Goldman Sachs Group falls 6.4% on 5 November

The move

Goldman Sachs Group closed at $868.95 on 5 November 2026, down 6.4% from $928.00 on 4 November, its largest one-day fall since 27 February 2026. About 3.9 million shares traded on 5 November, 1.7 times the average of the 20 sessions before. In the 20 sessions to 4 November its daily changes had a standard deviation of 1.7% (20-day realized volatility of 27.0% a year), so the move on 5 November was about 3.7 times a normal day.

What the company filed

Filed with the SEC from 1 November to 5 November, as listed on EDGAR:

• 2 November: 10-Q, the quarterly report.

The latest quarter

In the quarter to 30 September 2026, from the 10-Q filed on 2 November: revenue was $18.7B, up 23.0% on a year earlier; diluted earnings per share were $17.01 against $12.25; capital spending was $525M, down 5.9%; free cash flow (operating cash flow minus capital spending, our calculation) was $3.7B against $2.1B. Each figure is against the same quarter a year earlier.

Its earlier moves this size

Goldman Sachs Group’s latest earlier one-day falls of 5% or more in the daily closes we hold, since 6 November 2024: 27 February 2026, down 7.5%, and down 6.6% 20 sessions later; 3 April 2025, down 9.2%, and up 10.7% 20 sessions later. These are dates, not a pattern: a few moves say little about the next one.

What this note does not say

The filings do not give a reason for the share price move, and neither do we: this note puts the closes and the filings side by side. Every quarter Goldman Sachs Group has filed, each linked to its filing, is on the GS page at /s/gs.