The earnings call highlighted strong financial performance across various segments, notably Asset & Wealth Management and Global Banking & Markets. However, some challenges persist, particularly in the consumer business and ongoing regulatory uncertainties. The positive aspects, especially the record-breaking achievements and growth in key areas, outweigh the negative points.

Company Guidance

During the Goldman Sachs Q3 2024 earnings call, the executives provided guidance highlighting several key metrics and strategic insights. The firm reported net revenues of $12.7 billion, an increase of 7% year-over-year, with an earnings per share (EPS) of $8.40, which was up 54% compared to the previous year. The return on equity (ROE) stood at 10.4%, while the return on tangible equity (RoTE) was 11.1%. In Global Banking and Markets, revenues reached $8.6 billion, with advisory revenues rising to $875 million and equity underwriting revenues increasing by 25% year-over-year. Asset & Wealth Management revenues were up 16% year-over-year to $3.8 billion, with assets under supervision surpassing $3 trillion for the first time. The firm emphasized its focus on narrowing its consumer footprint, which had a negative impact of 80 basis points on ROE. Despite challenges, Goldman Sachs continues to invest in its global franchises and alternative fundraising, expecting to exceed $60 billion in fundraising for 2024. The executives also discussed concerns regarding the regulatory process related to Basel III revisions and the impact on capital requirements, stressing the importance of getting it right to avoid increasing credit costs for businesses.

Strong Financial Performance

Generated net revenues of $12.7 billion, up 7% year-over-year, and earnings per share of $8.40, up 54% year-over-year. ROE was 10.4% and RoTE was 11.1%.

Record Asset & Wealth Management Performance

Assets under supervision reached a record $3.1 trillion. Management and other fees hit a record $2.6 billion for the quarter.

Global Banking & Markets Success

Revenues of $8.6 billion in Q3, with equity underwriting revenues up 25% year-over-year and debt underwriting revenues up 46% year-over-year.

FICC and Equities Performance

Record financing revenues in FICC and equities intermediation revenues up 29% year-over-year.

Continued Growth in Alternatives

Raised over $50 billion year-to-date in alternatives fundraising, with expectations to exceed $60 billion in 2024.

Improved Pre-Tax Margin in Asset & Wealth Management

Pre-tax margin is up meaningfully from last year and in line with mid-20s target.

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Goldman Sachs Group (GS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 16, 2025	2024 (Q4)	8.11 / -	5.48	―	―	―
Oct 15, 2024	2024 (Q3)	6.89 / 8.40	5.47	53.56% (+2.93)
Jul 15, 2024	2024 (Q2)	8.31 / 8.62	3.08	179.87% (+5.54)
Apr 15, 2024	2024 (Q1)	8.71 / 11.58	8.79	31.74% (+2.79)
Jan 16, 2024	2023 (Q4)	3.62 / 5.48	3.32	65.06% (+2.16)
Oct 17, 2023	2023 (Q3)	5.42 / 5.47	8.25	-33.70% (-2.78)
Jul 19, 2023	2023 (Q2)	3.15 / 3.08	7.73	-60.16% (-4.65)
Apr 18, 2023	2023 (Q1)	8.14 / 8.79	10.76	-18.31% (-1.97)
Jan 17, 2023	2022 (Q4)	5.56 / 3.32	10.81	-69.29% (-7.49)
Oct 18, 2022	2022 (Q3)	7.73 / 8.25	14.93	-44.74% (-6.68)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 15, 2024	$520.17	$519.80	-0.07%
Jul 15, 2024	$474.71	$486.92	+2.57%
Apr 15, 2024	$382.97	$394.17	+2.92%
Jan 16, 2024	$368.82	$371.45	+0.71%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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