Goldman Sachs sees flat STOXX 600 margins through 2028, excluding financials and commodities

• Goldman Sachs forecasts broadly flat STOXX 600 profit margins through 2028, excluding financials and commodities.
• Analyst consensus instead projects margins rising more than 100 basis points to 10.1% from 8.7%.
• Global growth increasingly drives European corporate earnings, with more than half of STOXX 600 revenue generated outside Europe.
• A 1-percentage-point acceleration in sales-weighted GDP growth is associated with roughly 10 percentage points of higher STOXX 600 earnings-per-share growth.
• Sustained high energy costs could pressure margins outside financials and commodities if demand slows and pricing power fades.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. The Goldman Sachs Group Inc. published the original content used to generate this news brief on November 13, 2026, and is solely responsible for the information contained therein.