Exhibit 99.1
gslogocorrectgraya.jpg
Third Quarter 2026
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
1
THIRD QUARTER 2026 EARNINGS RESULTS
Goldman Sachs Reports Third Quarter Earnings Per
Common Share of $17.01
Financial Summary
Net Earnings
$ in millions
3Q26
$5,294
3Q26 YTD
$17,552
EPS1
3Q26
$17.01
3Q26 YTD
$55.56
Net Revenues
$ in millions
3Q26
$18,679
3Q26 YTD
$56,244
Annualized ROE2
3Q26
18.7%
3Q26 YTD
20.7%
Book Value Per Share
3Q26
$372.64
YTD Growth
4.2%
NEW YORK, October 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $18.68 billion
and net earnings of $5.29 billion for the third quarter ended September 30, 2026. Net revenues were $56.24 billion and net
earnings were $17.55 billion for the first nine months of 2026.
Diluted earnings per common share (EPS)1 was $17.01 for the third quarter of 2026 compared with $12.25 for the third quarter
of 2025 and $20.98 for the second quarter of 2026, and was $55.56 for the first nine months of 2026 compared with $37.33 for
the first nine months of 2025.
Annualized return on average common shareholders' equity (ROE)2 was 18.7% for the third quarter of 2026 and 20.7% for the
first nine months of 2026.
Book value per common share increased by 1.4% during the third quarter of 2026 and by 4.2% during the first nine months of
2026 to $372.64.
2
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Net Revenues
Net revenues were $18.68 billion for the third quarter of 2026, 23% higher than
the third quarter of 2025 and 8% lower than the second quarter of 2026. The
increase compared with the third quarter of 2025 primarily reflected
significantly higher net revenues in Global Banking & Markets.
Net Revenues
$ in millions
3Q26
$18,679
Global Banking & Markets
Net revenues in Global Banking & Markets were $13.46 billion for the third
quarter of 2026, 32% higher than the third quarter of 2025 and 13% lower than
the second quarter of 2026.
Investment banking fees were $3.22 billion, 21% higher than the third quarter
of 2025, primarily due to higher net revenues in Advisory, reflecting an
increase in completed mergers and acquisitions volumes, and significantly
higher net revenues in Equity underwriting, primarily reflecting higher net
revenues from initial public offerings and secondary offerings. Net revenues in
Debt underwriting were also higher, primarily reflecting significantly higher net
revenues from investment-grade activity. The firm’s Investment banking fees
backlog3 decreased compared with the end of the second quarter of 2026 and
decreased slightly compared with the end of 2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $3.47
billion, essentially unchanged compared with the third quarter of 2025. Net
revenues in FICC intermediation were lower, due to significantly lower net
revenues in mortgages and credit products and lower net revenues in interest
rate products, partially offset by significantly higher net revenues in currencies
and commodities. Net revenues in FICC financing were higher, primarily due to
higher net revenues in mortgages and structured lending.
Net revenues in Equities were $6.44 billion, 72% higher than the third quarter
of 2025, due to significantly higher net revenues in Equities financing (driven
by significantly higher net revenues in prime financing and portfolio financing)
and in Equities intermediation (primarily driven by significantly higher net
revenues in derivatives).
Net revenues in Other were $322 million, compared with $282 million for the
third quarter of 2025, primarily reflecting higher net revenues in transaction
banking.
Global Banking & Markets
$ in millions
Advisory
$1,654
Equity underwriting
666
Debt underwriting
904
Investment banking fees
3,224
FICC intermediation
2,264
FICC financing
1,207
FICC
3,471
Equities intermediation
3,076
Equities financing
3,365
Equities
6,441
Other
322
Net revenues
$13,458
3
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $5.05 billion for the third
quarter of 2026, 14% higher than the third quarter of 2025 and 10% higher
than the second quarter of 2026. The increase compared with the third quarter
of 2025 reflected significantly higher Management and other fees and
Incentive fees, partially offset by significantly lower net revenues in
Investments and Private banking and lending.
The increase in Management and other fees primarily reflected the impact of
higher average assets under supervision. The increase in Incentive fees was
driven by fund distributions. The decrease in Investments net revenues
included net markdowns in debt investments compared with net markups in
the prior year period. The decrease in Private banking and lending net
revenues reflected the payment of interest on a previously impaired loan in the
prior year period.
Asset & Wealth Management
$ in millions
Management and other fees
$3,587
Incentive fees
587
Private banking and lending
827
Investments
50
Net revenues
$5,051
Platform Solutions
Net revenues in Platform Solutions were $170 million for the third quarter of
2026, 72% lower than the third quarter of 2025 and 23% lower than the
second quarter of 2026. The decrease compared with the third quarter of 2025
primarily reflected net markdowns related to the Apple Card loan portfolio,
which was transferred to held for sale in the fourth quarter of 2025.
Platform Solutions
$ in millions
Net revenues
$170
Provision for Credit Losses
Provision for Credit Losses
$ in millions
3Q26
$368
Provision for credit losses was $368 million for the third quarter of 2026,
compared with $339 million for the third quarter of 2025 and $102 million for
the second quarter of 2026. 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.
4
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
Operating Expenses
Operating expenses were $11.31 billion for the third quarter of 2026, 20%
higher than the third quarter of 2025 and 3% lower than the second quarter of
2026. The firm's efficiency ratio3 was 59.4% for the first nine months of 2026,
compared with 62.1% for the first nine months of 2025.
The increase in operating expenses compared with the third quarter of 2025
primarily reflected significantly higher transaction based expenses and higher
compensation and benefits expenses (reflecting improved operating
performance). In addition, charitable contributions to Goldman Sachs Gives (in
other expenses) were significantly higher.
Net provisions for litigation and regulatory proceedings were $23 million for the
third quarter of 2026, compared with $131 million for the third quarter of 2025.
Headcount increased 3% compared with the end of the second quarter of
2026, reflecting the timing of campus hires.
Operating Expenses
$ in millions
3Q26
$11,308
Efficiency Ratio
3Q26 YTD
59.4%
Provision for Taxes
Effective Tax Rate
3Q26 YTD
20.4%
The effective tax rate for the first nine months of 2026 was 20.4%, up from
18.5% for the first half of 2026, primarily due to a decrease in the impact of tax
benefits on the settlement of employee share-based awards.4
Other Matters
•On October 12, 2026, the Board of Directors of The Goldman Sachs
Group, Inc. declared a dividend of $5.00 per common share to be paid on
December 30, 2026 to common shareholders of record on December 2,
2026.
•During the quarter, the firm returned $4.49 billion of capital to common
shareholders, including $3.00 billion of common share repurchases (2.9
million shares at an average cost of $1,048.73) and $1.49 billion of
common stock dividends.3
•Global core liquid assets3 averaged $574 billion for the third quarter of
2026, compared with an average of $555 billion for the second quarter of
2026.
Quarterly Dividend Declared
Per common share
4Q26
$5.00
Common Share Repurchases
$ in billions
3Q26
$3.00
Hi Hi d
Average GCLA
$ in billions
3Q26
$574
5
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ,
possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For
information about some of the risks and important factors that could affect the firm’s future results, financial condition and
liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle
East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial
advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development
with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other
important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the
firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the
U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior
to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor
Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For
those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three
hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs
Investor Relations, via e-mail, at gs-investor-relations@gs.com.
6
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in millions
2026
2026
2025
2026
2025
GLOBAL BANKING & MARKETS
Advisory
$
1,654
$
1,378
$
1,404
20
%
18
%
Equity underwriting
666
985
465
(32)
43
Debt underwriting
904
1,032
788
(12)
15
Investment banking fees
3,224
3,395
2,657
(5)
21
FICC intermediation
2,264
3,376
2,437
(33)
(7)
FICC financing
1,207
1,216
1,056
(1)
14
FICC
3,471
4,592
3,493
(24)
(1)
Equities intermediation
3,076
4,157
2,020
(26)
52
Equities financing
3,365
3,259
1,716
3
96
Equities
6,441
7,416
3,736
(13)
72
Other
322
117
282
175
14
Net revenues
13,458
15,520
10,168
(13)
32
ASSET & WEALTH MANAGEMENT
Management and other fees
3,587
3,355
2,943
7
22
Incentive fees
587
112
76
424
672
Private banking and lending
827
689
1,057
20
(22)
Investments
50
441
342
(89)
(85)
Net revenues
5,051
4,597
4,418
10
14
PLATFORM SOLUTIONS
Net revenues
170
221
598
(23)
(72)
Total net revenues
$
18,679
$
20,338
$
15,184
(8)
23
Geographic Net Revenues (unaudited)3
THREE MONTHS ENDED
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in millions
2026
2026
2025
Americas
$
11,674
$
12,222
$
10,020
EMEA
3,205
4,502
3,163
Asia
3,800
3,614
2,001
Total net revenues
$
18,679
$
20,338
$
15,184
Americas
63
%
60
%
66
%
EMEA
17
%
22
%
21
%
Asia
20
%
18
%
13
%
Total
100
%
100
%
100
%
7
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
NINE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
SEPTEMBER 30,
SEPTEMBER 30,
$ in millions
2026
2025
2025
GLOBAL BANKING & MARKETS
Advisory
$
4,526
$
3,370
34
%
Equity underwriting
2,186
1,263
73
Debt underwriting
2,747
2,129
29
Investment banking fees
9,459
6,762
40
FICC intermediation
8,589
8,250
4
FICC financing
3,485
3,165
10
FICC
12,074
11,415
6
Equities intermediation
9,951
7,162
39
Equities financing
9,232
5,067
82
Equities
19,183
12,229
57
Other
1,000
636
57
Net revenues
41,716
31,042
34
ASSET & WEALTH MANAGEMENT
Management and other fees
10,019
8,446
19
Incentive fees
882
308
186
Private banking and lending
2,154
2,571
(16)
Investments
671
635
6
Net revenues
13,726
11,960
15
PLATFORM SOLUTIONS
Net revenues
802
1,827
(56)
Total net revenues
$
56,244
$
44,829
25
Geographic Net Revenues (unaudited)3
NINE MONTHS ENDED
SEPTEMBER 30,
SEPTEMBER 30,
$ in millions
2026
2025
Americas
$
34,312
$
28,868
EMEA
11,474
10,465
Asia
10,458
5,496
Total net revenues
$
56,244
$
44,829
Americas
61
%
65
%
EMEA
20
%
23
%
Asia
19
%
12
%
Total
100
%
100
%
8
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
In millions, except
per share amounts and headcount
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
2026
2026
2025
2026
2025
REVENUES
Investment banking
$
3,233
$
3,400
$
2,659
(5)
%
22
%
Investment management
4,102
3,378
2,952
21
39
Commissions and fees
1,515
1,525
1,110
(1)
36
Market making
5,658
7,637
3,868
(26)
46
Other principal transactions
401
444
743
(10)
(46)
Total non-interest revenues
14,909
16,384
11,332
(9)
32
Interest income
22,793
22,047
20,822
3
9
Interest expense
19,023
18,093
16,970
5
12
Net interest income
3,770
3,954
3,852
(5)
(2)
Total net revenues
18,679
20,338
15,184
(8)
23
Provision for credit losses
368
102
339
261
9
OPERATING EXPENSES
Compensation and benefits
5,122
6,104
4,680
(16)
9
Transaction based
3,021
3,052
1,968
(1)
54
Market development
183
198
171
(8)
7
Communications and technology
674
635
545
6
24
Depreciation and amortization
537
509
531
6
1
Occupancy
249
244
242
2
3
Professional fees
424
372
432
14
(2)
Other expenses
1,098
559
884
96
24
Total operating expenses
11,308
11,673
9,453
(3)
20
Pre-tax earnings
7,003
8,563
5,392
(18)
30
Provision for taxes
1,709
1,935
1,294
(12)
32
Net earnings
5,294
6,628
4,098
(20)
29
Preferred stock dividends
172
229
238
(25)
(28)
Net earnings to common
$
5,122
$
6,399
$
3,860
(20)
33
EARNINGS PER COMMON SHARE
Basic3
$
17.24
$
21.27
$
12.42
(19)
%
39
%
Diluted1
$
17.01
$
20.98
$
12.25
(19)
39
AVERAGE COMMON SHARES
Basic
296.1
300.1
309.6
(1)
(4)
Diluted
301.1
304.9
315.0
(1)
(4)
SELECTED DATA AT PERIOD-END
Common shareholders' equity
$
110,151
$
109,714
$
109,249
—
1
Basic shares3
295.6
298.4
308.8
(1)
(4)
Book value per common share
$
372.64
$
367.67
$
353.79
1
5
Headcount
47,500
46,200
48,300
3
(2)
9
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
NINE MONTHS ENDED
% CHANGE FROM
In millions, except
per share amounts
SEPTEMBER 30,
SEPTEMBER 30,
SEPTEMBER 30,
2026
2025
2025
REVENUES
Investment banking
$
9,477
$
6,769
40
%
Investment management
10,659
8,548
25
Commissions and fees
4,366
3,537
23
Market making
18,756
14,324
31
Other principal transactions
1,707
1,800
(5)
Total non-interest revenues
44,965
34,978
29
Interest income
65,477
59,994
9
Interest expense
54,198
50,143
8
Net interest income
11,279
9,851
14
Total net revenues
56,244
44,829
25
Provision for credit losses
785
1,010
(22)
OPERATING EXPENSES
Compensation and benefits
16,638
14,241
17
Transaction based
8,588
5,773
49
Market development
567
494
15
Communications and technology
1,892
1,581
20
Depreciation and amortization
1,541
1,655
(7)
Occupancy
747
709
5
Professional fees
1,175
1,296
(9)
Other expenses
2,259
2,073
9
Total operating expenses
33,407
27,822
20
Pre-tax earnings
22,052
15,997
38
Provision for taxes
4,500
3,438
31
Net earnings
17,552
12,559
40
Preferred stock dividends
628
643
(2)
Net earnings to common
$
16,924
$
11,916
42
EARNINGS PER COMMON SHARE
Basic3
$
56.27
$
37.75
49
%
Diluted1
$
55.56
$
37.33
49
AVERAGE COMMON SHARES
Basic
299.9
314.6
(5)
Diluted
304.6
319.2
(5)
10
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
AS OF
SEPTEMBER 30,
JUNE 30,
$ in billions
2026
2026
ASSETS
Cash and cash equivalents
$
177
$
187
Collateralized agreements
359
366
Customer and other receivables
226
230
Trading assets
832
789
Investments
273
256
Loans
276
261
Other assets
39
39
Total assets
$
2,182
$
2,128
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$
568
$
558
Collateralized financings
395
357
Customer and other payables
289
300
Trading liabilities
331
324
Unsecured short-term borrowings
92
90
Unsecured long-term borrowings
352
348
Other liabilities
30
28
Total liabilities
2,057
2,005
Shareholders’ equity
125
123
Total liabilities and shareholders’ equity
$
2,182
$
2,128
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
AS OF
SEPTEMBER 30,
JUNE 30,
$ in billions
2026
2026
Common equity tier 1 capital
$
101.4
$
101.7
STANDARDIZED CAPITAL RULES
Risk-weighted assets
$
817
$
791
Common equity tier 1 capital ratio
12.4
%
12.9
%
ADVANCED CAPITAL RULES
Risk-weighted assets
$
745
$
747
Common equity tier 1 capital ratio
13.6
%
13.6
%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio
4.3
%
4.3
%
Average Daily VaR (unaudited)3
THREE MONTHS ENDED
SEPTEMBER 30,
JUNE 30,
$ in millions
2026
2026
CATEGORIES
Interest rates
$
75
$
82
Equity prices
79
65
Currency rates
18
19
Commodity prices
31
30
Diversification effect
(77)
(76)
Total
$
126
$
120
11
GOLDMAN SACHS REPORTS
THIRD QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
SEPTEMBER 30,
JUNE 30,
SEPTEMBER 30,
$ in billions
2026
2026
2025
ASSET CLASS (as of period-end)
Alternative investments
$
491
$
459
$
390
Equity
1,150
1,123
914
Fixed income
1,405
1,394
1,297
Total long-term AUS
3,046
2,976
2,601
Liquidity products
1,051
1,065
851
Total AUS
$
4,097
$
4,041
$
3,452
ROLLFORWARD (for the three months ended)
Beginning balance
$
4,041
$
3,650
$
3,293
Net inflows / (outflows):
Alternative investments
34
21
12
Equity
13
46
5
Fixed income
50
24
39
Total long-term AUS net inflows / (outflows)6
97
91
56
Liquidity products
(14)
139
23
Total AUS net inflows / (outflows)
83
230
79
Net market appreciation / (depreciation)
(27)
161
80
Ending balance
$
4,097
$
4,041
$
3,452
Footnotes
1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders'
equity. Average monthly common shareholders' equity was $109.38 billion for the three months ended September 30, 2026 and $109.06 billion for the
nine months ended September 30, 2026.
3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk
Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk
Management – Market Risk Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly
Report on Form 10-Q for the period ended June 30, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation
and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards and other share-based
arrangements that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common
Share.”
Represents a preliminary estimate for the third quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q
for the period ended September 30, 2026.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2026 of
approximately $975 million, which increased diluted EPS by approximately $3.20 and annualized ROE by 1.1 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital
Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the
disposition of Goldman Sachs TFI, for the three months ended June 30, 2026.