their 5% annual growth target — they're annualizing at 12%. And on the alternatives side, they raised their full-year fundraising target to roughly $150 billion, up from the original $75 to $100 billion range.

    ALEX: They're also buying their way into new capabilities — the NEOS acquisition for derivative income ETFs, and LCN Capital Partners for triple net lease real estate. Solomon was clear this isn't opportunistic; it's a six-plus year strategy to scale the asset management platform.

    JORDAN: Now, the Q&A had some great moments. One analyst asked David Solomon directly about succession rumors that had been circulating in the press.

    ALEX: And Solomon shut that down pretty firmly, saying there's "no succession transition or timeline underway" and that he and the board are singularly focused on growing the firm.

    JORDAN: There was also a really candid exchange about AI infrastructure financing. Sol

    This episode includes AI-generated content.
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    7 min
  • Goldman Sachs Q2 2026 Earnings Analysis

    Goldman Sachs Q2 2026 Earnings Analysis
    Jul 14 2026
    More earnings analysis: https://betafinch.com
    Groups: BANKS (https://betafinch.com/groups/BANKS)
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    ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown, bringing you the numbers and the narrative behind them. I'm Alex.

    JORDAN: And I'm Jordan. And Alex, we've got Goldman Sachs Q2 2026, and this one's a doozy.

    ALEX: It really is — but before we dive in, quick disclaimer: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    JORDAN: Good, let's get into it. Record quarter, full stop. $20.3 billion in net revenues, record EPS of $20.98, ROE of 23.5%, ROTE of 25.5%. Those are eye-popping numbers for a bank this size.

    ALEX: Every single segment contributed. Global Banking & Markets alone hit a record $15.5 billion. Advisory revenue up 17% year-over-year — and get this, Goldman crossed $1 trillion in announced M&A volume in just six months, first bank ever to do that.

    JORDAN: And they're not just winning deals, they're winning them by a mile. $425 billion ahead of the next closest competitor in announced M&A. That's not a lead, that's a lap.

    ALEX: Equity underwriting revenue up 130%, debt underwriting up 75% — best quarter on record there. A lot of that tied to marquee names too — they were lead bookrunner on the SpaceX IPO and the Alphabet equity raise.

    JORDAN: But honestly, the number that made me do a double-take was equities trading. Record $7.4 billion, with intermediation revenue up 60% and equity financing up 91%. CFO Denis Coleman basically said this is the payoff from a multi-year bet on building out their Asia prime brokerage business.

    ALEX: Right, and analysts pushed hard on that in Q&A — is this sustainable, or is it a couple of huge clients driving the number? Coleman pushed back, saying it's broad-based across long-short and quant clients globally, not concentrated in a handful of accounts.

    JORDAN: FICC was strong too — $4.6 billion, up 32%, with financing revenue hitting a record. Across FICC and equities combined, financing now makes up 37% of total revenue there. Goldman's essentially been turning its balance sheet into a growth engine.

    ALEX: Let's talk Asset & Wealth Management, because that story's just as interesting. Revenue up 20% year-over-year to $4.6 billion, 34th straight quarter of long-term net inflows, total assets under supervision crossed $4 trillion for the first time.

    JORDAN: And alternatives fundraising — $59 billion in the quarter, $85 billion year-to-date. They actually raised their full-year fundraising guidance to over $125 billion. $31 billion of that was private credit alone this quarter.

    ALEX: They also picked up two massive OCIO mandates — Verizon and Lockheed Martin's retirement plans, $70 billion combined in assets. That's the kind of sticky, fee-generating business that makes this segment more durable over time.

    JORDAN: Now, the through-line for this whole call was really the AI infrastructure buildout. CEO David Solomon kept coming back to it — data centers, energy, chips, the whole ecosystem is pulling in capital far beyond traditional tech financing, and Goldman's positioning itself as the plumbing for that capital.

    ALEX: He was refreshingly honest about the risk side too. When asked directly about bubble concerns, Solomon said, essentially, "I'm not smart enough to tell you if there's a recalibration coming in six or eighteen months, but over three to five years, we're investing in long-term growth." He didn't dodge the question, but he didn't overpromise either.

    JORDAN: That was a theme all call — a lot of "this won't be a straight line, there'll be bumps." Which, from a bank CEO in the middle of a record quarter, is actually a pretty disciplined thing to say out loud.

    ALEX: One more Q&A moment worth flagging — Mike Mayo asked about the "multiplier eff

    This episode includes AI-generated content.
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    8 min
  • Goldman Sachs Q1 2026 Earnings Analysis

    Goldman Sachs Q1 2026 Earnings Analysis
    Apr 13 2026
    **BETA FINCH PODCAST SCRIPT**

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    **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that matter. I'm Alex, and as always, I'm joined by my co-host Jordan. Today we're unpacking Goldman Sachs' absolutely stellar Q1 2026 results that just dropped.

    Before we dive in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    Jordan, these numbers are pretty eye-popping. What jumped out at you first?

    **JORDAN:** Alex, Goldman just delivered their second-highest quarterly performance in company history. We're talking $17.2 billion in net revenues, $5.6 billion in net earnings, and earnings per share of $17.55. That drove a return on equity of nearly 20% at 19.8%. These are numbers that would make any CFO jealous.

    **ALEX:** That ROE is particularly impressive. And what's driving this performance? It seems like their Global Banking & Markets division is firing on all cylinders.

    **JORDAN:** Absolutely. Global Banking & Markets hit record quarterly revenues of $12.7 billion with an ROE over 22%. The standout here is equities, which generated a record $5.3 billion in revenues. Their equities financing business alone brought in $2.6 billion - that's up 59% year-over-year.

    **ALEX:** Now, there's an interesting geographic story here too, right? Goldman's been talking about Asia as a growth opportunity.

    **JORDAN:** Exactly. CEO David Solomon specifically highlighted their progress in Asia, particularly in prime brokerage. They saw record average prime balances during the quarter, and this Asia expansion is a key part of their strategy to close competitive gaps in certain regions. It's paying off - financing revenues across FICC and equities now comprise nearly 40% of total revenues in those divisions.

    **ALEX:** Let's talk about the investment banking side. They maintained their number one position in M&A globally, but there are some interesting crosscurrents in the market.

    **JORDAN:** Right. Advisory revenues jumped 89% year-over-year to $1.5 billion on higher completed volumes. They're sitting on some massive deals - like the $43 billion Unilever-McCormick merger and Sysco's $29 billion Jetro acquisition. What's really telling is that even after executing on extraordinary deal flow this quarter, their backlog remained "extraordinarily robust" according to Solomon.

    **ALEX:** But not everything was smooth sailing. There was some softness in certain areas, and geopolitical tensions seemed to weigh on markets toward the end of the quarter.

    **JORDAN:** That's right. Solomon noted that while Q1 started optimistically with markets hitting record highs, the macro environment began weighing on sentiment as the quarter progressed. Volatility increased meaningfully due to AI-driven disruption concerns, uncertainty in parts of private credit, and the Middle East conflict. This particularly impacted IPO activity in March.

    **ALEX:** Speaking of private credit - this has been a hot-button issue in the market lately. How did Goldman address the concerns?

    **JORDAN:** Solomon was pretty direct about this. He pointed out that while private credit broadly is about $3.5 trillion, the direct lending space getting all the negative attention is around $1.6-1.7 trillion, with only about 20% or $230 billion in retail NAV. Goldman's platform is over 80% institutional investors with very broad diversification.

    Interestingly, he noted that 40% of their Q1 subscriptions in their credit BDC came from institutions, many first-time investors including insurance companies and pension funds.

    **ALEX:** What was his take on potential credit cycles and losses?

    **JORDAN:** He provided some historical context that I found fascinating. During the global financial crisis - arguably the toughes

    This episode includes AI-generated content.
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    9 min
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